Impact of the recession on emerging markets

Hi there,

Q: The strategy consulting activities are slowing down in the US and Europe. Is it also the case for MBB offices in emerging markets?

I know that recruiting in some SEA markets has been affected. However as mentioned by Ian it depends on the company. In the same market, you could have some companies that are hiring and others that are not.

The best way to know for sure is to get a referral and check with the person referring you. You can find more on referrals at the links below:

▶ How to Get a Consulting Interview Invitation

▶ The Exact Steps to Get a Referral

Good luck!

Francesco

Hi there,

Yes, in general they are affected. It's going to change becase on the office/region (for example, Australia is holding up well, Middle East seems to be doing ok, etc.)

Again, it depends on the company + office combo.

If you're asking in regards to applying, you need to network to determine which office you should apply to and when.

If you're asking in regards to passing interviews…focus on yourself and your performance (not on things you cannot control).

Hello,

It strongly depends on the market. There is indeed a general slowdown, but oil & gas related work in the Middle East for example tends to be plentiful.

That being said, majority of firms are still hiring the “right candidates” and interviews are still ongoing, so it is never a wrong time to apply; you just need to consider the bar is a bit higher than it used to be in the past couple years

Hi there,

I think this is an interesting question that may be relevant for many people. I would be happy to share my thoughts on it:

• First of all, it is true that the current tight economic situation has led to a recruiting slowdown and sometimes a freeze in strategy consulting, especially with McKinsey, which has recently canceled most of its recruiting activities (sometimes with the motivation to reapply in September 2023).
• Moreover, while the overall economic situation is similar across countries, for instance, the Middle East is doing incredibly well, and many strategy consulting companies in the region are expanding dramatically.
• If you are considering the best time to apply for strategy consulting, unfortunately, nobody knows for certain when it will be. While there is a possibility that we will reach the economic low soon, this might as well take another 6-12 months, about which I feel you would not be willing to wait for obvious reasons.

If you would like a more detailed discussion on how to address your specific situation, please don't hesitate to contact me directly.

Best,

Hagen

Hi there,

Can reinforce Ian's and Francesco's points. There is not standard answer to this - the magnitude of hiring is very much specific to company and geography.

If you'd like to understand better the current status for specific geographies, feel free to reach out via PM so I can offer more specific advice & intel.

Hope this helps.

Regards, Andi

Hi,

it's always a snapshot of course. On a macro perspective, the market is still going down and hiring in consulting is slowing. Middle East seems to be less affected thus far, however, not sure for how long that will be the case. 

If you are looking to apply, you should do that wherever you can see yourself living as well (and where you are permitted to work). The overall timing is not great but it is what it is. Trying to time for better economic conditions bears the risk of you sitting on the sidelines for a long time which is probably also not aligned with your personal career planning.

In my view, you should just go for it and see what happens. If you get rejected, your ban period will overlap with the economic downturn anyway so not much loss there. But you will have initial feedback to base your future decisions on.

All the best

Hi there, 

Yes, they are slowing down, but I've only heard of one confirmed case of recruitment being closed for 2023 for a Middle East office. 

These things are beyond the control of candidates, however, so it's best to focus on the preparation instead. Plus, these things change faster than you can keep track of them, so it can only lead to you being frustrated with them if you concern yourself too much with how they go. 

Best,

Cristian

Hi there,

it really depends on the exact region you are speaking about. Dubai/Middle East for example does very well at the moment.

Andreas