Is hiring slowing down in Germany?

MBB McKinsey
New answer on Nov 27, 2022
9 Answers
115 Views
Anonymous A asked on Nov 23, 2022

I recently read a thread here about a hiring slowdown. 

Am currently in the process and already secured one MBB offer. Lots of my friends got offers from Wyman, S&, Kearney et al

Does this mean for the other MBBs I still have my final rounds the chance is still there to secure a spot? 

I am a bit concerned that it would impact my chances after some threads I read here

Overview of answers

Upvotes
  • Upvotes
  • Date ascending
  • Date descending
Best answer
Florian
Expert
Content Creator
replied on Nov 24, 2022
#1 rated McKinsey Case and PEI Coach | 5 years at McKinsey | Mentorship Approach | 120+ McK offers in 18 months

Hi there,

Hiring is definitely slowing down globally at the moment, however, it's not fully dead yet in most countries.

If you already have an offer, it should be all good but I want to share 3 observations nonetheless.

Personal experience

Some of my clients' interviews (all in MBB) were already rescheduled for next year. They were supposed to be this year and they already had dates set.

Impact on hiring

While for all firms fewer people make it through resume screening, only some firms adjust the bar for the interviews. The latter are happy to find enough people to make it through the selection process. In that case, they would extend offers, potentially with starting dates further in the future.

We might even see a full hiring stop, depending on how bad the situation becomes.

Impact on engagements and job security

External advisor spending is usually one of the first expenses to be cut during an economic crisis.

Yes, recovery and transformation projects increase, but every other consulting vertical decreases by much more. I have been told stories from 2008/09, where new hires were not staffed for 6 months and then let go without ever having worked on an actual engagement. 

It all depends on how bad the global economic situation is going to get. My hunch is we see a partial to full-hiring stop by early next year for a couple of months up to 1 year. Let's hope I am wrong :-)

On top of that, keep in mind that tech firms and other industries already started their lay-offs, which means that the potential supply of job seekers increases even more compared to now lower demand for them.

Cheers,

Florian

Was this answer helpful?
Francesco
Expert
Content Creator
replied on Nov 24, 2022
#1 Coach for Sessions (4.000+) | 1.500+ 5-Star Reviews | Proven Success (➡ InterviewOffers.com) | Ex BCG | 9Y+ Coaching

Hi there,

Congratulations on the MBB offer. In terms of your question:

Q: Does this mean for the other MBBs I still have my final rounds the chance is still there to secure a spot? 

Not sure why you should not be able to secure another offer:

  1. You already got an MBB offer, so you clearly have the right skillset
  2. Even in case hiring is slowing down, it doesn’t mean it is impossible to get offers

In any case, I would focus on what is in your control: do your best in the interviews. The external elements (eg economic situation) are not under your control anyway so I would not spend mental energy on that.

Good luck!

Francesco

Was this answer helpful?
Rushabh
CoachingPlus Expert
replied on Nov 23, 2022
Immediate Coaching Available! | 50% discount on mocks! | BCG Expert | Middle East | 60+ mocks delivered | IESE & NYU MBA

Yes, absolutely there is a chance to secure your spot. You are already good in a good situation with one offer. Continue with your interviews as normal without thinking about these external circumstances - as these are anyways beyond your control. In my opinion, if you perform your best in the interviews, you should not worry about a slowdown in hiring :)

All the best!

Rushabh

Was this answer helpful?
Maikol
Expert
replied on Nov 23, 2022
Incoming BCG Principal | Former Bain, AlixPartner, and Private Equity | INSEAD MBA | GMAT 780

Your message is confused and I don't know if I got it.

However, there is a slowdown, but if you have interviews planned, very likely you'll do them.
It is likely that getting an offer will be tougher and that the starting time will be postponed.

My suggestion is to go for MBB, whichever, instead of Tier-2.

Was this answer helpful?
Emily
Expert
Content Creator
replied on Nov 27, 2022
Ex McKinsey EM & interviewer (5 yrs) USA & UK| Coached / interviewed 200 +|Free 15 min intro| Stanford MBA|Non-trad

Hiring is slowing down globally, but this doesn't mean that you're out of the game. The number of spaces may decrease a bit, but the firms learnt from other recessions that you don't want to stop hiring completely as it means that the company won't be set up for growth at the end of any downturn. If you're anxious though, you can always talk to HR.

Good luck!

Was this answer helpful?
Mario
Expert
replied on Nov 25, 2022
Ex-Mckinsey (analyst->associate->manager) and now in tech (Bytedance) + Part time interview coach and mentor

Hi there,

 

Rarely do consulting companies cancel their interviews, meaning that you will end up doing the interviews if you secured those. 

If you're still in the “application” stage, then how quickly you land an interview really depends on the company and their hiring needs. 

Overall, there is a bit of a slowdown but nothing too crazy.

 

Mario

Was this answer helpful?
Anonymous B replied on Nov 24, 2022

Hi,

Let me share the POV of recent offeree and my limited statistics.

1. You are already in a favourable position. It is not granted but conquered. There is no sense to compare MBB to Tier-2.

2. I have been training with roughly 70-75 partners during 4 months (in the end only top-5-6 left) for MBB (I particularly for McKinsey) and few hours with three coaches. Of those 70-75, 14 were offered by MBB and already started in August-October, 2022. Of those 14, 13 are on the beach working on office tasks. At least two McKinsey offices have introduced hiring freeze for this year.

Was this answer helpful?
5
Dennis
Expert
replied on Nov 24, 2022
Seasoned project leader with 7+ years of consulting and recruiting experience in USA and Europe

Congratulations on your offer!

  • In case you are not already satisfied with the MBB offer you received, you can continue with the additional interviews you have been invited to
  • Given that interviews are still being conducted, you can assume that offers are still being given out - consulting firms typically don't have time to waste just to set up a recruiting charade if there was in reality a hiring freeze in place
  • If the economy slows down further, your starting date might get pushed out but it's unlikely for MBB to just rescind offers

Good luck

Was this answer helpful?
Ian
Expert
Content Creator
replied on Nov 24, 2022
MBB | 100% personal interview success rate (8/8) and 95% candidate success rate | Personalized interview prep

Hi there,

You have an MBB offer….be happy with that!

Yes, hiring is slowing down. But this affects interview invites more than it does interview success rates (though these can sometimes be affected too).

Yes, you can still secure a spot. Please don't be concerned…you have an MBB offer. You're in an amazing position…and if you've gotten 1 offer it means you can perform well and absolutely get another offer.

Was this answer helpful?
Florian gave the best answer

Florian

Content Creator
#1 rated McKinsey Case and PEI Coach | 5 years at McKinsey | Mentorship Approach | 120+ McK offers in 18 months
878
Meetings
14,472
Q&A Upvotes
84
Awards
5.0
391 Reviews