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
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
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:
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
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
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.
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!
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
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.
Congratulations on your offer!
Good luck
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.
You have an MBB offer, which is already a great achievement! I don't think your chances to get others will be remotely affected
