i am specifically asking about BCG and Mckinsey.
And also, do they still have capacity for new full time recruits in Q4 2024?
I see that no new Fellows have been recruited at Mckinsey according to LinkedIn
I have an interview guarantee at BCG, and know from the recruiter at McK that they would very likely invite me too. But still is this the right timing to aooly? or will the chances be better in the next cycle?
(edited)
Hi there,
Short answer: No hiring freeze. I have coachees who currently are in processes with BCG as well as McKinsey Germany.
Invites were reduced, but not as much as commonly perceived. This analysis could be very interesting to you. See finding #3 on the estimated reduction of 25-30%. https://www.preplounge.com/de/consulting-forum/mbb-consulting-data-analysis-top-schools-average-gmat-current-hirings-17008
Just a watch-out: There is probably something not 100% right in the data, as I am missing the BCG VA-Ship as internships, they were probably falsely not counted. But that does not make their assessment of a 25-30% decrease invalid.
Best,
Gero
(edited)
Hi there,
It depends on the location. Which one are you applying for?
Some indications I can provide:
I'd recommend you network with relevant people in your target office to get better visibility for your personal hiring situation.
All the best!
Cheers,
Florian
Thanks for the response!! I am talking about the German office. Do you have any insights on hiring in Germany for Mckinsey and BCG?
McK Germany has been very quiet over the last few weeks (months even) and I only had some clients for specialized roles there, also less traffic and product purchases. For BCG Germany I have clients in the pipeline who are interviewing in the next two months.
Would my chances be higher applying for the generalist fellow position or a specialized PEPI fellow position (https://www.mckinsey.com/careers/search-jobs/jobs/fellow-privateequityandprincipalinvestors-19808)? Is that the same track? Or is it different? In pay, opportunities, etc. I have a PE background, so I would be eligible for this role.
The interviews are the same, as are the pay/benefits. Regarding the current supply/demand, this is a question I would clarify through networking with people from the relevant practice (reach out via LinkedIn). Specialist hiring = sometimes fewer positions, more competition. Somes better chances during a downturn as they would not advertise these roles otherwise.
To my knowledge, there is no current hiring freeze in Germany.
What is fair is that hiring is lower now than in 2020-2021 for instance, but it also seems to be gradually recovering. 2023 was particularly bad.
The easiest way to settle this is to reach out to the recruiters and ask if they are accepting applications for your target position. Recruiting phases change fast, so something that might be true today, might not be true tomorrow.
Sharing with you also a guide you might find useful to review on how to build your application strategy around these uncertainties:
Good luck!
Cristian
Hi there,
if you are thinking about applying now or waiting for a year, there is really not much downside in applying now.
Sure, hiring has slowed compared to what it used to be in the past and competition might be higher because of fewer positions, but you are talking MBB where competition is always high. If you apply and get rejected, you can wait out your ban period of 12-18 months and try again. That's not much different to waiting that amount of time to apply anyway with the exception that you might get lucky on your first attempt already.
If you have a BCG interview guarantee, you can assume that once they invite you, that there is actually a position to fill. They wouldn't waste consultant resources on interviewing you if this was just meant as a charade.
If you think you are ready to pass the interviews, you should just apply. Especially in Germany where recruiting typically happens year-round.
Best of luck
From what I'm seeing, hiring has definitely picked up from 2023. It's nothing like the crazy high hiring in 2021 and early 2022 but it's miles better than last year.
I strongly believe that 2024 may not be a great year in hiring given the huge backlog from the year before but it won't be a washout like last year either.
Hi there,
Hiring is definitely happening. It's “funny” to see posts of people talking about wide-scale hiring freezes, and then simultaneously see multiple posts (here, on Fishbowl, etc.) and have candidates getting offers.
Remember, your networking will tell you when exactly you should apply for the specific office of interest, but, in general hiring is almost always happening to some degree.
You're in a great spot, check with each of your contacts at BCG and McKinsey!
But have the numbers slowed down? I hear McKinsey is hiring much less? Is that true? Especially for Germany.
They have, but not as much as commonly perceived. This analysis could be very interesting to you. See finding #3. https://www.preplounge.com/de/consulting-forum/mbb-consulting-data-analysis-top-schools-average-gmat-current-hirings-17008 Just a watch-out: There is probably something not 100% right in there, as I am missing the BCG VA-Ship as internships, they were probably not counted. But that does not make their assessment of a 25-30% decrease invalid.