MBB Offer | Questioning Decisions, Stressed

Hi there,

First of all, congratulations on the internship offer from Bain!

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, even if you might be overthinking and feeling insecure, these are always valid feelings. I completely understand your concerns about the challenges and uncertainties that lie ahead.
• Regarding the conversion rate, I would highly advise you to ignore any (true or false) information since the average has no implication on your specific case. Moreover, even if, at the end of your internship, you might not receive an offer for a full-time position, you will still have significantly improved your profile.
• While you should certainly ensure not to significantly decrease your GPA, depending on the outcome of your internship, this might not be the most important aspect anymore either way.
• While job uncertainty in strategy consulting certainly exists, there is little difference compared to other industries - I would even argue that strategy consulting is often more resilient in recessions - unless you would become a civil servant in Germany.
• Lastly, if you feel your mental situation does not improve or even worsens over a longer period of time, I would highly advise you to seek professional help.

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,

congratulations on your offer. It is a reason to celebrate and to be proud of.

I understand your concerns as I have been in a similar position a few years ago. I would advise you to focus on what you can control. That is indeed your academic performance and coming rested & with a fresh mind to your internship. That's all you can do.

I am sure you will be fine.

Andreas

Hi there,

Congratulations on the offers! In terms of the point you raised:

Q: I chose to pursue consulting for a variety of reasons, leaving behind a high-powered career path, that is a lot more “stable” than consulting though (think medicine, law, F50 LDP). I would be super curious to hear your thoughts and really appreciate any insight you can share!

I am not sure I understood the exact question. Do you have an alternative offer instead of Bain you are considering? If all your offers are in consulting and you consider Bain to be the best consulting offer, that would still be most likely the best choice, regardless of the points you raised (they would be true for the other consulting companies as well - possibly the only difference would be on the conversion rate of internship to full time).

If you do have an alternative offer you are considering versus Bain in a traditional career path, I would recommend to mention the alternative and your long-term goal, so that we can provide better feedback.

Best,

Francesco

Hi there,

Congrats on multiple offers! 

Now, there's a few things you really need to know now.

1. If you let yourself, you're always going to feel this way. Just stop. Stop now. Learn to cut out this noise. Because if you let it build, it'll become exhausting/overwhelming.
   1. There are many ways to do this (mediation, mindfulness, therapy, exercise, etc.)
2. Everyone feels like an imposter
3. Yes, there are risks everywhere. Such is life. 

I thought that this would have alleviated but a lot of the pressure one feels during recruiting (to get an offer), but that has not been the case.

Look up decision paralysis. It's a thing. It's “better” to be forced to take x thing than to have multiple offers.

Reflect and think about if you had any single offer. How excited would you be?!?!

Also, reflect and realize that you cannot make a wrong choice here. All paths are fantastic!
For context: I chose to pursue consulting for a variety of reasons, leaving behind a high-powered career path, that is a lot more “stable” than consulting though (think medicine, law, F50 LDP).

I don't think these are inherently more stable. If anything, Law is more at risk of being disrupted than consulting is.

More specifically I am worried about the following:

- Conversion Rate: I was told that intern to FT conversion rate in my geography (DACH) for Bain is around 40-50%, which naturally makes me worried. Especially when a lot of other interns have previous consulting experience.

So, work hard. Even if you don't convert, you have Bain on your resume! And, they're help you find your next job.

- Academic Standard: I feel really pressured to keep my academic performance high (top 10%), to not have issues with a potential FT offer.
Sure, get good grades. But you have the offer. They'll renege the offer if you fail classes, but not if you suddenly drop to “only” top 20%

- Uncertainty: I do not mind uncertainty in my work, but the fact that (i) there is a lot of instability in having the job itself (CTL, layoffs, etc.) and that (ii) unlike some of the above industries, juniors aren't really shielded from that.

I think you're overestimating the stability of your previous jobs. No jobs of 100% safe.

I have really enjoyed learning more about consulting and also the case cracking process itself. But I am not sure if I am just overthinking, insecure or if these are valid points - and if so how to deal with them.

You and everyone else! you are clearly a type A personality. Good news…that fits with MBBers!

Two other things to note:

1. Maybe you are just an extremely risk averse person. Think long and hard as to whether you can handle this risk and stress. If not, maybe you're right and you should “play it safe”. This is a deepy personal choice and should probably be made alongside career coaching and/or therapy
2. This about what you will regret 2 years from now. Still being in the job and wondering what if. Or, taking the consulting offer and “failing”. This is the Future Regret Minimization Framework

Congratulations on the offer! And I'm sorry that you are stressed. Making big life decisions is extremely stressful and, even when you get the shiny prize at the end, it doesn't come with the certainty that it's the right thing for you. I understand!

What you're describing is the tension between working in the services industry, and working in a skilled profession. People will always need doctors and lawyers. As you can see from how the market moves, they don't always need consultants. 

The question for you which, unfortunately no one can answer for you, is what is important to you. If you love medicine or law, and you love stability, then those could be great career paths for you. If you want to try multiple things, are ok with some degree of uncertainty and don't want to be wedded to one career, then consulting is a fantastic platform to move into something else. But that path won't be clear and set for you, it'll be up to you to choose what comes next - and then put in the work and have the luck to make it happen. Neither path is inherently better or worse, it's just what works for you. 

Best of luck making the decision - but remember that decisions are always reversible. You can always go back and do medicine or law later - you can always quit medicine or law and go into consulting. Just choose what seems right for you now.

Hi there, 

Congrats and yet sorry to hear that you're stressed about what lies ahead. 

It's indeed a tough industry and not everybody manages to keep up. But the reality of the job is that firms are also making now proactive efforts to remove the age-old up-or-out policy and some are experimenting with letting people remain at their current level for multiple years in a row. 

I wrote two articles that you might find especially helpful that cover what to expect when you join consulting and how to become a distinctive candidate. They are based on my own experience of almost being kicked out and then becoming a top-quartile performer for most of my time in McKinsey. Have a read below:

• What being an entry-level consultant is like
• How is lifestyle in consulting

Best,
Cristian