Realistically, how bad are the odds of a well-prepared good candidate getting hired at MBB in the current climate?

Hello A,

While it is true that the current environment of uncertainty has affected the consulting industry, MBB firms are still hiring and looking for top talent. However, the competition is fierce, and the recruitment process is rigorous, so even well-prepared candidates may not always be successful, which is not very different than what has been happening for the past years (except 2022).

That being said, it's important to focus on what you can control and to put your best foot forward. This includes networking, preparing thoroughly for case interviews, highlighting your relevant experience and skills, and demonstrating a strong fit with the firm's culture and values.

My suggestion is to still apply, preferably through a referral.

Good luck!! 

Hi,

you need to be good and well prepared in any climate to get hired by MBB. You might as well try and apply to the consulting firms you are interested in. 
 

Yes, hiring has slowed down and the competition for the remaining slots is even higher. But this situation might very well last for the next year or so. So even if you get rejected, your ban period would overlap with economic downturn. Not sure if holding back with your application trying to time for better market conditions is a safer bet at this point. 
 

Good luck 

Hi there,

When these other coaches tell you that it depends, they're not lying! We want to help you here, but it truly does depend on office, role, seniority, background, networking, your specific situation, etc. We can advise much better when someone is our candidate.

That said, in general the odds are much lower than last year, but much higher than when covid first hit. As in, there are still odds! I still have candidates getting interviews and getting hired. The flow is just less than before.

Hi there,

Q: How bad are the odds of a well-prepared good candidate getting hired at MBB in the current climate?

It depends on the region. In some (eg the Middle East) MBB are still sending invitations.

Regardless, if you still have to apply I think a better question would be whether to apply now or wait (which also depends on the region).

Good luck!

Francesco

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:

• It really depends on the region, country, office, company, and role you applied for. Generally speaking, 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).
• To maximize your chances of landing an offer, I would highly advise you to ensure you submit the best possible application, including well-polished application files and a strong referral. Moreover, I would advise you to be flexible regarding the position and location since this might indeed help you a lot in getting an invite to the interviews.

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,

The way I'd think about this is to break down the process into probably 3 key steps and comparing that to ‘the past’

1. Candidates submit applications
   • There is a larger pool of applicants, especially because of tech layoffs and a tougher job market in general
   • There are likely to be more boomerangs as well, though this in general would be a smaller amount than the above
   • → odds decrease due to increased competition
2. Firms screen applications & invite candidates to interview
   • Objective screening criteria would not change during this time, but I do think what is different now is that relative strength of applications becomes more important
     • i.e. if there are 5 candidates who have a CV that would ‘normally’ pass the screening, but only 3 headcount available, then firms will be more selective on which 3 out of 5 they invite
   • Some offices are still hiring but the general trend has been a big slowdown in recruiting in 2023
   • → odds decrease due to less quota/headcount
3. Firms interview successful applicants
   • Once you have been invited to the interviews, I do not think the bar has changed vs previously
   • MBB is always looking out for talent, however, you may be asked to delay your start date if you get offered but they are not able to hire you immediately
   • → odds of getting the offer still stay the same in the current climate (but it is still a very difficult, of course)

So what are the takeaways? 

1. Networking becomes key 
   • The odds are worse because of increased supply of candidates and decreasing demand from firms. So getting your foot in the door is a bigger challenge now for most candidates
2. Please make sure you are really, really well-prepared
   • Fundamental skills and capabilities are still very important, if you don't demonstrate that during the interview then you don't get the outcome you want
   • While I was at BCG, I interviewed and dinged so many candidates that had the potential but simply were not prepared well enough

All the best!

Hi there,

Depends on many factors and can't be answered as a blanket statement:

• Region and office (ME is hiring, Europe not so much)
• Level (experienced hires have better chances at the moment than graduate hires or interns)
• Role (Specialists have better chances currently)

All in all, globally, chances compared to usual times are around 20-40% I would say to get through screening and the interviews.

All the best,

Florian

Hi there, 

Standards are higher, that's for sure. But these companies are still hiring. 

So just focus on what you can control - make sure that you are better than the rest. Working with a coach is now more of an asset than ever. 

Best,

Cristian

Dear applicant,

So many great ways to make it to MBB: 

- first, you can easily find great contacts on all networking channels and particularly well with old sales techniques like cold calling and cold emailing, even volunteering - you can write EMs, partner secretaries requesting reports of their work for research or you can offer to volunteer with something, citing your volunteer experience, even in the office and state in the beginning you are looking to explore the firm ( you can even office support volunteer just make it clear in the beginning that you are going out of your way to learn about the firm), you can also cold call all the marketing numbers of the consulting firms if you have an entrepreneur friend who is exploring their services, endless opportunities to make connections and to shine and find your way in

- besides this if you are flexible to move and consider different entry roles such as specialist consultant versus general consultant at offices where they are hiring, know that this can also bring you far.

I wish you the best of success

Best regards,

Hi there,
 

As other coaches highlighted, it really depends on various factors (firm, location, role etc). In general, yes, the current macro situation impacts hiring. Yet, Bain and BCG are still hiring quite a bit, McK a bit less so to say the least (for the time being). A very strong candidate will still be able to get through the process, while the threshold for borderline candidates has been raised.   

Please share a bit more context on location and firm here, then I'll be able to advise a bit more specifially. Otherwise, feel free to reach out via PM to discuss.

Hope this helps.

Regards, Andi

Hello,

Agree with other coaches here. 

It is unclear if the situation will improve in the coming few months. What is your opportunity cost? If markets improve in 12 months, your cool-off period would have also ended by then - so by that logic, there shouldn't be any harm in applying now.

Best,

Rushabh

Your job is to give your best and prepare to the best of your abilities. Good things will happen. Success will come.

Dont get bogged by things which are not in your control. 

Still decent. They are still hiring. Just not hiring as much.

But it would be useful to have some insight here on what is the decision in your hands right now? Why do you ask? Why does it make a difference? Are we answering the right question?