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Recruiting still affected by Covid-19?

covid19 recruiting
New answer on Sep 22, 2020
6 Answers
1.2 k Views
Anonymous A asked on Sep 21, 2020

Hello,

I am thinking about applying at several consulting firms (MBB and tier 1) in the US. Does anyone know if their recruiting is still affected by Covid-19? Do they hire less people at the moment and should I wait a couple of months?

Thank you!

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Ian
Expert
Content Creator
replied on Sep 21, 2020
#1 BCG coach | MBB | Tier 2 | Digital, Tech, Platinion | 100% personal success rate (8/8) | 95% candidate success rate

Hi there,

Yes, unfortunately recruiting is affected. Of course, while demand is less than normal it is by no means non-existent - I still have candidates getting offers to MBB and Tier 2s weekly!

While they are hiring fewer people, it really doesn't make sense to wait. A few months is not going to make any difference at all. The only thing that really matters is how strong you are as a candidate and hiring is not going to be any different for at least a year. You may as well try now, and, if you fail, you try again in a year!

---------------------------------------------------

Here are a few other thoughts on how COVID-19 is affecting the consulting world.

INTERVIEW FORMATS

Most interviews will now be virtual. They may also involve COVID-19 as a topic!

For Virtual Interview Tips:

https://www.preplounge.com/en/consulting-forum/virtual-first-round-interview-thoughts-advice-4310

For Coronavirus Cases:

https://www.preplounge.com/en/management-consulting-cases/brain-teaser/beginner/coronavirus-times-194

https://www.preplounge.com/en/management-consulting-cases/candidate-led-usual-style/intermediate/chinese-chess-191

_____________________________________________________________________

PUSHED STARTING DATES

A number of existing offers as well as future offers are coming with delayed start dates.

https://www.preplounge.com/en/consulting-forum/pushed-starting-date-6807

https://www.preplounge.com/en/consulting-forum/semester-extension-due-to-covid-19-6724

https://www.preplounge.com/en/consulting-forum/mckinsey-offer-pushback-covid19-6768

https://www.preplounge.com/en/consulting-forum/mck-associate-job-offer-6737

(If this happens, use the time to both upskill and find a 2nd job/internship in the meantime)

____________________________________________________________

REDUNDANCIES RISK

https://www.preplounge.com/en/consulting-forum/covid19-redundancies-risk-6728

Some of the tier two firms are cutting costs through:

  • Setting pay to 80%, with an opt-out policy (KPMG)
  • Letting go of some staff with <6 months tenure (EY)
  • Forcing unpaid leave for staff not on billable projects (Deloitte)
  • Stopping bonuses

So far, it seems the tier 1 firms are cutting some bonuses and being stricter with the "Up or out" system. It seems unlikely they would rescind new hire offers, but you should always have a plan B.

Al this being said different geographies are different, as are different roles...even in tough times companies do hire and projects are won.

______________________________________________________________________

DELAYED AND REDUCED HIRING

https://www.preplounge.com/en/consulting-forum/how-will-hiring-efforts-change-in-the-middle-east-because-of-the-pandemic-and-budget-cuts-by-the-saudi-government-6871

https://www.preplounge.com/en/consulting-forum/what-consulting-companies-are-hiring-interviewing-right-now-6733

https://www.preplounge.com/en/consulting-forum/are-interviews-in-the-middle-east-still-going-ahead-6832

There are a lot of companies, a lot of offices, with a lot of different timelines. I recommend you reach out to the recruiters of the offices + companies in which you are interested! This had the added benefit of you potentially being put in touch with a potential referee!

Take the initiative, reach out to the offices/companies you want, hustle hard, and find the jobs that are available and fight for them. Don't speculate...read the cards TODAY and operate as such, until something changes, then adapt.

____________________________________________________________________

THREAT TO THE BUSINESS MODEL

The top-tier firms are very nimble. They are notoriously "immune" to economic cycles. This Is because:

  • When the economy does well, MBB are hired to help companies do even better
  • When the economy does poorly, MBB are hired to help companies survive (cost costs, adapt, plan for the new world)

I can tell you that MBB are hustling hard and that when companies are in trouble, they look to MBB first for guidance. Strategy consultants help firms navigate uncharted territory...these times are when they're most needed

_____________________________________________________________________

IMPACT ON TRAVEL

https://www.preplounge.com/en/consulting-forum/is-the-corona-crisis-going-to-lead-to-less-travel-in-the-future-for-mbb-consultants-6780

https://www.preplounge.com/en/consulting-forum/less-traveling-in-the-mena-region-6770

1) Yes it will affect the nature of work

2) I can't see it improving work-life balance. The fundamentals of top-tier companies in any industry are: Get the best, get the brightest, get the hungriest, charge them out for a lot, and work them hard

3) It'll change business trips in much the same way business trips will be changed across the world

4) It's anyone's guess as to whether WFH will become more acceptable in consulting. Personally, I doubt it.

__________________________________________________________________

IMPACT ON M&A ACTIVITY

https://www.preplounge.com/en/consulting-forum/potential-ma-activity-in-the-consulting-industry-anytime-soon-because-of-global-context-6771

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Robert
Expert
Content Creator
replied on Sep 21, 2020
McKinsey offers w/o final round interviews - 100% risk-free - 10+ years MBB coaching experience - Multiple book author

Hi Anonymous,

Yes, it's still affected and based on current developments there is still very limited visibility concerning consulting budgets and projects for next year (as a main driver for demand/new hires).

Still less people are hired nowadays and the bar to secure an offer is even higher than ever before I'd say - in-depth prep is therefore a must if you take this seriously.

Waiting for a couple of months is like poaching with a stick in the dark - I'd say it's mostly speculation if situation will significantly change in a couple of months timeframe.

Hope that helps - if so, please be so kind to give it a thumbs-up with the green upvote button below!

Robert

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Francesco
Expert
Content Creator
replied on Sep 21, 2020
#1 Coach for Sessions (4.500+) | 1.500+ 5-Star Reviews | Proven Success (➡ interviewoffers.com) | Ex BCG | 10Y+ Coaching

Hi there,

Recruiting is still affected and MBB will hire fewer people this year. However, there is no clear advantage in waiting – no one knows whether things will be better in a few months. Plus the situation may be different for different companies.

I would recommend to find a referral to help you secure interviews and get insider information whether it makes sense to apply now in a specific office.

You can find more on referrals here:

https://www.preplounge.com/en/consulting-forum/hey-everyonehope-all-is-well-3176

Best,

Francesco

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Vlad
Expert
replied on Sep 21, 2020
McKinsey / Accenture Alum / Got all BIG3 offers / Harvard Business School

Hi,

Yes, it's significantly affected and they are hiring much less. Especially for post MBA / experienced hires

Best

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Anonymous replied on Sep 22, 2020

Dear A,

Yes. It's still affected. Intake is much less this hiring season than the provious one. So that mean that the competition is high.

If you want to apply, I would recommend you to apply with good CV, Cover Letter and referral.

If you need any further help or advice, feel free to reach out.

Best,

André

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Anonymous A replied on Sep 22, 2020

Thank you very much for your detailed answers! I will apply right away then.

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Ian gave the best answer

Ian

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