Lost Offers: Semester Extension

application process Coronavirus covid19 stress
Edited on May 26, 2020
6 Answers
916 Views
Anonymous A asked on May 03, 2020

Hi everyone,

Due to the pandemic, my job offers (non-consulting) have been rescinded right before I graduate undergrad. Currently I am working pro-bono and volunteering to fight against COVID, but I have heard from friends with similar situations extending into fall 2020 to re-recruit.

I initially favored this idea because I want to apply into the MBBs and T2s after being rejected last year (I am at a target school). I can take advanced technical classes that normally would not fit in 4 years, and have enough time to prepare and network with past interviewers.

I realized a few considerations:

1.) COVID threat is not weakining anytime soon (even less opportunities might open up later).

2.) My savings will be just enough to cover one extra semester and living expenses. I have to be solid that this extension can land something since I am financially independent.

How should I navigate this situation? If you underwent the same problem in 2008' recession, I would love to hear what you did next...

(edited)

Overview of answers

Upvotes
  • Upvotes
  • Date ascending
  • Date descending
Best answer
Clara
Expert
Content Creator
replied on May 03, 2020
McKinsey | Awarded professor at Master in Management @ IE | MBA at MIT |+180 students coached | Integrated FIT Guide aut

Hello!

Indeed this extra-time we have all been granted due to the world stopping down it´s worth spending in something useful for the future.

Honestly, it´s difficult to give you a very insightful answer with the information of the post, that is never enaugh.

I would encourage you to make yourself the following question:

  • What do I want to do long term? And, in line:
    • Which steps can I take now to start walking towards that direction?
    • How certain am I about that direction at all?
    • Is there anything I can do short term that is really going to set me towrds that direction?
  • How rewarding is the COVID work I am doing now? Is it going to keep being interesting in the next months, or will it somehow fade-out?

Hope it helps!

Cheers,

Clara

Was this answer helpful?
Emily
Expert
Content Creator
replied on May 05, 2020
BCG Project Leader | 3+ years interview experience for BCG SEA recruiting | Kellogg MBA, NTU, Peking University

Hi there,

While reviewing your long term goal etc is important, I understand you might have a more urgent short term issue on hand that you are running out of money. So I think for the short term, your action depends on how serious this financial concern is.

  • Is there any alternative source of income you can secure in the short term (I know this can be tough due to COVID)?
  • Or any temporary funding option from family?
  • If you don't extend the semester, how much longer can your savings cover your expenses?

If the money issue is indeed dire and not doing the extension can buy you a good amount of time, it is probably better to preserve cash, while you work on alternative ways to improve your chance towards consulting. You can always come back to take some classes later when the finance situation is better.

Meanwhile, it is very commendable that you are working pro-bono and volunteering in this difficult time despite your own challenges. You should have some great stories to tell out of this experience!

Best,

Emily

Was this answer helpful?
Anonymous A on May 06, 2020

Thank you! I am still navigating the whole process but I can secure alternate sources of income factored into my final semester.

(edited)

Anonymous replied on May 05, 2020

Dear A,

I was in the similar situation during the crisis back in 2008 through to 2010. What I did, I actually stayed for another year in University and during this year I simply did a couple of internships, so I managed to make 5 more internships in just within one year. During this year, I have gathered relevant experience and strengthened my skills and networking with consulting guys, and afterwards, I was able to secure multiple job-offers. So stay in University, do a couple of internships and secure your offers for afterwards.

If you need any help or advice, feel free to reach out. I'm happy to share my experience and help to get your offers.

Best,

André

Was this answer helpful?
9
Anonymous A on May 06, 2020

Thank you Andre! I will definitely reach out to you.

Thomas
CoachingPlus Expert
Content Creator
replied on May 03, 2020
150+ interviews | 5+ years experience | Kearney & Accenture | Sold consulting startup| London Business School

I would encourage you to think of a few different scenarios. For example, would you be okay with working elsewhere for one year and then applying again? What is the long-term plan?

Was this answer helpful?
Francesco
Expert
Content Creator
replied on May 04, 2020
#1 Expert for Coaching Sessions (3.600+) | 1.300+ Reviews with 100% Recommendation Rate | Ex BCG | 8+ Years of Coaching

Hi there,

I agree with Clara that it makes sense to look at the long term goal first. In general you can sum up any problem as related to two things:

  1. Not knowing what you want
  2. Knowing what you want and not knowing how to achieve it

So translating to your situation:

  1. What is you want to reach 3-5 years from now
  2. Which path can help you the most to achieve that goal

If your answer is that MBB/Second Tiers would help the most then you should consider what is it that, short or mid-term, could help to reach that. Since you have to wait for the end of the ban period, it would probably be a strategy role in a top brand or possibly a 3rd tier consulting company.

Regarding whether to continue with the university courses or not, as Ian said you should evaluate the benefits and costs of that in terms of getting invitations more easily – there are more information needed to assess that fully but my hypothesis is that a strategy role in a top brand may position you better than a university extension, besides saving you money.

Best,

Francesco

Was this answer helpful?
Ian
Expert
Content Creator
updated an answer on May 26, 2020
BCG | 100% personal interview success rate (8/8) and 95% candidate success rate | Personalized interview prep

Hi there,

Tough situation. Sorry to hear your offers have been rescinded.

My main question is: At what point do you need to decide to extend your semester AND at what point are you fully committed (i.e. have to pay)?

Up until the point of being fully committed, I recommend you double-down on your recruiting search (there are still companies out there hiring!)

My second question is: Does extending your semester significantly improve your chances of getting a job? (This would be primarily through recruiting processes/channels)

Figure out what you lose by leaving the school (i.e. can you still use the career department, can you still access their job boards and go to career fairs, etc.)

If you don't lose much, save that money!

An alternative:

IF you don't lose much by graduating now, you can always take far cheaper suplementary courses, attend an academy, start a (low capital cost) startup, or find an unpaid internship...i.e. anything that might streamline you into a job and provide you with cheaper education/training

By the way, if you're iinterested in trying out cases that deal with the impact of the coronavirus, check out these two 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

(edited)

Was this answer helpful?
Anonymous A on May 06, 2020

Thank you for the advice Ian! I actually wanted to delve more on the questions you posed. Can I direct message you?

Ian on May 26, 2020

Hi there, my apologies for the delay. Absolutely you may!

Clara gave the best answer

Clara

Content Creator
McKinsey | Awarded professor at Master in Management @ IE | MBA at MIT |+180 students coached | Integrated FIT Guide aut
64
Meetings
16,641
Q&A Upvotes
63
Awards
54 Reviews