All questions tagged undergraduate business degree - Consulting Q&A - PrepLounge.com

Hi Natalie,

If you are messaging a lot of alumni from your school and getting a limited response it sounds like you are doing something wrong in who you are approaching or what message you are using to connect with them.

Also, you may want to consider your timing of trying to connect with people. It is going to be most effective at the time you are preparing your applications for an internship or the full-time role. MBB consultants do get paid referral rewards if one of their referred contacts is hired so spending time networking with somebody who is just starting their undergrad may seem less interesting to them.

-A

Hi Natalie,

First, more than happy to quickly look over your resume and answer some quick questions.

Second, here are a few 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

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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)

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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.

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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.

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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

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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.

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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

Hi Anonymous,

These companies care just as much (if not more) about potential than experience! You would come in as an associate, but I know people who have joined with just degrees and no prior work experience - MBB will train you.

I recommend highlighting your academic credentials, your finance internships and the startups (your role in them and your learnings from watching them as a startup), and your podcast as this shows a unique side to you!

Keep up the networking as it's a great way to show who you are, not just the what you've done that shows on the resume. While networking, make sure you can really articulate why you want to move into consulting - show why it interests you so much!

Best of luck :)

Very common - especially for Bain, who tend to be more "bottom-heavy" compared to McKinsey and BCG in most markets.

Cheers, Sidi

Hi Anonymous,

I agree with Vlad and Anonymous B, option 1 and 2 are the best for you right now. Unless you have a high-level position in the startup and assuming the consulting firm you will choose is international, I believe Option 1 would be the best out of the two.

Best,

Francesco

Hi,

It really depends on the university. If you are thinking about the knowledge, I would rank the options in the following order:

1. Top 3 US MBAs
2. Top 4-7 US MBAs, INSEAD
3. Business Undergrad in a top University
4. Other EU MBAs, Other US MBAs (use the rankings)

I don't know what you mean by intense, but I believe it's similar to the previous ranking.

The second lens you should apply is years you spend / money you can earn alternatively. E.g. after a US MBA you can earn $190K total gross in the first year (MBB), and cover a lot of your MBA expenses. If you choose INSEAD - you will have 2 extra years of work. If you select a 3-year degree - you earn basically nothing during the 3 years.

Best

3 years