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Anonymous A

on Feb 18, 2023

Global

Upcoming MBB interview – company announced hiring stop internally

Hi everyone,

The title pretty much says it all already:

I am interviewing for an entry-level position at a MBB firm beginning of March. Last week, my referral at the same office told me that the firm recently decided to significantly scale back their hiring targets due to an ongoing downturn in projects, leading to many of the current juniors being left without work. While the firm is still willing to give out offers to ‘exceptional candidates’, for the foreseeable future, there should be no more new hires on junior level.

I am unsure how to deal with this new piece of (insight) information: I am obviously insecure and somewhat disapointed, knowing that my chances of getting an offer have just decreased massively (of course its always possible to perform extremely strong but – according to my friend – the firm has cut its hiring projections by up to 80%, depending on position, etc. which is why, realistically, it does not look great).

As I will only graduate end of the year, I was considering asking for the deferral of my interviews, obviously hoping for the macro situation to improve over the next months. Is this even possible?
Any other ideas how to deal with the new information besides further improving individual case performance?

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Top answer

Hagen

Coach

edited on Feb 19, 2023

#1 recommended coach | >95% success rate | 8+ years consulting, 8+ years coaching and 7+ years interviewing experience

Hi there,

First of all, congratulations on the invitation!

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, it is true that 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 (sometimes with the motivation to reapply in September 2023) most of its recruiting activities.
Moreover, I would advise you to be careful about the information the person who provided the referral gave you, given that very few people know how the recruiting slowdown will be implemented - whether through more rigorous assessment of interview performance, inviting fewer candidates, or both.
In my opinion, it really depends on how well-prepared you feel and how risk-averse you are. If you feel very well-prepared and are more risk-tolerant, I would advise you to interview now rather than later, and vice versa. However, unfortunately, the only thing you can control is your interview performance. Therefore, I highly advise you to prepare to give your best performance.

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

Ian

Coach

edited on Feb 21, 2023

Top US BCG / MBB Coach - 5,000 sessions |Tech, Platinion, Big 4 | 9/9 personal interviews passed | 95% candidate success

Hi there,

First of all, I'm sorry.

The current situation sucks and is not fun for anyone.

That said, this is the most important moment in your life…until the next one.

That said, this too shall pass.

That said, focus on that which you can control.

It's unlikely to be noticeably better in a few months time. But in a year, or 2, or 3, or less than a year, things will be just fine.

Do your best now. Be that exceptional candidate.

Oh, and did you know MBB aren't the only 3 companies in the world?

Apply to other firms! As in…apply to dozens of other firms.

Get out there. Push hard. Do your best. And you will succeed.

I applied to BCG in undergrad. Didn't get an interview.

8 years later I was there….and much preferred the job I got out of undergrad!

Try your best. Cast your net wide. Go with the flow. The world doesn't end if MBB doesn't happen.

Dennis

Coach

on Feb 19, 2023

Roland Berger|Project Manager and Recruiter|7+ years of consulting experience in USA and Europe

Hi there,

this is indeed a difficult situation. But there is no way of knowing how the industry and economy will shape up over the next year.

My advice would be to take the interview and give it your best. Maybe you get one of the few offers, but even if you won't, you will have valuable interview practice under your belt.

Given the circumstances of your end-of-year graduation and the economic situation, you should also be able to weather the 12-18 months ban period in case of a rejection.

Best of luck

Florian

Coach

on Feb 20, 2023

1400 5-star reviews across platforms | 600+ offers | Highest-rated case book on Amazon | Uni lecturer in US, Asia, EU

Hi there,

Unfortunately, the recruiting environment at the moment is really that bad. I had several candidates, who had their interviews canceled because of this, and others with strong profiles not even getting an interview invitation.

I have posted about here extensively over the last couple of weeks/months (e.g., https://www.preplounge.com/en/consulting-forum/given-the-current-hiring-freeze-in-most-firms-does-this-mean-i-still-have-a-chance-14923) and recently have also been interviewed about it: https://www.semafor.com/article/02/16/2023/the-rich-are-getting-poorer

In your situation, I would definitely go for the interviews for two reasons:

You get your shot and might make it
If your performance is strong but you are a victim of the hiring goals, they will ask you to re-apply much sooner (no real ban period).

All the best,

Florian

Rushabh

Coach

on Feb 21, 2023

Hello,

Sorry to hear about this situation

Here are my thoughts:

1) Only ask for the deferral if you feel that it will help you improve your preparation. The current situation may not necessarily get better in the next few months. It could arguable get even worse. However, if you feel that your performance can improve by getting some more time, then ask for it, else go for it now!

2) By improving your performance, you will certainly be good enough for Tier 2 firms. This may not sound ideal, but you have to adapt to the situation at hand. If consulting is your dream, then get into Tier 2 now, and consider shifting a few years down the line if you really want to. You can also try applying to a geography that IS hiring strongly, e.g. middle east (relative to the rest of the world).

3) If consulting is not your ultimate dream, consider other attractive opporunities that come your way while at universities!

Hope this helps!

Best,

Rushabh

Udayan

Coach

on Feb 19, 2023

Top rated Case & PEI coach/Multiple real offers/McKinsey EM in New York /12 years recruiting experience

There's a few approaches to how to deal with the slowdown in hiring.

The first one is to interview as planned and aim to be one of the exceptional candidates they do give offers to.

The other is to postpone your interview process to when the economy picks up again which is likely to be end of this year/early next year.

The safer bet is to wait it out but there is no guarantee that things will be any better when you graduate either. The best answer in situations like this is to always go with your gut.

Best,

Udayan

Anonymous B

on Feb 19, 2023

I thought MBBs would keep the bar the same, just invite fewer candidates to interviews and then delay the start dates for people that do make it through?

Top Answer by

Hagen

Coach

#1 recommended coach | >95% success rate | 8+ years consulting, 8+ years coaching and 7+ years interviewing experience

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Unstructured Case Interviews

Learn how to tackle unstructured case interviews with expert tips, examples, and strategies to confidently solve non-traditional business problems.

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GROW Model

The GROW model, an acronym for Goal, Reality, Options, and Will, was developed in the late 1980s by Sir John Whitmore and his colleagues Graham Alexander and Alan Fine. It emerged from the realization that traditional training methods often failed to achieve sustainable performance improvements. Whitmore, a former racing driver and a pioneer in the field of executive coaching, played a significant role in popularizing the model and establishing it as a method for performance enhancement in the business world.The model is rooted in the principles of performance-oriented coaching and is heavily influenced by humanistic psychology, particularly the work of Timothy Gallwey, who developed the "Inner Game" concept. This concept emphasizes the importance of internal attitude for external performance and forms the basis for the GROW model.The four phases of the model are designed to help users move from abstract goals to concrete plans: Goal: This phase focuses on defining clear, measurable, and achievable goals. It's about creating a vision that motivates and provides direction.Reality: Here, the current situation is analyzed. It's an inventory that helps to understand the environment and identify obstacles as well as resources.Options: In this creative phase, all possible courses of action are considered. It's about brainstorming ways that could lead to the goal, without prematurely limiting oneself.Will: The final phase is about implementation. Here, decisions are made about the steps to be taken to achieve the goals, and an action plan is created. Since its inception, the GROW model has spread worldwide and is now used in many areas, from personal coaching to sports and corporate leadership. Its simplicity and flexibility make it a valuable tool for anyone who wants to achieve their goals – including those preparing for case interviews.Since its creation, the GROW model has spread around the world and is now used in many areas, from personal coaching to sport and business management. Its simplicity and flexibility make it a valuable tool for anyone who wants to achieve their goals - including those preparing for case interviews.M&A TransactionsGoal: Determine the objective of the M&A transaction. Is it to achieve growth, market access, or synergy effects?Reality: Analyze the current market position and financial health of the involved companies. What cultural and operational challenges could arise during integration?Options: Develop strategies for integration, identify potential synergies, and assess risks. How can resistance be minimized and the employees of both companies be involved?Will: Decide which integration approach should be pursued and create a detailed plan for the first 100 days after the merger.Market Entry StrategiesGoal: Define the objective of the market entry. Is it about tapping into new customer segments or expanding into new geographical markets?Reality: Examine market conditions, competitive landscape, and customer needs. What regulatory hurdles exist?Options: Work out different market entry strategies such as joint ventures, franchising, or establishing own subsidiaries. Which strategy promises the most success considering the company's resources?Will: Choose the appropriate market entry strategy and plan the implementation steps, including timeline and budgeting.PricingGoal: Formulate the pricing objective. Is it to increase market share, maximize profitability, or introduce a new product?Reality: Evaluate the cost structure, customer willingness to pay, and the competition's pricing. How does the product position itself compared to alternatives?Options: Develop pricing models based on value-based, cost-plus, or competitive pricing. Which pricing strategy fits the company's image and customer requirements?Will: Decide on a pricing strategy and plan the implementation, including communication measures and monitoring market reactions.By applying the GROW model, you can demonstrate in case interviews that you are capable of structured and goal-oriented thinking, while considering all relevant aspects of a business problem.Structuring Questions and AnswersA clear structure is essential in case interviews. The GROW model helps you organize your answers:GoalQuestion: What is the primary objective that the company wants to achieve with this initiative? Answer Introduction: "The primary objective of the company is to ..."Question: What long-term effects are intended with this decision? Answer Introduction: "In the long term, the company aims to ..."Question: How does this objective fit into the overall strategy of the company? Answer Introduction: "This objective supports the overall strategy of the company by ..."Question: What financial or market-related objectives are associated with this measure? Answer Introduction: "Financially, the company aims to ..."Question: What qualitative objectives, such as customer satisfaction or brand strengthening, is the company pursuing? Answer Introduction: "Qualitatively, the company seeks to achieve ..."RealityQuestion: What internal and external factors are currently influencing the company's situation? Answer Introduction: "Currently, the company faces the following internal and external factors ..."Question: How do you assess the company's competitive position compared to its main competitors? Answer Introduction: "Compared to the main competitors, the company stands ..."Question: What strengths and weaknesses does the company have concerning the defined objective? Answer Introduction: "Regarding the defined objective, the company has the following strengths and weaknesses ..."Question: How has the market developed in recent years, and what does that mean for the company? Answer Introduction: "The market development in recent years indicates that the company ..."Question: What legal or technological changes could affect the situation? Answer Introduction: "Legal and technological changes could influence as follows ..."OptionsQuestion: What strategic alternatives are available to the company? Answer Introduction: "The company could strategically consider A, B, or C, where ..."Question: How could different solution approaches affect the company's objectives? Answer Introduction: "Solution approach A could affect the company's objective by ..."Question: What risks and opportunities are associated with each option? Answer Introduction: "Option A entails the following risks and opportunities ..."Question: How would stakeholders react to the different options? Answer Introduction: "The stakeholders' reaction to option A could be ..."Question: What short- and long-term effects would the different options have?Answer Introduction: "In the short term, option A would cause the following, while in the long term ..."WillQuestion: How could the company effectively implement the preferred solution? Answer Introduction: "To effectively implement option B, the company could ..."Question: What resources are required for the implementation of the chosen option? Answer Introduction: "For the implementation of option B, the company needs the following resources ..."Question: How can the company ensure that the chosen option leads to sustainable success? Answer Introduction: "To ensure the sustainability of option B, the company should ..."Question: What measures are necessary to prepare the employees for the implementation of the option? Answer Introduction: "To prepare the employees for option B, the following measures are necessary ..."Question: How will the success of the implementation be measured and evaluated? Answer Introduction: "The success of option B will be measured and evaluated based on the following criteria ..."Developing Solution StrategiesThe GROW model is your navigator through the jungle of solution possibilities. It helps you systematically think through all options and evaluate them in terms of their feasibility, potential, and impact on the company's objective.Ask yourself for each option: "How realistic is the implementation, and how much does it contribute to achieving the goal?" Compare the options with each other and decide not only for the feasible but for the most effective strategy that advances the company.Improving Self-Reflection and Self-PresentationThe GROW model acts like a mirror for your thoughts and actions. It promotes self-reflection by encouraging you to think about your personal strengths and weaknesses in the context of case resolution. This self-knowledge is crucial to sharpen your self-presentation in the interview. You learn to present your arguments confidently while being open to feedback. This not only shows your professional competence but also your personal maturity and adaptability.Practical ExercisesTheory is one thing, practice another. To master the application of the GROW model, you should regularly practice it in training scenarios. Use real or constructed cases to train the application of the model. Whether alone with self-reflection or in a group with peer feedback – each practice makes you more confident in using the model. This way, you sharpen your argumentation and become a master of structured problem-solving.By integrating the GROW model into your preparation strategy, you will not only shine in case interviews but also develop valuable skills for your future career as a consultant. It is a tool that helps you master complex challenges and shows that you are ready to think and act at a high level.Conclusion on the GROW ModelWith its clear structuring into the phases of goal setting, reality check, options evaluation, and will formation, the GROW model provides a foundation for systematically tackling and solving complex business problems.For aspiring consultants, the GROW model is interesting for several reasons:Structured Thinking: It forces you to think in structured ways and promotes a clear, logical approach to problems – a skill that is invaluable in the consulting industry.Effective Communication: The model trains you to articulate thoughts precisely and present them convincingly. This is crucial not only for passing case interviews but also for later work with clients.Self-Reflection: It encourages self-reflection, which helps to better understand and communicate one's strengths and weaknesses – a key competency for personal development and leadership tasks.Decision-Making: The GROW model supports the development and evaluation of action options and promotes informed decision-making.Adaptability: By applying the model, aspiring consultants learn to react flexibly to different situations and adjust their approach accordingly.Practical Application: It is directly applicable in practice and can be used both in real projects and in simulated case interview situations.In short, the GROW model helps you master the challenges of case interviews and prepares you for a successful career in consulting. It sharpens the skills necessary for the consultant's daily routine and supports you in positioning yourself as a competent and reflective candidate.

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