Will the current hiring rates be the same despite the current situation?

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New answer on Jun 05, 2020
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Anonymous A asked on Jun 03, 2020

Hi,

I was wondering whether Mckinsey&Company will hire fewer people in 2020 than they usually did in the past few years due to the current situation? I already had four rounds of interview (via videocall) and now I am waiting for the last round. My fear is that they might hire less people, so the barriers to get an offer are even higher now. Thank you on your comments!

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Anrian
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updated an answer on Jun 04, 2020
Kearney Senior Manager | Ex McKinsey Engagement Manager | Interviewer & Case Coach at McKinsey (200+ Real Interviews)

Hi There,

I was checking with the recruiter recently, and yes they are still hiring for 2020, but obviously with fewer new hires compared to 2019.

Now, if you had 4 rounds already, I think you just need to follow up on the next steps and result to the Recruiter directly. If you are a strong talent, McK will not want to miss you :)

(edited)

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Axel
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replied on Jun 04, 2020
Bain Consultant | Interviewer for 3 years at Bain |Passionate about coaching |I will make you a case interview Rockstar

Hi!

Yes, they will be hiring fewer people in 2020 and likely for some time to come given the economic fallout from Covid-19. This is already flowing through to hiring freezes in many offices, some offers being put on hold, and start dates being pushed out.

However, given the natural churn in the business, there will still be some need to hire so focus on doing your best to secure your opportunity that you have by doing the best to prepare and having a positive outlook!

-A

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Vlad
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replied on Jun 03, 2020
McKinsey / Accenture Alum / Got all BIG3 offers / Harvard Business School

Hi,

Yes, they are already hiring fewer people. This is happening with every economic downturn.

However, the fear is completely counter productive. You are one round away from getting your offer. Please concentrate on preparation. The hiring rates will not improve within the next 1-2 years, they might get only worse. Just do your best to prepare and stop considering negative outcomes

Best

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Anonymous replied on Jun 05, 2020

Dear A,

Yes. You are absolutely right. The intake for 2020 in McKinsey is going to be lower than in the previous years. They will increase the bar for the candidates. So that only fewer will pass. Nevertheless, you still have chances to be one of the few intakes this year. So, keep it up and reach out to maximize your chances to getting the offer.


Good luck,
André

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Robert
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replied on Jun 04, 2020
McKinsey offers w/o final round interviews - 100% risk-free - 10+ years MBB coaching experience - Multiple book author

Hi Anonymous,

Consulting firms are profitability-driven companies as well - and the highest fixed cost is payroll. If we will have a severe middle- to long-term reduction of consulting demand, partners can no longer endorse keeping fixed cost high and a slow-down is a logical result (and even lay-offs are indeed possible (forced or unforced, both..)).

Is such a severe middle-term reduction of consulting likely? No, I don't see that for now. Consulting industry in general works well in clear upward and downward phases; just in highly unsecure phased with limited visibility they don't perform well.

In the short term we see major reductions in recruiting activities, later entry-dates in future and some offers were even rescinded. So yes, right now this is the situation.

And in general: supply of candidates is high in respect to demand, so the bar will be raising and professional interview prep gets more important than ever.

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

Robert

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Anonymous replied on Jun 04, 2020

Hi,

Most consulting firms have stopped recruiting for 2020 from the beginning of the lock down.

However, have in mind that the recruiting campaign 2020 has started in September 2019 and was expected to last until around end of June or early July. During the summer vacation period, there is only few interviews. Bottom line, in a campaign which generally lasts ~ 10 months, 7 months were able to run correctly.

The real question is therefore "what the 2021 recruitment campaign will look like?"

I anticipate a cautious start but a still a start in September (many interviews are already scheduled) and a refinement of the 2021 recruitment objectives on Q4 2020.

Best,

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Anonymous B on Jun 04, 2020
what if the covid19 situation becomes permanent are we end up in a log-term depression? :o
Anonymous on Jun 10, 2020
Then, I think that recruiting plan will be much lower but consulting firms will still need to recruit a bit to compensate natural departures ! But I remain confident in medium term looking at current evolution of the situation
Mar replied on Jun 04, 2020

Hi! I would like to know how it was your first interview, because I have been invited to start the process. I have received an invitation for the first test, Imbellus, did you done this? Thanks for your answer in advance! Best regards ;)

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Udayan
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replied on Jun 04, 2020
Top rated MBB coach with many offers /Ex McKinsey EM in New York /6 years McKinsey recruiting experience/Real cases

Hi,

There will be fewer hires this year unfortunately. Similar to 2008 crisis when the 09 batch was very small this year they will also give very few offers. This is bound to pick up significantly next year as business rebounds.

I wish you all the best - no one can prepare for covid so just have faith in your abilities. If you have made it so far you are an excellent candidate

Best,

Udayan

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Ian
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replied on Jun 04, 2020
BCG | 100% personal interview success rate (8/8) and 95% candidate success rate | Personalized interview prep

This is a great question and has a lot of elements to it! View this post as your one-stop shop to all the imapcts of COVID-19 on Consulting!

________________________________________________________________

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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Francesco
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replied on Jun 04, 2020
#1 Expert for Coaching Sessions (3.600+) | 1.300+ Reviews with 100% Recommendation Rate | Ex BCG | 8+ Years of Coaching

Hi there,

for sure they will hire fewer people in 2020, due to the lower amount of projects caused by the economic uncertainty. Still, if you reached the final round it means you definitely have the potential for an offer.

Good luck!

Francesco

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Anonymous replied on Jun 04, 2020

Hi there,

The hiring rate is lower in 2020 - however, this mainly impacts applicants who are not yet been shortlisted for interviews.

Candidates current undergoing interviews have the same barriers to entry as in any other year, the only impact is the starting date (you might not start in 2020)

So you are 4 rounds in, you have one last interview to go through and you're in!

Best of luck in the process!

Khaled

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Clara
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replied on Jun 04, 2020
McKinsey | Awarded professor at Master in Management @ IE | MBA at MIT |+180 students coached | Integrated FIT Guide aut

Hello!

Overall yes, many MBB offices have communicated a hiring freeze.

On this point, could you tell us which office? This would be very useful for other candidates to know.

In any case, if you got as far as doingt 4 rounds, now you are only fighting against yourself.

What do I mean with this? That if you met or raised the bar, you will get in, end of the story.

Hope it helps!

Cheers,

Clara

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Anrian gave the best answer

Anrian

Kearney Senior Manager | Ex McKinsey Engagement Manager | Interviewer & Case Coach at McKinsey (200+ Real Interviews)
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