Full Time Offer Rate vs. Internship Offer Rate (MBB)
Seems like MBB summer internships are much harder to come by than the regular full-time offers that are given out in the Fall of senior year.
Does anyone know if juniors who typically make it to final rounds for internships but don't end up with an offer have better luck with FT recruiting in the Fall? Assuming they're coming from a target school where recruiting is done on-campus...
I had final rounds at BCG, Bain and McKinsey (all NY) but no internship offers. I do plan on reapplying in the Fall.
Full Time Consulting Offer with No Internship Experience
While no statistics exists about students who were rejected for internships with MBB but received full time offers, our users have shared anecdotal evidence of student receiving full time offers from prestigious consulting firms after being turned down during internship recruiting.
I made final rounds at a MBB my junior year (only applied to one), was rejected, and then received an offer at a different MBB for full time.More full time offers are given than internship offers (my office had 2 interns and hired 6 for full time... because some offices don't even hire interns, I'm guessing the ratio of interns/ft hires is even lower).
Presumably you should be more prepared for FT interviews than you were for internship. So you should have a legup on the competition.
Simply having the interview won't do you any good except for perhaps getting you in the door again. Just practice your ass off in the fall and reflect on feedback you received this time around. Sure helped me.
I had first and office round interviews junior year for an internship with MBB and did not get accepted. Reapplied senior Fall for FT and was accepted. They should remember you, which gives you a leg up, but chances are you need to be better prepared the next time around.
Many of my friends got dinged for internships and had to go the boutique route for the summer, and still got respectable gigs are well-known places come FT. I've also had friends who worked at places like Deloitte and IBM, and parlayed that into a full-time offer at BCG and Bain despite the fact that they didn't make it during recruiting for SA.
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I made final rounds at a MBB my junior year (only applied to one), was rejected, and then received an offer at a different MBB for full time.
Simply having the interview won't do you any good cept for perhaps getting you in the door again. Just practice your ass off in the fall and reflect on feedback you received this time around. Sure helped me.
How did you feel your interview went for your final round at MBB? Did you get the cases mostly right and still not get an offer?
I had a similar situation and didn't end up with any offers after a few final rounds (1st and 2nd tier firms).
This is a bit off tangent, but what types of internships should I be looking into now if my ultimate goal is still a FT consulting offer? Is it worth it to network at boutique consulting firms that don't recruit at my school or should I look at business analyst programs at big corporate firms? Or perhaps something else that's more off the beaten path?
I had first and office round interviews junior year for an internship with MBB and did not get accepted. Reapplied senior Fall for FT and was accepted. They should remember you, which gives you a leg up, but chances are you need to be better prepared the next time around.
Hey man,
Many of my friends got dinged for internships and had to go the boutique route for the summer, and still got respectable gigs are well-known places come FT. I've also had friends who worked at places like Deloitte and IBM, and parlayed that into a full-time offer at BCG and Bain despite the fact that they didn't make it during recruiting for SA.
These guys just happen to take a lot more kids in general when FT rolls around.
I'm gonna do S&T at a bulge bracket this summer instead and then reapply for consulting in the Fall. Oh boy :/
Same with me with IBD. Got rejected by Bain after final round. Well, I'm pretty excited to do IBD this summer though - definitely really interested in the field.
--
If they can't understand that you have to accept an offer with a deadline coming up, then I wouldn't want to work at that office. Seriously, they can't possibly expect for you to not accept an offer just so you can wait for them to make a better decision.
MBB intern offer rate (Originally Posted: 01/08/2010)
Anyone know what it is? I just remember one of my friends at one of the three telling me his office was 7/8 receiving offers.
Unlike banking/finance, where offer rates can be anything from 10% to 75%, MBB only takes on interns that they think are the cream of the crop. That means the internship is seen as locking in high-caliber people for full time.
At one MBB office, the intern rate was 7/7 in 2008. In 2009, one intern at this office did not receive an offer.
At another MBB office, the intern rate was 100% from 2007-2009.
In one MBB office, the intern rate was 100% for 2009, 7/8 for 2008.
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Interesting statistics. Is there regional variation?
Inevitably there is regional variation, but not by much. Give or take by 1 or 2 people.
Even in down times when firms are more conservative, though, MBB is known to have a high FT offer rate.
As far as I understand though, the numbers are small relative to the total grad class, making it easy to maintain the high rate. I'm London-based and here there aren't summer programmes (couple of exceptions) - I simply joined as a grad after interning in IB.
Hiring rates are economy-dependent, though changes come earlier than it does at banks. BCG is probably the best example of this - when they first saw the signs that the economy was tanking, they cut back on hiring pretty drastically. This year though, with signs of the recovery, BCG hired tons of people. Apparently, this paid off as their relative numbers through the recession were by far the best. That said, they didn't grow all that much (Bain did the opposite and cranked hiring in the recession, taking all the good talent and growing a bunch).
Soooo, while the hiring rate from the interns has always been high, it is economy-dependent as well. Luckily for you, hiring is pretty strong across the board this year.
PorcineAviation,
Yes, the intern numbers are indeed much smaller relative to the total analyst/AC/associate class. Part of this reason is that consulting firms are much smaller than bulge bracket banks.
Like you, I've worked in both consulting and banking. If I had to generalize (and many disagree), these industries are very different in pace and culture -- and there's less importance placed on "fitting in" with a certain type of people at MBB than there is at an investment bank. So that also contributes to a higher rate at MBB.
I'm not sure I agree about the "fitting in". If anything, I feel the cultural differences between MBB are more apparent than between the leading IBs, and ultimately "fit" assessment is just a derivative of whether your interviewer wants you to work with them as well as for them.
I agree with the point about MBB having distinct cultural reputations, at least superficially
From my experience, though, those at MBB who did very well in terms of producing high quality work but didn't necessarily like or fit in the culture still got offers. Whereas at ibanks, you can produce great work and still not get offers because interns weren't well liked enough to have them around 100 hours a week.
From my experience, at one MBB office, the intern rate was 7/7 in 2009.
Does this apply for both MBA and undergrad interns or just MBA? If different, what would undergrad numbers be?
These are the undegrad numbers.
It's harder to convert an MBA internship into FT, since business school kids are judged much more highly and for the potential of becoming managers/partners.
Quick question--how does the intern to FT transition work? Do you have to re-do the interviews, or if you are good enough to be FT they will just promote you once your internship ends?
Regarding the people that did not transition to FT, did they mess up badly? Maybe some people did not get the offer only because the consulting firm knew that they will not take it anyway?
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