2023 MBB Hiring
All - curious at what 2023 MBB hiring looks like for experienced hires/laterals? PortCo I work for is potentially looking at exits this year and am starting the planning on next steps. Would like to transition more from pure finance to overall strategy, so MBB could be an option, but not sure if they are tapering hiring with economic backdrop.
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Right now is very, very slow.
You have a big crop of ACs from university that came in before the economic uncertainty. Even B school hiring is slower than expected--I have a buddy at Wharton who rocked all his case prep but still didn't get an offer--dude was as good or better than most that I know, and had DEI to boot.
All companies are tightening discretionary budgets, and consulting is helpful when you have extra budget, but is still hard to justify in a recession. There will be a lot of cost cutting cases that will be performed "at risk", but those are usually ran by skeleton crews anyways at MBB.
Bain has added a PEG function that is "operational due diligence" instead of the standard due diligence, which shows what can happen if certain operational improvements are added when the PE fund buys the company (e.g., headcount reduction, inventory optimization, etc.). Shows that clients are worried less about growth and more about survival right now.
Lateraling in will happen if you have very specific experience in an area that they need. Have you worked at a MF PE fund and for some damn reason think that you want to be a consultant? Any of the PE practices will take you for a diligence role. Are you an O&G Operations manager? McKinsey Houston will probably look at you, but not BCG Seattle, etc.
Even if you have the experience, it's a pretty big hurdle right now to get hired.
If you're 100% sure you want to lateral in, you need to start networking super, crazy hard AND be the absolute Apex predator in your practice. Otherwise, I'd go the MBA route or I'd focus on finding stability in your current role.
Any thoughts on undergrad recruiting this year? Will the economic slowdown really be such a drag on hiring there too?
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