Confusing Recruiting Season
Looking for any general advice based on my recruiting season. Been a strange one indeed and not sure exactly where the go if my current opportunity don't work out. I made final rounds for BCG internship next week, yet I have not gotten an interview with pretty much any other firm (waiting on Deloitte + LEK but not hopeful based on other rejections). Rejected from McK, Bain, S&, PWC, KPMG, SK&P, Capital One + more. Not sure what my strategy should be at this point, if I can get a final round at BCG I feel obviously competent but if I'm not even getting interviews how am I supposed to get my foot in the door? Should I be looking at corporate finance roles at this point to rerecruit for next fall? Are there any boutiques that would be helpful? I have a 3.9 at a 2nd tier target.
Other opportunities to look at are FTI and A&M. They are top tier/best financial consulting shops (I believe Alix doesn't take undergrads).
Are they still recruiting?
I believe so
They are not. I had a superday with them around 3 weeks ago for their RX group and didn't get an offer which were sent out last week
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Just keep pushing. If all else fails try to get a corporate strategy role
Honestly recruitment can be a crapshoot even if you're highly qualified (which you are, since you made BCG final round)
You NEED to make sure you have some sort of decent internship this year. Going all in on different highly competitive positions is not a great strategy. I would try to search for any F500 finance internships that are recruiting from yours school (I hope that career fairs etc at your school haven't already passed)
Some F500s will recruit for internships again in the spring. You need to work with your career services center ASAP to see what's still available
OP here. I have an offer at a T2 econ consulting firm. Would this be better/worse than trying to secure a F500 internship? Should I take it since its a secure offer?
Similar position to you. 3.7 at 2nd tier target, Ivy, Big 4 internship in the past, plus relevant extracurriculars. Got rejected/ghosted by nearly every single place. It's an odd season.
First thought I’d offer is the age-old one related to networking. Sure, 1st and 2nd tier target schools will likely have a certain amount of allotted 1R interview slots. But you have a few things comes into play. How many 1R spots are pre-reserved for folks who networked or made FRs for the summer cycle? How do you stand out from folks with similar stats to you at your school? For example, there’s no pre-set rule that firms simply work down a GPA ranking list to select candidates. Additionally, I’ve anecdotally heard many firms have had much higher summer return offer rates due to COVID. This suggests that vs. a typical year a higher proportion of full-time classes comprise returning interns. This is not meant in anyway to trivialize the difficulty of FT recruiting, in general and especially this year. But hope it provides some relevant perspective.
Good assessment. Unlike banking where it's pretty important to have an IB internship prior to IB FT (and they recruit a massive amount to the IB internship), Consulting traditionally hires way more FT than they have returning interns. Actually harder to get the internship than a FT offer (from a numbers perspective). However, this past cycle, many firms offered almost all interns FT spots so there will be fewer FT spots than usual this summer. Just the nature of the beast. Networking is key right now. Step it up to try and secure the interview.
rickle
does this make the consulting internship process more difficult than ft at every stage, or does this mostly come into play in second rounds?
It's all harder right now. Probably will be for a while. You have to follow the motion. nature of consulting is many people leave each yr (up or out). They need to be replaced. Ton come from FT with some of those FT coming from internship. However, this yr, fewer people leaving, not because they love consulting, but because they have nowhere to go. So many companies laying off and frozen right now, not knowing what or when to expect a normal revenue season due to Covid. So consultants who would leave stay to stay employed means fewer spots for newbies. Further compression occurred when most firms simply extended FT spots to all their interns (very unusual) so fewer total FT spots left . This will all work its way out again but there is a bottleneck right now.
Saw the CEO of American Airlines on tv this AM. He put it well. They are "improving". Q3 air travel was down 75% vs. 85% in Q2. They've cut basically all they can, are raising capital through selling equity on the secondary market now. Spend rate is 44M/day. This doesn't get back to normal until business travel starts and maintains. Bottleneck.
Some firms you might like to try that have a good reputation in the industry and would position you well for recruiting next year:
+ Consulting: Kaiser associates, Alvarez and Marsal, FTI consultants, Mars & Co, Treacy & Co, Dayblink Consulting, Slalom Consulting, Bainbridge, Analysis group, Brattle Group, Cambridge group, Duff & Phelps, Cornerstone Research, Charles Rivers Associates, Marakon, Keystone Group, Ignyte Group, Healthscape advisors
+ Industry: F500 corporate strategy roles, Product management roles (e.g. P&G, J&J, etc), LDPs (GE, etc)
Good luck!
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Capital One is the fantastic one. I have friends who enjoy it there and do lots of fun stuff with great hours and decent pay
Can't say it's clear cut because C1 Business analysts do a rotational program. If you're interested in B-School head to Cap 1, otherwise it's more of a toss up dependent on whether you like consulting or not.
Assuming the other comment was about C1, how does C1 compare to Simon Kucher/ how would MBB like a previous internship there ?
Those... aren't the companies you should suggest for product management. CPG companies have brand management positions.
Tech companies (mostly, there are exceptions) are mostly where product managers work.
Also I wouldn't suggest a PM internship as a back up for not getting consulting. There, first of all, just aren't that many PM internship positions. And, second of all, the good ones are far more competitive than consulting. Would stick with corporate functions or a general ops internship at a startup as back ups instead.
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Same boat here, I guess there’s nothing we can do besides keep grinding. Keep it up
Same boat here, I guess there’s nothing we can do besides keep grinding. Keep it up
Keep grinding guys. There is a lot of randomness to this process- I got an offer at an MBB but didn't get an interview at 3 of the big4. I think the big4 are definitely cutting down hiring due to the economy. If you are recruiting for internships, full time is much easier than internships so there's always next year to learn from your mistakes.
I am in a remarkably similar situation. I made it to Bain's final rounds for OCI with a 3.7 at target, but got rejected from McK, BCG, EY, PwC, and even smaller consultancies. It's a tough time, and it definitely has to do with the economy and hiring classes becoming smaller. I moved on to applying for business analyst type roles at good companies and hopefully go back to MBB recruiting next year with some improvement in my grades.
Also in the same situation. Are you networking at all, or just applying to a bunch of companies online?
I actually lucked out and got an offer through an online application. Good luck!
Same boat here. Rejected without an interview from pretty much everyone - except BCG, who have invited me for interviews
Same boat here... rejected (no interview) from all the big 4 but ended up accepting an offer from an MBB. I think the Big 4 is struggling in this economy, whereas MBB is thriving.
B4 strategy (S& etc.) seems to be doing fine, especially those that work in M&A.
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