For those who aren't receiving FT MBB interviews...
We have a ton of threads circulating about 2024 FT interviews - with the BB decisions released the past week or so, hiring looks to be severely cut back.
In the same boat as a lot of people here - interning at a T2, target school for office recruiting, 3.9 GPA, president of business orgs, etc. Was told last year that if I kept up casing and networking, I'd have a better chance than not of converting an MBB offer... that was when the economy looked to be strong. Bain pushed interviews back until mid-Fall, cut from BCG no interview, waiting on McK.
Like all things, the pendulum will eventually swing the other way. Hiring such a small amount of FT converts will not be sustainable when the economy picks back up. Wondering if we'll see off-cycle hiring open up at some point next year. I've heard of a lot of people transferring in laterally midway through their first year or two, is this going to be a more common pathway? Interested to hear everyone's thoughts
Lateralling to MBB shortly after starting a FT role is something that I saw happen a couple of times around 2021/early 2022 when the post-Covid boom was happening. However, all 3 MBB were bursting at the seams; deal flow was unprecedented, and firms were aggressively hiring to keep up with demand. As things stand right now, we are either entering a recession (https://www.nytimes.com/2023/07/24/opinion/recession-economy-yield-curv…) or the FED is going to pull off a soft landing. I have a feeling it'll be the latter. In either case, this downturn (or lack thereof) won't be anything like what Covid-19 caused. It just seems unfathomable that there will be a period of near-complete economic dormancy followed by a sudden explosion of growth, which is really the only time it makes sense for MBBs to hire laterals at such an early stage. You're right to say that the pendulum will swing the other way. However, it probably won't swing fast or far enough to warrant the hiring pipeline you're referring to.
Really solid take and think I agree on the outlook and contrast with the post-covid boom. Because of how lean these firms really seem to be getting, it seems that they're not just adjusting back from a growth sentiment but actually overcorrecting to the deal flow in the current economic period. With that in mind, I feel like the return to normalcy will cause a need for lateral hires.
Maybe that's just wishful thinking, but with people getting counseled out it seems that any and all excess capacity is getting eliminated. No "safety stock" of HC it seems. Still pending a lot of factors but that's what it seems like to me
I see the point you make, and it could definitely happen that way. But from what I'm seeing/hearing, firms aren't overcorrecting for a slow economic expansion. When the pendulum does swing the other way, project flow will pick up modestly, and people on the beach right now will simply be staffed. From that point, they will hire more people through on-cycle. One thing to note is that ending early lateral hiring is, in fact, a return to the norm. As far as I am aware, that type of jump was very rare (if not completely unheard of) before 2021.
Same boat here - interned at an MBB's oversea office, couldn't covert due to headcount, and also struck out this FT cycle. From what I've seen and heard from friends, the scale back is wide and long lasting - many BA I know are unstaffed. On the other side, a Manager/AP level mentor also told me that he is a bit worried about people who start now. If they don't get staffed, many new hires will not look good in the review and the "up or out" policy will come back to bite them. So keep your heads up and I'm sure it will all workout for the best in the end.
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