Has work picked up at MBB yet?
For North American offices. I know Bain still isn't doing too well (some offices getting absolutely shafted, some a bit better, but pretty bad on average across the board). Can anyone chime in from M/B? And does anyone think activity is going to significantly pick up in the next 3-6 months?
Intern at B. Picked up a lot especially in TMT and Consumer, like a LOT. Volume is still lower, but projects are larger contracts w higher upside.
It has definitely picked up here, but not where it used to be. Big problem though is the fact that in for the class of 2022 they hired based on projections that growth would continue at 2021 levels... so there is mostly a cost issue, and the only way around that is unfortunately increased involuntary transitions.
Similar issue around 2022 hiring in most of Europe, I hear...
My Bain office drastically over-hired for class of 2023 as well
can i ask which office (or region)?
Yeah class of 2023 was over hired too, but they are gonna push back start dates so hopefully they'll be fine. Class of 2024 full time recruiting is getting crushed because class of 2023 is getting pushed back so far, basically to the point where they're starting close to when class of 2024 would normally be starting.
It has picked up at Bain in major offices - in some cases, quite busy levels (feeling normal). Assume similar for the other two.
I think across consulting, people are optimistic about the market returning to normalcy in 6-9 months, but no one knows - if they did, they'd be busy making millions in the markets...
lol that's such wishful thinking. Remember when people thought M&A would pick up in 1H'23? The recession isn't even here yet... Q3/Q4 is going to be rough.
Picked up initially but big slow down this summer (bigger EMEA office)
Guys... it's quite simple. As long as SOFR is 5%+, M&A and any M&A related work is going to be very slow. I'd also caution cheering Fed cuts as that very well could mean we're in a recession.
You know how many sell-side processes my Bank's ran that get pulled bc buyers aren't willing to pay the multiple the sponsor wants? Maybe this is why some people may feel "busy" -- but unless you're closing deals and bringing in fees, it doesn't matter.
Sponsors/VCs have a harsh reality around the corner. Paying stupid multiples in 2020/2021 in some cases an inflated EBITDA figure....
Correct - but we (in consulting) don't need deals to close to bring in fees. Plus, given that multiples may need compression, there is work to be done on margin and revenue expansion. Which is another opportunity for us.
Afaik pace has returned to FY21/1H22 but, as others have mentioned, hiring was based on expectations of significant growth. So, yes, it feels like a slowdown.
There’s a LOT of unpaid work in there. Revenue is nowhere near back even if activity might have picked up a bit
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