Networking
I've heard some very conflicting things about consulting networking so I just wanted to ask you all—will getting a referral get you an interview just like in finance? Or is networking much less important in getting a first round?
Networking in consulting plays a significant role, but it doesn't guarantee an interview in the same way it might in finance. Based on the most helpful WSO content, here's what you need to know:
Networking's Role in Consulting:
Referrals in Consulting:
Why Networking Still Matters:
Key Takeaway:
For the best results, focus on networking strategically—targeting individuals in offices or groups you're interested in and ensuring you leave a positive impression.
Sources: Consulting Recruiting 2023, Consulting Recruiting 2023, Some Thoughts on Networking, Q&A: Former MBB Consultant, Case study interview for MBB consulting - 24 of my best tips on how to get in
When it comes to networking, one aspect that's overlooked is understanding the company's culture, industry exposure, and capabilities. If you hand't heard all too much of McKinsey, Bain or BCG, you'd think they're all the same, and although they're all Tier 1 consulting firms, they have differing areas of industry exposure that will shift or shape your experience.
This will also be shaped by regional or global staffing models, scope/scale of engagements, the type of function/calibre expected of their junior staff and the disaggregated workflows each company, office or team operates under. In having coffee chats, you'd learn that BCG has a stronger sustainability and life science practice, Bain has a stronger PE practice and McKinsey... I actually don't know too much about these folks. You'd learn that McKinsey has a counter to Bain's PEG group, PEPI, and how their exposure, coverage or functions differ. For instance, one may be a PE DD shop while the other determines the investment mandate and more end-to-end engagement management.
Now, all of that aside, a referral ensures your resume is read. Nothing more, nothing less. Consulting firms consider a broad range of candidates from diverse backgrounds. They look at target schools for 60-70% of their positiions and non-targets for the remainder. They consider folks from STEM, humanities, and business backgrounds. They've all historically valued high GPA, strong leadership experience, corporate/work experience, volunteering and how they would define, a unique value add that an individual brings. This could be a specialized domain they're growing their pactice in or an entrepreneurial venture a student can speak to.
On the basis of numbers, a given posting at a consulting firm has maybe 2-5 positions, they receive 500 applications, 25-50 of those have referrals, and maybe 15-20% (perhaps less) make the first round. 50% of them would be screened out for a number of reasons (low GPA, year doesn't align with the start date, non-competitive profile in some regard), then the remaining 250 would be ranked and those with referrals would have their resume read. That's really the extent of it. Many, many, many students have gotten into consulting without referrals with strong academic and professional profiles and their own persistence.
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