Reality Check: Breaking into Management Consulting
A little bit about myself:
- I am a 3rd Year Business student at a top ranked UK Business School (think Saint Andrews, Bath, Warwick).
- As part of my degree, I am currently on an industrial placement (12months) in the investment management division of a BB.
Lately, I've been thinking about trying to pursue a career in Management Consulting after graduating as I believe my skills would be better suited to a job in that field rather than investment.
My dream would be to join an MBB firm, however I see a series of obstacles that would make it unlikely for me to be successful in the recruitment process: - I am not currently averaging a First (Although I am a couple of percentage points away and I am confident I will graduate with a First). - I am graduating from a non-target school (Oxbridge/LSE), with a non-technical (‘hard’) degree.
In my favour, I seem to be OK at networking. I speak 4 European languages fluently and I am lucky to have met and created relationships with people in senior positions at MBB firms.
My questions:
Are my aspirations unrealistic? If not, what is the best way to become a valid candidate for MBB firms?
My current plan is to apply to BCG and McK Spring Weeks as they appear to be less competitive than the summer programs. If unsuccessful, I would opt for completing a Masters in Finance from a target University and then re-applying.
I could really use some advice/opinions from professionals in the industry.
Thanks in advance,
W
Of the MBBs, your best bet is McKinsey and I would defo try the summer internship rather than spring week. In the past recruitment cycles they have started to deviate from the traditional LSE/Oxbridge candidates and started to look more towards semi-targets such as Warwick/Bath (my personal observation from stalking on LinkedIn lol). I believe McK also guarantees an interview for those who pass the McK problem solving test, so make sure you get on it. Coupled with your contacts at McK and grinding on em' case studies, you will have a fair chance, given that you get a 1st. Additionally, do try and have a look at some tier 2 MCs like LEK/Oliver Wyman, they are VERY decent but also hard to get in.
I wouldn't do a MFin, but rather a MiM from LBS or something (minimum 2/3 years of work experience). They consistently feed solid number of grads to MBBs - check out their class profile. However, in MY opinion, I'd try and get a returning offer from your IM placement rather than jumping straight into a Masters.
Thank you for your response OS,
I have heard places for the summer internship are more limited?
Also, my rationale for choosing an MFin is that having completed a degree in management at undergrad level, a masters in the same field would not add enough new skills to my current set. In addition, because management is considered to be 'easy', a masters in finance from a top school (Saïd, for example) would be a good signal I am able to handle numbers.
Thanks again for the precious advice,
W
The spring weeks are a bit of a joke. The summer placements are highly limited for a variety of reasons. I believe McK took 6 people last year, BCG 5, and Bain didn't even bother. Moreover, networking won't get you too far in the UK.
The recruiting process is heavily dominated by Oxbridge, usually those two comprise about 60-70% of total in take. After that it's usually LSE and UCL that take a few spots. Other universities place people every now and then, but not consistently, or in very, very low numbers. Almost all your peers will have Firsts, so make sure you have a First at time of applying to overcome your university disadvantage.
Your best bet would be impressive ECs or work experience. IB internships at GS/JPM/MS typically do well. Tier 2 internships such as OW, ATK or S& also will get you attention. If you're an engineer, Google, Tesla, Facebook or something similar in a tough role (e.g. not a marketing side role) also do you favours. It's still an uphill battle and a crapshoot (>1% offer rates).
If all of that doesn't work, get an Oxbridge degree with a First and try again next year.
Aren't spring weeks a good way to get into the more selective summer programs though?
Also, does anyone know whether a 3rd year industrial placement student on a 4 year course like myself would even be eligible for spring/summer programs?
Thanks,
W
Depends. Sometimes they are more or less mutually exclusive - although never admittedly so - so they can cover more people.
Eligibility depends on the company and program. I think BCG's and McKs pages show it and Bain specifies it when recruit at their targets, don't think you can find that online.
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