State of the UK Consulting Job Market
Hey folks!
After studying in London for my undergrad and then heading to Oxbridge for my humanities master’s (I thought this would give some brand to my CV) I was expecting the job market in consulting firms based in London to have bounced back from the lull of 2022-2023 internship applications. But as I near the end of my one-year master’s program, I feel like I’m stuck on a sinking ship with no life raft when it comes to landing a full-time, entry-level consulting role.
I had offers from the firms I interned at – one in real estate in London and another in finance – but the mid-office BB finance gig was up north, which, honestly, was just too far from home for me.
Now I’m wondering if anyone here has any insight on whether things are going to improve (I know, no one’s psychic) or if I should consider taking a lower-paying role in another industry for a couple of years before trying to lateral into consulting. Alternatively, should I just keep going with the endless cold emails to the hundreds of small firms I can find in London? Would love to hear your thoughts! Everyone on here is usually super insightful.
The UK consulting job market, particularly in London, remains highly competitive, and your experience reflects the challenges many are facing. Based on the most helpful WSO content, here are some insights and actionable advice:
Market Conditions: The consulting market in London has been described as "brutal and ridiculously competitive" in recent threads. While there has been some recovery post-2022-2023, the demand for entry-level roles still far outweighs supply, especially in top-tier firms. This is compounded by the influx of highly qualified candidates, like yourself, with strong academic backgrounds.
Cold Emails and Networking: Cold emailing smaller firms can be effective, but it requires a strategic approach. Tailor your emails with original thinking or research, as highlighted in the Q&A: London L/S + event-driven analyst thread. Including a pitch or showcasing your unique value can make you stand out. Additionally, leveraging alumni networks from Oxbridge and your undergrad institution can open doors.
Alternative Routes: Taking a lower-paying role in another industry isn't uncommon. Many consultants have successfully transitioned into consulting after gaining experience in fields like corporate strategy, finance, or even niche industries. Threads like "4 Real-Life Consulting Exit Opps of My Former Colleagues" highlight how diverse paths can lead back to consulting.
Recruitment Agencies and Job Boards: While recruiters have become less relevant for strategy roles, platforms like eFinancialCareers and LinkedIn remain valuable. Keep an eye on these, and consider reaching out to credible recruiters who specialize in consulting.
Persistence and Adaptability: The process can be disheartening, but persistence is key. As seen in the "Q&A: I made it to London. Non target-> MO -> IB London" thread, candidates who faced multiple rejections eventually succeeded by adapting their approach, cold emailing, and networking relentlessly.
Consider Regional Opportunities: While London is the hub, exploring roles in other UK cities or even Europe could provide a stepping stone. Some firms may offer relocation opportunities later.
In summary, keep up the cold emails, leverage your Oxbridge network, and consider alternative roles that align with your long-term goals. The market is tough, but with persistence and a strategic approach, you can navigate it successfully.
Sources: MBB London exit ops - can’t find anything good, Q&A: London L/S + event-driven analyst, London recruitment-can't understand how it works., 4 Real-Life Consulting Exit Opps of My Former Colleagues, Advice for London applicants
Thanks for the comments WSO community !
At my firm and from what I've heard from friends (T2/MBB), things have really picked up in Q4 and everyone's busy. However, there's still a pretty big backlog of candidates with deferred offers at a lot of firms so we aren't giving out as many offers this year. The start of next year is looking solid, but it's hard to predict how things will go beyond that
Also on the Oxbridge point -- this varies from firm to firm, but it seems like while prestige is still valued, a lot of firms (McK, OW, ATK come to mind) aren't as Oxbridge focussed as they were in the past, and those that do still emphasise Oxbridge (Bain and BCG from what I've seen) care more about undergrad.
Agree with cactiii that McK is also pretty busy and has been for a few months now, trajectory seems upwards and few people struggling for studies.
We’ve had a culture reset (imo a good thing), reinstating the higher bar for entry and designations.
I think the answer to your question is likely rooted in was your undergrad good enough. If it wasn’t UCL/ LSE/ Imperial in London then you’ll struggle I think. Masters for better or worse don’t really count unless it’s actually highly selective (e.g. MFin LSE, BPhil Oxford, etc)
Not sure where they got the ‘not Oxbridge focussed’ point from. Can’t speak for other firms, but Oxbridge/ LSE are our main targets. We are focussed on top talent from e.g. Warwick, but I can count on both hands the number of BAs from Warwick, Nottingham, Durham (practically 0). This is changing of course, but still a way to go.
Thanks for your comment - The reset is definitely interesting to hear. Having participated in numerous BCG and Mck campus events whilst, at UCL, I got the impression that those getting interview offers alongside me were extremely driven students who had strong grades (first class/ deans list) and the supporting extracurriculars on society committees etc.
The question for me is really to discover where the next place to turn to is. Having gotten to multiple final round MBBs and still not managed to secure that offer I am getting slightly fatigued by the repetitive casing cycle that has ebbed and flowed over the last 3 years with no avail.
Having taken coffee chats/ met consultants from top firms, I am starting to consider going first into some sort of policy role or small specialist firm and then attempting to lateral across as an experienced hire after a few years as I have seen more success in this recently compared to the current state of entry-level positions.
OR If you mention that many firms have alot of upcoming work is it worth an all-out cold email assault on boutique firms in the city to get my foot in the door - Any thoughts on this would be great!
If you're getting multiple MBB final rounds, then it seems like your resume (and what's on it) is NOT the problem. The problem is whatever is occurring DURING the final rounds.
Thanks for your comment - I slightly misspoke when I said multiple, I mean I have received them historically over the three cycles of recruitment that I’ve been on looking to get insight schemes, internships and graduate roles. With these varying from 1st to final round.
But you are 100% correct that something is going wrong in these - but as I mentioned previously having invested all that enough with no return I come to a point where I am starting to look at alternatives just to simply break into the industry itself!
Have you considered that consulting may just not be for you? If you’ve got final rounds (I.e., interviews with Partners/ APs) and they keep saying no, this is probably worse than getting rejected first round.
If you get rejected first round, you might have had a bad case or you weren’t prepared enough. This wasn’t the case for you.
Getting rejected final round means you aren’t considered someone a Partner can trust to put in front of a client. Whatever it was, they didn’t consider you Partner material. Sure, you might have had an off day once, but if it’s a pattern I’d really reconsider my career choices.
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