Everywhere I look, it seems like MBB/T2 firms are hiring like crazy.
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Every time I go on Linkedin I see MBB consultants posting that their company is hiring
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One of the T2 firms opened up an additional spring recruiting cycle for undergrads
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During my summer internship at MBB, people would talk about how short staffed the firm is ("They would staff anyone at this point" - my manager)
-My MBB firm is starting to recruit at some non target schools (~2 in my class went to the same state school like Rutgers, Penn State, etc... and the recruiting team wants to recruit more from that school)
I get that the economy is hot, but considering they have such selective recruiting cycles, why are these firms in such need of talent? Is it that the turnover is high, or is is more of a demand issue (the firms are generating more business)? Will this lower the quality of future recruiting pools?
because consulting and traveling and the lifestyle gets old after tasting wfh for the past two years
Attrition.
Real driver - business is booming right now and there's just a general talent shortage in consulting (and many other fields)
Combine very high demand with temporary reduced hiring in first year of COVID + increased recent attrition as consultants are no longer "professionally sheltering in place" --> hot labor market
Will it lower quality? Increasing # of hires would theoretically mean you're lowering quality, since you're now taking e.g. the 12th best candidate vs cutting off at e.g. the 10th, but in practice it's blurrier since there can be a lot of random chance / close calls in assessing who is the 10th vs 12th best candidate, so I don't know that the bar is really that much lower. I guess you could say that the average quality decreases since candidates e.g. #1-4 will usually be clearly better than the rest and they now represent a smaller portion of the pool, but I don't think it's a huge deal
I wouldn't be worried about recruiting a few kids a year from well-ranked state flagships -- IB and SWE have figured out a long time ago that the most competitive kids from those types of schools do just fine. IMO if anything, those 1-2 kids may do better than average by virtue of having to jump through so many more hoops / face so much more competition to get those 1-2 slots vs somebody who follows an average path at a core target. Whatever the cutoff is, there is definitely a sort of percentile quality rank at which the kids at stage flagships are better than kids are targets, so if a firm feels that they don't get enough great candidates from their core targets then it absolutely makes sense to expand and take the top kids from a couple more schools than the weak candidates from better schools
The bigger issue in quality comes down to how they're trained the first year. Right now, so many strategy consultants are starting in primarily remote environments. This is a big problem for development, since it's a lot easier to coach somebody new in person vs remote, and it's harder to build meaningful relationships
Like SC said the economy is hot and there were shortages anyway which Covid only compounded. I've even seen MM IBers from non targets get into MBB which shows how crazy this hiring market is.
Where are these firms in the hiring process? Have interviews/offers already all been given out or are any firms still actively interviewing?
mainly interested in McKinsey Bain and BCG
I'm a 1st year analyst doing IB looking to make a switch to MBB. If anyone's group is hiring would love to chat
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