Why MBB plus a few tier 2s (LEK) are more open-minded to advanced degree but most firms in tier 2 and 3 are not.
Mckinsey and BCG hire a lot of advanced professional degrees (MD,PHD,JD), and they have a specific process to do so. I've heard McKinsey's 50% incoming associates are APDs (can someone confirm?) But firms in other tiers seem to be less interested. If APDs can be proved to succeed and add value in consulting, why do other firms not open the door as much? Is it because to hire this group of people not so cost effective compared to MBAs' OCR?
I am also curious about the history of MBB hiring APDs. Anyone has insights on how this nontraditional hiring began?
Thanks.
I can confirm the 50% at McK, this was advertised during the company presentation and confirmed through interactions with the firm. I don't think BCG talked about it in their presentation, but again based on my interactions with the firm, I met plenty of JDs, MDs, and MS/PhD hires at BCG as well. I didn't recruit for Bain, so no comment, and not sure about the Tier 2's.
Recently seen numbers on this. 50% for McK is correct. Bain and BCG both at ~30%.
My guess is ability to train. MBB has specific training and recruiting programs for ADCs. It would be expensive for the Tier 2 firms to implement training for ADCs, and would take a long time to get it functioning to the level MBB has.
But just my guess...
This is true at the tier 2 I used to work at. The infrastructure wasn't there to recruit and train ADPs and experienced hires so the firm focused mainly on undergrads.
Tier 2 hire a lot fewer in general from most targets. I don't think they ("we") are any less open to other degrees. But it's expensive to recruit and the talent pools from the MBA programs are enough to satisfy hiring needs across the tier 2 spectrum. And an advanced degree holder is going to have to prove they have general business acumen while competing against a much more targeted set of candidates.
If a t2 hires ~10 students from an M7, they probably all have both relevant resume experience tailored to a practice (i.e. former consulting work, corp strategy, banking, industry experience, etc) and a competitive education profile. It's just harder to compete against a smaller pool than at 50+ hires at an MBB. Not that it's harder to get a t2 job in general, but the candidate pools are more specific and there are fewer resources to recruit outside of the core.
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