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.
Never worked in consulting so take this with a grain of salt, but i guess MBB firms can "afford" to hire more people from non traditional backgrounds.
Think about it, if you're a Tier 2 firm, you need to prove that the firm capabilities match those of MBB firms, hence your best bet is to recruit top talent from top business schools and hope these people are as good as their peers who went into MBB.
MBB firms on the other hand, have been at it for longer and have developed various internal training programs and they know they can shape up any candidate - that is smart enough to pass the rigorous interview - into a solid management consultant. I would also say they hire the "PhDs in Quantum Phsyics" types cause they're more interesting and could be used in marketing or impressing clients. Would you rather have an EM on your project who's a Wharton MBA or some guy with a PhD in the philosophical foundations of physics, the first sounds cookie cutter, the latter sounds "Smart and interesting", no?