What happens to people who don't get offers?

Second tier consulting firms or investment banks. Alternatively, there are a lot of interesting corporate development, strategy, business development, etc. type positions at companies. This happens more often than you might think but people don't advertise it.

Well, usually they keep trying till they get an offer even if it means looking in other geographical regions.

Gotta end it. There is nothing except MBB and BB IBD.

So I've heard the following, and would love to get confirmation for current/former students.

There are 3 main groups of people not employed come graduation: 1) Those who have drastic and/or late changes to their goals. This would be someone coming in to school from a marketing position, then takes an internship in tech, but in winter of 2nd year has a change of heart and starts to pursue BB. However, they never have no experience, network, or knowledge of banking. 2) Those who are dead-set on a particular and/or difficult career. This is someone wanting to do PE out of UCLA, or only wants to work at Apple from Kelley. 3) Those with Visa and/or language issues. Applies to foreign applicants, sometimes their language skills or work authorization can someones limited the companies or positions they can get hired to.

Much like a noble African elephant, they seek someplace comfortable and quiet, then slowly pass.

Or, they realize what a sweatshop these places are and find their real passion. There are two types of people.

They go to graduate school. And if they don't get an offer after graduate school, then they get a PHD and teach with all the other smart people who just couldn't make it in the real world.

People do everything under the sun. Consider the Pre-MBA folks in IB/MBB who did the herd move and realized that they have no desire to return to that lifestyle. There are F100's, nonprofits, startups, hospitality, and every other role that keeps society in motion outside of client services or the insanely small amount of buyside roles. Folks aren't just commuting seppuku cause they didn't land 1/600 roles annually.

There's way too many ways to make it in the world. Don't forget that the folks at YKK are on a zipper in damn near every house in the world yet no one can name a soul that works there...

F500 Corp fin/ big 4, 2nd and 3rd tier consulting, mm/boutique I-banks.

Using your example of someone who fails to go into MBB: if they're dead-set on consulting, then they'll go to some other consulting firm. Accenture, or Deloitte, or ATK or whatever.

As for salaries? Assuming you're talking about a fresh graduate, MBB all pay $80k this year, with a $10-15k bonus. Deloitte pays $75+$10, Accenture pays $80+$5, ATK pays $70+$15. At the post-MBA level, MBB pays $140+$35, Deloitte pays $145+$35, Accenture pays $140+$40, ATK pays $145+$40.

TL;DR "MBB-or-bust" is kinda silly

After not getting an offer from a BB IBD, I instead opted for Big4 CF and will most likely go the Corp Dev/Fin path now

Join a leadership development program with a F500 O&G company (in my case). Is it what I hoped it would be? No. Did he help develop my skill set and give me exposure to upper management and what it takes to lead an organization? You bet it did.

I may not be able to create complex financial models but I've gained valuable experience in generating my own M&A ideas, performing market research and creating market sizing models for niche markets and see it through its many phases, etc.

It may not impress anyone but I felt that the career path I'm on is respectable and can help me when it comes time to pursue an MBA and maybe this path will lead me to IB. If not, there are greater tragedies in the world and if you don't believe so go talk to a recently laid-off trader or someone who made $150K+ in O&G and is not struggling for employment.

They quietly walk away from WSO in shame without sharing their story in order to avoid corrupting the pool of elites on this forum and continue to reinforce the notion that nothing else exists aside from IB at BB/EB and MBB consulting.

Even though career services says that everyone gets a job, unfortunately the reality is that is not the case. I know a few people in my program who didn't have an internship or an offer after graduating last year. It isn't easy getting an offer, but most of those people are picky or into niche industries (as stated above).

I am finishin now master degree on topic impact of oil on ruble. I live in Eastern European country and also won some awards on stock valuations and trading competitions (nothing noticable though), and only offers I got now is to work illegaly as physical worker. That's also one way how can end up fresh graduates :D

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Would it be possible to network and recruit for different opportunities at the same time? Say you want to get into consulting and spend a lot of time for case prep and interview prep, would you still have time to network and recruit for banking, corp deve, tech, etc.? I kinda think that because people spend too much time on consulting recruiting, they don't have enough time for other alternatives. When they find out they don't get that consulting offer, they would be in a position of having no network/prep for other jobs and graduate with no job.