Background:
- 2nd year analyst * IB internship * Wanted to give back to the community since WSO has helped so much during banking and consulting recruiting
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Twin sis is interning at McKinsey this summer and she's freaking out about getting a return offer. What do undergraduate interns need to do to make sure they get a return? For the select few who don't get a return, what's usually the reason?
Tell your sis to relax: there's a ~90% return offer rate (well, at least at my MBB in a major city). She just has to bring a good attitude and willingness to learn and take feedback.
No nos that will get her booted would be if she egregiously lies about expenses (had a kid who bought starbucks gift cards with his corporate card all summer) or is just a terrible person to work with.
Feel free to DM if you have other questions
@Analyst 1, thanks for your question.
Typically, the manager as well as the leadership (AP and Partners) on the engagements provide their opinions about the intern to the intern coordinator. Given your sister is performing well, adding value, and getting along with the team (and there are no red flags) it's likely she will get a return offer.
That being said, economic and other factors could also change yield for any given year. Hope that helps
Thanks for the response. What are coming ways people mess up? She's a little awkward, could that cause issues as long as she's a hard worker and nice?
What made you want to switch from IB to MBB?
What is standard comp progression at pre-MBA level?
How did your interviews go after your IB process? Were you grilled on M&A stuff? Did you have to go above and beyond to prove you wanted consulting? Would love to hear what your recruitment experience was like in general and how you prepped while working in IB.
Hey thanks for doing this. Am going to join MBB soon as an experienced hire.
(1) How does one get fast-tracked for promotion? What is it that they do?
(2) Your best and worst case? What made it good / bad?
(3) What are the things one should prepare for before joining?
Hey, thanks for doing this! I'm currently looking to break in, but the industry is pretty closed off as it is. I know a bit about the timeline, but do you have any insights into full-time recruiting across the industry for Summer or Fall 2021?
What are you thinking for next steps (stay, exit, mba, etc)
just started at a mbb at the post-UG level. Have heard the sentiment of "the best associates leave for other roles so the ones who stay and get promoted are the mediocre ones"
How accurate do you think that statement is?
Inaccurate. Let me explain. My answer is applicable to both the Business Analyst and Associate levels (post-UG and post-MBA).
Staying in consulting requires a specialized skill set. To advance and become a career consultant (which in itself is very lucrative) you have to be good with clients, be a good storyteller, and really embrace and add to the culture of the Firm. For most who enter, they realize that it's not in their cards and/or the hours required are not worth it.
So most decide to leave. I think out of a class of 90 at McKinsey about 5-7 stay on to become Engagement Managers. That's a yield of of about ~7%. Others find they are passionate about other industries and decide to pursue them as McKinsey tends to be a great springboard for these opportunities.
Not true. Attrition of high performers is the biggest problem for these firms.
Inaccurate. Let me explain. My answer is applicable to both the post-UG and post-MBA levels
Staying in consulting requires a specialized skill set. To advance and become a career consultant (which in itself is very lucrative) you have to be good with clients, be a good storyteller, and really embrace and add to the culture of the firm you are working for. For most who enter, they realize that it's not in their cards and/or the hours required are not worth it.
So most decide to leave. I think out of a class of 90 at the MBB I work at about 5-7 stay on to eventually reach the manager-level. That's a yield of of about ~7%. Others find they are passionate about other industries and decide to pursue them as MBB tends to be a great springboard for these opportunities.
At my MBB I think the true answer is in the middle. If you divide an incoming class into 4 segments based on performance, the bottom 50% will know they're not good enough to make Partner. The top 25% will see MBB as a stepping stone to even more lucrative/influential/high-payoff careers (PE, Start-up, Government, etc.). And so those who end up staying to partner are in that 50th to 75th percentile band.
Two comments I'll make on top of that: 1. The 50th to 75th percentile at MBB is still incredibly talented. You're talking the best of the best from the top schools in the nation that even get offers, and then you have to be in the top half of your class there. Those who make it to EM+ at MBB are no slouches at all. 2. My comments above are a generalization. There are without a doubt 99th percentile performers that stay on to Partner, just as there are 51st percentile folks who exit to PE, etc.
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