According to the U.S. Bureau of Labor Statistics, consulting was one of the fastest growing sectors in terms of job growth during the Great Recession. Even amidst the recent news of layoffs and delayed start dates, firms are thinking long-term, investing in strategic acquisitions, talent, and new practice areas. Consulting recruiting in 2024 is no different – firms are moving forward with plans to hire.
As Bain Partner Keith Bevans stated in our recent conversation, strategy firms are being, well, strategic with investing in their businesses for the long term. This means they aren’t shutting off the hiring spigot just because macroeconomic conditions are tightening.
Another case in point? Firms are on an acquisition spree. Bain recently acquired Guidehouse in a $5B+ deal, and McKinsey & BCG continue to invest in downstream practices as well.
Consulting Recruiting In 2024
What does this mean for you? Consulting is a great place to be, especially in an economic downturn.
However, it does become harder to break in to consulting in an economic downturn. Consulting recruiting in 2024 will prove to be no different. As big tech continues with hiring freezes and layoffs, and as deal volume slows in IB, more candidates will flock to consulting. While firms are actively hiring, greater demand for limited spots means…more competition!
Some numbers to illustrate why…
90% of this summer’s intern class should get full-time offers – and with fewer places to go, most will accept, which leaves too few spots.
Let’s do some math: start with 40 slots in an office.
- 75% are earmarked for interns – 30.
- 90% get offers – 27.
- 90% accept – 24 slots full (in a “normal” year, it would be 80% or below).
A Special Recruiting Season
Contrary to popular belief, we’re not doing mental math because we enjoy it, but rather to encourage you to take this upcoming recruiting season seriously – starting right now.
This is one of the reasons we’re running a monthly cohort of our Black Belt interview prep program every month from March through December. Demand for consulting roles is higher than we’ve ever seen, and the supply of openings is still much lower.
Unfortunately, it will take more to stand out this year than it took last year. In summary, consulting recruiting in 2024 will be more competitive, but not impossible. If you’re ready to work with the experts to stand out, join Black Belt.
You can learn more about the program here.
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