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 in this period of uncertainty, firms are thinking long-term, investing in acquisitions, talent, and new practice areas. Consulting recruiting in 2020 is no different – firms are moving forward with plans to hire.
Furthermore, the Top 3 (McKinsey, BCG, and Bain) have not announced any layoffs, and are honoring their summer internship commitments.
Consulting Recruiting In 2020
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 2020 will prove to be no different. We have heard firsthand – including in our recent conversation with Bain Partner Keith Bevans – that full-time spots this fall will be more limited than in years past.
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).
But now, slots have been revised down from 40 to 30. So, everyone else is competing for the last 6 spots – down from 19-20 in a typical year.
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 June cohort of our Black Belt interview prep program. Demand for consulting roles is higher than we’ve ever seen, yet the supply of openings is lower than it has been in recent memory.
Unfortunately, it will take more to stand out this year than it took last year. In summary, consulting recruiting in 2020 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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