For fall 2024, there is growing uncertainty in the recruitment picture for MBA candidates looking for jobs at McKinsey, Bain, and Boston Consulting Group.
McKinsey is scaling back its US recruiting efforts, with no full-time offers extended to MBA students from top business schools during the last recruiting cycle, a significant shift from its aggressive hiring spree in 2020-22. The firm has been restructuring its support functions and downsizing its consultant body, evidenced by performance reviews and voluntary departure incentives. McKinsey’s recruitment reduction is in response to flat revenue growth since 2021, leading to a higher number of consultants without client assignments.
Boston Consulting Group and Bain are similarly tightening their hiring strategies. BCG, despite a positive market outlook and a 10% sales growth in Q1 2024, has limited its headcount growth to 6%, focusing more on tech experts due to the burgeoning AI consulting sector. Bain, which expanded its headcount by 50% between 2020 and 2023, is facing more severe challenges. The firm’s revenue per employee is lower compared to its peers, and a decline in private equity deals has exacerbated its overstaffing issues. Consequently, Bain’s recruitment efforts are expected to be minimal in 2024.
