6 Consulting Recruiting Trends to Know for 2024

Consulting recruiting trends are constantly changing, and 2024 is no different. If you’re getting your information from 10-year-old YouTube videos or amateur blogs, you’ll be caught off guard by the changes that are taking place in the consulting recruiting process.

No matter which position or firm you’re targeting, pay attention to these 6 consulting recruiting trends to set yourself up for success as you pursue a consulting role this year!

Consulting Recruiting

Consulting Recruiting Trends for 2024

  1. Full time and internship hiring will pick up the pace

In a welcome change, we expect both full-time and internship hiring to start to thaw in 2024. This will stand in contrast compared to 2023 when we experienced reduced hiring, delayed start dates, and layoffs due to lower demand for consulting services spurred by extreme reductions in operating expenses across the Fortune 500.

That said, we expect this return to normalcy to be concentrated at the undergraduate/speciality masters level. Why? In times of economic uncertainty, firms hedge their risk exposure by hiring less expensive talent. This means MBA hiring will be at a similar level compared to 2023, especially for full-time hiring – full-time MBA roles for 2nd years will be hard to come by this year. If there’s any silver lining, it’s for first year MBAs. MBA summer internship roles will still be available on par with 2023.

In addition, firms will continue to diversify their candidate pipelines – no longer do you need to be a top MBA or undergraduate program to land a consulting role. In 2024, we expect to see an increase in candidates receiving offers from the following groups:

    • Undergraduates and MBAs from non-target backgrounds
    • Specialty Masters’ students
    • PhDs and other advanced degree candidates
    • Experienced professionals

All that said, there is still far more demand than there is supply, which will create a highly competitive recruiting environment – no matter your background.

  1. The early bird has the best chance to get an interview

More and more, consulting firms are moving to multiple application deadlines, especially for undergraduate and specialty masters applicants. We strongly recommend applying with the first deadline if at all possible. Why? Firms fill spots on a rolling basis, so there are fewer open spots available in September than in June, for example.

With consulting firms competing with investment banks and tech companies for talent, recruiting timelines in 2024 will continue to start early, so you need to start preparing for interviews 3-4 months in advance. According to sources, here’s when we expect 2024 consulting application deadlines to hit:

    • Feb/Mar: Application deadlines for PhD/JD/MD bridge programs and Freshman/Sophomore diversity programs
    • April: First application deadline for undergraduate juniors applying for internships
    • April/May: Application deadlines for pre-MBA programs
    • Late June: First application deadline for undergraduate seniors applying for full time roles
    • August: First application deadline for U.S. MBAs applying for full-time roles
    • November: First application deadline for U.S. MBAs applying for internship roles

Note: non-U.S. deadlines are typically a few weeks later than U.S. deadlines.

Diversity recruiting often takes place even earlier, so if you want to leverage a diversity pathway into your firm of choice, make sure you connect early with the specific affinity group who will be sponsoring your application. Learn more about which firms offer affinity groups in our firm directory.

  1. AI and video games are a part of the screening process, and cases are changing too

Nontraditional interview methods have become commonplace across the industry as we head into 2024. Here is what you should be prepared for in this year’s consulting recruiting cycle:

    • Digital Assessments
      • Moving from GMAT-style timed tests to SIMS-style games (simulated video game experience)
      • Utilized most often at MBB as pre-interview screen
      • Used at McKinsey, BCG, Bain, Deloitte, Capital One and others
    • AI Chatbot Case Interview
    • Non-traditional Cases
      • Firms are looking for applied business acumen and creativity
      • Most often utilized in final round interviews
      • You cannot rely on canned frameworks
    • Business Acumen > Math
      • Firms want to emphasize communication ability and business acumen
      • Quant ability still key
    • Presentation Case Interview
      • You have 1-48 hours to build a ~5 slide deck from ~50 pages of data
      • You present live to multiple interviewers
      • Utilized across firms; almost always part of final round at ZS
    • Group Case Interview
      • Case prompt structured and solved by 4-6 candidates
      • Common in final rounds

We break down each of these evaluation methods in more detail through the dedicated articles you can access through the above hyperlinks.

An honorable mention to round this section out: BCG is experimenting with a video cover letter for select roles in 2024. The firm requires candidates to submit a 45-minute video cover letter. There is little information available on the firm’s rationale behind this method – stay tuned as we learn more.

Note: Most first-round case interviews are still taking place virtually, so make sure you include some virtual cases into your prep and practice over-structuring and over-communicating for the virtual environment.

  1. Consulting salaries will rise again after staying flat in 2023

In our 2024 Consulting Salary Report, you’ll see that starting salaries stayed flat across the board. That was a result of the industry coming down off a pandemic-era sugar high of unprecedented growth from 2019 to 2023. In 2024, we expect to see consulting salaries start to rise again for the 2025 recruiting cycle, both in the U.S. and globally.

This will be due to an uptick in macroeconomic activity around the world, bolstering demand for consulting services. When you add in a tightening labor market due to increased competition for talent between banking, tech, and consulting, starting salaries for 2025 offers should start to increase. It won’t be the same type of growth we experienced from 2019 to 2023, but the marginal growth will be welcome by many aspiring consultants nonetheless.

  1. Internal strategy groups are growing – and are an attractive alternative to management consulting

Hundreds of Fortune 1000 companies now boast their own internal strategy practices. This helps them own data & analytical output from end-to-end, ensure a dedicated team working on the business (not just in it), and reduces costs.

These internal practices are like mini consulting firms, and offer a certain type of candidate interesting benefits:

    • A specific industry focus
    • Better lifestyle (i.e., less or no travel)
    • Natural exit opportunities into other parts of the org

Keep in mind that comp at the junior levels of internal strategy houses is less than at the comparable level inside of consulting. Still, this is a fantastic alternative (or exit opp) for certain types of candidates who value singular company focus and a better lifestyle.

  1. Firms will conduct several rounds of just-in-time hiring to fill needs as the economy loosens

As the global economy starts to loosen, we’ll see demand for consulting services return in bursts – necessitating firms quickly staff up to meet demand. This will result in several rounds of last-minute, just-in-time hiring throughout the spring, summer, and fall.

Firms will fill the majority of these “just-in-time” spots through lateral recruiting, hiring working professionals out of industry.

We expect these hiring bursts to be concentrated in a select number of growing sectors, including infrastructure, government/public sector, healthcare, cybersecurity, sustainability, and clean energy. In your job search, look for firms that offer services in these sectors to find where the opportunities are. Finding the right sector can be as important as finding the right firm. A few practice areas to potentially avoid that have been stagnating over the last 12 months include transformations and transactions support/deals.

Consulting Recruiting Conclusions

The management consulting industry is strong – we expect the pace of salary increases to slow, keeping firm margins steady. As hiring slows from the frenzy of the last two years, there are more candidates than ever before looking to break into the industry, meaning that the consulting recruiting process is as competitive as we’ve seen it. Work with the expert team at Management Consulted to stand out from the crowd through resume edits or case coaching.

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