However, in a recent survey, the number of firms planning on hiring in 2020 dropped from 92% pre-pandemic to 77%.
According to a recent Graduate Management Admission Council (GMAC) survey, employers are optimistic that MBA hiring will rebound to pre-COVID levels during 2021. However, the current situation remains challenging for candidates completing MBA programs, with firms reporting an average 16% drop in 2020 hiring plans compared to before the start of the pandemic.
Firms remain highly confident that MBAs will be successful in their organizations. The traits that are most highly regarded include strategic thinking, communication skills, and versatility.
These key attributes will be more highly valued for management consulting candidates in a post-pandemic world:
Strategic thinking: Companies will be looking to rebuild after COVID-19. In addition to core strategy classwork, firms will be looking for top-notch analytical skills, which can include work beyond the MBA curriculum, such as certificates in data science and key programming languages.
Communication skills: During stressful situations, clear and concise communication skills become more important. Changing norms and new technologies around communications require the ability to adapt quickly and build connections despite uncertain conditions.
Versatility: Firms will look for candidates who demonstrate they can perform well in a dynamic, often uncertain environment. Demonstrating that kind of talent and perspective will make candidates highly attractive to recruiters.
Firms remain willing to pay a premium for top talent. Average MBA salaries are expected to decrease to an average of $105,000 this fall, from an average of $115,000 last year. However, consulting salaries are projected to stay level, at a median of $145,000, twice the level of a bachelor degree holder.
In an uncertain world, businesses need talent even more. Consulting companies will continue to recruit for that talent, but competition will be fierce. For those who can demonstrate the right combination of skills, opportunity awaits.
Who We Are:
A team of 20 current and former management consultants with extensive experience from working in worldwide offices of 11 leading management consulting firms. We know what this industry is about and what it values most in new hires. Our consultants are MBA graduates of top business schools who succeeded through the rigorous process of job search, recruiting and interviewing at multiple consulting firms. We then served as recruiters and interviewers for the firms that hired us.
Ready to start your journey to a career in management consulting? Contact us today. With our decades of experience, we can help!