As the consulting market continues its growth, firms around the world are competing for talent, offering increased salaries and improved benefits packages for new hires and boosting recruitment of MBA students. Summer internships can prove to be a valuable experience for standout MBA students looking to secure permanent employment with a firm, and one consultancy is set to hire its largest ever summer internship class this year to meet the growing need for staff.
McKinsey & Company (McKinsey) announced its plans to recruit a class of about 800 interns, comprised mostly of first year MBA students. The firm regularly recruits from top global business schools including Harvard, Stanford, and Wharton, and was one of the largest employers of new MBA graduates of the London School of Business in 2021.
“MBA programs typically recruit candidates from many backgrounds and geographies who are interested in advancing or shifting their careers…MBA candidates are often curious, unafraid to ask questions others don’t, and creative in developing and testing solutions others haven't thought of trying,” said Kristin Altenburg, Associate Director of Recruiting at McKinsey, who also leads campus recruiting.
Consultancies around the world have had to boost their appeal to candidates in an increasingly tight job market, with many firms boosting new hire pay. A starting salary for a McKinsey MBA consultant is set around $175,000. Firms are also offering expanded benefits, including increased or even permanent work-from-home options (though some firms are reducing the pay of those who do so), dedicated meeting-free ‘focus time’, additional personal and medical leave, and mental health support.
Over the past year, McKinsey has updated its recruitment process to focus on more inclusive leadership and has rolled out new features to improve the candidate experience. Changes include a gamified challenge known as “Solve,” which assesses applicants’ analytical and problem-solving skills, and a case study interview that requires candidates to solve a simulated problem for a client.
As McKinsey’s new Chief Executive Officer Bob Sternfels continues to execute on his vision of a courageous, inclusive, and faster company, candidates could expect to see additional innovations as part of the firm’s efforts to attract and retain top talent to meet its ambitious goals.