Is 2021 the right year to aspire to get a job in management consulting firms?

The word ‘MBA’ is often associated with a high-profile job in management consulting. Whenever someone plans to pursue an MBA, the names of the big three consulting firms remain at the back of their heads. However, only a handful of B-School graduates succeed in making it to the top consulting firms. This year could be different as Bain, BCG, and McKinsey have ambitious hiring plans as they look to increase their headcounts significantly. If you are an MBA student and aspire to get into management consulting, this year could be yours.

McKinsey, Bain and BCG to increase headcounts

McKinsey, one of the big three in the consulting space has announced their plan of hiring a record number of MBAs this year. According to Mr. Brian Rolfes, Global head of recruitment, McKinsey they are going to set a new benchmark in terms of hiring in 2021.

Along with McKinsey, Bain & Company and Boston Consulting Group are also gearing up to welcome a large number of consultants globally. Both Bain & BCG have been prominent recruiters for top B-Schools across the globe. They have been extending bulk offers to the premier MBA colleges such as IIM Ahmedabad, IIM Bangalore, IIM Calcutta, and a few other top colleges. According to Mr. Keith Bevans, Head of Global consultant recruitment, Bain - 2021 could be the largest so far in terms of campus recruitment.

Making up for deferred hirings of 2020

Just like every normal year, companies had their hiring plans for 2020 as well. But the outbreak of Corona put everything on hold. Companies waited for the situation to improve. The situation did start to improve from the 3rd quarter of 2019-20 as cases dropped significantly. Seeing the improvement in the situation, companies looked to make up for the deferred hiring plans in 2021. From April 2021, the country is seeing the brutal effects of the 2nd wave of Covid. However, hiring is expected to go as planned as companies have adapted to this new normal.

Privatization as a boon for consulting firms

In the budget speech of 2021, the Finance minister laid great emphasis on the privatization of public sector enterprises. The government plans to privatize a few ailing public sector enterprises such as banks, insurance companies, etc. This is a great opportunity for consulting firms. Once the privatization occurs, these consulting firms will require consultants to turn around the ailing public sector enterprises. That’s why consulting firms are expected to hunt for top consultants and bring them into their team.

Has Covid impacted the process?

Initially, there was clear evidence of hiring getting impacted by the Covid-19 pandemic. Companies either postponed their hiring plans or cancelled them completely. However, things have changed dramatically, and the hiring seems to be in full swing now. The record placement figures at the various MBA colleges are a testament to the fact that companies are on a hiring spree. The change in the scenario must be attributed to the agility of MBA grads and the companies as both these groups have adapted quickly to the online system of recruitment.