How Consulting Has Evolved... and What This Means for You
The industry that once guaranteed a certain level of career security for MBAs is demanding more strategic thinking from applicants
For decades, consulting has been the closest thing to a "safe bet" in MBA careers. Get into a top program, nail your case interviews, and land a prestigious job with excellent training and strong exit opportunities. However, that playbook is shifting.
After speaking with career services directors across top MBA programs, a clear picture emerges: consulting remains a viable path, but the strategies that worked even three years ago are failing some students today.
The great recalibration
"Consulting ballooned during COVID, so the recent 'drop' is more a return to pre-pandemic norms than a collapse," explains Abigail Kies, Assistant Dean and Director of Career Services at Yale SOM. "Compared to 2019, consulting outcomes are pretty stable."
However, stable doesn't mean easy.
Tuck's Stephen Pidgeon sees this in real-time: "Things have been tight for a couple of years now. Back in 2022, companies were hiring aggressively. People had multiple job offers and were even getting poached after accepting offers. It was chaotic. In 2023, that slowed down dramatically."
The result? Cornell's David Capaldi observes: "MBB is still an option for some students, but the numbers aren't as high as they once were. Candidates need to broaden their search and consider other large firms as well as boutique consultancies."
MBB or bust? Think again
The biggest risk for MBA students isn't market conditions – it's strategic blindness.
"The classic one is being completely blinkered: 'It's McKinsey or bust,' or 'I'm only here if I get into PE' – even if they have no background in it," Pidgeon explains. "The odds are against them, and it can be tough to redirect."
This "prestige or nothing" mentality worked when consulting firms were hiring hundreds of MBAs per year. Today, it's too risky.
Duke's Ed Bernier puts it bluntly: "One of the biggest missteps is misunderstanding the competitive landscape. Many students assume their competition is limited to their classmates, but that's not how employers think. These days, companies are sourcing talent globally."
What's actually working in 2025
Boutique and specialized consulting are thriving
While MBB hiring has normalized, specialized consulting is expanding. Students landing consulting offers are targeting firms with specific industry expertise or functional capabilities.
"We're seeing more companies — especially large, lesser-known ones — actively recruiting," Kies notes. This includes consulting practices within corporations, boutique firms focused on specific sectors, and specialized practices in areas like digital transformation.
Networking has become critical
"Networking is another challenge – it can be intimidating. And yet so much of recruiting – especially in consulting and banking – is networking-driven," Pidgeon observes.
The students succeeding in consulting recruiting aren't just practicing cases—they're building authentic relationships with alumni and firm representatives months before formal recruiting begins.
Industry knowledge differentiates candidates
Generic case interview preparation isn't enough anymore – but it's a start. Successful candidates demonstrate genuine understanding of the industries and challenges consulting firms are tackling.
"Companies are asking for greater specificity from candidates — and students need to articulate not just that they want a job, but exactly what kind of job, in which team, and why," Kies explains.
The new consulting recruiting reality
Multiple pathways, not just MBB
The most successful students are building portfolios of opportunities rather than betting everything on McKinsey, Bain, and BCG.
This includes:
- Regional consulting powerhouses
- Industry-specific boutiques
- Internal consulting roles at large corporations
- Specialized practices (technology, healthcare, sustainability)
Prep goes beyond cases
While case interview skills remain important, the differentiators have expanded:
- Deep industry knowledge in target sectors
- Authentic networking and relationship building
- Understanding of specific firm cultures and clients
- Demonstrated problem-solving experience beyond academic work
Timing and flexibility matter
Some consultancies are hiring on a just-in-time basis, rather than through a structured, months in advance process. "Students sometimes get anxious because it feels less structured, but it often leads to more meaningful roles as companies are hiring for immediate, specific needs rather than hiring on 'spec,'" Kies observes about the shift away from rigid recruiting timelines.
Students who remain flexible about timing and firm types are finding opportunities throughout the year, not just during traditional recruiting windows.
Strategic implications for MBA students
Start earlier, think broader
The days of showing up to business school and figuring out consulting during recruiting season are over. Successful students are identifying target firms and building relationships before classes begin.
Develop industry expertise
Students who can speak intelligently about healthcare challenges, financial services trends, or technology disruption have significant advantages over those who only understand general business concepts.
Build authentic professional relationships
Cold outreach and transactional networking aren't working. Students who develop genuine professional relationships – and can offer value to those relationships – are getting interviews.
The bottom line
Consulting isn't dead, but the path to consulting success has become more strategic. The students treating it as an intellectual challenge rather than a guaranteed outcome – especially at MBB firms – are the ones landing offers.
Tech (and AI) are also transforming the work. As Duke's Bernier notes, "It's not about replacing people; it's about making their work more impactful." The same principle applies to MBA recruiting: it's not about following a formula. Instead, it's about bringing strategic thinking to your job search.
These insights were based on interviews with directors of career services across several top MBA programs. Read the full transcripts of our conversations here. Want more insider insights on MBA recruiting? Subscribe to our newsletter.
