MBB Summer 2023 Internship -> Return Offer Rate Post-COVID?
I have an MBB undergraduate internship in a North America office. To my understanding, since 2020, when the pandemic started, MBB has started to give out full-time return offers either before or at the start of the internship due to the uncertainty of the competitive/economic landscape.
I know, generally, consulting is not as heavily impacted by an economic recession as other industries, but does anyone know what to expect in terms of full-time return offer rates for 2023 MBB internships? What have return rates looked like during previous economic downturns? Is it really true that most interns receive return offers? I've heard of ranges from 75% to 90%, to even 100%.
I've reached out to HR for my office, and they said, "F ull-time offers are contingent on performance and evaluations from the summer. We will have conversations through out the summer during your time here and will discuss a full-time offer and answer any questions you have."
Thank you for your time and help!
Comments ( 8 )
also interested in this
Would love to hear as well. From what I have heard from undergrad seniors, they would rather slow down FT hiring than interrupt the intern pipeline, and it is exceedingly rare to not get the RO. And that RO were granted even during COVID, which was a point of significantly more uncertainty than today. But I'm in the same position, how hard am I grinding this summer lol.
Right, but the uncertainty from the pandemic was different than what we're experiencing now. We didn't know then what would happen, whereas now, industries are forecasting some harsh downturns.
As for rather slowing down FT hiring than interrupting the intern pipeline, I'd argue that slowing down FT hiring inevitably impacts the intern pipeline :/ I really hope it's not too bad.
Bump
I don't think there's anything to worry about. First off- even before the auto-offers, returns at MBB were yours to lose; the default is a return offer. Additionally, consultant turnover is high, suggesting that if you fuck up the front end of recruiting, after a downturn ends it's going to hurt. I doubt this class is affected- from what I hear, MBB gave out less internship offers anyway, suggesting they've pared away any excess that could be held against an intern. I bet it'll be really freaking hard for SA 2024s to find their spots though.
Thank you for your reply! Makes sense.
I wouldn't worry about it. Historically consulting return offers have been ~100%. I interned in consulting and what I've seen is that you have to mess up pretty bad to not get a return (or just not like consulting). Firms almost always have a full time spot for every single intern.
Furthermore, consulting isn't as impacted by the economic cycle. In economic downturns a lot of the work will be less desirable (restructuring and firing people); however, it's not like investment banking in which deal flow is very dependent on the current state of the economy .
All in all the return offer is yours to lose. Just work hard, be very eager to learn, and you'll do well.
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