Consulting interviews for summer internships started yesterday at Chicago Booth. Last year just under 70 total students had consulting internships (across all possible consulting opportunities). In our class I'd say there are double to triple that many aspiring consultants. So, roughly, our odds of getting a consulting internship are slightly better than 1 in 3; 2 in 3 people who really want a consulting internship won't get one.
The good news is there are many more positions available in the fall when full-time recruiting begins. I think McKinsey took around 17 summer interns last year from Booth; when full-time recruiting had ended, they had hired just under 60.
In MBA-speak we have a special word for rejection, likely because it happens so much. When a company or an MBA program calls and says "Thanks, but no thanks," we call that a "ding." I actually love this term - it takes the emotional charge out of not being passed through to another round or to an offer, and let's people share their experiences without shame. Just think about the difference between "I got turned down" or "They didn't want me" versus "I got a ding." I got my first ding last night from Bain at around 10:45pm. I wasn't surprised but I was a bit disappointed. The partner who called me, Jay, was genuinely kind and thoughtful. (All of the Bain people I've encountered have been genuinely friendly, easy-going and likable; it's one of my favorite things about the company culture.) He told me I'd done well on both of my cases but that Bain's hurdle for second-round interviews was quite high; only 1 in 6 make it through. He encouraged me to keep applying for consulting internships and basically said my case work needs some seasoning.
I actually had a ball in my interviews; I thoroughly enjoy talking through both of my cases. Jay and Mike (a Chicago manager and my other interviewer) both gave interesting pharma cases. They both made me feel comfortable and at ease, and I enjoyed both conversations immensely. The structure of both cases was different than what I'd expected - much less data and much more conversational. General consensus across most people I spoke with was that there was much less data than expected, and the cases were simpler and shorter than other Bain cases we'd encountered.
Assessing my performance, my frameworks were decent and my "slides" were neat and organized. I had solid intros and conclusions, was fairly MECE and 80/20. I stayed focused on the problem, referred back to earlier points, and worked my way through the problem in a logical and structured way. I'd grade my efforts a solid B+. These were two of my most solid efforts so far in terms of overall structure and presentation. The ding wasn't a surprise because I don't know that I showed any A+ insights or creativity. So now I need to keep that solid foundation and add in those A+ insights. Hopefully I'll get there as interviewing progresses over this week and next. If not, I'm confident I'll get there in the fall.
One of the common misconceptions about top business schools is that going to one means you'll get whatever job you want. That's not true. What a top business school offers is the opportunity to go after any job you want. Over the next two weeks I have the opportunity to interview with Bain, McKinsey, BCG, Accenture, Diamond, Deloitte, ZS and Roland Berger as well as some great non-consulting companies. I could have had the opportunity to additionally apply at LEK, Booz and ATK. I forgot to drop a resume to LEK and didn't bid points on Booz or ATK. Not many people - heck, not even many MBA students - have the same opportunity.
Maezumi Roshi wrote for us to appreciate our lives. As I go through another dozen plus interviews in the next two weeks I'm going to appreciate the opportunity to even get to meet with these companies. To practice case interviews and become more seasoned, as Jay encouraged. To get to talk through interesting problems with some of the smartest people at the top management consulting firms in the US. To be at a business school where people support and encourage each other through interview season despite the fact that some might say we're competing with each other. (Really, we're not, and people here don't act like we are. So if you're considering Booth vs other top institutions, this is really something important to consider.) To be able to support my classmates when they're feeling low, and celebrate with them when they get good news. To be learning at a top notch institution. To have been born into such an incredibly fortunate life where pursuing an MBA was even an option. To appreciate this life of mine, here and now, exactly as it is - joys, dings and all.
Thanks for this Jessica, I am hereby trying to incorporate 'ding' into my lexicon--just as you use it here, with gratitude and humility and a measure of good humor. Before the Internet really took over, some of my 'dings' came in the form of little paper rejection slips in the mail. For some reason, I saved all of them. Still have them, even. I could press them into bricks to insulate a house, there are so many of them. There's an apt metaphor here --something about foundations, scaffolding, and the dings that make future insulation.
ReplyDeleteA "ding" = a "dharma-in-nowness-grounded" moment. In every "rejection, there is a blessing.
ReplyDelete