Strategic consulting is considered to have one of the most competitive hiring processes in the world. In fact, McKinsey & Co reportedly receives around 200,000 applications a year and only hires approximately 1.1% of candidates. To put this into perspective, the acceptance rate for candidates at Goldman Sachs is said to be approximately 4.5%. Consulting careers are very popular among graduates and the ratio between the number of candidates and vacancies or job offers is high.
It has been widely reported that consulting giant McKinsey only hires 1% of candidates for its positions and that each of the four major professional services firms (Deloitte, EY, KPMG and PwC) receives tens of thousands of applications to fill more than 1000 vacancies. In contrast to the confidence shown above, only 16% said that business knowledge was one of their top five skills, and yet it's essential to a successful consulting career. Read our explanation of what business notoriety is and how you can develop it to make sure you're earning money for interviews. Accounting, 26% finance + 16 technology + 13. Consulting jobs at major firms are highly competitive, with acceptance rates of between 1 and 3%.
Finding an experienced professional to mentor you can be a great advantage for someone who wants to venture into consulting. A good mentor should be someone with a lot of experience, insight, and knowledge in the consulting industry. You should be able to help you explore your career as a consultant and even help you develop strategies for how you can find better career opportunities in consulting. Sometimes it is argued that consultants are hired to “seal” or give prestige to a strategic decision supported by one part of the company but opposed by another.