Strategy firms to offer jobs to interns impacted by lock-down
The global coronavirus lock-down has reportedly caused a number of the world’s leading strategy consultancies to re-evaluate how they operate their summer internship programmes. It has been suggested that the likes of McKinsey & Company, Boston Consulting Group and Bain & Company may offer their would-be interns jobs ahead of time, due to the Covid-19 situation.
In a normal year, summer interns – typically in the second year of a university course – have to perform well over a 10 or 12 week period in order to receive an offer to join as fulltime employees when they graduate. This year, that formality seems to have been dispensed with in a number of cases, as the Covid-19 lock-down has either led firms to offer internships digitally – something likely to impact the performance of interns, as well as their potential training – or cancel them altogether.
As reported by efinancial careers, speculation is rife in the consulting industry that firms like strategy firms Oliver Wyman and Boston Consulting Group (BCG) will make this year's interns permanent offers before their internship even begins. It is even said that some like Oliver Wyman also seem to have cancelled internships altogether, moving straight to the end goal by making offers upfront.
If confirmed, the move would see the consulting industry follow suit from the likes of investment bank Moelis & Company and wealth management firm William Blair – as well as McKinsey & Company. It is said the MBB giant has stated it is initiating student hires, and negotiating what works best for them on a case by case basis.
According to efinancial careers, there seems to be considerable urgency in getting interns to sign-up as soon as possible. BCG is said to be encouraging students to sign its own contracts within two weeks. If they do, they can reportedly access both the immediate full time offers from the consulting firm and the option of working for a start-up or a non-profit during the summer internship if they prefer.
Completing the MBB, meanwhile, Bain & Company will have more than 450 MBA and undergraduate students for its 10-week internship programme this year. It has also confirmed it will be offering full-time roles to its summer interns this year.
