If you only apply to single consulting firm like McKinsey, BCG or Bain during the job application process, your probability of becoming a management consultant is only about 1%. But if you have the right CV, you can increase the probability of becoming a management consultant to a success rate of about 90%. You just have to apply to multiple consulting firms during the application process. Imagine this as a probability chain, similar to rolling a dice or tossing coins. When applying to renowned management consulting firms like McKinsey or BCG or Bain the odds transform into measurable job application success rates and job application failure rates.
Applying in reverse order may additionally boost your odds to become a management consultant. If you combine this with the Goldbrain SUCCESS TRAINING, you will almost certainly certain become a management consultant at a tier 1, tier 2 or tier 3 management consulting firm.
The McKinsey application success rate of 1% may look scary as it equates to a 99% failure rate. With the right CV and enough firms to apply to, you will become a management consultant with a very high likelihood. If you apply to all tier 1, tier 2 and tier 3 strategy consulting firms your consulting application success rate will increase significantly and it is almost certain that you will become a management consultant.
The Goldbrain SUCCESS TRAINING is a program designed to enhance a graduate’s application success rate and systematically reduce job application failure rates during the application process. Boost your McKinsey, BCG or Bain job acceptance rate and master the application process.
Do multiple applications in parallel to succeed. Applying solely to a single strategy consulting firm may mimic the act of playing roulette and betting on a single number. There is a small likelihood that you succeed but for most applicants, the odds are unfavourable paired with a low job application success rate. Sending applications to multiple companies significantly improves chances and the likelihood of success. This method transforms the game from a single toss of the coin into a series of calculated moves, ultimately altering the odds in favour of landing that coveted Management Consultant position.
Applying to McKinsey, then to BCG, and perhaps to other firms such as Kearney, Roland Berger and LEK successively is the winning strategy to boost acceptance rates. Each application attempt becomes a step forward, turning rejection into a learning curve and acceptance into a tangible goal.
Video transcript:
He believes that you have a 90% probability to become a Management Consultant. Watch this video where we mathematically deduct the 90% probability for High Caliber candidates to become a Management Consultant.
I'm Gabriel Goldrain, and I developed the Goldrain Success Training. In this training program, I work with graduates and professionals who want to break into tier one and tier two management consulting firms. The training is success fee-based only, so if you fail, you owe nothing to Goldrain. Check out my website www.GabrielGoldbrain.com to apply for my training. Unfortunately, I only take the best. I'm sorry if you believe you're under the top 10%. Send me your CV, and I'll check you out. You'll get your fair chance.
So, enough talk, let's start. If you think about the recruiting process as a chain of probability events, then you can mathematically model the problem and derive a probability for someone becoming a Management Consultant. For those of you not familiar with probability theory, think of the recruiting process as a series of coins being tossed. If you flip the coin, there are two outcomes. The first outcome is that you see the front of the coin with a number on it, that is the same like getting hired getting an offer by a management consulting firm. The second outcome is that you see the back of the coin, which means you get rejected.
Think of it as a game where every coin has a different probability of success. So, if you throw the McKinsey coin, there is probably only a 1% success rate and a 99% failure rate. BCG may not be much better, maybe it's a 2% success rate and a 98% failure rate. Maybe Bain is at 97% fail and 3% success. And so, it depends on the situation of the firm, on the quality of the candidate, what the probability of success and failure is. But in the end, it remains a chain of coins being thrown with a certain probability for success. And it's logical if you throw a coin 20 times that the probability of success increases manifold compared to only throwing the coin once.
Let's look at an example. Let's assume you want to apply to two companies. Both have a success rate of only 10% of the applicants, and 90% of the applicants fail. If you only apply to one company, it's quite simple: you have a 10% success rate, and in 90% of the cases, you will fail. If you apply to two companies, the thing is different because the probability that you fail twice is 0.9 or 90% * 90%, which is resulting in an 81% probability that you fail. So, by applying twice or playing the game twice, you almost doubled the likelihood of being employed, which means instead of a 10% success rate, you have a 19% success rate to get hired by at least one of those companies.
So, the learning from this is: apply to as many companies as you can to maximize your chances of becoming a Management Consultant. And the funny thing is, if you apply in the right order, the probability that you succeed with McKinsey, BCG, and Bain, and tier 2 management consulting firms increases because on the way, you learn, which improves your odds with every toss of a coin. This is quite unique, that by tossing more coins, you get better probabilities. So, basically, the process of tossing the coins increases your likelihood of success for your future moves. Quite nice, I would say.
I made another video which you can find linked up here where I explain the right approach and the timing you should apply in the recruiting process to optimize your chances according to these insights which you got here.
In addition to that approach, I recommend the Goldbrain training to you because with proper training, you can significantly increase the likelihood of being hired by tier one or tier 2 management consulting firms. Alone if you master the CV and if you master the problem-solving game at McKinsey, you can increase your odds from a 1% success rate to a 10% success rate. That's a tenfold likelihood, a 10-fold increase of likelihood of being hired by McKinsey. The same applies to the Boston Consulting Group and to Bain; your odds are way higher, and you may have a 50% probability of breaking into the top three firms if you alone follow this approach and get the proper training.For sure, it always depends on the situation, on the interviewer, on how well you perform on the interview days, but the likelihood definitely is better if you're prepared. Visit our website www.GabrielGoldbrain.com to apply with your CV for the Goldrain Success Training.
I prepared a slide to summarize this discussion. On the left, you see a probability chain for 10 applications. We know that McKinsey has a success rate of 1%, so I just used that one because I think it's the hardest in the industry. So, let's assume we start out with a 1% probability of success and then increase the success rate by one percentage point every time we apply. So, with the first application, we have a 1% success rate. With the second application, for this second application, there is a 2% success rate. The third application will be a 3% success rate, and that way, the overall success rate after 10 trials increases to 43%, which is almost as good as tossing a coin. So, you have almost a 50% probability by just applying to 10 companies, with a slight learning curve or with a slightly decreasing level of difficulty because these firms are not as popular as McKinsey is.So, if you assume number one to number three are the tier one management consulting firms, and number four to number 10 are the tier 2 management consulting firms, you have an accumulated likelihood of at least one offer of 43%, so a pretty good likelihood of becoming a Management Consultant. If you play the game further and extend it to tier 3 or tier 4 consulting firms, the likelihood increases to 90%. The accumulated likelihood that you get an offer increases to about 90%, under the assumptions taken on this slide. You see the success rate of 90% on the right-hand side of the chart. So, the accumulated failure rate is only 10%.
What you should learn also from this chart, I think it's not the optimal order. I think if you start from tier three and then work your way towards tier one, the learning curve is much better, and the probabilities that you land a Tier 1 or tier 2 offer may be well above 43% if you get training as well while you're applying. Your success rate will probably be close to 60 or 70% for tier one or tier 2 management consulting firms. Tier one will be difficult; however, you will be trained because there are so many variables in this process, and the competition is so high that it's pretty hard to predict the outcome here. But for sure, the probability is much higher if you're prepared and if you did a lot of interviews before and if you've seen other firms, if you maybe, if you failed at other firms because from that, you can learn and improve for the end boss.There are two videos I want to recommend to you. Video one is about how to get the best consulting offer you can, and video two is about how to deal with difficult situations during the recruiting process. Like and share my video and subscribe to my channel.
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