What is the current state of the MBA job market and consulting industry?

The MBA job market in 2024-2025 is highly competitive, with consulting facing a cyclical slowdown while finance and product roles remain resilient. More candidates are chasing the same marquee offers, and the window for securing them is narrowing even at elite institutions.

Consulting Industry Slowdown

The consulting sector is in a difficult phase, and industry watchers expect this to continue for another 12-18 months. McKinsey, BCG, and Bain have reduced campus intake compared to their 2022-2023 peaks. Even IIM Ahmedabad and IIM Bangalore saw fewer Day 0 consulting offers in the Class of 2024 cycle, with some roles deferred or converted to internship extensions rather than direct PPOs. This is hard to sugarcoat.

That said, consulting is not disappearing. Firms like Kearney, Oliver Wyman, and EY Parthenon continue to hire, but cohort sizes are smaller and the bar is higher.

Candidates with prior consulting internships or strong case interview performance have a clear edge. If consulting is your target, you need to be in the top percentile bracket with zero ambiguity.

Finance and Product Roles Hold Steady

Investment banking and private equity have remained relatively stable. IIM Ahmedabad's Class of 2024 placed 47 students in finance roles, with strong interest from Goldman Sachs, JP Morgan, Citibank, and Barclays. IIM Bangalore reported consistent intake from Bain Capital and boutique PE firms. Product management roles at Amazon, Microsoft, and Flipkart also saw steady hiring, though base salaries have plateaued at ₹28-32 LPA rather than climbing annually.

What New IIMs Need to Watch

For newer IIMs like IIM Mumbai, the placement picture is shaped by these macro trends more sharply than at older IIMs. When McKinsey and BCG cut intake, they typically cut first from lower-ranked campuses.

New IIMs that reported median salaries in the ₹18-24 LPA range in 2023 placements face the real risk of further compression if the consulting slowdown extends into 2026. The saving grace is that FMCG firms like HUL and P&G and domestic conglomerates have continued recruiting steadily from Tier 2 IIMs.

What This Means for You

Expect continued competition for premier roles in the near term. The 99+ percentile cohort at older IIMs will absorb most of the consulting and banking offers that do exist.

If you are targeting a newer IIM and have consulting ambitions, your best lever is a strong summer internship that converts to a PPO, because lateral entry to these firms post-MBA is even harder. General management, operations consulting, and FMCG sales roles are more accessible and still offer strong long-term career trajectories.

The market is not broken, but it is not forgiving either. Be realistic about which roles are realistically within reach from your target campus, and build your profile accordingly.