Strategy firm Bain delays new starters by up to 10 months

afr.com:

Bain’s Australian office has delayed the start dates of its roughly two dozen new joiners until as late as October next year and will not confirm when they commence until “early 2024”, a sign the strategy consulting firm remains uncertain about its future workload.

The move, which has upset many of Bain’s 2024 recruits, contrasts with McKinsey and Boston Consulting Group, which both locked in start dates when their new local hires signed up earlier in the year.

Bain Australia and New Zealand managing partner Peter Stumbles.  

The delay is the latest signal that the advisory sector is slowing. Increased scrutiny of the industry, triggered by the PwC tax leaks scandal, has led to a decline in public sector demand, while private sector demand has been hit by the general economic slowdown.

The local arm of big four firm EY has also delayed, by an average of three months, the 2024 start dates of 67 of its 555 graduates, or about 12 per cent of the cohort. Deloitte Australia, which has hired 1350 graduates, and KPMG Australia, which has hired about 1000, are not delaying 2024 start dates.

Accenture now continuously hires graduates throughout the year, bringing on more than 40 since September, and has not delayed any start dates. PwC Australia, still battling to win back public trust after the leaks scandal, declined to comment.

Bain waited until September 27 to inform the 2024 start group of the extent of the delay. The recruits had expected to start in the first quarter of 2024, but were instead asked last month to fill in a survey to choose from three possible start months of May, August or October.

For those finishing university in 2023, this means there could be a delay of up to 10 months before they begin working and