I have, weirdly, had a tough time getting information on what I think is a basic question, so my apologies if I didn't do proper due diligence and missed something.
I attended a top international economics/IR program (#1 or #2, depending on your perspective) for international economics and Middle East politics (heavy econ, though) where MBB recruit with McKinsey and BCG as probably the biggest recruiters. However, I had a gig lined up with an investment political risk firm (international bond ratings and energy markets) in DC so I didn't enter into the MC cycle with any of the firms, nor did I prepare for cases. Well, the i-banking gig fell through a month before graduating and I am now working as a strategic advisor for a university where my family is from. I am grateful for the opportunity but am nervous that I am not on a clear career path to be able to leave the rural midwest.
My question is three-pronged (and overly lengthy):
First: how feasible is it to receive a first round interview with MBB + ATK/Deloitte outside of graduate school? I have a 3.7 GPA from grad school, but I believe it's tougher to get interviews once you leave. Are all the resumes and cover letters read or is it electronically screened? (I can give specifics of schools via PM, should anyone take an interest) As I understand it, getting that first round is the most critical part that networking can influence and then, after that, it's just skill. I've been impressed with the industry's meritocratic outlook and that's a big draw, but that first hurdle is daunting. I live in rural-ish North Dakota and MBB absolutely do not recruit from the university where I work. The closest city with offices is Minneapolis.
Second: I recently had a quant interview with a big video game firm for an in-house consulting job in which I absolutely and profoundly embarrassed myself. The question communicated exclusively verbally to me was: Jane sold 500 waffles for a profit of .10 per waffle in Q1 with .20 in Q2 [no volume] with a net average of .16 profit per waffle across both quarters. How many waffles in Q2? The expectation was oral problem solving and conversion into math, but done nearly immediately. I simply couldn't do it until after the interview, because taking in the three word equations, converting them to math, and solving simultaneously without taking a few moments to silently process the information and write decent formulas tripped me up. The moment after both the interviewer and I decided that I was too incompetent to continue and were off the phone, I solved it quickly in silence with ease. I called a friend at McKinsey who said that is absolutely not part of the MC recruiting process and all computations are straightforward or delivered via paper. I've taken practice McKinsey PSTs and felt very comfortable solving them out loud, because they are written. Still, I am concerned she was soothing my ego. If I cannot do this kind of solving near-instantaneously and in real time orally, should I consider another industry? I promise I am not fishing for comfort so much as trying to optimize my time and do an honest assessment of my capabilities.
Third: Because I live in the rural midwest without any consulting folks around, I don't have an opportunity to practice cases outside of the aforementioned McKinsey friend, who can only do so much given her schedule. Can anyone think of resources one might have, given a dearth of case practice partners or support from my grad school (the woman from my grad school assigned to alumni gave me a "guess the market" question and then critiqued my reasonably ballparked numbers)? Is the Victor Cheng LOMS thing a decent resource? It's rather pricey and its value isn't super clear to me without a reasonable sample.
Thank you for your time and my apologies for length.