cover letter samples bcg

BCG Cover Letter: Our Step-by-Step Guide + Examples

• Last Updated March, 2024

Former McKinsey and Bain recruiter

The most common question I was asked as a recruiter, and now as a recruiting coach, is “Do I need to write cover letters for my consulting applications?” This is usually followed up with “And do I need to tailor my cover letter for every firm?”

I think most people hope I’ll say no to both questions, as writing a cover letter can be pretty daunting, and tailoring it for every firm seems way too time-consuming to be worth the effort.

At My Consulting Offer, we’ve helped over 600 clients land offers with consulting firms. Our approach to how to write a great consulting cover letter has, for many, been a deciding factor in them landing interviews.

In this article, we’ll discuss:

• What makes a great consulting cover letter.
• How to tailor your consulting cover letter to what BCG is looking for – a step-by-step guide.
• How BCG and other consulting firms review your cover letter.
• A sample BCG cover letter that successfully landed an interview.
• 5 tips for writing a BCG cover letter.

Let’s get started!

What Makes a Great Consulting Cover Letter

The consulting cover letter works alongside your resume to show the firms you’re applying to that you have the potential to be a great consultant.

Think of it as a flashy introductory accessory to your resume that highlights your most impressive and unique qualities, and grabs the reader’s attention so they’ll be excited to read your resume.

However, it’s important to get it right. 

A Strong Consulting Cover Letter: The Basics

As a recruiter, I saw way too many examples of applicants who had clearly not put any effort into their cover letter. Getting the basics right, such as ensuring the company name is correct, is essential (but not everyone gets that right). 

On the flip side, I received cover letters from applicants who were perhaps a little too eager to stand out. Poetry and “love letters” were not uncommon but a little ill-judged. The urge to be distinctive should not outweigh your consideration of the audience. Professionalism and appropriateness are key.

The consulting cover letter not only needs to have the impact required to engage the reader, it also needs to show them that you’ve done your research and thought about how you’re a great fit for consulting, and for their particular firm. It must also show how you’ll bring value to the role through your experiences and appetite to learn relevant skills.

You definitely can’t send the same cover letter to every consulting firm you’re applying to and assume that you’ll be successful. You’ve got to show each and every firm that you’re worth an interview.

That’s a lot to think about, right? Don’t worry, we’ve got you covered.

Nail the case & fit interview with strategies from former MBB Interviewers that have helped 89.6% of our clients pass the case interview.

A Strong Consulting Cover Letter: Stand Out from the Crowd

After you’ve got the basics right, you need to identify what the consulting firm you’re applying to is looking for. Consulting firms typically seek candidates with great problem-solving, analytical, creative thinking, communication, team working, and leadership skills. 

So how can you include these in your cover letter while also tailoring it to an individual firm?

We recommend you focus on the firms’ values. These are how consulting firms distinguish themselves from other consulting firms.

You can easily find out what a firm’s values are by either typing “[firm name] values” into your search engine or by visiting the firm’s career page where they typically list these and provide detail on what they mean.

Now think about your own professional and personal experiences. Focus on experiences that you are proud of, received great feedback on, or demonstrate how you overcame a particularly tough challenge. Give some context of the situation, the actions you took, and the outcome that was reached, quantifying the results where possible. Try to ensure they include at least one of the consulting skills mentioned above.

Once you’ve outlined a few stories, you can then see how they might fit with the values of the firms you’re applying to. You may need to tweak some slightly, but you’ll probably find it pretty easy to link your stories to each firm’s values. 

And you don’t necessarily need to address all of the values, particularly if a firm has more than four, as you don’t want your cover letter to be more than a page.

The additional benefit of approaching your cover letter in the way we recommend is that you don’t need to explain your “why” for each firm. It will be clear by how your experiences resonate with their specific values. This shows how you’re a great fit. 

You can find out more about writing consulting cover letters by reading A Consulting Cover Letter that Lands Interviews: Our Complete Guide . For this article, we’re going to break it down by focusing on just one firm – BCG.

Tailor Your BCG Cover Letter to What BCG is Looking for

Step 1: Find out who to address your cover letter to at BCG.

It may differ between offices, depending on size, but you can usually find the key recruiting contact on the career page or by searching on LinkedIn. It may be a recruiter who handles recruiting for your university across regional offices for instance, or perhaps a recruiter who manages experienced professional recruiting for the office you’re applying to. 

Addressing your cover letter to someone specific and relevant helps to show that you’ve done your research and that you care about the impression you’re making. Firms often display their key recruiting contacts on the careers pages of their websites. Alternatively, you could search LinkedIn for roles such as Talent Acquisition Manager, Recruiting Manager, or Senior Recruiter and then locate the relevant person who looks after either the stream you’re applying through (for instance, experienced professional, undergraduate) or the office they recruit for, which is usually detailed in their profile.

Step 2: Create your opening paragraph.

Keep it concise, ideally no more than four or five lines. Introduce yourself and express your interest in applying to BCG and the specific role you’re applying for, which will typically be Associate or Consultant but may be a more specialist role, for instance, within BCG Gamma. You may also want to write a short sentence on “ why consulting ” here. Talk about how your experiences resonate with their values and state specifically which ones.

You can find BCG’s values by Googling “BCG values” or by visiting their “ our people and culture ” page directly. This content gives you a really good feel for how having the right people and developing a unique culture is so important to BCG. 

Scroll down to where they talk about the values driving their culture. There’s a great mini slideshow of their values and what they mean. Here’s a snapshot:

• Integrity – as an expression of courage and accountability
• Diversity – of thought, expertise, experience, and background
• Respect for the individual – as their capacity for desire and personal growth
• Clients come first – we measure our success by our clients’ success
• The strategic perspective – enabling clients to deliver superior results in a sustainable manner
• Value delivered – in the form of tangible, positive, and lasting change
• Partnerships – a long-term view guides BCG’s relationships both internally and with clients
• Expanding the art of the possible – because the goal is not simply to apply best practice but to invent it
• Social impact – make the world a better place

These values are created to be meaningful and inspiring, representing what BCG stands for, and making you want to be a part of BCG’s unique culture.

BCG has more stated values than most other firms, but this can actually make it easier as you can select the ones that resonate most with your own values and the stories you’ve written. I’d recommend choosing three or four, depending on the length of your stories.

Step 3: Organize your stories for the greatest impact.

Once you’ve chosen your stories to meet the values you’ve selected, list your strongest first and the weakest in the middle (although it should still be strong). List your stories in bullet point format and use the value as a heading.

Step 4: End your cover letter by reiterating your interest in BCG and how you appreciate their consideration. And don’t forget to sign off. Electronic signatures are the norm these days, just don’t use a script font here as this can look too artificial.

In addition to this publicly available information about what BCG looks for in its candidates, my colleague Valentin has written an article with the insider perspective on what’s important to BCG . This includes drive, a tailored approach, and the BCG attitude. Check it out to make your BCG cover letter to be extra special.

How BCG & Other Consulting Firms Review Your Cover Letter

As a recruiter for seven years with McKinsey and then a recruiting manager for nearly five years with Bain, both in London, I’ve read tens of thousands of resumes and accompanying cover letters. London is one of the most coveted offices, so applications came in thick and fast during recruiting season and continued throughout the whole year. 

I received cover letters from undergraduate students, postgraduate students, MBA students, and experienced professionals throughout my recruiting career, all eager to impress, but not always getting it right. 

I had letters consisting of just a few lines that didn’t tell me anything about the person, and others that provided their life story across multiple pages. Some were addressed to another company, others had lots of spelling mistakes or poor grammar. I’ve read very entertaining letters (although perhaps not always appropriate) as well as letters that were lacking in any engaging content at all.

The ones that grabbed my attention in a good way, were those that were concise, clearly laid out, showed me that the applicant had done their research on the company I worked for, demonstrated their unique qualities, and told me how they would be a great fit for us.

To make it easier for recruiters who read hundreds of cover letters every year, follow these basic principles. 

And to ensure your cover letter then stands out from the competition, I recommend you use My Consulting Offer’s approach. The more experienced a recruiter is, the easier it is for them to skim through cover letters, so you need to be able to impress them really quickly.

Successful BCG Cover Letter Samples

5 tips for writing a bcg cover letter that stands out.

• Find out who at BCG will be reviewing your application and address your letter to them (and their team).
• Research BCG’s values and select the 3 or 4 that resonate with you and your experiences.
• Create or adapt your stories to fit the values you’ve chosen, focusing on specifics and structuring them so that they include the context, challenge, actions you took, and the results you reached.
• Ensure you’re also demonstrating relevant skills in your stories such as problem-solving, leadership, and communication.
• Get the basics right. Ensure you’re referring to BCG in your letter throughout, keep it to one page, use bullet points for ease of reading, and check for spelling and grammar errors.

In this article, we’ve covered:

• What a consulting cover letter looks like
• A step-by-step guide to how to tailor your cover letter to BCG
• How recruiters at consulting firms review cover letters
• A sample cover letters that landed our client an interview with BCG
• Our top 5 tips for writing a successful BCG cover letter

Still have questions?

If you have more questions about the Boston Consulting Group cover letter, leave them in the comments below. One of My Consulting Offer’s recruiters will answer them.

Other people looking for advice on BCG cover letters found the following pages helpful:

• Consulting Cover Letters
• Consulting Resumes
• Consulting Networking
• BCG Recruiting
• BCG Case Interview

Help With Your Consulting Application

Thanks for turning to My Consulting Offer for advice on case study interview prep. My Consulting Offer has helped 89.6% of the people we’ve worked with get a job in management consulting. We want you to be successful in your consulting interviews too. For example, here is how Afrah Arif was able to get her offer at Deloitte .

Leave a Comment Cancel reply

Save my name, email, and website in this browser for the next time I comment.

© My CONSULTING Offer

3 Things Consulting Firms Actually Look for in Your Application

We are sharing our powerful strategies to get your foot in the door, even if you have a low GPA, have little to no business experience, or study a non-business-related major.

No thanks, I don't want free strategies to get into consulting.

We are excited to invite you to the online event., where should we send you the calendar invite and login information.

Creating an Exceptional BCG Cover Letter: Tips and Examples

Table of Contents

A well-crafted cover letter is an essential component of any successful job application, and when it comes to applying for a position at the prestigious Boston Consulting Group (BCG), it’s even more critical. In this guide, we will discuss the necessary steps to create an outstanding BCG cover letter that will help you stand out from the competition. We will also provide a BCG cover letter example that you can use as a template for your own application.

Writing Your BCG Cover Letter

Writing a cover letter for a consulting internship or a full-time position can be a daunting task, especially if you are applying to multiple companies. However, there are ways to make the process more efficient and effective. By using a template and pre-written paragraphs, you can create a tailored cover letter specific to each company and role. This article provides tips on how to mass-produce your BCG cover letter while still making it personalized and impactful.

Remember, no matter what, your application is a  hollistic one. That is, you need to make sure you don’t just have a great cover letter, but also a optimal application strategy , a killer resume, and have effectively networked . 

A cover letter is just one component in getting yourself an interview, to know all the tips and tricks, make sure your read our free article on getting an interview . 

Understand BCG's Values and Culture

Before you start writing your cover letter, it’s essential to familiarize yourself with BCG’s values and culture. This knowledge will help you tailor your cover letter to align with what BCG looks for in its candidates. Visit BCG’s website and read about their values, mission, and the kind of work they do. You can also conduct additional research on platforms like LinkedIn and Glassdoor to gain more insights into the company.

Research BCG’s Key Values:

BCG has a set of core values that drive its culture and the way it does business. These values include:

• Respect for the individual
• Clients come first
• The strategic perspective
• Value delivered
• Partnerships
• Expanding the art of the possible
• Social impact

Understanding these values and incorporating them into your cover letter will demonstrate that you share BCG’s principles and that you are a good fit for the company.

Identify Your Strengths and Experiences

The next step in forming your BCG cover letter is to identify your strengths and experiences that align with BCG’s values and the role you are applying for. Think about your academic, professional, and extracurricular experiences that showcase your skills in areas such as analytical thinking, communication, client management, leadership, teamwork, diversity, and passion for learning.

Choose Relevant Themes:

Once you have a list of your strengths and experiences, consolidate them into key themes that best fit your skills and BCG’s values. Some possible themes to consider include:

• Analytical skills
• Communication
• Client management
• Passion for learning

Select three or four themes that best represent your skills and experiences, and focus on these in your cover letter.

Write Compelling Paragraphs

With your themes identified, it’s time to write succinct and impactful paragraphs that showcase your achievements and align with BCG’s values. Each paragraph should be 3-5 sentences long and should lead with a statement that connects your experience to the company’s values. For example, “BCG values strong analytical skills, and I have demonstrated this ability through my experience as a data analyst at XYZ Company.”

Use Pre-Written Paragraphs:

To save time and create a tailored cover letter for each company and role, consider writing a set of pre-written paragraphs that highlight your relevant skills and experiences. You can then select three of these paragraphs to include in your cover letter, adjusting the language and details to fit the specific company and position.

Personalize Your Cover Letter

Now that you have your pre-written paragraphs, it’s time to personalize your cover letter for BCG. This step involves adjusting the language and replacing words to fit the company and application. Use BCG’s language and terminology, and make sure to replace the company name, office location, and other details as needed.

Remember, we have an entire mini-course dedicated to showing you how to  mass-produce  your tailored cover letters.

Show Genuine Interest in BCG:

Even if your pre-written paragraphs cover similar topics, using BCG’s language and making minor adjustments will show that you have done your research and are genuinely interested in the company. This attention to detail can make a significant difference in the overall impact of your cover letter.

BCG Cover Letter Example

Below is a BCG cover letter example that I used to successfully apply to interview at BCG:

By following the steps outlined in this article, you can create a personalized and impactful BCG cover letter that showcases your skills and experiences while aligning with the company’s values and language. This tailored approach will not only save you time but also increase your chances of making a strong impression and securing an interview with BCG. Good luck in your application process!

Recommended For You

Want to learn how to optimize your application strategy and maximize your changces of getting invited to interview? Found this article useful? We recommend the following to help you level up and get that offer:

360° Course

1. Applications

3. Screening Tests

Additional articles.

• Case Interviews
• Fit / Behavioral Interview
• Frameworking
• Interview Preparation
• Market Sizing

Questions to Ask in a Consulting Interview

Stay Ahead of the Game: Your Ultimate Consulting Recruiting Timeline for 2023

Two Mindset Shifts Required For Casing Excellence

Mastering Case Study Frameworks: A Comprehensive Guide for Success

Profitability Case Interview: A Comprehensive Guide To Creating A Tailored Profitability Case Framework

Data-Driven Recruiting (Part 1 – Networking)

Insert/edit link.

Enter the destination URL

Or link to existing content

Consulting cover letter guide (for McKinsey, BCG, Bain, etc.)

Today we’re going to explain everything you need to know about writing consulting cover letters.

We’ll start by reviewing an example cover letter that got interview invitations from ALL the MBB firms (McKinsey, BCG, and Bain). 

And then we’ll explain exactly how you should write your own cover letter to land consulting interviews. Here’s a full list of the topics in this guide:

• Example cover letter

How to write your consulting cover letter

Consulting cover letter tips.

• The skills consulting firms look for

Consulting cover letter screening process

• Get help with your cover letter

Let’s get to it! 

Click here for a consulting letter/resume review with an ex-MBB consultant

Example cover letter (which got interviews at mckinsey, bcg, and bain).

Below is an anonymised cover letter from a candidate who got interviews at McKinsey, BCG and Bain. So you can trust that this template works.

The image here highlights the different sections of the cover letter, but we’ll dive deeper into the text later, and you can also get a downloadable copy below.

Free download of the consulting cover letter example, here. 

In the next section, we’ll go step-by-step through each part of the cover letter and explain how to go about writing it. But before we dive in, please note the following points about the above template:

• A lot of people use this template. Get inspiration from it, but every sentence in your letter should be written from scratch.
• This cover letter might sound impressive. It's one of the best ones we’ve seen. But even if you have not achieved as much as this person, you can still get an interview.

With that said, let’s dig into the cover letter writing process!

As a starting point, this video provides a nice overview of the full writing process for a consulting cover letter. 

Now let’s break things down further.

1. Introduction

Example - Introduction

Mary Taylor - [email protected]

DD / MM / YYYY

Dear Sir / Madam,

I would like to apply for an Associate position at McKinsey in London.

This section is a formality. It should simply state the following information:

• Your name and email address. You can replace your email address with a postal address although those are not commonly used anymore.
• The date on which you are sending your letter
• The position, company, and office to which you are applying

Keep it short and sweet.

2. Why you? 

Example - Why you?

I started working as an Analyst at Big Finance in New York in September 2020 and was quickly promoted to Associate in a year and a half instead of the average four years. While at Big Finance, I advised a broad range of clients who constantly gave me positive feedback and regularly asked to work with me again. Before joining Big Finance, I graduated as the top student of my MEng in Chemical Engineering at Prestigious University in the UK. While studying, I received two competitive scholarships and awards. In addition, I developed my leadership skills as the President of the Prestigious University Consulting Club. High energy was essential to lead a team of 5 managing the club and growing the number of members by 20%.

This is your "GOLD MEDALS" section. It is the first section of your cover letter and therefore the most important one.

It should state the TOP 3 achievements of your life to date that are relevant to consulting. These achievements should be as unique and as memorable as possible. When your reviewer reads them they should think "Wow, that's impressive. I want to know more about this person."

To write this section you need to step back and ask yourself "What are the most impressive things I've done with my life so far?" This is not an easy question to answer. 

In our experience discussing this with a close friend can help. It's sometimes easier for them to quickly point out the impressive things you have done as they are an external observer.

In addition, notice how achievements are QUANTIFIED in the example above. Saying you have been promoted "in a year and a half instead of the average four years" is much more powerful than saying you have been promoted "quickly." You should quantify your achievements whenever possible.

This section is your chance to grab the reader's attention. If there's nothing impressive in it, they will stop reading and just scan the paragraphs. So don't miss your opportunity!

3. Why consulting?

Example - Why consulting?

There are several reasons why I want to pursue a consulting career. To start with, I know I will enjoy being a strategy consultant because I have already worked in a strategy team in the past. This was in summer 2019 when I was a Strategy Intern at Big Grocery Retailer in London. In addition, I think consulting is a unique opportunity to comprehensively learn about business management by working on a variety of company situations. Over the past two years, I have started building my business skills while advising clients on financial matters at Big Finance. I now look forward to learning more about companies’ management at McKinsey. Finally, I want to work in consulting because I truly enjoy interacting with clients. Throughout my work experiences I have built a successful track record of developing and maintaining relationships with clients including, for instance, the senior strategy team at Big Grocery Retailer.

Once you have convinced your reviewer that you have impressive achievements under your belt they'll be thinking: "Ok, this person is impressive. But do they REALLY want to be a consultant? Or are they just applying because they're not sure what to do with their career."

The third section of your letter should therefore answer the  "Why consulting?" question . But here is the thing about this question: There are some reasons to go into consulting that you should tell your reviewer about. And some reasons that you should really keep to yourself.

For instance, one of the mistakes candidates commonly make in their cover letter is to write something along the lines of "I'd like to spend 2 or 3 years in consulting to learn more about business in general and then decide what I want to do." This is a HUGE mistake. 

Consulting firms want to hire FUTURE PARTNERS. Not employees who will stay for a couple of years. You can watch the video below for more details about this.

The best approach for your "Why consulting?" section is to write about past experiences that really show you know what you are getting into. The perfect situation is if you have done an internship in consulting or in corporate strategy and have enjoyed it. If that's the case, this is the perfect section to write about it.

But even if you haven't done related internships, there are plenty of angles you can use to connect your past experiences to what you will do as a consultant. For instance:

• You might have enjoyed working with clients when you were in M&A or in Sales
• You might have enjoyed structuring and solving tough problems as an engineer

You should use these experiences to say that "working with clients" or "solving tough problems" is something you KNOW you enjoy doing; and you look forward to spending more time doing this as a consultant.

When they read this section, your reviewer should think: "Ok, this person is impressive AND they know what they are getting into."

4. Why McKinsey / BCG / Bain / Other?

Example - Why McKinsey?

McKinsey appeals to me for three reasons. To start with, the different people from the company I have met and worked with all told me they had truly enjoyed their time there. For the past two years, I have worked for Michael Smith, a former Engagement Manager from the London office, who now works for Big Finance. Additionally, I regularly read McKinsey’s reports on financial services and think the insights delivered by Sarah James and others in the Finance practice are truly superior to that of other consultancies. By joining McKinsey, I therefore think I would have an opportunity to work with and learn from the best consultants in the industry. Finally, the fact that McKinsey was selected by Finance Supercorp to shape its digital strategy also played an important role in my decision to apply. This was a first-of-its-kind contract in finance and it shows that while at McKinsey I could get the opportunity to work on truly unique projects.

If you have managed to convince your reviewer that you have an impressive background and that you really want to be a consultant, you have a VERY HIGH chance of getting an interview. 

The only question that's left for you to answer is: " Why McKinsey  / Why BCG? / Why Bain? "

Top consulting firms  have a lot in common. In most regions, they cover the same industries and work for similar clients. They also pay similar salaries, and the career path is more or less the same from firm to firm. So what should you write about in this section?

In our experience, the most efficient way to set yourself apart in this section is to write about three specific elements:

When you write "I've met with Michael Smith," or "I've read report X," or "I've heard about project Y," you are making an argument that's SPECIFIC enough for your reviewer to think: "Ok they've done their homework."

If you stay too GENERIC, your argument will be much less credible. For instance, writing something like "While at McKinsey, I'll be exposed to a broad range of industries which I'm excited about" is a weak argument because you could swap McKinsey for BCG or Bain in that sentence.

In fact, this is the ultimate test. If you can swap McKinsey with another name in your "Why McKinsey?" section you are not being specific enough. You need to work on your paragraph again and mention SPECIFIC people, reports, or projects that you find interesting.

5. Conclusion

Example - Conclusion

For all these reasons, I am very enthusiastic about the chance to work at McKinsey. I am available for an interview at any time and look forward to hearing from you.

Yours faithfully,

Mary Taylor

The last section of the cover letter is a formality again. It should include the following elements:

• A sentence or two saying that you are enthusiastic and available for interviews at any time
• Your final signature

So how do you make it easy for your reviewer to put your cover letter on the "Accept" pile? We have put together the 10 tips below to make sure you can achieve this and avoid common mistakes.

Tip #1 Don't use a template letter

Writing cover letters is painful. But trust us, reading hundreds of them can be at least as painful. That's why you should make every effort to make your letter interesting and genuine. 

It's ok to get inspiration from templates such as the one we provide in this guide. But every sentence in your letter should be written from scratch.

Tip #2 Keep it to one page

One of the unwritten rules of consulting cover letters is that they should not be longer than one page. The trick to achieve this is to only select the MOST RELEVANT experiences from your  resume  and to summarise them. 

The points you decide to highlight should clearly demonstrate that you would make a great consultant.

Tip #3 Standard format and font

It's tempting to use an eye-catching font and format. But that's actually a bad idea. You only risk your interviewer thinking: "I've never seen this font, it looks really weird. Who is this person?" Your cover letter should stand out because of its content, NOT because of its format.

Tip #4 Not the time to be shy

Your cover letter is not the time to be shy. If you went to Harvard and have three Olympic medals, now is the time to say it! Most of us don't, and that's fine. But the point is that you should really push yourself to bring your most impressive accomplishments forward.

Tip #5 Network, network, network

This might sound surprising, but a big part of the cover letter is  how much networking you have done . Having networked with people from the firm you are applying for pays dividends for multiple reasons. 

First, they might recommend you to the HR team. But most importantly, these people will give you insight into what makes their firm UNIQUE. Then you can quote what you've heard in your cover letter (and name drop the person you heard it from) to show that you really understand the firm you are applying for.

Tip #6 Read, read, read

Unfortunately, networking is not always easy or possible. In these cases, your second best option is to read as much as you can on the firms you are applying for. You should read about the firm's projects, reports, and partners and find pieces of information you are really interested in. 

For instance, if you did your master thesis on electric vehicles, try to find who works in this area at the firm and what they have to say about it. And then mention what you have found in your cover letter.

Tip #7 One letter per firm

One question we often get is: "Should I write one letter per firm?" The answer is YES. But it's not as hard as it might sound. 

Every cover letter needs to answer three questions: Why you? Why consulting? And why this firm? The only paragraph you will need to change in every letter is the one about "Why this firm?" For each firm, you will have to do the networking and reading mentioned above.

Tip #8 Start writing early

Writing an outstanding cover letter is VERY HARD. Most candidates underestimate how much time it takes and start this process too late. You'll need to take a step back and reflect on everything you have done to date to highlight your most relevant experiences. 

This takes multiple iterations. Start early.

Tip #9 Get feedback

In our experience, great candidates all look for feedback and iterate on their cover letter until it's truly as good as it can get. It's a lot of work, but it's worth it.

It’s best to get feedback from peers or consultants. These people will be able to point out which parts of your letter they don't get or don't find impactful enough. If you’d like to have an expert review your cover letter, check out our team of  ex-consultant coaches .

Tip #10 Proofread multiple times

Finally, you should check and double check your letter for typos and grammar mistakes - multiple times. A cover letter is (not so secretly) a writing test and you should really treat it like one.

What consulting firms look for

To get multiple interviews at  top consulting firms , it’s extremely important to understand what those firms are actually looking for. 

The good news is that most of the leading consultancies are looking for basically the same skills. 

To illustrate this point, here’s what  McKinsey  and  Bain  say that they’re looking for in candidates, along with our own translation of what they mean:

There are also a few unofficial items that consulting firms will look for on your resume, and you can read about those in our  consulting resume guide .

Next, let’s talk about the typical cover letter screening process.

Screening process

Now let's talk about HOW your cover letter will be handled once you send it. Here's how it works.

Your application will be sent to a JUNIOR CONSULTANT who recently graduated from your University. They will score your documents based on a grid provided by the HR team. 

Consultants usually have to score 200 to 400 applications in about 2 weeks. And this is sometimes on TOP of their normal project. It's not uncommon for them to leave the job to the last minute and to have to do it on a Friday night just before the deadline.

Why is this important? The point we are trying to make is your application is part of 100 other applications. And the person who will review it will be tired by the time they get to your cover letter. If they don't understand something, they won't Google it. It's your job to make their job easy.

Why consultancies ask for a cover letter

There are two main reasons why consulting firms ask for cover letters.

First, partners bill several thousand dollars per day to their clients. The opportunity cost of interviewing you is HUGE for the firm. Put yourself in the shoes of a consultancy for a second. What are the top 3 questions you want to answer before investing money in interviewing a candidate?

• Have they demonstrated the skills needed to be a consultant?
• Do they know what consulting is and what they are getting into?
• Are they genuinely interested in working for our firm?

If you don't answer these three questions in a structured and impactful way, your chances of getting past the screening process are very low. This is why every cover letter should be structured as follows:

• Why consulting?
• Why this firm?

The second reason consulting firms ask for a cover letter is to test your writing skills. Consultants write all the time: emails, PowerPoints, Word documents, etc. They spend about 50% of their day writing. And a lot of the time their job is to summarise very large quantities of information in a succinct way.

This is exactly what you have to do in your cover letter. You have to a) look back on all your past experiences, b) select the relevant experiences to convince the reviewer that you are the right person for the job and c) summarise all these experiences in a way that's easy to read and digest.

Cover letters are a disguised writing test. Candidates who end up getting invited for interviews recognise this early on. Making a good impression on paper is way harder than making a good impression in person.

Are many candidates ready to invest HOURS in writing the perfect cover letter? No. That's the whole point. That's how you can set yourself apart. If you spend enough time making sure that your letter is as impactful as it can be, you stand very high chances of getting invited for interviews.

Another reason that it can help to have a cover letter is to explain anything on your resume that may look unusual to a reviewer, such as a time gap or a non-traditional background for consulting. 

Whatever your unique situation is, if you’re not confident in how your cover letter looks today, then we can help you. 

Get an Ex-MBB consultant to review your cover letter

The guide above, in addition to our guide on  consulting resumes , should go a long way in helping you craft documents that will get you interviews. 

But if you still feel you need additional help, we have a team of ex-MBB recruiters and interviewers who would be happy to provide feedback on your cover letter.

You’ll get feedback on how to immediately improve your cover letter, including what experience to focus on, how to optimise your phrasing, formatting, etc.

Start by browsing profiles for available coaches.

BCG Cover Letter

Written by . Posted in Cover Letter

Boston Consulting Group (BCG) has been recognized as one of the most prominent consulting firms in the world. Its prestige places it, along with McKinsey and Bain, in what’s known as the “Big Three” of the industry. Currently it has approximately 78 offices located in 43 countries across the world.

The firm recruits exceptional graduates and working professionals to join their team. They visit colleges and universities to find passionate individuals who are capable of developing recommendations after thoroughly analyzing a business case. Recruiters employ various tools for screening applicants, but the first document they check is your BCG cover letter .

If you’re in the process of crafting an impressive cover letter, here are some pointers to follow:

Research and Network

In order to write a letter that creates value to BCG, research the firm and network with people who are or were connected with the firm. The information you learn from the firm’s website, books, magazines, and employees will guide you in finalizing the content of your letter. A letter will only pique the interest of the recruiter if it’s customized to the company’s direction, goals. and needs.

Think of a Structure

Before you turn on your computer and start typing, think about how you will structure your BCG cover letter. To simplify things, follow this outline:

A cover letter must only contain relevant information. Remember, BCG receives numerous applications each year. Recruiters only have a short time to review your document so it must expertly convey your qualifications.

Mentioning the name of a key person in the management consulting firm or industry can make your cover letter unique. However, when you do this, explain how your encounter with the consultant has convinced you to pursue a career at BCG. Were you motivated by his or her description of the company’s culture and goals? Are you interested in the challenging working environment? Recruiters are interested in this type of information.

Explain Issues

If your work history listed on your resume has noticeable gaps, or if you are shifting careers, you should explain these issues in your BCG cover letter. Recruiters might question why you stopped working for a couple of years or why you decided to leave sales and pursue a career in management consulting. Your explanation will help recruiters understand where you came from and how you can contribute to their goals. Everything must be clear from the beginning; otherwise, you could be instantly rejected for the opening.

Proofread Your Letter

Review your cover letter a few times before you send it to BCG. Make sure the content is relevant, interesting, and substantial. Furthermore, it must be free from spelling, grammatical, and punctuation errors. Mistakes give recruiters the impression that you are not meticulous with details and/or you have poor communication skills. If you want objective feedback about your BCG cover letter, ask a friend for help or contact an expert.

You’ll need a well-crafted job application whether you’re seeking for a position as a teacher, engineer, or receptionist. The cover letter is a very useful document for this. You’ll have a far better chance of finding your dream job if you include a professional cover letter with your CV.

You Might Also Like...

• Bain Cover Letter
• Bain Cover Letter Sample
• Best Practices for a Management Consulting Cover Letter
• Booz Cover Letter
• Consulting Cover Letter Examples
• Consulting Cover Letter Outline
• Consulting Cover Letter and Resume Tips
• Consulting Firm Profile: Boston Consulting Group
• Consulting Resume and Cover Letter Guide
• How to Craft a McKinsey Cover Letter
• Mistakes to Avoid in a Management Consulting Cover Letter

Trackback from your site.

• The 1%: Conquer Your Consulting Case Interview
• Consulting Career Secrets
• Cover Letter & Resume
• McKinsey Solve Game (Imbellus)
• BCG Online Case (+ Pymetrics, Spark Hire)
• Bain Aptitude Tests (SOVA, Pymetrics, HireVue)
• Kearney Recruitment Test
• All-in-One Case Interview Preparation
• Industry Cheat Sheets
• Structuring & Brainstorming
• Data & Chart Interpretation
• Case Math Mastery
• McKinsey Interview Academy
• Brainteasers

How to Write the Perfect Consulting Cover Letter (McKinsey, BCG, Bain)

Last Updated on March 26, 2024

Crafting an exceptional consulting cover letter can significantly elevate your application in the highly competitive consulting industry. Statistics reveal a startling reality: only about 1-3% of applicants secure an offer from top-tier consulting firms like McKinsey , BCG , and Bain . This underscores the crucial role of a solid consulting job application strategy, particularly the cover letter and resume, in surpassing the initial screening phase, which is a great hurdle where up to 75% of hopefuls are filtered out.

Your journey through the rigorous consulting application process typically begins with networking and securing a referral. However, what truly sets your application apart is a well-structured, compelling consulting cover letter. This initial impression can be a decisive factor in advancing to the next stages, including aptitude tests and interviews.

How can you make sure to belong to the 25% that progress to the aptitude tests and interviews?

In this consulting firm application guide, we delve into the intricacies of crafting a cover letter that resonates with top consulting firms. We cover exactly that and answer all your questions related to:

• Why you should not underestimate the importance of the cover letter (but also not overestimate it)
• Structuring your cover letter for consulting firms
• Guidelines on what to include in a consulting firm application for a standout cover letter
• How you should design the cover letter
• What pitfalls and common mistakes you should avoid

The Purpose of Your Consulting Cover Letter

First things first. The cover letter is important but most sources overestimate its importance. If you were to rank it in order of importance for an interview invitation it would look like this:

• Resume . This is your gateway to the consulting world. Crafting a consulting resume showcasing your experiences and skills is essential for opening doors at prestigious firms like McKinsey, BCG, and Bain. It’s the first touchpoint that narrates your professional journey.
• Referrals . Networking for consulting jobs and leveraging referrals can significantly enhance your application. A robust network , comprising varied sources and higher-ups, lends credibility and warrants a more attentive review of your application. In certain cases, strong referrals can even balance out minor gaps in your resume.
• Cover letter. If recruiters spend 20 seconds per resume, how much time do you think they will spend on a 1-page wall of text? You guessed it…yet that is exactly the reason why you should put effort into the creation of it. You need to make sure that your story transpires within a short amount of time. Doubts from the resume can be eliminated, and stories and skills that are especially relevant can be highlighted.

Understanding the essential components of a consulting job application is crucial for success.

While the resume is a chronological display of your experience and skills, the cover letter tells a more personal story to answer three core questions:

• Personal Fit (Why are you a good candidate?): Highlight why you’re an ideal candidate, weaving in stories and skills that align with the consulting ethos.
• Passion for Consulting (Why do you want to work in consulting?): Demonstrate your enthusiasm for the field and articulate your understanding of its dynamics.
• Firm-Specific Aspirations (Why do you want to work for this firm?): Detail why you’re choosing a particular firm, aligning your career goals with their values and culture.

Lastly, the cover letter is your chance to demonstrate two meta-skills. It is more than just a narrative. It’s a testament to your ability to:

• Draft Professional Documents : Showcasing your skill in creating well-structured, formal documents.
• Communicate Effectively : The ability to convey your thoughts concisely and compellingly, in a manner that resonates with the consulting world’s preference for clarity and brevity.

Crafting a compelling consulting resume and cover letter is key. Get the help you need to transform your consulting application into a success.

Crafting the Ideal Structure and Content

How to stand out in the consulting job application process?

A standout consulting cover letter is a crucial component of your application, particularly for coveted roles at MBB ). In general, a cover letter needs to consist of three parts:

Introduction: A Compelling Opening (1 short paragraph)

• Purpose : Kickstart your cover letter with an engaging introduction that grabs the attention of recruiters or consultants.
• Key Elements : Clearly state the consulting role you’re targeting, the preferred office location, and any crucial networking references. This opening serves as a crucial first impression, setting the tone for your application.

Body: Demonstrating Fit and Passion (3 paragraphs)

• Your Candidacy : This is where you shine, linking your unique experiences and skills to the role’s requirements. Adopt a storytelling approach, sharing 2-4 impactful narratives that encompass both your educational and professional journeys. Focus on moments that define you as an outstanding candidate, like leading significant initiatives or unique personal achievements. This is the core of the cover letter and should link your personal experience and skills with the demands of the role. Move into storytelling mode and describe how different experiences prepared you for the role you are applying for. It is especially important in this highlight-reel to celebrate and quantify your successes. You need to make sure to incorporate stories that make you a memorable character (”Ah Sarah, she was the one biking through South America with a tent, raising money for charity.”).
• Your Drive for Consulting : Second, discuss why consulting is the best industry for you to work in. Connect your past experiences to the core competencies of consulting. Link your experience and skills to the type of work and qualities needed in consulting. This could include leadership roles, analytical projects, or impactful community work. Emphasize how these experiences align with the demanding yet rewarding nature of consulting, including aspects like diverse project work, talented and exceptional colleagues, steep learning curves, and early-career impact.
• Your Desire for MBB : Third, discuss why you want to work for the respective consulting firm. Tailor this section to the specific firm and highlight 2-4 aspects of the firm that resonate with you, such as their project diversity, professional development opportunities, or their esteemed reputation. Personalize this part by referencing any interactions or insights about the firm from your network or research.

Conclusion: A Strong Closure (1 short paragraph)

• Summarization : Conclude with a concise summary of your motivation and suitability for the role. Reaffirm your enthusiasm and readiness to contribute to the firm, keeping the tone professional and earnest.

Creating the Content for Your Cover Letter

When structuring your consulting cover letter, a strategic approach is to directly align it with the specific characteristics that your target firm values in candidates.

For instance, if you’re aiming for McKinsey, visit the values and purpose statement on their website to understand precisely what they seek in prospective consultants. McKinsey, like every consulting firm, has a set of core values driving their recruitment process, such as problem-solving skills, leadership abilities, a track record of delivering innovation, and a passion for the work.

In crafting your cover letter, it’s essential to weave the key attributes sought by your target consulting firm intelligently throughout the narrative. For instance, incorporating McKinsey cover letter tips can significantly improve your chances. Applying BCG application advice and tips for a successful BCG consulting application, each paragraph should be centered around a specific characteristic valued by Boston Consulting Group. Finally, adhering to the Bain cover letter structure and the best practices for Bain consulting cover letters is essential for crafting a standout consulting cover letter that grabs attention.

Identify moments from both your professional and personal life that vividly demonstrate these attributes, selecting the most compelling instance if you have several to choose from.

This table provides a more detailed overview of what each top consulting firm looks for in cover letters, along with tailored tips for success that reflect their unique values and expectations.

For each attribute, construct a narrative that outlines the context of the experience, your specific actions, and the measurable outcomes, ensuring to quantify these achievements when possible. This strategic approach seamlessly integrates the reasons why you are an ideal candidate for firms like McKinsey, Bain, or BCG, thereby eliminating the need for an explicit statement. Your stories will implicitly convey your suitability for the role. When addressing the question of “Why consulting?”, a brief mention suffices as your examples will have already demonstrated your comprehension of the consulting industry’s requisites.

This technique is particularly advantageous for those with unique backgrounds or for experienced professionals, as it distinctly showcases how their experiences align with the firm’s values and expectations.

Example of a Consulting Cover Letter

Dear [Hiring Manager’s Name],

I am writing to express my interest in the [specific consulting role] at McKinsey & Company in the [city] office. Having been referred by [Referral’s Name], a [Position] at your firm, I am enthusiastic about the opportunity to contribute to the innovative work McKinsey is known for.

My journey in consulting began unconventionally, as a leader in a non-profit organization, where I spearheaded a project to increase educational access in underprivileged areas. This experience, combined with my MBA from [University Name], has equipped me with a unique blend of grassroots-level impact understanding and strategic business acumen. Notably, leading a team to develop a sustainable funding model, we enhanced educational outreach by 150% within two years, demonstrating my ability to drive significant results in challenging environments. In my recent role at [Your Current/Previous Company], I navigated complex stakeholder environments to deliver a pivotal market expansion strategy, leading to a 30% increase in market share. This experience honed my analytical skills and ability to deliver actionable insights under pressure, qualities I understand are paramount at McKinsey.

The dynamic nature of consulting, with its diverse project work and intellectually stimulating environment, deeply resonates with me. The prospect of working alongside and learning from some of the brightest minds is particularly appealing, as is the opportunity to have a tangible impact early in my career. My experiences have prepared me to thrive in such a setting, where every day presents a new challenge and learning opportunity.

McKinsey’s commitment to delivering innovative solutions and its unparalleled professional development programs are key factors that draw me to your firm. The firm’s global impact and leadership in tackling complex business and societal challenges align perfectly with my professional goals and values.

In conclusion, I am excited about the possibility of joining McKinsey & Company and am confident in my ability to make a meaningful contribution. My background in leading impactful initiatives and delivering results in complex environments, coupled with my passion for continuous learning and growth, make me a well-suited candidate for the [specific role]. Thank you for considering my application. I look forward to the opportunity to discuss how my experiences and skills align with McKinsey’s needs and ambitions.

[Your Name]

Formatting Your Consulting Cover Letter: A Professional Blueprint

A well-formatted cover letter not only reflects your professionalism but also your attention to detail – key traits in the consulting world. Here’s how to structure your letter to meet the industry’s standard formatting requirements:

• Header with Personal Information : At the top, include your name and address. This can be aligned to the left, right, or centered for a balanced look.
• Recipient’s Address : Directly below your information, list the recipient’s details on the left-hand side. This should include the name and address of the consulting firm or the specific individual you’re addressing.
• Date : Place the date on the right-hand side of the page. Remember to spell out the month for clarity (e.g., “1 April 2024” in the UK format or “April 1, 2024” in the US format).
• Reference Number (if applicable) : If your application has a specific reference number, include it on the left-hand side, such as “Ref: Job Application XYZ123”.
• Salutation : Begin your letter with a proper salutation, addressing the recipient respectfully.
• Closing : Conclude your letter with a formal sign-off like “Yours sincerely” (UK) or “Best regards”, “Sincerely”, or “Sincerely yours” (US).
• Signature : Below the closing, leave space for your handwritten signature, followed by your typed name.
• Enclosures : If you’re including additional documents, list them under “Enclosures:” at the bottom of the letter.
• Typography and Margins : Use a standard font size (12) and a professional font like Times New Roman. Maintain standard margins and avoid overcrowding the page to enhance readability.

Following these formatting guidelines, your cover letter will not only look professional but also demonstrate your ability to communicate effectively in a business environment, a critical skill in consulting. The cover letter is not the time for experiments and by sticking to the generally agreed upon guidelines, you will facilitate the work of the recruiters.

Essential Pitfalls to Avoid in Your Consulting Cover Letter

Crafting an impactful cover letter for a consulting role involves not just highlighting your strengths but also avoiding common mistakes. Here’s a checklist highlighting cover letter mistakes to avoid in consulting, ensuring you steer clear of common pitfalls:

• Avoid Introducing Unfamiliar Information : Ensure that every degree, job, or skill mentioned in your cover letter is also present in your resume. Consistency is key.
• Eliminate Redundant Information : Your cover letter should not merely repeat what’s in your resume. Instead, it should complement and expand upon it.
• Adhere to the One-Page Rule : A concise, one-page cover letter is a standard in the industry. Exceeding this length can diminish the impact of your message.
• Foster a Personal Connection : Strive to establish a personal link with the firm or the recruiter. Mention referrals or specific interactions with the firm or individuals to make your application more relatable.
• Back Up Your Claims : Any skill or achievement you mention should be substantiated with a relevant story or example. This adds credibility to your assertions.
• Relevance is Crucial : Focus on experiences and skills that are directly relevant to the consulting role. Irrelevant emphasis can dilute the strength of your application.
• Incorporate Storytelling : Use storytelling to vividly bring out your experiences and skills. This makes your application memorable and engaging.
• Customize for the Firm : Tailor your cover letter to reflect your knowledge of and alignment with the firm’s values, culture, and unique selling points (USP).
• Be Cautious with Templates : Avoid the blunder of using incorrect company names or information, a common mistake when using a generic template for multiple applications.
• Prioritize Proofreading : Grammar, spelling, and typographical errors can significantly undermine your professionalism. Meticulous proofreading is essential.

By diligently avoiding these common errors, you can ensure that your consulting cover letter not only showcases your qualifications but also demonstrates your attention to detail and your understanding of what makes a successful consulting application.

Crafting Your Consulting Cover Letter: A Step-by-Step Process

Creating a standout cover letter for a consulting position is a meticulous process that benefits from careful planning and thoughtful revision. Here’s a guide to crafting yours:

• Structure Planning : Begin by organizing the high-level structure of your cover letter. Use the recommended format of introduction, body, and conclusion to ensure a coherent flow.
• Detail Gathering : Compile all the necessary information you wish to include, such as specific names, references, dates, and pertinent anecdotes or experiences.
• Initial Drafting with Bullet Points : Start by writing a first draft in bullet points. This helps in laying out your ideas succinctly and focusing on key points without getting bogged down by details.
• Seek Initial Feedback : Share this bullet-point draft with a friend, mentor, or colleague. Constructive feedback at this early stage can be invaluable in shaping the direction and content of your cover letter.
• Expand to Full Paragraphs : Transform your bullet points into well-crafted paragraphs. This is where you begin to add depth to your narrative, ensuring each section flows logically into the next.
• Further Feedback and Refinement : Seek additional feedback on this more developed version. Use the insights gained to fine-tune your message, ensuring it aligns with the principles of effective, concise consulting communication.
• Consistency Check with Resume : Ensure that your cover letter complements your resume. It should add to, not repeat, what is in your resume, providing a fuller picture of your qualifications and fit for the role.
• Concise and Clear Writing : “Trim the fat” by eliminating unnecessary words or phrases. Aim for clarity and brevity in your sentences, ensuring each word adds value to your message.
• Formatting Adjustments : Fine-tune the formatting to adhere to professional standards – one page, legible font (like Times New Roman), appropriate font size (typically 12), and correct formalities (such as your name and address).
• Meticulous Proofreading : Use tools like MS Word for an initial grammar and spell check. Then, carefully proofread your cover letter multiple times. It’s also wise to have someone else review it, providing a fresh perspective on both content and form.

With this process, you can develop a compelling and polished consulting cover letter that effectively communicates your strengths and fit for the consulting role you are aspiring to.

Does McKinsey Require a Cover Letter?

How to write a cover letter for a McKinsey consulting position is one of the most common questions I receive.

When it comes to McKinsey & Company, the requirement for a cover letter in your application may not be as stringent as you might think. In most McKinsey offices worldwide, submitting a cover letter is an optional part of the application process. This means that including one does not significantly influence the overall assessment of your application.

However, this doesn’t imply that a cover letter is without merit. If you’ve already crafted a compelling cover letter for applications to other firms, it’s advisable to tailor it specifically for McKinsey. Adjust key details such as the referral source, the targeted office location, the role you’re applying for, and the company’s name. This personalized touch demonstrates your genuine interest in McKinsey and your attention to detail.

Additionally, it boils down to how well your resume speaks for itself. If your resume already paints a clear picture of you as a prime candidate for a firm like McKinsey, then a cover letter might not be necessary. Here are some key indicators that your resume is doing the talking for you:

• Outstanding Academic Record : A high GPA always catches the eye.
• Core School Credentials : Graduating from or attending a school regularly visited by the firm ( a target school ) for recruitment gives you an edge.
• Relevant Educational Background : Degrees like an undergrad in business or economics, or an MBA, align well with what consulting firms look for.
• Solid Evidence of Key Skills : If your resume vividly showcases your leadership, teamwork, and problem-solving abilities through work and volunteer experiences, you’re on the right track.

However, if you feel your resume might leave some room for doubt about your suitability for the consulting world, or the firm specifically, then adding a cover letter can bolster your application. This is your chance to fill in any gaps and directly communicate why you’re a great fit for both the industry and the firm. Think of the cover letter as your personal advocate, underlining your potential and passion for the role.

It’s important to note, though, that the cover letter might not be a focal point during the interview stages. The consultants conducting your case interviews and Personal Experience Interviews (PEIs) typically do not review cover letters as part of their interview preparation. Therefore, while including a well-tailored cover letter can add a polished edge to your application, it’s unlikely to be a discussion point in your interviews.

Elevate Your Consulting Application with Our Expertise

Are you aiming for a breakthrough in your consulting career with firms like McKinsey, BCG, Bain or any other consulting firm? Our specialized cover letter and resume services are here to guide you through this critical phase. With our team’s background as former consultants and application screeners at McKinsey, we bring insider knowledge to your application process. We’ve scrutinized hundreds of applications, granting us unique insights into what truly makes a candidate stand out.

Tailored Guidance for Standout Applications

• Comprehensive Resources : Dive into our extensive guides and templates specifically designed for crafting the ideal consulting resume and cover letter. These resources are tailored to meet the expectations of the top consulting firms.
• In-Depth Exploration : We delve deeply into every facet of crafting a winning consulting resume and cover letter. Our materials provide you with the essential stories, phrases, and keywords that capture the attention of consulting recruiters.
• Efficiency in Preparation : Our ready-to-use samples and templates are designed not just for effectiveness but also to streamline your preparation process significantly.

Personalized Document Writing and Review

• Hand-Crafted Excellence : In addition to our guides and templates, we offer a personalized screening service. Here, we write, review, and fine-tune your resume and cover letter, ensuring they are tailored to perfection for your dream consulting role.
• Editing Services : Benefit from our editing services, where we refine your documents to align with the high standards of firms like McKinsey, BCG, and Bain. We focus on enhancing your story, ensuring your skills and experiences resonate with consulting recruiters.

Let us help you create application documents that not only meet the high standards of top consulting firms but also reflect your unique strengths and aspirations.

Consulting Cover Letter FAQ

Navigating the consulting application process can be daunting, especially when it comes to creating a cover letter that stands out to prestigious firms like McKinsey, BCG, and Bain. A well-crafted cover letter can significantly elevate your application, making you a memorable candidate. To help you on this journey, we’ve compiled a list of frequently asked questions with concise answers to guide you in crafting an effective consulting cover letter.

What makes a consulting cover letter stand out to firms like McKinsey, BCG, and Bain? A cover letter that tells a compelling narrative, demonstrates your unique value, aligns with the firm’s values, and showcases your problem-solving and leadership abilities will stand out.

What are common pitfalls to avoid in a consulting cover letter? Avoid being vague, reiterating your resume, typos, and generic statements not tailored to the specific firm.

Can a strong cover letter compensate for gaps in my resume? Yes, a persuasive cover letter can highlight your strengths and contextualize any gaps, demonstrating your potential value to the firm.

How should I structure my cover letter for a consulting firm? Your cover letter should have a clear introduction, body paragraphs that detail your suitability for the role, and a concise conclusion.

What specific skills should I highlight in my consulting cover letter? Emphasize leadership, analytical abilities, problem-solving, teamwork, and any specific skills relevant to the consulting role.

How can I showcase my passion for consulting in my cover letter? Illustrate your enthusiasm through examples of past experiences, explaining why consulting excites you and how you’ve pursued this passion.

Is it necessary to customize my cover letter for each consulting firm? Absolutely, personalizing your cover letter for each firm shows you’ve done your research and are genuinely interested in what makes each firm unique. Also, highlight contacts in the target firms you have interacted with.

What are the key differences between a resume and a cover letter for consulting jobs? A resume outlines your qualifications and experiences, while a cover letter provides a narrative that connects your background to the specific consulting role, demonstrating fit and passion.

Crafting a cover letter that addresses these aspects with clarity and confidence can make a significant difference in your application’s success. Your cover letter is not just a formality but a powerful tool to tell your story and express your enthusiasm for the consulting career path.

Join the Conversation

We hope this guide has illuminated the path to crafting your standout consulting cover letter, whether you’re aiming for McKinsey, BCG, Bain, or any other prestigious firm.

Do you have any questions about the application process, or would you like to share your own tips and experiences? Please, don’t hesitate to ask questions or leave your comments below.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Florian spent 5 years with McKinsey as a senior consultant. He is an experienced consulting interviewer and problem-solving coach, having interviewed 100s of candidates in real and mock interviews. He started StrategyCase.com to make top-tier consulting firms more accessible for top talent, using tailored and up-to-date know-how about their recruiting. He ranks as the most successful consulting case and fit interview coach, generating more than 500 offers with MBB, tier-2 firms, Big 4 consulting divisions, in-house consultancies, and boutique firms through direct coaching of his clients over the last 3.5 years. His books “The 1%: Conquer Your Consulting Case Interview” and “Consulting Career Secrets” are available via Amazon.

Most Popular Products

Search website

Strategycase.com.

© 2024 | Contact: +43 6706059449 | Mattiellistrasse 3/28, 1040 Vienna, Austria

• Terms & Conditions
• Privacy Policy
• Universities & consulting clubs
• American Express

Click on the image to learn more.

BCG Cover Letter: A Perfect Template and Tips to Stand Out

Crafting a BCG cover letter that stands out can be a daunting task, but with our perfect template and expert tips, you'll be able to showcase your skills and experience in a way that catches the attention of recruiters.

Posted May 11, 2023

Featuring Ben L. and Jeremy S.

Nailing the Case with McKinsey & Bain Alumni

Monday, april 1.

11:00 PM UTC · 60 minutes

If you want to stand out in your application for a job at BCG, you need a strong cover letter. A cover letter is your opportunity to introduce yourself, explain why you’re interested in the company, and highlight your relevant skills and experience. It’s your chance to convince the hiring manager that you’re the best fit for the job. In this article, we’ll explore why a strong BCG cover letter is essential and provide tips on how to write an effective one.

Why a Strong BCG Cover Letter is Essential

Your cover letter is often the first thing that a hiring manager will see when you apply for a job at BCG. It’s your chance to make a great first impression and stand out from the other applicants. Your cover letter can also provide context for your resume and give the hiring manager a better understanding of your career goals and aspirations. A strong cover letter can differentiate you from other applicants and increase your chances of getting an interview.

In addition to showcasing your qualifications and career aspirations, a strong BCG cover letter can also demonstrate your knowledge and understanding of the company and its values. By researching BCG and tailoring your cover letter to the specific job and company, you can show that you are a dedicated and enthusiastic candidate who is genuinely interested in working for BCG. This can make a significant impact on the hiring manager and increase your chances of being selected for an interview.

Understanding the Role of a BCG Cover Letter

The role of a BCG cover letter is to introduce yourself, explain why you’re interested in the company, and highlight your relevant skills and experience. It should be a persuasive document that convinces the hiring manager that you’re the best fit for the job. Your cover letter should demonstrate your understanding of the company’s values and culture and explain how you can contribute to its success.

One important aspect to keep in mind when writing a BCG cover letter is to tailor it to the specific job you’re applying for. This means researching the company and the position, and highlighting the skills and experiences that are most relevant to the job. It’s also important to use specific examples to demonstrate your qualifications, rather than simply listing them.

Another key element of a successful BCG cover letter is to showcase your passion for the industry and the company. This can be done by discussing any relevant projects or initiatives you’ve worked on, or by highlighting any industry-related accomplishments or awards you’ve received. By demonstrating your enthusiasm and commitment to the field, you’ll show the hiring manager that you’re not only qualified for the job, but also a great cultural fit for the company.

Free trial!

From 89 top coaches

Access a library of videos, templates, and examples curated by Leland's top coaches.

Example resumes.

Example Cases

Casing Drills

Mock Interviews

Key Components of an Effective BCG Cover Letter

An effective BCG cover letter should include the following key components:

• Introduction: Introduce yourself and state the position you’re applying for.
• Body: Explain why you’re interested in the company and how your skills and experience make you a good fit for the job.
• Closing: Thank the hiring manager for their time and express your enthusiasm for the opportunity to interview.

However, there are a few additional components that can make your BCG cover letter stand out from the rest. Firstly, it’s important to research the company and understand their values and culture. Incorporating this knowledge into your cover letter can demonstrate your genuine interest in the company and your ability to align with their goals.

Secondly, consider including specific examples of your past achievements that relate to the job you’re applying for. This can help to showcase your skills and experience in a tangible way, and make you a more compelling candidate for the position.

Researching the Company Before Writing Your BCG Cover Letter

Before you start writing your BCG cover letter, it’s important to research the company. Look at BCG’s website to understand its values, goals, and culture. Read the job description carefully to understand the requirements of the position and the skills and experience that BCG is looking for. Use this information to tailor your cover letter to the company and the position.

Additionally, it can be helpful to research the industry and competitors of the company. This can give you a better understanding of the market and how BCG fits into it. You can also use this information to highlight your relevant skills and experience in your cover letter. Furthermore, consider reaching out to current or former employees of BCG to gain insights into the company culture and work environment. This can help you determine if BCG is the right fit for you and demonstrate your genuine interest in the company.

Tips for Tailoring Your BCG Cover Letter to the Job Description

To tailor your BCG cover letter to the job description, highlight the skills and experience that are most relevant to the position. Use specific examples to demonstrate how you’ve used these skills in the past. Use language from the job description to show that you’ve read it carefully and understand the requirements of the position. Make sure to address any questions or concerns that the hiring manager might have.

Additionally, it's important to research the company and its culture before writing your cover letter. This will help you understand the company's values and mission, and allow you to tailor your letter to fit with their culture. You can also use this research to highlight specific projects or initiatives that the company has worked on that align with your own interests and experiences. This will show the hiring manager that you are not only a good fit for the position, but also for the company as a whole.

Structuring Your BCG Cover Letter for Maximum Impact

To structure your BCG cover letter for maximum impact, use a clear and concise format. Start with an introduction that grabs the reader’s attention and clearly states the position you’re applying for. Use body paragraphs to explain why you’re interested in the company and how your skills and experience make you a good fit for the job. Use a closing paragraph to thank the hiring manager for their time and express your enthusiasm for the opportunity to interview.

It’s also important to tailor your cover letter to the specific job and company you’re applying to. Research the company and the position to understand their values, goals, and needs. Use this information to highlight how your skills and experience align with their needs and how you can contribute to their success. Personalizing your cover letter shows that you’ve done your homework and are genuinely interested in the company, which can set you apart from other applicants.

Showcasing Your Relevant Skills and Experience in Your BCG Cover Letter

Your BCG cover letter should showcase your relevant skills and experience in a clear and concise way. Use specific examples to demonstrate how you’ve used these skills in the past. Use language from the job description to show that you’ve read it carefully and understand the requirements of the position. Be honest about your skills and experience and use them to demonstrate why you’re the best fit for the job.

Additionally, it's important to tailor your cover letter to the specific BCG office and industry you're applying for. Research the company and its culture to understand what they value and what they're looking for in a candidate. Use this information to highlight how your skills and experience align with their values and needs.

Finally, don't forget to proofread your cover letter carefully. Typos and grammatical errors can make a negative impression on the reader and detract from your qualifications. Have someone else read over your letter to catch any mistakes you may have missed.

Using Keywords and Action Verbs in Your BCG Cover Letter

Using keywords and action verbs in your BCG cover letter can help you to stand out from other applicants. Use keywords from the job description to show that you’ve read it carefully and understand the requirements of the position. Use action verbs to describe your skills and experience in a clear and concise way. This can help to make your cover letter more dynamic and engaging.

Another way to make your BCG cover letter stand out is to highlight your achievements and accomplishments. Use specific examples to demonstrate how you have contributed to the success of previous projects or organizations. This can help to show that you have the skills and experience necessary to excel in the position.

It’s also important to tailor your cover letter to the specific BCG office and industry you are applying to. Research the company and its culture, and use this information to demonstrate your fit with the organization. This can help to show that you are genuinely interested in the position and have taken the time to understand the company’s values and goals.

Common Mistakes to Avoid in Your BCG Cover Letter

There are several common mistakes that you should avoid when writing your BCG cover letter. These include:

• Using a generic cover letter that doesn’t address the specific requirements of the position.
• Focusing too much on your past history instead of your future goals.
• Being too formal or too casual in your tone.
• Not proofreading your cover letter for spelling and grammar mistakes.

Examples of Successful BCG Cover Letters

It can be helpful to read examples of successful BCG cover letters before writing your own. You can find examples of successful cover letters on BCG’s website or on job search websites. Use these examples as inspiration for your own cover letter, but make sure to tailor it to the specific requirements of the position.

How to Follow Up After Submitting Your BCG Cover Letter

After submitting your BCG cover letter, it’s important to follow up with the hiring manager. You can send a brief email to thank them for their time and express your continued interest in the position. You can also ask if there is any additional information that you can provide or if there is an estimated timeline for interviews.

Tips for Standing Out Among Other Applicants with Your BCG Cover Letter

To stand out among other applicants with your BCG cover letter, you should:

• Personalize your cover letter to the specific requirements of the position.
• Use specific examples to demonstrate your skills and experience.
• Use language from the job description to show that you’ve read it carefully.
• Proofread your cover letter for spelling and grammar mistakes.
• Be professional, but also show your enthusiasm for the opportunity.

By following these tips and using our template, you can write a strong BCG cover letter that will help you stand out from other applicants and increase your chances of getting an interview. Good luck!

Browse hundreds of expert coaches

Leland coaches have helped thousands of people achieve their goals. A dedicated mentor can make all the difference.

Browse Related Articles

March 12, 2024

How to Master BCG Pymetrics: A Comprehensive Guide

In the fast-paced world of consulting recruitment, BCG Pymetrics has emerged as a groundbreaking tool that revolutionizes the hiring process. If you're eager to understand and master this test, our comprehensive guide is your ultimate resource!

August 17, 2023

How to Prepare for Boston Consulting Group Management Consulting Case Interviews?

If you're preparing for a Boston Consulting Group management consulting case interview, this article is a must-read.

How to Get a Job at BCG: Interview and Networking Tips

Tips and tricks for getting a job at Boston Consulting Group from an expert coach, including advice on who BCG is looking for and how to prepare for the interviews.

May 11, 2023

BCG Internship Acceptance Rate: Facts, Figures, and Tips for Success

Discover the truth about BCG internship acceptance rates and gain valuable insights on how to increase your chances of success.

From No Offers to Multiple Offers–How to Take Your Casing to the Next Level

Tips for management consulting case interviews that got one applicant several job offers at MBB and other top firms.

May 18, 2023

Making the Move: How to Transition from the Automotive Industry to Management Consulting

Are you considering a career change from the automotive industry to management consulting? This article provides valuable insights and tips on how to successfully make the transition.

June 9, 2023

Mastering Case Interview Math: Essential Formulas

If you're preparing for a case interview, mastering the math is essential.

McKinsey OA: How to Ace It in 2023

Looking to ace the McKinsey OA in 2023? Look no further! Our comprehensive guide provides you with all the tips and tricks you need to succeed.

January 9, 2024

BCG Recruiting Timeline for 2023: What Candidates Should Know

If you are considering applying for a position at BCG, it's crucial to familiarize yourself with the recruiting timeline. In this article, we help you understand BCG's stages and deadlines, enabling you to strategize and prepare effectively to increase your chances of securing a job at the firm.

December 4, 2023

Exploring the Advanced Degree Program at BCG: A Comprehensive Review

Are you considering pursuing an advanced degree program at BCG? Look no further! Our comprehensive review covers everything you need to know about the program, from admission requirements to curriculum and career opportunities.

Navigating the Path of BCG Career Progression

Discover the secrets to navigating the path of BCG career progression with our comprehensive guide.

Demystifying the BCG Final Round Interview: A Deep Dive Into Success Rates

Are you preparing for the final round interview with BCG? Look no further! Our article "Demystifying the BCG Final Round Interview" provides a comprehensive analysis of success rates and insider tips to help you ace the interview.

BCG Cover Letter: 4 Templates and Email

We are extremely careful about providing our readers with the content they need. These samples of BCG cover letters will surely help you. Make sure to insert your personal details at the required places.

Letter Template: 1

Table of Contents

BCG Cover Letter

[ your name]

[ your address]

[ your contact information]

[ recipient’s name]

[ recipient’s address]

[ recipient’s contact information]

Dear Sir/Madam,

Recently, I have seen the information for the requirement for the post of [mention the position] in BCG on their website which is [mention the URL] on [mention the date].  I desire to work in this reputed company like BCG and find the requirements posted on the website is absolutely matching my educational background and experience. 

I am interested to work with the team of BCG as I have seen them taking a different approach to every problem. Instead of fixing the issue in the current framework, they would rather look in to the problem from the starting level and resolving it from start to finish. I am very much interested to delve in to deeper analysis in to the career as a [mention the position] and therefore I would like to apply for it at BCG. 

BCG as we know is highly recognized at a global level and well reputed firm and committed to serve with high quality standards. I am confident that I would be able to deliver the best with the support of my excellent educational background and quality experience. I had done my graduation in [mention the subject] from the university of [mention the university name] in the year [mention the year]. It had been [mention the time period] years of program.  

I had also done short term computer course from the well known institute of [mention the computer institute]. Over there, I got the opportunity to learn the latest software program like [mention the software program]. With the help of these software programs, I am very capable of designing projects for industrial activities. 

Regarding my professional experience, I have overall [mention the experience period] years. Initially, I had been appointed as an intern and I got the opportunity to work with excellent performers of [mention the company name]. 

I deserve to work in BCG in the post of [mention the position] and therefore I would request you to call me for the interview. I will be able to explain further in a better way about my skills and academic background and justify my employment with you. Kindly give me a call at my contact number which is [mention the contact number] for further discussion.

I would be waiting for your response.

Thanking you,

Yours Faithfully,

[Mention your name]

Download Template : ( pdf, docs, ODT, RTF, txt, HTML, Epub, Etc )

Letter Template: 2

It will be a great opportunity for career growth for me when I would be joining the BCG consulting group. I got the encouragement to apply for the post of [mention the position] as I the requirement for it on the website of [mention the website]. In fact, it is continuously posting the information of this vacant post not only on the website but also in the journal of [mention the newspaper] dated on [mention the date].

I am quite thrilled and excited to see the advertisement as I find it matches my educational background and experience in the field of [mention the field]. 

I am very much aware of the fact that BCG Consulting Group is a reputed firm and recognized all over the world due to its excellent business networks. It is one of the Big trees of the industry and it has 73 offices in 43 countries of the world.

As I know that staff members of the BCG consulting group are highly qualified and well-skilled to contribute in the industry. I would prefer to work with this team who is specialized in resolving the tasks from the grass-root level. 

With my in-depth researching ability, and excellent communication and leadership skills, I will definitely qualify for the post of [mention the position] at BCG Consulting Group. I am highly suitable for the post as I am a graduate of [mention the university name] .

I had been a topper in my college as I had scored above [mention the percentage]. After that, I did join [mention the previous company name] in the position of [mention the position]. I had worked for a period of [mention the time period] years.  Over there, I was performing the tasks of [mention the activities]. 

I do believe that with my qualification and experience as mentioned above, I do stand as a deserving candidate for the post of [mention the position]. For further details, you can get in touch with me on my contact number which is [contact number]. 

Thanking You,

Yours Sincerely,

Letter Template: 3

Currently, I am pursuing my master’s program in [mention the subject] at the University of [Mention the university] and an advertisement for the requirement of the management consultant at BCG Consulting Group has actually struck my interest.

I had seen this advertisement on the website of [mention the website] of BCG Consulting Group on [mention date] and found it quite promising for my career. I would love to grow in this industry if I get the opportunity to grow over here. 

BCG Consulting Group is known to recruit candidates who had been bright students in their academic careers and brilliantly performing in their respective fields. I find myself among the brilliant performers and excellent students. I would like to inform you as to why am I very much suitable for the post of management consultant in BCG Consultant Group. 

I would like to inform you that I have been working as an intern in [mention the previous company] for a period of [mention the time period] months. Due to excellent performance, I have been absorbed in the team of [mention the name of supervisor] as a junior management consultant. 

I was responsible for interviewing staff members of the client, assisting my supervisor in preparing the presentations, and arranging meetings with the leaders of different industries. Over there, I had been appreciated for my contribution with my effective communication and leadership skills.

I had been awarded as the best employee of the year in the company last year.  I would like to invest my efforts over here along with the team of BCG Consulting Group who are actually specialized in providing quality solutions by working from start to finish. 

I had done graduation in [mention the subject] from the University of [mention the university] and a 6 months diploma course in [mention diploma course] from the Institute of [mention the institute name]. 

I am confident that with my experience of [mention the experience period] years and academic background, I will be able to do justice to the job as a management consultant in your reputed company. 

Kindly contact me on [mention the contact number] or send me an email to [mention email id] to know further about my interest to work as a management consultant in BCG Consulting Group.

Yours faithfully

Letter Template: 4

[recipient’s contact information]

Dear Sir/Madam, 

I am writing this letter to inform you that job posting for the post of [mention the position] in BCG Consulting Group on its website and also the [mention the job portal name] has attracted me and inspired me to apply for it. I find myself perfectly eligible for this post. 

The reason for choosing BCG Consulting Group over any other company for my career growth is due to its unique way of resolving problems. The team of BCG Consulting Group is always focusing on resolving problems from the grass-root level.

The work culture has deeply impacted me and I want to grow in this professional environment with my skills. It will be an intellectual pursuit for me by working in the position of [mention the position]. 

I have taken the decision to apply at BCG Consulting Group because of its global presence in 43 countries and its commitment to providing high-quality services. 

I am very much confident that my educational qualifications and industrial experience of [mention the experience period] is perfect for the challenges faced by BCG Consulting Group in the various segments of the business. I do have the potency to tackle the issues with my analytical and reasoning skills. I am capable of collaborating with the members of the organization and also with the clients of the other industries.

I know how to handle a team of 50 people and provide them with appropriate training for increasing the productivity of the company and boosting the career growth of every employee. I have worked with sincerity, honesty, and following the quality standards of [mention the previous company name] and achieved 100% client satisfaction in the last [mention the experience period] years.

I have earned a bachelor’s degree in [mention stream] with a specialization in [mention the subject] from the University of [mention the university name]. If I am hired by BCG Consulting Group then I commit to doing best. As I am keen to apply for the post of [mention the position], kindly give me a call on [mention the contact number] or send me an email to [mention email id]. Thank you for your time and consideration.

Yours Faithfully

{Mention your name]

Similar Posts:

• Travel Consultant Cover Letter: 8 Templates
• How To Write a Cover Letter With No Experience: 82 Templates
• It Consultant Cover Letter Example: 6 Templates
• Management Consultant Cover Letter: 4 Templates
• Compensation Consultant Cover Letter: 4 Templates
• Leasing Consultant Cover Letter: 6 Templates
• Cyber Security Cover Letter: 10 Templates
• Training Consultant Cover Letter: 4 Templates
• Consultant Farewell Letter: 8 Templates
• Customer Service Consultant Cover Letter: 4 Templates

“Business, marketing, and blogging – these three words describe me the best. I am the founder of Burban Branding and Media, and a self-taught marketer with 10 years of experience. My passion lies in helping startups enhance their business through marketing, HR, leadership, and finance. I am on a mission to assist businesses in achieving their goals.”

• Legal Recruiter ➝
• Job Analysis Tool

BCG Attorney Search Tools - Cover Letter Guidelines

BCG Attorney Search's new, revised 2007-2008 Cover Letter Guide offers the definitive word on what makes an effective cover letter. Expanding on last year's edition, not only does this year's Guide offer helpful tips to make sure you do not make the kind of errors in your cover letter that your spellchecker will not catch, we also give you advice on what should be included in an effective letter and what is probably better left for the interview process.

Many people insist that the cover letter is the least important process of the job application process. As a legal recruiting firm, we can tell you that is not true. We receive thousands of resumes and cover letters from attorneys every year, and we continually see the same types of mistakes that we know could potentially deter a firm from hiring an otherwise perfect candidate.

In the course of your legal career, your writing abilities will constantly be put to the test. If your first communication with a potential employer shows sloppy thinking, poor decision-making, or even simple, avoidable grammatical mistakes, the chances you will be hired are slim. Make sure that you get careful consideration from employers by reading through our search letter guidelines and confirming that your letter is error-free and ready to make a good impression on employers.

Click here to download the 2007-2008 BCG Attorney Search Letter Guidelines and Style Sheet(pdf file)

Additional Actions

• Our Technology
• Core Values
• The BCG Difference
• BCG Attorney Search Tools
• Recent Grade
• Download BCG Brochure

Search Attorney Jobs

Practice area:, work experience:, featured jobs.

Location: Wisconsin - Waukesha

Location: Georgia - Atlanta

Location: Michigan - Bloomfield Hills

Upload Your Resume

Upload your resume to receive matching jobs at top law firms in your inbox.

Need help staying on top of your search? Sign up for job alerts!

Additional resources.

• Harrison's Perspectives
• Specific Practice Areas
• The Winning Mindset

BCG Reviews

If it means anything to you, as a Duke alum, you are my favorite Harrison Barnes. Thanks for the article -- I will defi.... Read more >

Jonathan King

Carleen was very persistent, which I appreciated because I was being kind of lazy about my job search. She was also pati.... Read more >

Robert Townsley

University at Buffalo Law School, Class Of 2016

My recruiter recently worked with me when I decided to change firms, and was a terrific resource throughout the whole pr.... Read more >

Alexandra Hoffman

University of San Francisco School of Law, Class Of 2013

I liked the frequency and competence of communication. Working with BCG made my job search easier because it made me awa.... Read more >

David Shotlander

George Mason University School of Law, Class Of 2006

I thought that the regular updates really helped and I'd say that my legal placement professional was really consistent .... Read more >

University of Notre Dame Law School, Class Of 2016

My favorite things about working with BCG were promptness, attention to detail, and personal interaction.I felt like rep.... Read more >

Michael Duffy

Washington and Lee University School of Law, Class Of 2009

Popular Articles by Harrison Barnes

• What is Bar Reciprocity and Which States Allow You to Waive Into the Bar?
• What Do Law Firm Titles Mean: Of Counsel, Non-Equity Partner, Equity Partner Explained
• Top 6 Things Attorneys and Law Students Need to Remove from Their Resumes ASAP
• Why Going In-house Is Often the Worst Decision a Good Attorney Can Ever Make
• Top 9 Ways For Any Attorney To Generate a Huge Book of Business

Helpful Links

• The BCG Attorney Search Guide to Basic Law Firm Economics and the Billable Hour: What Every Attorney Needs to Understand to Get Ahead
• Quick Reference Guide to Practice Areas
• Refer BCG Attorney Search to a Friend
• BCG Attorney Search Core Values
• Recent BCG Attorney Search Placements
• What Makes a World Class Legal Recruiter
• What Makes BCG Attorney Search The Greatest Recruiting Firm in the World
• Top 10 Characteristics of Superstar Associates Who Make Partner
• Off-the-Record Interview Tips From Law Firm Interviewers
• Relocating Overseas
• Writing Samples: Top-12 Frequently Asked Questions
• The 'Dark Side' of Going In-house
• "Waive" Goodbye To Taking Another Bar Exam: Typical Requirements and Tips to Effectively Manage the Waive-in Process
• Changing Your Practice Area
• Moving Your Career to Another City
• A Comprehensive Guide to Working with a Legal Recruiter
• A Comprehensive Guide to Bar Reciprocity: What States Have Reciprocity for Lawyers and Allow You to Waive into The Bar

What Our Readers Are Saying

• As I start my transition from BigLaw to solo practitioner, I stumbled on one of your articles and after just reading the first couple of lines I could not stop [until the] end. Great, eye-opening read. Thanks. Gustavo Laborde Shearman & Sterling LLP
• Your articles have been influential in my journey as a returning lawyer. Sarah Pavlik
• Hi Harrison. I get your emails and regularly read your articles. You have some very good insights into the legal profession that aren't often voiced. I appreciate the effort they take. -Public Company General Counsel
• Thanks, Harrison. I truly enjoy reading your work. You are a thought leader and I love your confidence and swagger. Paul G.
• Harrison Barnes you're a genius. Who writes your articles? They're so right on! I've been reading your work of art for so long I can't remember when I started. Practicing for over 25 years your words are gospel to lawyers. Thank you and keep it up. Michele M. Volpe Bershtein, Volpe & McKeon P.C.

Don't miss out!

Submit Your Resume for Review

Register for Unlimited Access to BCG

Sign-up to receive the latest articles and alerts

Already a subscriber? Sign in here.

Consulting Cover Letter: What You Actually Need to Know

The key to effective cover-letters is story-telling. Most people write cover letters like resumes, with cold, hard facts, and that’s the problem.

Cover letters are much more effective if they contain stories capturing the burning spirits of candidates. In this article, I’ll tell you how to install such stories seamlessly into your consulting cover letters, and land a case interview yourself.

Consulting cover letters – The basics

What are cover letters for.

Cover letters are documents accompanying resumes, to provide further insights into the qualities and motivations of a candidate, as well as portray who he/she is as a person .

In consulting cover letters, there are three essential qualities you must always display:

• Leadership skills:  the ability to influence people’s decisions.
• Achieving mindset : the continuous, relentless push for the best results.
• Analytical problem-solving:  the ability to solve problems in a structured, methodical manner.

Regarding motivations, there are two questions you need to answer:

• “Why consulting?”:  Do you really understand the consulting world, and how it fits with your long-term plans? Is there something unique in the consulting track to explain your choice?
• “Why this firm?”:  Out of all the consulting firms, why ours? There should be something uniquely attractive about this firm to you, isn’t there?

And last but not least, don’t forget to show that you have an interesting personality that fits with the firm’s culture.

Cover letters vs Resumes – What’s the difference?

Because so many candidates confuse between the two, then end up writing boring cover letters resembling “paragraph versions” of their resumes, I feed the need to differentiate.

There are four marked differences:

Cover letters go deep, resumes go wide

In cover letters, you should select one or a few most notable achievements, and describe them in detail to reflect your three defining aspects (values, competencies, motivations).

This stands in contrast with resumes, where you cram as many relevant achievements as possible into the space of one or two A4 pages.

Cover letters are “soft” stories, resumes are “hard” bullet lists

The content format of cover letters is much less defined, leaving room for a lot of creativity, unlike resumes which are almost always bullet lists of cold, hard facts.

Your goal as the candidate is to fully utilize that loosely-defined format and make your cover letter as attractive and memorable as possible.

Cover letters describe personality, resumes do not

A crucial role of the cover letter is to portray who you are as a person. Resumes don’t do that, they focus on your achievements.

Your personality does not only come directly through the contents, but also reflected in the style of the letter – so take time to make your cover letter more attractive, and you’ll make a better impression with the screener.

Cover letters touch on future plans, resume concerns mostly the past

In cover letters, you have to answer the motivation questions (why consulting, why this firm). In resumes, that aspect is barely mentioned.

The most credible answers to those questions connect the job with your future plans – as such, the cover letter is not confined to the past like resumes.

Understanding your audience

The vibe inside the screening room.

Busy, tiring, and boring – that’s the vibe inside the screening room.”

Picture this in your mind:

A junior consultant is in the office on a Friday night, going through hundreds of applications. He has to do this as a form of goodwill for the company, on top of his ongoing project.

Everyone’s application looks the same, following one set format; a somewhat extraordinary resume catches his attention, so he checks the cover letter to see if there’s anything interesting, only to be disappointed because the letter is an exact recital of the resume.

If you want to grab the screener’s attention and make memorable impressions, you have to break that negative vibe, using an unordinary cover letter.

Most cover letters are just listings of achievement and cliched motivation statements – they feel like unoriginal walls-of-text that offer nothing new – and that’s the exact reason why many screeners don’t like cover letters. Write an exciting story instead – the screener will love it.

Why they read your cover letter

There are two main reasons why the screener reads your consulting cover letter:

• He wants to know more about your motivations and personality because your resume is both impressive and interesting/unordinary at the same time.
• He wants to clarify some ambiguous points in your resume – this happens if you appear highly competent, but your writing is not clear enough.

In both cases, there’s no excuse to repeat your resume in a paragraph format and disappoint the screener. You have all the reasons in the world to present an attractive, detailed, focused narrative – tell a story and get your interview.

Both the background and the purpose of cover-letter-screening suggest that an innovative story-telling approach is much more beneficial than the common, formulaic, overly-formal cover letters.

Such an approach will definitely make your cover letter stand out from the heap of some 200 other applications. It helps you grab the screener’s attention, and impress him in a memorable way.

Additionally, it makes reading the cover letter easier and more enjoyable. The screener is already tired, so there’s no point in making his life harder.

Whatever the reason, as the cover letter is opened AFTER the resume, the implication is that you need to perfect your consulting resume first!

If you haven’t read it, here’s an A-to-Z guide to writing the perfect consulting resume , from a former McKinsey consultant and resume screener!

Consulting cover letter – Step-by-step guide

All these elements must be presented in a coherent storyline and concise language.

Keep in mind this is a consulting cover letter – as such, your story should be backed up by impactful, specific, verifiable results.

To write impressive, fact-based stories that demonstrate all three necessary aspects of the candidate, I advise you to follow these four steps:

Step 1 – Self-reflect for storylines

Search your memory for events, experiences, ideas… that can serve as a basic storyline – the backbone of your cover letter. For each storyline, consider the following six criteria :

• Uniqueness: The base story should be something unique to you. If it’s something common or universal, you won’t have the screener’s attention.
• Attractiveness: Your story should be attractive and entertaining – only then can you trigger the screener’s curiosity. Usually, it’s something “big” and impactful, but not controversial
• Positiveness: The story should have a positive “vibe” to it. If it’s something sad or negative, don’t include it in your cover letter.
• Qualities: All three consulting qualities (leadership, achieving, analytical problem-solving) should be illustrated in your story. Otherwise, consider that story irrelevant.
• Motivations: Your story should at least help explain why you’re applying, if not providing direct answers to that question. Firms don’t like to hire candidates without clear motivations.
• Personality: Make sure you exhibit a likable personality. On the other hand, if that story suggests negative traits (pessimism, short temper, cynicism, etc.) you have to modify it.

Let’s see if these storylines of my own could match the requirements:

“I escaped from a near-death experience during a paragliding session using my gliding skills.”

This is not something you hear every day, and near-death stories are often quite attractive, so you have those two boxes checked; and for now, there’s no sign of “bad” personality traits.

However, it’s a near-death experience, so it does have a negative vibe. Additionally, it shows neither consulting qualities nor relevant motivations.

=> This story only meets 3 out of 6 criteria. Out!

“I founded an entertainment business which attracted lots of attention, but ultimately failed.”

Not everyone is a startup entrepreneur, so this story does meet the “uniqueness” criterion. It’s relatively easy to draw attention with startup stories, and it’s easy to explain a consulting career choice from a former entrepreneur perspective, too. No negative personality trait is visible.

While being a business owner suggests some leadership and problem-solving experience, as well as an achieving mindset, a failure story like this might raise some questions on the “qualities” aspect; it also creates a negative vibe.

=> Overall, 4.5 to 5 out of 6. Not really the best storyline for a consulting cover letter, but usable with some modifications.

“I broke McKinsey’s code of conduct, convinced a client to pay their long-overdue service fees, and was celebrated for it.”

Is there anyone who doesn’t like those “breaking rules” stories? I’m quite confident this experience is quite unique and attractive. Because this is actual consulting work, it’s undoubtedly easy to point out all the important consulting qualities, as well as to provide a basis for my motivations.

However, this “breaking the rules” story may suggest rebellious tendencies, so if I’m going to use it I’ll again need some modifications.

=> This story scores 5.5 / 6. Quite good but I do need to be careful with it.

Step 2 - Add and classify details

Rack your memory and jot down everything related to your storyline; don’t worry about having too many details, you will be trimming the story later.

Pay special attention to the details best illustrating relevant qualities , motivations , and personality , because you will need to emphasize them.

Step 3 – Structure and enhance

Arrange the details of your story in a logical, intuitive structure; the most common method is:

1. Describe a notable, relevant experience using the problem-action-result structure to impress the interviewer with your qualities first.

2. Try to link it up with the present/future parts of your story (ideas, philosophies, plans) to explain your motivations.

Trim all non-essential and technical details, they do nothing but confuse the reader and bore them to death. Your story should be told in a way even your grandmother can understand.

Then, arrange and enhance the remaining details so that the story feels more dramatic, i.e the uniqueness and difficulty of the problem should be emphasized.

On a related note, consultants dislike lengthy cover letters – in fact, one A4 page is the maximum length – so there’s one more reason to start trimming.

Step 4 – Amplify consulting features

First, make all three key consulting traits stand out from your story – leadership, achieving mindset, and analytical problem-solving.

Then, make subtle references to consulting work using the industry’s terminology and concepts. Most screeners, being consultants themselves, will subconsciously appreciate this. However, avoid buzzwords and slangs found on the Internet, or you’ll appear superficial and unprofessional.

Consulting cover letter – Tips

To write the best cover letter, you must thoroughly understand the industry, its major firms, and even the very office you’re applying into.

To achieve such an understanding, there is quite a bit of research to do – and here are three tips for you to ease that process!

Tip 1: Networking

Successful networking goes a long way in the consulting recruitment process and in cover letters.

Firstly, management consulting firms are relatively publicity-shy, so having a connection within these firms allow you to gain very specific and authentic insights about the firm, the job, as well as the consulting world in general, helping you make better choices and deliver more convincing reasons.

Secondly, you may earn a referral ! The screening stage is harsh – it’s where most candidates are filtered out, both in absolute and proportional terms – and referrals help a great deal with that.

Remember to show your networking efforts by mentioning the names of consultants at the office you’re applying into, as well as their projects. The screener will know you really do care about the job, and you’ve done your homework.

Tip 2: Read consulting news

The websites of major consulting firms all have countless articles on current affairs as well as their own projects – read them frequently and regularly .

For one thing, those articles will deepen your understanding of management consultants and their work, helping you make better choices and explain them more effectively to the screener.

Additionally, reading consulting articles regularly will help you know more about the specific projects of each firm, which you can bring up in cover letters.

Tip 3: Build “cheat sheets”

A few ready-to-use “cheat sheets” containing all the important details on the consulting industry and major firms will significantly ease the writing process.

I recommend making three different groups of sheets – one for the consulting world in general, one for the firms, and the last one about the specific offices you’re applying into.

Be implicit and “smooth” when using these sheets. Make sure to sound as natural and seamless as possible when mentioning your references; avoid putting them at the focus of your sentences, but to use them as supplements to the main idea (e.g: I was awed by the network of experts supporting our project with McKinsey back in 2016).

Consulting cover letter – Visual format

Consulting cover letters are not the place for creative, colorful designs. Format your letters in a conservative, text-dense, black-and-white fashion – that’s how actual consultants do it.

One A4 page is the maximum length for consulting cover letters.

Inside the busy screening room, nobody has the time and energy to read a two-page worth of story, no matter how attractive it is.

If your cover letter exceeds that maximum length, trim away the less important details and shorten your expressions; you can also tweak your font size, spacing, and margins to squeeze the most content into one page.

Use formal, conservative fonts, such as Times New Roman, Calibri, Cambria, Garamond, etc.

Keep your font size at 10-12. Larger text tends to feel somewhat “messy”, and they’re space-consuming. Smaller text, on the other hand, feels difficult and tiring to read.

Additionally, the typeface in your cover letter should match that on the resume.

Spacing, margins, and alignment

Use spacings of 1.15 between lines and 1.50-2.00 between paragraphs. Consulting cover letters are quite text-dense, so it’s important to use these white spaces to ease the visual strain.

Always align your text on the left side. Left-aligning is the standard in the United States, where most major consulting firms are based; additionally, left-aligning keeps the horizontal spacing between words even, unlike justified where that spacing varies considerably between each line.

All four margins should be equal at 1 inch. That should keep your letter neat and tidy while maximizing the amount of text on one page.

Other reminders

If you know who’s screening, address them by name. Otherwise, generic salutations are fine.

I’ve come across pages claiming it’s no longer acceptable to write generic salutations (“ To whom it may concern ”); however, in consulting firms where the screening process is assigned to junior consultants on an availability basis, you don’t always know who’s reading your letter, so such salutations are okay.

On the other hand, if you happen to be applying into a small, new office, and your networking efforts are successful, you may know your screener. In that case, refer them by name for a greater impact.

Replacement test

If you can replace the industry and the firm in your letter with something similar and it still makes sense, your tailoring is not enough.

Your motivations should be based on unique and defining descriptions – for example, McKinsey having the largest support network for consultants, or Bain being the frattiest among MBB consulting firms.

Non-unique reasons, such as “prestigious brand name” or “interesting projects” can apply to basically every major consulting firm out there, so they’re not strong bases for your choices.

Maintain formality

Use formal language throughout, and keep standard your heading and salutation.

Show your uniqueness and creativity only through the main content sections. Other “procedural” parts of the cover letter should always remain formulaic – see the sample section.

The language in the main paragraph should also remain formal, i.e no slang, no contraction, no overuse of exclamations.

Avoid short-term motivations

Don’t say you’re in for a 2-year learning experience, or your application will be heading for the bin very, very quickly.

It’s costly to turn fresh graduates into effective consultants, so firms don’t want candidates who will bail out just after they’ve become useful. They want people who will stay in the firm for as long as they can – they want future partners.

You might include long-term plans concerning other industries, but don’t give the impression that you’re bailing out in a few years. If that’s your plan, don’t even mention it.

Proofread and edit

Writing cover letters should be a long process of continuous proofreading, feedback, and editing.

It’s best to find a former/working consultant or at least someone who’s knowledgeable about the industry to help you out. Consulting cover letters differ from normal ones quite considerably, so generic guidelines won’t be of much use.

It’s also very helpful to allow intervals of at least a few days between writing and proofreading sessions; you will find it easier to spot errors if you proofread with a “fresh” mind.

Try to avoid format, spelling, and grammar mistakes at all costs. In consulting cover letters, such mistakes are much less tolerated.

Cover letter file format

Always send your cover letters in the PDF format (most screeners expect you to do so).

This file format will make sure your cover letter appears the same on every computer, and it minimizes the damage that may occur in the file transfer process (by contrast, DOC files are vulnerable to numerous errors).

Depending on the computer, PDFs may look cleaner than DOCs – one possible bonus point for appearance.

Still not sure whether your cover letter is good enough? Book a meeting with former consultants. Our coaches will show you how to make your resume stand out among thousands of candidates. 

Cover letter example

Now that you’ve learned the secrets to the best story-telling cover letter, let’s have a little exercise and help the First President write one to McKinsey, shall we?

(The content in this sample letter is largely fictional for illustration purposes)

George Washington [email protected] Mount Vernon Plantation, Fairfax County, Virginia, U.S.A July 4, 1789

To whom it may concern,

My purpose in life is to liberate the American people and lead them to prosperity. The revolution of the Thirteen Colonies was up against the largest military force in the world – the British Empire – at a four-to-one disadvantage – few if any country had come up against such odds victoriously. And that was the situation I was in, as the leader of the revolution.

Under my lead, the revolutionaries mobilized internal support from 2.4 million soon-to-be American citizens and external support from allies in France. This support allowed us to remain operational even after severe defeats, which would otherwise put an end to the revolution. After six years, the Colonies came out victorious and was recognized as the new United States of America. War is over, so my new task is to steer the newfound States towards economic prosperity – and consulting experience at McKinsey will help a great deal with that.

I happen to also run a plantation business – Mount Vernon by name – which was McKinsey’s client during our expansion project in 1785. I was extremely impressed by the highly structured and data-based approach that McKinsey consultants took to deliver their solutions, and even more impressed by the incredible network of experts that was backing our project.

Through Ms. E.M – the Engagement Manager for our project from McKinsey’s DC Office – I came to be aware of the firm’s expertise in the public sector – which was recognized as being the overall best among major consulting firms.

And for that reason, I realized a consultant position at McKinsey DC will give me invaluable exposure in the public sector, both from its projects and its vicinity to the country’s capital.

I will be looking forward to speaking with you in person, about how I can put my experience as a former head-of-state and an entrepreneur to work at McKinsey.

Sincerely yours, George Washington

Scoring in the McKinsey PSG/Digital Assessment

The scoring mechanism in the McKinsey Digital Assessment

Related product

Consulting Resume Toolkit

Get the fundamental of crafting a "consulting-like" resume with the most powerful secret toolkit.

You can refer on guides, tips, examples & templates in this article to build a excellent resume rely on the necessary criteria of a Management Consulting Firms

In this article, we'll look into several ways to tailor a consulting resume to stand out among thousands of competitors and win your screener’s heart.

Great consulting resumes have 4 main sections: Education, Work Experience, Extracurricular Activities, & Others. All should be result-oriented and data-driven

Hacking the Case Interview

Are you struggling to write your consulting cover letter? Don't worry, because we'll walk you through step-by-step how to write the perfect consulting cover letter that will capture the attention of the reader, tell your story, and help you land multiple consulting interviews.

In this article, we'll cover in detail:

• What is a consulting cover letter?
• What do recruiters look for in consulting cover letters?
• How to write the best consulting cover letter
• How to format your consulting cover letter
• Consulting cover letter tips
• What to do when consulting cover letters are optional

While you are preparing your cover letters, you should also be preparing for your consulting case interviews. You will need to ace every single case interview in order to land a consulting job offer.

If you’re looking for a step-by-step shortcut to learn case interviews quickly, enroll in our case interview course . These insider strategies from a former Bain interviewer helped 30,000+ land consulting offers while saving hundreds of hours of prep time.

What is a Consulting Cover Letter?

A consulting cover letter is a document that introduces yourself to a recruiter or resume reviewer. In addition to your resume, cover letters are another component of your application that consulting firms use to determine whether or not you should receive an interview.

Cover letters are a quick way to screen out weak candidates. A cover letter that is generic and filled with errors leaves a negative impression on readers. Poor cover letters signal a lack of interest in consulting, poor writing skills, and a lack of attention to detail.

However, cover letters are also an opportunity to distinguish yourself from other candidates. They can help get your foot into the door for a consulting job interview.

Through a cover letter, you can go beyond what is listed on your resume and provide further context and background on your work experiences. Additionally, you have the opportunity to tell readers who you are as a person, what your motivations are, and what makes you special.

Cover letters also give you an opportunity to explain potential red flags in your application or profile. Do you have a low GPA ? Do you have a long gap in your work history? You can use part of your cover letter to address these concerns.

Overall, if your resume is on the borderline between receiving an interview and not receiving an interview, your cover letter will be the deciding factor. Candidates that don’t have the strongest resumes benefit the most from having outstanding cover letters.

While your resume is the most important component in getting consulting job interviews, your cover letter can still make a meaningful and significant difference.

What do Recruiters Look for in Consulting Cover Letters?

Let’s put ourselves in the shoes of consulting recruiters. What would we want to see in a candidate’s cover letter?

Ideally, we would want to interview candidates that have the highest potential to become great consultants. In order to determine which candidates would make great future consultants, we need to look at their background and work experiences to determine if they have the right skills and qualities to succeed in consulting.

We would also want to interview candidates that are genuinely interested in a career in consulting. It is a huge waste of resources to interview candidates that applied last-minute because they are unsure of what kind of career they want to pursue.

Finally, we would only want to interview candidates that would likely accept a job offer if given one. Interviewing candidates that are applying to the firm as a backup choice is not ideal because it is a waste of resources since these candidates may not even accept the job offer if given one.

Therefore, recruiters look for three major things in consulting cover letters:  

• Does the candidate have the skills, experiences, and background to become a great consultant?
• Does the candidate understand consulting and what they are getting into?
• Is the candidate genuinely interested in working for the firm?

To have an outstanding consulting cover letter, you will need to address all of these points and remove any doubt from the recruiter’s mind on whether you would be a great candidate to interview.

How to Write the Best Consulting Cover Letter

There are six components to a great consulting cover letter. We’ll go through each section and describe exactly how to best write each component.  

Opening paragraph

Three body paragraphs

Closing paragraph

This section of the cover letter is a formality. You’ll want to include the following information in the header section:  

• Phone Number
• Date you are sending the letter

Although your resume will already have this information, you want your cover letter to also have your contact information to make it as easy as possible for recruiters to contact you.

Keep the header short to give yourself more room to write your cover letter.

You should tailor your salutation to the consulting firm that you are applying for. Do not start your cover letter with “To whom it may concern.” This salutation is not personalized and feels cold.

Instead, identify which recruiter is the primary point of contact for you and address the cover letter to that recruiter and their team. If you can’t identify the head recruiter, address the cover letter to members of the consulting firm’s recruiting team.

Here are a few examples of salutations you can use:  

• Dear [Recruiter] and members of the McKinsey recruiting team,
• To [Recruiter] and the Bain recruiting team,
• Dear members of the BCG recruiting team,

The first sentence of your opening paragraph should be a powerful statement that summarizes your areas of expertise and the number of years of experience. If you had to summarize your entire background and work experience into one sentence, what would it sound like?

This powerful opening sentence is used to grab the reader’s attention and introduce yourself in an impressive way.

The second sentence should state what specific role you are applying for at the consulting firm. Do your research to ensure that you are using the correct job title since many consulting firms have different job titles for similar positions.

For example, McKinsey’s entry level role is called “Business Analyst,” BCG’s entry level role is called “Associate,” and Bain’s entry level role is called “Associate Consultant.”

McKinsey’s post-MBA role is called “Associate” while BCG and Bain’s post-MBA role is called “Consultant.”

The next sentence should describe why you are interested in the consulting firm. Do your research on the consulting firm so that you are giving specific, compelling reasons why you are interested. You need to convince readers that their firm is your top choice.

Example : I am a marketing professional with four years of experience working on digital marketing projects that have generated over $100M in revenue at Amazon and Walmart. I am excited to be applying for McKinsey’s Associate position. I am attracted to McKinsey because of the firm’s leadership in their Marketing & Sales practice, unparalleled investment in mentoring and professional development, and commitment to delivering outstanding results to clients.

The next three body paragraphs should focus on why you would be a great fit for the consulting firm and what qualities you would bring to the firm. These body paragraphs should best highlight your qualities and experiences.

In order to tailor your cover letter to the specific consulting firm you are applying for, do research to identify what qualities each firm is looking for. Many firms explicitly state on their website the characteristics or things that they look for in candidates.

For example, McKinsey looks for leadership, entrepreneurial drive, personal impact, and problem solving. Bain looks for problem-solving skills, the ability to lead, results delivery, and passion.

Start this section of your consulting cover letter with a sentence that summarizes what three qualities you’ll be highlighting about yourself.

Examples include:

• I believe I would be a great fit for McKinsey because I have an entrepreneurial drive, adaptable leadership style, and an aspiration to make a meaningful impact on the world.
• If given the opportunity, I would bring to Bain my problem-solving skills, leadership, and passion.

In the following body paragraphs, go into more detail on each of these qualities or characteristics. The key is to show readers that you have these qualities, don’t just tell them.

Carefully pick what stories or experiences you want to share. Pick the stories and accomplishments that are the most impressive, impactful, and memorable.

Finally, keep your body paragraphs concise, which increases the likelihood that the reader will actually read through the full cover letter. You do not want to have three large, chunky paragraphs.

Below is an example of what a body paragraph could look like. You can start your body paragraph with the quality you are going to be talking about in bold to make it easier for readers to skim your cover letter.

Personal impact : While working at Amazon, I identified an opportunity to use customer data to determine if Amazon’s $50M investment in customer service initiatives generated positive returns on investment. I analyzed over 700K customer data points to create a model forecasting customer value. I collaborated with data science, customer experience, and finance teams to get their support and buy-in. In the end, I determined that Amazon’s investment had a negative 40% return on investment. I presented my findings to my thirty-person team and CFO and convinced them of my recommendation to stop the customer service initiatives. My work would save Amazon $50M per year moving forward.

The closing paragraph should be very short, typically just two sentences.

In the first sentence, you should reiterate that you would be a great fit for the consulting firm. In the second sentence, you want to thank the reader for their time and consideration.

Example : I believe that these qualities would make me a great fit for McKinsey. Thank you for your time and consideration.

Finish your cover letter with a professional closing phrase and your name. Appropriate closing phrases to use include:  

• Best regards
• Respectfully

How to format your Consulting Cover Letter

In addition to having great content in your consulting cover letter, you should also have great formatting. The goal in formatting your cover letter is to make it look professional and easy to read.

You want to make it as easy as possible for the reader to see that you are a great candidate to interview. Follow the formatting tips below:  

• Keep your cover letter to one page : Your cover letter needs to be no more than one page. If your cover letter is longer, you will need to find ways to make it more concise. No one likes reading long cover letters, which is why almost all cover letters are kept to a single page.
• Use 1-inch margins : Margins less than 1-inch make the text in your cover letter look cramped and small, which is not aesthetically pleasing. Using 1-inch margins ensures that you give yourself enough room to write, but also keeps enough white space around your text that makes it easier to read.
• Use standard fonts : Use a font that readers are used to seeing that are easy to read. You cannot go wrong with using Times New Roman, Arial, Courier New, Calibri, or Verdana. These are standard, professional fonts that have been used for many years.
• Use 12-point font : You don’t want readers to be straining their eyes while reviewing your consulting cover letter. Tiny font sizes make your cover letter difficult to read. Therefore, use a minimum 12-point font size.
• Submit your cover letter in a PDF format : Submitting your cover letter in a PDF format ensures readers will be able to open your cover letter file and that there will be no formatting issues. People have different versions of different word processors, so submitting your cover letter as a word document may lead to incompatibility issues.

Consulting Cover Letter Tips

Below are eight of the best consulting cover letter tips to help give your cover letter an edge over other candidates.

If you are finding this consulting cover letter guide helpful, we also have a step-by-step guide to writing the perfect consulting resume .

Tip #1: Research the specific qualities that the consulting firm is looking for

In order to tailor your cover letter, research the specific qualities that the consulting firm is looking for. Many consulting firms explicitly state what qualities or characteristics they look for in candidates on their websites.

This not only demonstrates why you would be a great fit for the firm, but also demonstrates that you are highly interested in the firm because you took the time to research the qualities that they care most about.

Tip #2: Avoid simply repeating things on your resume

Many candidates make the mistake of simply repeating achievements and accomplishments from their resume on their cover letter. This is a wasted opportunity because recruiters and resume reviewers will be looking at your resume anyways.

Providing redundant information in your cover letter does not help strengthen your application.

The cover letter provides an opportunity to go beyond what is listed on your resume. You should take advantage of this by telling readers who you are as a person, what your motivations are, and what makes you special.

You can include points from your resume, but make sure you provide further context on your achievements and accomplishments so that readers can learn something new about you.

Tip #3: Don’t use generic cover letter templates

As a recruiter, there is nothing worse than reading a generic cover letter. Recruiters read thousands of cover letters each year. They know when a cover letter is written using a generic template without much thought.

Do not fall into the trap of using a generic cover letter template and then inserting the name of the consulting firm that you are applying for.

If you really want your cover letter to stand out, you’ll need to invest the time to write a cover letter specific to each consulting firm that you are applying for.

To test if your cover letter is generic, swap the name of the consulting firm for another consulting firm. If the cover letter still works and makes sense, your cover letter is likely too generic.

Tip #4: Pick your best stories and accomplishments

Cover letters are meant to be short and sweet. You won’t have enough space to write about all of your accomplishments and experiences.

Therefore, you should carefully pick what you share in your cover letter. Pick the stories and accomplishments that are the most impressive, impactful, and memorable.

Tip #5: Quantify your results and impact

Just as you would do in your resume, quantify your results and impact that you share in your cover letter. Consultants think in terms of numbers, so the more you can quantify your achievements, the more impressive and credible they will be.

If you improved something at work, how much did you improve it by? If you helped increase sales, how much did revenues increase? If a project you worked on performed well, how much better did it perform compared to benchmarks?

Tip #6: Keep your cover letter concise and punchy

Recruiters sometimes read hundreds of cover letters over just a couple of days. Reading cover letters is highly repetitive and recruiters have short attention spans.

Therefore, keep your cover letter concise and punchy to increase the likelihood that the reader will get through the entire cover letter.

How do you make your cover letter punchy?

First, try to reduce the number of words needed to tell a story or explain an accomplishment. Second, focus on sharing only the most impressive and unique stories and accomplishments. This will make your cover letter more interesting to read.

Tip #7: Mention current or former employees you have talked to

If you’ve spoken with employees of the consulting firm that you are applying to, mention this in your cover letter. It is a simple, but effective way to demonstrate that you are interested in the firm.

However, don’t just mention names for the sake of name dropping. Go deeper and explain what you talked with these employees about and what you learned about the firm from these conversations.

Doing this signals to recruiters that you are genuinely interested in the firm because you took the time to learn about what it is like to work at the firm and what makes the firm great.

Tip #8: Double check that you are addressing the right firm or person

Finally, double check or triple check that you are addressing the cover letter to the right consulting firm or person.

If you were a recruiter for McKinsey, how would you feel if a candidate submitted a cover letter that is addressed to BCG or Bain?

There are many stories of candidates with strong resumes and backgrounds getting their applications rejected because they accidentally forgot to change the consulting firm’s name on their cover letters. Don’t let this happen to you.

Ideally, you will be writing customized cover letters that are tailored to each firm, so you will not need to be replacing a consulting firm’s name for another firm’s name for your cover letters.

What to do when Consulting Cover Letters are Optional?

Some consulting firms, such as McKinsey, make their cover letter optional to make it easier for candidates to apply. If a cover letter is optional, what should you do?

If you have a strong resume, you likely won’t need to submit a cover letter in order to get an interview.

If you were previously rejected from the consulting firm, it may be beneficial to submit a cover letter in order to explain how you have improved and grown since your last application. You will need to convince recruiters why you are a great candidate to interview this time around.

Finally, if you have any red flags on your resume, such as a low GPA or a long gap in work history, it will be beneficial to submit a cover letter to explain these circumstances. You will need to remove any doubt from recruiters’ minds that these red flags do not reflect your quality as a candidate.

If you don’t fall into any of these categories, you should submit a cover letter if it adds incremental value to your application beyond what is listed on your resume. If you are just going to be submitting a generic cover letter, it may not help your application much.

However, if you are willing to take the time to research the consulting firm and write a customized cover letter, you should definitely do so. Outstanding cover letters can only help your overall application.

Land your Dream Consulting Job

Here are the resources we recommend to learn the most robust, effective case interview strategies in the least time-consuming way:

• Comprehensive Case Interview Course (our #1 recommendation): The only resource you need. Whether you have no business background, rusty math skills, or are short on time, this step-by-step course will transform you into a top 1% caser that lands multiple consulting offers.
• Hacking the Case Interview Book   (available on Amazon): Perfect for beginners that are short on time. Transform yourself from a stressed-out case interview newbie to a confident intermediate in under a week. Some readers finish this book in a day and can already tackle tough cases.
• The Ultimate Case Interview Workbook (available on Amazon): Perfect for intermediates struggling with frameworks, case math, or generating business insights. No need to find a case partner – these drills, practice problems, and full-length cases can all be done by yourself.
• Case Interview Coaching : Personalized, one-on-one coaching with former consulting interviewers
• Behavioral & Fit Interview Course : Be prepared for 98% of behavioral and fit questions in just a few hours. We'll teach you exactly how to draft answers that will impress your interviewer
• Resume Review & Editing : Transform your resume into one that will get you multiple interviews

Land Multiple Consulting Offers

Complete, step-by-step case interview course. 30,000+ happy customers.

More From Forbes

Writing Cover Letters For A Career Change: Tips And Examples

• Share to Facebook
• Share to Twitter
• Share to Linkedin

Embarking on a career change is a pivotal moment, fraught with uncertainty but brimming with potential. And especially in cases where your resume might not directly align with the job at hand, your cover letter becomes the narrative that connects the dots. A well-crafted cover can illuminate your strengths, align your past experiences with your future aspirations, and persuade potential employers to see the value you bring.

The Importance Of A Cover Letter In Career Changes

In career transitions, your cover letter is your storyteller. It explains the why and the how of your career change, showcasing your enthusiasm and demonstrating how your background equips you with unique perspectives and transferable skills. It addresses potential concerns about your career shift head-on, presenting your transition as an asset rather than a liability.

Tips For Writing A Career Change Cover Letter

1. Personalize Your Approach : Address the letter to a specific person whenever possible. Doing so demonstrates attention to detail and a genuine interest in the position. You want to show that you’re not conducting a generic job search, but that you’ve done your research. You’ve perused (not skimmed) the company website and you read that 20-page yearly report from the CEO. You’ve even read their blog and can quote freely from it. You’ve educated yourself.

2. Emphasize Transferable Skills : Highlight the skills and experiences from your previous roles that are relevant to the new position. Be specific and quantify achievements where possible.

3. Show Enthusiasm and Commitment : Employers want to know that you are genuinely interested in the new field. Express your passion for the career change and your eagerness to contribute.

Apple Just Released A Major Upgrade For Samsung Galaxy Watch 6, Pixel Watch

Trump posts 175 million bond thanks to billionaire don hankey, caitlin clark erupts for 41 points as iowa advances to final four with revenge win over lsu.

4. Tailor Your Narrative : Connect your past experiences to the job you're applying for, demonstrating how your unique background can bring a fresh perspective to the role.

5. Address Potential Concerns : Be upfront about your career change, framing it as a positive decision guided by clear motivation and a strong understanding of the new field.

6. End with a Strong Call to Action : Conclude by expressing your desire to discuss your application further in an interview, showing proactivity and determination.

7. Use Strategic Language : Avoid clichéd adjectives. Opt for vivid, specific language that paints a clear picture of your capabilities and achievements.

Example: General Career Change Cover Letter

Dear [Hiring Manager's Name],

I am excited to apply for the [Position] at [Company], transitioning from a career in [Current Industry] to [New Industry]. My experience in [Current Industry] has equipped me with valuable skills that I am eager to apply in [New Industry]. For instance, while working as [Previous Position], I developed a keen ability to [transferable skill], resulting in [specific achievement].

In [Current Industry], I honed my skills in [relevant skill] and demonstrated my ability to [relevant achievement], directly benefiting my team by [specific outcome]. I am particularly drawn to [New Industry] because [reason for interest], and I am enthusiastic about the opportunity to bring my [specific skill] and [another skill] to the [Position] at [Company].

[Your Name]

Tweaks For Various Career Stages

Whether you are making a change early in your career or transitioning later, your cover letter should reflect your rationale and excitement for this new path.

Example: Early Career Cover Letter

As someone at the early stages of my career, I am eager to leverage the foundational skills I gained in [Initial Field], such as [specific skill], in [New Field]. My recent role as [Previous Position] allowed me to develop [relevant skills or experiences], which align closely with the requirements of the [Position] at [Company].

Example: Late Career Cover Letter

Transitioning into [New Field] at this point in my career is a deliberate and enthusiastic choice, driven by my deep-seated interest in [aspect of New Field]. With extensive experience in [Previous Field], I bring a wealth of knowledge and a unique perspective that can contribute to innovative solutions and strategies at [Company].

Tweaks For White And Blue-Collar Roles

Transitioning between white and blue-collar roles offers a unique opportunity to highlight diverse skills and experiences.

Example: White To Blue Collar Cover Letter

I am eager to apply the strategic and managerial skills honed in my white-collar career to the hands-on, dynamic environment of [Blue Collar Field]. My experience in [White Collar Role], where I developed [specific skills], aligns well with the challenges and responsibilities of the [Blue Collar Position] at [Company].

Example: Blue To White Collar Cover Letter

Transitioning from [Blue Collar Field] to [White Collar Field], I bring practical, on-the-ground experience that can inform and enhance the strategic decisions in [White Collar Role]. My background in [Blue Collar Role], where I mastered [specific skills], equips me with a unique perspective beneficial for the [White Collar Position] at [Company].

Including A Career Change Statement On Your Resume/CV

While your cover letter is the ideal place to elaborate on your career change, your resume/CV should also reflect this transition. A brief career change statement, positioned at the beginning of your resume, can effectively set the context for your career narrative. This statement should succinctly convey your transition, emphasizing your commitment to the new field and highlighting any transferable skills or relevant experiences.

How To Craft A Career Change Statement For Your Resume

1. Objective Statement : Begin with a clear, concise objective that outlines your career goals and demonstrates your enthusiasm for your new field.

2. Summary of Qualifications : Follow your objective with a brief summary of your most relevant qualifications, focusing on skills and experiences that transition well into your new career.

3. Highlight Transferable Skills : Clearly identify and emphasize any skills from your previous career that are pertinent to your new path. This not only demonstrates your capability but also shows your proactive approach in aligning your skill set with the new role's requirements.

4. Tailor Your Experience : Adjust the descriptions of your past positions to highlight the responsibilities and achievements most relevant to your desired career path. Use quantifiable achievements to underscore your adaptability and impact.

5. Education and Training : If you have pursued any education or training relevant to your new field, highlight this prominently on your resume to illustrate your dedication and commitment to your career change.

Make Your Language Unique

To avoid sounding like everyone else, remember to use distinctive and precise adjectives in your cover letter and resume. For instance:

• Instead of "experienced," try "seasoned" or "accomplished," providing specific examples that demonstrate this experience, like spearheading a successful project or leading a team to exceed its targets.
• Replace "passionate" with "enthused" or "committed," detailing a project or initiative you pursued with zeal, which can resonate more authentically with hiring managers.
• Substitute "results-driven" with "outcome-focused," illustrating this with a particular scenario where your focus on results led to tangible success for your organization.

Your cover letter and resume are your advocates, narrating your professional journey and articulating why you are not just seeking a new job, but embarking on a new career with purpose and passion. By carefully crafting these documents to reflect your individual story, you position yourself as a memorable and compelling candidate, someone who stands out from the crowd.

• Editorial Standards
• Reprints & Permissions

• Manage communications
• Mutual Fund & 529 accounts

I invest on behalf of my clients.

I consult or invest on behalf of a financial institution.

I want to learn more about BlackRock.

Larry Fink’s 2024 Annual Chairman’s Letter to Investors

Time to rethink retirement.

When my mom passed away in 2012, my dad started to decline quickly, and my brother and I had to go through my parents’ bills and finances.

Both my mom and dad worked great jobs for 50 years, but they were never in the top tax bracket. My mom taught English at the local state college (Cal Northridge), and my dad owned a shoe store.

I don’t know exactly how much they made every year, but in today’s dollars, it was probably not more than $150,000 as a couple. So, my brother and I were surprised when we saw the size of our parents' retirement savings. It was an order of magnitude bigger than you’d expect for a couple making their income. And when we finished going over their estate, we learned why: My parents' investments.

My dad had always been an enthusiastic investor. He encouraged me to buy my first stock (the DuPont chemical company) as a teenager. My dad invested because he knew that whatever money he put in the bond or stock markets would likely grow faster than in the bank. And he was right.

I went back and did the math. If my parents had $1,000 to invest in 1960, and they put that money in the S&P 500, then by the time they’d reached retirement age in 1990, the $1,000 would be worth nearly $20,000. 1 That’s more than double what they would have earned if they’d just put the money in a bank account. My dad passed away a few months after my mom, in his late 80s. But both my parents could have lived beyond 100 and comfortably afforded it.

Why am I writing about my parents? Because going over their finances showed me something about my own career in finance. I had been working at BlackRock for almost 25 years by the time I lost my mom and dad, but the experience reminded me — in a new and very personal way — why my business partners and I founded BlackRock in the first place.

Obviously, we were ambitious entrepreneurs, and we wanted to build a big, successful company. But we also wanted to help people retire like my parents did. That’s why we started an asset manager — a company that helps people invest in the capital markets — because we believed participating in those markets was going to be crucial for people who wanted to retire comfortably and financially secure.

We also believed the capital markets would become a bigger and bigger part of the global economy. If more people could invest in the capital markets, it would create a virtuous economic cycle, fueling growth for companies and countries, which would, in turn, generate wealth for millions more people.

My parents lived their final years with dignity and financial freedom. Most people don’t have that chance. But they can. The same kinds of markets that helped my parents in their time can help others in our time.  Indeed, I think the growth- and prosperity-generating power of the   capital markets will remain a dominant economic trend through the rest of the 21 st  Century.

This letter attempts to explain why.

I had been working at BlackRock for almost 25 years by the time I lost my mom and dad, but the experience reminded me — in a new and very personal way — why my business partners and I founded BlackRock in the first place.

A brief (and admittedly incomplete) history of U.S. capital markets

In finance, there are two basic ways to get or grow money.

One is the bank, which is what most people historically relied on. They deposited their savings to earn interest or took out loans to buy a home or expand their business. But over time a second avenue for financing arose, particularly in the U.S., with the growth of the capital markets: Publicly traded stocks, bonds, and other securities.

I saw this firsthand in the late 1970s and early 1980s when I played a role in the creation of the securitization market for mortgages.

Before the 1970s, most people secured financing for their homes the same way they did in the Christmas classic It’s a Wonderful Life — through the Building & Loan (B&L). Customers deposited their savings into the B&L, which was essentially a bank. Then that bank would turn around and lend out those savings in the form of mortgages.

In the movie — and in real life — everything works fine until people start lining up at the bank’s front door asking for their deposits back. As Jimmy Stewart explained in the film, the bank didn’t have their money. It was tied up in somebody else’s house.

After the Great Depression, B&Ls morphed into savings & loans (S&Ls), which had their own crisis in the 1980s. Approximately half of the outstanding home mortgages in the U.S. were held by S&Ls in 1980, and poor risk management and loose lending practices led to a raft of failures costing U.S. taxpayers more than $100 billion dollars. 2

But the S&L crisis didn’t cause the American economy lasting damage. Why? Because at the same time the S&Ls were collapsing another method of financing was getting stronger. The capital markets were providing an avenue to channel capital back to challenged real estate markets.

This was mortgage securitization.

Securitization allowed banks not just to make mortgages but to sell them. By selling mortgages, banks could better manage risk on their balance sheets and have capital to lend to home buyers, which is why the S&L crisis didn’t severely impact American homeownership. 

Eventually, the excesses of mortgage securitization contributed to the crash in 2008, and unlike the S&L crisis, the Great Recession did harm home ownership in the U.S. The country still hasn’t fully recovered in that respect. But the broader underlying trend — the expansion of the capital markets — was still very helpful for the American economy.

In fact, it’s worth considering: Why did the U.S. rebound from 2008 faster than almost any other developed nation? 3

A big part of the answer is the country’s capital markets .

In Europe, where most assets were kept in banks, economies froze as banks were forced to shrink their balance sheets. Of course, U.S. banks had to tighten capital standards and pull back from lending as well. But because the U.S. had a more robust secondary pool of money – the capital markets — the nation was able to recover much more quickly.

Today public equities and bonds provide over 70% of financing for non-financial corporations in the U.S. – more than any other country in the world. In China, for example, the bank-to-capital market ratio is almost flipped. Chinese companies rely on bank loans for 65% of their financing. 4

In my opinion, this is the most important lesson in recent economic history:  Countries aiming for prosperity don’t just need strong banking systems — they also need strong capital markets.

That lesson is now spreading around the world.

Replicating the success of America’s capital markets

Last year, I spent a lot of days on the road, logging visits to 17 different countries. I met with clients and employees. I also met with many policymakers and heads of state, and during those meetings, the most frequent conversation I had was about the capital markets.

More and more countries recognize the power of American capital markets and want to build their own.

Of course, many countries do have capital markets already. There are something like 80 stock exchanges around the world, everywhere from Kuala Lumpur to Johannesburg. 5  But most of these are rather small, with little investment. They’re not as robust as the markets in the U.S., and that’s what other nations are increasingly looking for.

In Saudi Arabia, for example, the government is interested in building a market for mortgage securitization, while Japan and India want to give people new places to put their savings. Today, in Japan, it’s mostly the bank. In India, it’s often in gold.

When I visited India in November, I met policymakers who lamented their fellow citizens’ fondness for gold. The commodity has underperformed the Indian stock market, proving a subpar investment for individual investors. Nor has investing in gold helped the country’s economy.

Compare investing in gold with, let’s say, investing in a new house. When you buy a home, that creates an economic multiplier effect because you need to furnish and repair the house. Maybe you have a family and fill the house with children. All that generates economic activity. Even when someone puts their money in a bank, there’s a multiplier effect because the bank can use that money to fund a mortgage. But gold? It just sits in a safe. It can be a good store of value, but gold doesn’t generate economic growth.

This is a small illustration — but a good one — of what countries want to accomplish with robust capital markets. (Or rather, of what they  can’t accomplish without them.)

Despite the anti-capitalist strain in our modern politics, most world leaders still see the obvious: No other force can lift more people from poverty or improve quality of life quite like capitalism. No other economic model can help us achieve our highest hopes for financial freedom — whether we want it for ourselves or our country.

That’s why the capital markets will be key to addressing two of the mid-21 st Century’s biggest economic challenges.

• The first is providing people what my parents built over time — a secure, well-earned retirement. This is a much harder proposition than it was 30 years ago. And it’ll be a much harder proposition 30 years from now . People are living longer lives. They’ll need more money. The capital markets can provide it — so long as governments and companies help people invest.
• A second challenge is infrastructure. How are we going to build the massive amount the world needs? As countries decarbonize and digitize their economies, they’re supercharging demand for all sorts of infrastructure, from telecom networks to new ways to generate power. In fact, in my nearly 50 years in finance, I’ve never seen more demand for energy infrastructure. And that’s because many countries have twin aims: They want to transition to lower-carbon sources of power while also achieving energy security. The capital markets can help countries meet their energy goals, including decarbonization, in an affordable way.

[Retirement] is a much harder proposition than it was 30 years ago. And it’ll be a much harder proposition 30 years from now .

Asking the old age question: How do we afford longer lives?

Last year, Japan passed a demographic milestone. The country’s population has been aging since the early 1990s as the pool of working-age people has shrunk and the number of elderly has risen. But 2023 was the first time that 10% of their people exceeded 80 years old, 6 making Japan the “oldest country in the world” according to the United Nations. 7

This is part of the reason the Japanese government is making a push for retirement investment.

Most Japanese keep the bulk of their retirement savings in banks, earning a low interest rate. It wasn’t such a bad strategy when Japan was suffering from deflation, but now the country’s economy has turned around, with the NIKKEI surging past 40,000 for the first time this month (March 2024). 8

Most aspiring retirees are missing out on the upswing. The country didn’t have anything resembling a 401(k) program until 2001, but even then, the amount of income people could contribute was quite low. So a decade ago, the government launched the Nippon Individual Savings Accounts (NISA) to encourage people to invest even more in retirement. Now they’re trying to double NISA’s enrollment. The goal is 34 million Japanese investors before the end of the decade. 9 It will require the Japanese government to expand their capital markets, which historically had very little retail participation.

Japan isn’t alone in helping more of its citizens invest for retirement. BlackRock has a joint venture — Jio BlackRock — with Jio Financial Services, an affiliate of India’s Reliance Industries. Over the past 10 years, India has built a huge digital public infrastructure network that connects nearly one billion Indians to everything from healthcare to government payments via their smartphones. Jio BlackRock’s goal is to use the same infrastructure to deliver retirement investing (and more).

After all, India is aging, too. The whole world is, albeit at different speeds. Brazil will start seeing more people leave its workforce than enter it by 2035; Mexico will reach peak workforce by 2040; India sometime around 2050.

As populations age, building retirement savings has never been more urgent

Source: Working-age population (ages 15-64): UN “medium trend 10

By the mid-century mark, one-in-six people globally will be over the age of 65, up from one-in-11 in 2019. 11 To support them, governments are going to have to prioritize building out robust capital markets like the U.S. has.

But this isn’t to say the U.S. retirement system is perfect. I’m not sure anybody believes that. The retirement system in America needs modernizing, at the very least.

Rethinking retirement in the United States

This was particularly clear last year as the biotech industry pumped out a rush of new, life-extending drugs. Obesity, for example, can take more than 10 years off someone’s life expectancy, which is why some researchers think that new pharmaceuticals like Ozempic and Wegovy can be life-extending drugs, not just weight-loss drugs. 12 In fact, a recent study shows that semaglutide, the generic name for Ozempic, can give people with cardiovascular disease an extra two years of life where they don’t suffer a major condition like a heart attack. 13

We focus a tremendous amount of energy on helping people live longer lives. But not even a fraction of that effort is spent helping people afford those extra years.

These drugs are breakthroughs. But they underscore a frustrating irony: As a society, we focus a tremendous amount of energy on helping people live longer lives. But not even a fraction of that effort is spent helping people afford those extra years.

It wasn’t always this way. One reason my parents had a financially secure retirement was CalPERS, California’s state pension system. As a public university employee, my mom could enroll. But pension enrollment has been declining across the country since the 1980s. 14 Meanwhile the federal government has prioritized maintaining entitlement benefits for people my age (I’m 71) even though it might mean that Social Security will struggle to meet its full obligations when younger workers retire.

It’s no wonder younger generations, Millennials and Gen Z, are so economically anxious. They believe my generation — the Baby Boomers — have focused on their own financial well-being to the detriment of who comes next. And in the case of retirement, they’re right.

Today in America, the retirement message that the government and companies tell their workers is effectively: “You’re on your own.” And before my generation fully disappears from positions of corporate and political leadership, we have an obligation to change that.

Maybe once a decade, the U.S. faces a problem so big and urgent that government and corporate leaders stop business as usual. They step out of their silos and sit around the same table to find a solution. I participated in something like this after 2008, when the government needed to find a way to unwind the toxic assets from the mortgage crisis. More recently, tech CEOs and the federal government came together to address the fragility of America’s semiconductor supply chain. We need to do something similar for the retirement crisis. America needs an organized, high-level effort to ensure that future generations can live out their final years with dignity.

What should that national effort do? I don’t have all the answers. But what I do have is some data and the beginnings of a few ideas from BlackRock’s work. Because our core business is retirement.

More than half the assets BlackRock manages are for retirement. 15 We help about 35 million Americans invest for life after work, 16 which amounts to about a quarter of the country’s workers. 17 Many are educators like my mom was. BlackRock helps manage pension assets for roughly half of U.S. public school teachers. 18 And this work — and our similar work around the globe — has given us some insight into how a national initiative to modernize retirement might begin.

We think the conversation starts by looking at the challenge through three different lenses. 

• What’s the issue from the perspective of a current worker , someone who’s still trying to save for retirement?
• What about someone who has already retired? We have to look at the problem from the retiree’s point of view­­­­­­­­­­ — an individual who has already saved enough to stop working but is worried the money will run out.
• But first it’s important to look at retirement in America like you’d look at a map of America — a high-level picture of the problem, the kind a national policymaker might look at. What’s the issue for the population as a whole? (It’s demographics.)

[Young people] believe my generation — the Baby Boomers — have focused on their own financial well-being to the detriment of who comes next. And in the case of retirement, they’re right.

The demographics don’t lie

There’s a popular saying in economics: “You just can’t fight demographics.” And yet, when it comes to retirement, the U.S. is trying anyway.

In wealthy countries, most retirement systems have three pillars. One is what people invest personally (my dad putting his money in the stock market). Another is the plans provided by employers (my mom’s CalPERS pension). A third component is what we hear politicians mostly talking about – the government safety net. In the U.S., this is Social Security.

You’re probably familiar with the economics behind Social Security. During your working years, the government takes a portion of your income, then after you retire, it sends you a check every month. The idea actually originates from pre-World War I Germany, and these “old-age insurance” programs gradually became popular over the 20 th Century largely because the demographics made sense.

Think about someone who was 65 years old in 1952, the year I was born. If he hadn’t retired already, that person was probably getting ready to stop working.

But now think about that person’s former colleagues, all the people around his age who he’d entered the workforce with back in the 1910s. The data shows that in 1952, most of those people were not preparing for retirement because they’d already passed away .

This is how the Social Security program functioned: More than half the people who worked and paid into the system never lived to retire and be paid from the system. 19

Today, these demographics have completely unraveled, and this unraveling is obviously a wonderful thing. We should want more people to live more years. But we can’t overlook the massive impact on the country’s retirement system.

It’s not just that more people are retiring in America; it’s also that their retirements are increasing in length. Today, if you’re married and both you and your spouse are over the age of 65, there’s a 50/50 chance at least one of you will be receiving a Social Security check until you’re 90. 20

All this is putting the U.S. retirement system under immense strain. The Social Security Administration itself says that by 2034, it won’t be able to pay people their full benefits. 21

What’s the solution here? No one should have to work longer than they want to. But I do think it’s a bit crazy that our anchor idea for the right retirement age — 65 years old — originates from the time of the Ottoman Empire.

Humanity has changed over the past 120 years. So must our conception of retirement.

One nation that’s rethought retirement is the Netherlands. In order to keep their state pension affordable, the Dutch decided more than 10 years ago to gradually raise the retirement age. It will now automatically adjust as the country’s life expectancy changes. 22

Obviously, implementing this policy elsewhere would be a massive political undertaking. But my point is that we should start having the conversation . When people are regularly living past 90, what should the average retirement age be?

Or rather than pushing back when people receive retirement benefits, perhaps there’s a more politically palatable idea: How do we encourage more people who wish to work longer with carrots rather than sticks? What if the government and the private sector treated 60-plus year-olds as late-career workers with much to offer rather than people who should retire?

One way Japan has managed its aging economy is by doing exactly this. They’ve found new ways to boost the labor force participation rate, a metric that has been declining in the U.S. since the early 2000s. 23 It’s worth asking: How can America stop (or at least, slow) that trend?

Again, I’m not pretending to have the answers. Despite BlackRock’s success helping millions retire, these questions are going to have to be posed to a broader range of investors, retirees, policymakers, and others. Over the next few months, BlackRock will be announcing a series of partnerships and initiatives to do just that, and I invite you to join us.

For workers, make investing (almost) automatic

When the U.S. Census Bureau released its regular survey of consumer finances in 2022, nearly half of Americans aged 55 to 65 reported not having a single dollar saved in personal retirement accounts. 24 Nothing in a pension. Zero in an IRA or 401(k).

Why? Well, the first barrier to retirement investing is affordability.

Four-in-10 Americans don’t have $400 to spare to cover an emergency like a car repair or hospital visit. 25 Who is going to invest money for a retirement 30 years away if they don’t have cash for today? No one. That’s why BlackRock’s foundation has worked with a group of nonprofits to set up an Emergency Savings Initiative. The program has helped mostly low-income Americans put away a total of $2 billion in new liquid savings. 26

Studies show that when people have emergency savings, they’re 70% more likely to invest for retirement. 27 But this is where workers run into another barrier: Investing is complex even if you can afford it.

No one is born a natural investor. It’s important to say that because sometimes in the financial services industry we imply the opposite. We make it seem like saving for retirement can be a simple task, something anyone can do with a bit of practice, like driving your car to work. Just grab your keys and hop in the driver’s seat. But financing retirement isn’t so intuitive. The better analogy is if someone dropped a bunch of engine and auto parts in your driveway and said, “Figure it out.”

At BlackRock, we’ve tried to make the investing process more intuitive by inventing simpler products like target date funds. They only require people to make one decision: What year do they expect to retire? Once people choose their “target date,” the fund automatically adjusts their portfolio, shifting from higher-return equities to less risky bonds as retirement approaches. 28

In 2023, BlackRock expanded the types of target date ETFs we offer so people can more easily buy them even if they don’t work for employers offering a retirement plan. There are 57 million people like this in America — farmers, gig workers, restaurant employees, independent contractors — who don’t have access to a defined contribution plan. 29 And while better investment products can help, there are limits to what something like a target date fund can do. Indeed, for most people, the data shows that the hardest part of retirement investing is just getting started.

Other nations make things simpler for their part-time and contract workers. In Australia, employers must contribute a portion of income for every worker between the ages of 18 and 70 into a retirement account, which then belongs to the employee. The Superannuation Guarantee was introduced in 1992 when the country seemed like it was on the path to a retirement crisis. Thirty-two years later, Australians likely have more retirement savings per capita than any other country. The nation has the world’s 54 th largest population, 30 but the 4 th largest retirement system. 31

Of course, every country is different, so every retirement system should be different. But Australia’s experience with Supers could be a good model for American policymakers to study and build on. Some already are. There are about 20 U.S. states — like Colorado and Virginia — that have instituted retirement systems to cover all workers like Australia does, even if they’re gig or part-time. 32

It’s a good thing that legislators are proposing different bills and states are becoming “laboratories of retirement.” More should consider it. The benefits could be enormous for individual retirees. These new programs could also help the U.S. ensure the long-term solvency of Social Security. That’s what Australia found — their Superannuation Guarantee relieved the financial tension in their country’s public pension program. 33

But what about workers who do have access to an employer retirement plan? They need support too.

Even among employees who have access to employer plans, 17% don’t enroll in them, and the hypothesis among retirement experts is this is not a conscious choice. People are just busy.

It sounds trivial, but even the hour or so it takes someone to look through their work email inbox for the correct link to their company’s retirement system, and then select the percentage of their income they want to contribute can be the unclearable hurdle. That’s why companies should make a conscious effort to look at what their default option is. Are people automatically enrolled in a plan or not? And how much are they auto-enrolled to contribute? Is it a minimum percentage of their income? Or the maximum?

In 2017, the University of Chicago economist Richard Thaler won the Nobel Prize, in part, for his pioneering work around “nudges” — small changes in policy that can have enormous impact in people’s financial lives. Auto-enrollment is one of them. Studies show that the simple step of making enrollment automatic increases retirement plan participation by nearly 50%. 34

As a nation, we should do everything we can to make retirement investing more automatic for workers. And there are already bright spots. Next year, a new federal law will kick in, requiring employers that set up new 401(k) plans to auto-enroll their new workers. Plus, there are hundreds of major companies (including BlackRock) that have already taken this step voluntarily.

But firms can do even more to improve their employee’s financial lives, such as providing some level of matching funds for retirement plans and offering more financial education on the tremendous long-term difference between contributing a small percentage of your income to retirement versus the maximum. I also think we should make it easier for workers to transfer their 401(k) savings when they switch jobs. There is a menu of options here, and we need to explore all of them.

For retirees, help them spend what they saved

In 2018, BlackRock commissioned a study of 1,150 American retirees. When we dug into the data, we found something unexpected — even paradoxical.

The survey showed that after nearly two decades of retirement, the average person still had 80% of their pre-retirement money saved. We’re talking about people who were probably between the ages of 75 and 95. If they had invested for retirement, they were likely sitting on more than enough money for the rest of their lives. And yet the data also showed that they were anxious about their finances. Only 32% reported feeling comfortable about spending what they saved. 35

This retirement paradox has a simple explanation: Even people who know how to save for retirement still don’t know how to spend for it.

In the U.S., this problem’s roots stretch back more than four decades when employers began switching from defined benefit plans — pensions — to defined contribution plans like 401(k)s.

In a lot of ways, pensions were much simpler than the 401(k). You had a job somewhere for 20 or 30 years. Then when you retired, your pension paid you a set amount — a defined benefit — every month.

When I entered the workforce in the 1970s, 38% of Americans had one of these defined benefit plans, but by 2008 the percentage had been cut almost in half. 36 Meanwhile, the fraction of Americans with defined contribution plans almost quadrupled. 37

This should have been a good thing. Beginning with the Baby Boomers, fewer and fewer workers spent their entire careers in one place, meaning they needed a retirement option that would follow them from job to job. In theory, 401(k)s did that. But in practice? Not really.

Anyone who’s switched jobs knows how unintuitive it is to transfer your retirement savings. In fact, studies show that about 40% of employees cash out their 401(k)s when they switch jobs, putting themselves back at the starting line for retirement savings. 38

The real drawback of defined contribution was that it removed most of the retirement responsibility from employers and put it squarely on the shoulders of the employees themselves. With pensions, companies had a very clear obligation to their workers. Their retirement money was a financial liability on the corporate balance sheet. Companies knew they’d have to write a check every month to each one of their retirees. But defined contribution plans ended that, forcing retirees to trade a steady stream of income for an impossible math problem.

Because most defined contribution accounts don’t come with instructions for how much you can take out every month, individual savers first must build up a nest-egg, then spend down at a rate that will last them the rest of their lives. But who really knows how long that will be?

Put simply, the shift from defined benefit to defined contribution has been, for most people, a shift from financial certainty to financial un certainty .

That’s why around the same time we saw the data that retirees were nervous about spending their savings, we started wondering: Was there something we can do about it? Could we develop an investment strategy that provided the flexibility of a 401(k) investment but also the potential for a predictable, paycheck-like income stream, similar to a pension?

It turns out, we could. That strategy is called LifePath Paycheck™, which will go live in April. As I write this, 14 retirement plan sponsors are planning to make LifePath Paycheck™ available to 500,000 employees. I believe it will one day be the most used investment strategy in defined contribution plans.

We’re talking about a revolution in retirement. And while it may happen in the U.S. first, eventually other countries will benefit from the innovation as well. At least, that is my hope. Because while retirement is mainly a saving challenge, the data is clear: It’s a spending one too.

Fear vs. hope

Before I conclude this section on retirement, I want to share a few words about one of the largest barriers to investing for the future. In my view, it’s not just affordability or complexity or the fact that people are too busy to enroll in their employer’s plan.

Arguably the biggest barrier to investing for retirement — or for anything — is fear.

In finance, we sometimes think of “fear” as a fuzzy, emotional concept — not as a hard economic data point. But that’s what it is. Fear is as important and actionable a metric as GDP. After all, investment (or lack thereof) is just a measure of fear because no one lets their money sit in a stock or a bond for 30 or 40 years if they’re afraid the future is going to be worse than the present. That’s when they put their money in a bank. Or underneath the mattress.

This is what happens in many countries. In China, where new surveys show consumer confidence has dropped to its lowest level in decades, household savings have reached their highest level on record — nearly $20 trillion — according to the central bank. 39 China has a savings rate of about 30%. Nearly a third of all money earned is socked away in cash in case it’s needed for harder times ahead. The U.S., by comparison, has a savings rate in the single digits. 40

America has rarely been a fearful country. Hope has been the nation’s greatest economic asset. People put their money in American markets for the same reason they invest in their homes and businesses — because they believe this country will be better tomorrow than it is today.

This big, hopeful America has been the one I’ve known my whole life, but over the past few years, especially as I’ve had more grandchildren, I’ve started to ask myself: Will they know this version of America, too?

As I was finishing this letter, The Wall Street Journal published an article that caught my attention. It was titled “The Rough Years that Turned Gen Z into America’s Most Disillusioned Voters,” and it included some eye-catching — and really disheartening — data.

The article showed that from the mid-1990s through most of the early 21 st Century, most young people — around 60% of high school seniors, to be specific — believed they’d earn a professional degree, would land a good job, and go on to be wealthier than their parents. They were optimistic. But since the pandemic, that optimism has fallen precipitously.

Compared with 20 years ago, the current cohort of young Americans is 50% more likely to question whether life has a purpose. Four-in-10 say it’s “hard to have hope for the world.” 41

I’ve been working in finance for almost 50 years. I’ve seen a lot of numbers. But no single data point has ever concerned me more than this one.

The lack of hope worries me as a CEO. It worries me as a grandfather. But most of all, it worries me as an American.

If future generations don’t feel hopeful about this country and their future in it, then the U.S. doesn’t only lose the force that makes people want to invest. America will lose what makes it America. Without hope, we risk becoming just another place where people look at the incentive structure before them and decide that the safe choice is the only choice. We risk becoming a country where people keep their money under the mattress and their dreams bottled up in their bedroom.

How do we get our hope back?

Whether we’re trying to solve retirement or any other problem, that is the first question we have to ask, although I readily admit that I do not have the solution. I look at the state of America — and the world — and I am as answerless as everyone else. There’s so much anger and division, and I often struggle to wrap my head around it.

What I do know is that any answer has to start by bringing young people into the fold. The same surveys that show their lack of hope also show their lack of confidence — far less than any previous generation — in every pillar of society: In politics, government, the media, and in corporations. Leaders of these institutions (I am one) should be empathetic to their concerns.

Young people have lost trust in older generations. The burden is on us to get it back. And maybe investing for their long-term goals, including retirement, isn’t such a bad place to begin.

Perhaps the best way to start building hope is by telling young people, “You may not feel very hopeful about your future. But we do. And we’re going to help you invest in it.”

Young people have lost trust in older generations. The burden is on us to get it back. And maybe investing for their long-term goals, including retirement, isn’t such a bad place to begin.

The new infrastructure blueprint: Steel, concrete, and public-private partnership

I started traveling to London in the 1980s, and back then, if you had a choice between the city’s two major international airports — Heathrow or Gatwick — you probably chose Heathrow. Gatwick was farther from the city. It was also in a comparative state of disrepair.

But things changed in 2009 when Gatwick was purchased by Global Infrastructure Partners (GIP). They increased runway capacity and instituted commonsense changes, like oversized luggage trays that cut security screening times by more than half.

“The thing about infrastructure businesses... is a lot of them tend not to focus on customer service,” GIP’s CEO Bayo Ogunlesi told the Financial Times . GIP wanted to make Gatwick different. In the process, they also turned the airport into a prime example of how infrastructure will be built and run in the 21 st Century — with private capital. 42

In the U.S., people tend to think of infrastructure as a government endeavor, something built with taxpayer funds. But because of one very big reason that I’ll dive into momentarily, that won’t be the primary way infrastructure is built in the mid-21 st Century. Rather than only tapping government treasuries to build bridges, power grids, and airports, the world will do what Gatwick did.

The future of infrastructure is public-private partnership.

Debt matters

The $1 trillion infrastructure sector is one of the fastest growing segments of the private markets, and there are some undeniable macroeconomic trends driving this growth. In developing countries, people are getting richer, boosting demand for everything from energy to transportation while in wealthy countries, governments need to both build new infrastructure and repair the old.

Even in the U.S., where the Biden Administration has signed generational infrastructure investments into law, there’s still $2 trillion worth of deferred maintenance. 43

How will we pay for all this infrastructure? The reason I believe it’ll have to be some combination of public and private dollars is that funding probably cannot come from the government alone. The debt is just too high.

From Italy to South Africa, many nations are suffering the highest debt burdens in their history. Public debt has tripled since the mid-1970s, reaching 92% of global GDP in 2022. 44 And in America, the situation is more urgent than I can ever remember. Since the start of the pandemic, the U.S. has issued roughly $11.1 trillion of new debt, and the amount is only part of the issue. 45 There’s also the interest rate the Treasury needs to pay on it.

Three years ago, the rate on a 10-year Treasury bill was under 1%. But as I write this, it’s over 4%, and that 3-percentage-point increase is very dangerous. Should the current rates hold, it amounts to an extra trillion dollars in interest payments over the next decade. 46

Why is this debt a problem now? Because historically, America has paid for old debt by issuing new debt in the form of Treasury securities. It’s a workable strategy so long as people want to buy those securities — but going forward, the U.S. cannot take for granted that investors will want to buy them in such volume or at the premium they currently do.

Today, around 30% of U.S. Treasury securities are held by foreign governments or investors. That percentage will likely go down as more countries build their own capital markets and invest domestically. 47

More leaders should pay attention to America’s snowballing debt. There’s a bad scenario where the American economy starts looking like Japan’s in the late 1990s and early 2000s, when debt exceeded GDP and led to periods of austerity and stagnation. A high-debt America would also be one where it’s much harder to fight inflation since monetary policymakers could not raise rates without dramatically adding to an already unsustainable debt-servicing bill.

But is a debt crisis inevitable? No.

While fiscal discipline can help tame debt on the margins, it will be very difficult (both politically and mathematically) to raise taxes or cut spending at the level America would need to dramatically reduce the debt. But there is another way out beyond taxing or cutting, and that’s growth. If U.S. GDP grows at an average of 3% (in real, not nominal terms) over the next five years, that would keep the country’s debt-to-GDP ratio at 120% – high, but reasonable.

I should be clear: 3% growth is a very tall order, especially given the country’s aging workforce. It will require policymakers to shift their focus. We can’t see debt as a problem that can be solved only through taxing and spending cuts anymore. Instead, America’s debt efforts have to center around pro-growth policies , which include tapping the capital markets to build one of the best catalysts for growth: Infrastructure. Especially energy infrastructure.

Energy pragmatism

Roads. Bridges. Ports. Airports. Cell towers. The infrastructure sector contains multitudes, but the multitude where BlackRock sees arguably the greatest demand for new investment is energy infrastructure.

Why energy? Two things are happening in the sector at the same time.

The first is the “energy transition.” It’s a mega force, a major economic trend being driven by nations representing 90% of the world’s GDP. 48 With wind and solar power now cheaper in many places than fossil-fuel-generated electricity, these countries are increasingly installing renewables. 49 It’s also a major way to address climate change. This shift – or energy transition – has created a ripple effect in the markets, creating both risks and opportunities for investors, including BlackRock’s clients.

I started writing about the transition in 2020. Since then, the issue has become more contentious in the U.S. But outside the debate, much is still the same. People are still investing heavily in decarbonization. In Europe, for example, net-zero remains a top investment priority for most of BlackRock’s clients. 50 But now the demand for clean energy is being amplified by something else: A focus on energy security.

Governments have been pursuing energy security since the oil crisis of the 1970s, (and probably as far back as the early Industrial Revolution), so this is not a new trend. In fact, when I wrote my original 2020 letter about sustainability, I also wrote to our clients that countries would still need to produce oil and gas to meet their energy needs. 

To be energy secure, I wrote, most parts of the globe would need “to rely on hydrocarbons for a number of years.” 51

I’m hearing more leaders talk about decarbonization and energy security together under the joint banner of what you might call “energy pragmatism.”

Then in 2022, Putin invaded Ukraine. The war lit a fresh spark under the idea of energy security. It disrupted the world’s supply of oil and gas causing massive energy inflation, particularly in Europe. The UK, Norway, and the 27 EU countries had to collectively spend 800 billion euros subsidizing energy bills. 52

This is part of the reason I’m hearing more leaders talk about decarbonization and energy security together under the joint banner of what you might call “energy pragmatism.”

Last year, as I mentioned, I visited 17 countries, and I spent a lot of time talking to the people who are responsible for powering homes and businesses, everybody from prime ministers to energy grid operators. The message I heard was completely opposite to what you often hear from activists on the far left and right who say that countries have to choose between renewables and oil and gas. These leaders believe that the world still needs both. They were far more pragmatic about energy than dogmatic. Even the most climate conscious among them saw that their long-term path to decarbonization will include hydrocarbons, albeit less of them, for some time to come.

Germany is a good example of how energy pragmatism is still a path to decarbonization. It’s one of the countries most committed to fighting climate change and has made enormous investments in wind and solar power. But sometimes the wind doesn’t blow in Berlin, and the sun doesn’t shine in Munich. And during those windless, sunless periods, the country still needs to rely on natural gas for “dispatchable power.” Germany used to get that gas from Russia, but now it needs to look elsewhere. So, they’re building additional gas facilities to import from other producers around the world. 53

Or look at Texas. They face a similar energy challenge – not because of Russia but because of the economy. The state is one of the fastest growing in the U.S., 54 and the additional demand for power is stretching ERCOT, Texas’ energy grid, to the limit. 55

Today, Texas runs on 28% renewable energy 56 – 6% more than the U.S. as a whole. 57 But without an additional 10 gigawatts of dispatchable power, which might need to come partially from natural gas, the state could continue to suffer devastating brownouts. In February, BlackRock helped convene a summit of investors and policymakers in Houston to help find a solution.

Texas and Germany are great illustrations of what the energy transition looks like. As I wrote in 2020, the transition will only succeed if it’s “fair.” Nobody will support decarbonization if it means giving up heating their home in the winter or cooling it in the summer. Or if the cost of doing so is prohibitive.

Since 2020, economists have popularized better language to describe what a fair transition actually means. One important concept is the “green premium.” It’s the surcharge people pay for “going green”: for example, switching from a car that runs on gas to an electric vehicle. The lower the green premium, the fairer decarbonization will be because it’ll be more affordable.

This is where the power of the capital markets can be unleashed to great effect. Private investment can help energy companies reduce the cost of their innovations and scale them around the world. Last year, BlackRock invested in over a dozen of these transition projects on behalf of our clients. We partnered with developers in Southeast Asia aiming to build over a gigawatt of solar capacity (enough to power a city) in both Thailand and the Philippines. 58 We also invested in Lake Turkana Wind Power, Africa’s largest windfarm. It’s located in Kenya and currently accounts for about 12% of the country’s power generation. 59

There are also earlier-stage technologies, like a giant “hot rock” battery being built by Antora Energy. The company heats up blocks of carbon with wind or solar power during parts of the day when renewable energy is cheap and abundant. These “thermal batteries” reach up to 2,400 degrees Celsius and glow brighter than the sun. 60 Then, that heat is used to power giant industrial facilities around-the-clock, even when the sun isn’t shining, or the wind isn’t blowing.

BlackRock invested in Antora through Decarbonization Partners, a partnership we have with the investment firm, Temasek. Our funding will help Antora scale up to deliver billions of dollars worth of zero-emission energy to industrial customers. 61 (One day, their thermal batteries might help solve the kind of dispatchable power problem that Texas and Germany are facing – but without carbon emissions.)

The final technology I’ll spotlight is carbon capture. Last year, one of BlackRock’s infrastructure funds invested $550 million in a project called STRATOS, which will be the world’s largest direct air capture facility when construction is completed in 2025. 62 Among the more interesting aspects of the project is who’s building the facility: Occidental Petroleum, the big Texas oil company.

The energy market isn’t divided the way some people think, with a hard split between oil & gas producers on one side and new clean power and climate tech firms on the other. Many companies, like Occidental, do both, which is a major reason BlackRock has never supported divesting from traditional energy firms. They’re pioneers of decarbonization, too.

Today, BlackRock has more than $300 billion invested in traditional energy firms on behalf of our clients. Of that $300 billion, more than half – $170 billion – is in the U.S. 63 We invest in these energy companies for one simple reason: It’s our clients’ money. If they want to invest in hydrocarbons, we give them every opportunity to do it – the same way we invest roughly $138 billion in energy transition strategies for our clients. That’s part of being an asset manager. We follow our clients’ mandates.

But when it comes to energy, I also understand why people have different preferences in the first place. Decarbonization and energy security are the two macroeconomic trends driving the demand for more energy infrastructure. Sometimes they’re competing trends. Other times, they’re complementary, like when the same advanced battery that decarbonizes your grid can also reduce your dependence on foreign power.

The point is: The energy transition is not proceeding in a straight line. As I’ve written many times before, it’s moving in different ways and at different paces in different parts of the world. At BlackRock, our job is to help our clients navigate the big shifts in the energy market no matter where they are.

BlackRock’s next transformation

One way we’re helping our clients navigate the booming infrastructure market is by transforming our company. I began this section by writing about the owners of Gatwick Airport, GIP. In January, BlackRock announced our plans to acquire them. 

Why GIP? BlackRock’s own infrastructure business had been growing rapidly over the past several years. But to meet demand, we realized we needed to grow even faster.

It’s not just debt-strapped governments that need to find alternate pools of financing for their infrastructure. Private sector firms do too. All over the world, there’s a vast infrastructure footprint that’s owned and operated entirely by private companies. Cell towers are a good example. So are pipelines that deliver the feedstocks for chemical companies. Increasingly, the owners of these assets prefer to have a financing partner, rather than carrying the full cost for the infrastructure on their balance sheet.

I had been thinking about this trend and called an old colleague, Bayo Ogunlesi.

Both Bayo and I started our careers in finance at the investment bank First Boston. But our paths diverged. I lost $100 million on a series of bad trades at First Boston and…well, nobody needs to hear that story again. But it led me (and my BlackRock partners) to pioneer better risk management for fixed income markets. Meanwhile, Bayo and his team were pioneering modern infrastructure investing in the private markets.

Now, we plan to join our forces again. I think the result will be better opportunities for our clients to invest in the infrastructure that keeps our lights on, planes flying, trains moving, and our cell service at the maximum number of bars.

More about BlackRock’s work in 2023

In this letter, I’ve shared my view that the capital markets are going to play an even bigger role in the global economy. They’ll have to if the world wants to address the challenges around infrastructure, debt, and retirement. These are the major economic issues of the mid-21st Century. We’re going to need the power of capitalism to solve them.

The way BlackRock figures into that story is through our work with clients. We want to position them well to navigate these trends, which is why we’ve tried to stay more connected to our clients than ever.

Over the past five years, thousands of clients on behalf of millions of individuals have entrusted BlackRock with managing over $1.9 trillion in net new assets. Thousands also use our technology to better understand the risks in their portfolios and support the growth and commercial agility of their own businesses. Years of organic growth, alongside the long-term growth of the capital markets, underpin our $10 trillion of client assets, which grew by over $1.4 trillion in 2023.

In good times and bad, whether clients are focused on increasing or decreasing risk, our consistent industry-leading organic growth demonstrates that clients are consolidating more of their portfolios with BlackRock. In 2023, our clients awarded us with $289 billion in net new assets during a period of rapid change and significant portfolio de-risking.

BlackRock’s differentiated business model has enabled us to continue to grow with our clients and maintain positive organic base fee growth. We’ve grown regardless of the market backdrop and even as most of the industry experienced outflows.

I think back to 2016 and 2018 when uncertainty and cautious sentiment impacted investment behavior among institutions and individuals. Many clients de-risked and moved to cash. BlackRock stayed connected with our clients. We stayed rigorous in driving investment performance, innovating new products and technologies, and providing advice on portfolio design. Once clients were ready to step back into the markets more actively, they did it with BlackRock – leading to new records for client flows, and organic base fee growth at or above our target.

Flows and organic base fee growth accelerated into the end of 2023. We saw $96 billion of total net inflows in the fourth quarter and we entered 2024 with great momentum.

In 2024, I plan to do what I did in 2023 – spend a lot of time on the road visiting clients. I’ve already taken several trips in the U.S. and around the world, and it’s clearer than ever that companies and clients want to work with BlackRock.

For companies where we are investing on behalf of our clients, they appreciate that we typically provide long-term, consistent capital. We often invest early, and we stay invested through cycles whether it’s debt or equity, pre-IPO or post-IPO. Companies recognize BlackRock’s global relationships, brand, and expertise across markets and industries. This makes us a valuable partner, and in turn supports the sourcing and performance we can provide for clients.

Over the past 18 months, we’ve sourced and executed on a number of deals for clients. In addition to the STRATOS direct air capture project, our funds partnered with AT&T on the Gigapower JV to build out broadband in communities across the U.S. We also made investments globally, including in Brasol (Brazil), AirFirst (South Korea), Akaysha Energy (Australia), and the Lake Turkana Wind Farm (Kenya).

Our ability to source deals for clients is a primary driver of demand for BlackRock private markets strategies. These strategies saw $14 billion of net inflows in 2023, driven by infrastructure and private credit. We continue to expect these categories to be our primary growth drivers within alternatives in the coming years.

Our active investment insights, expertise and strong investment performance similarly differentiate BlackRock in the market. We saw nearly $60 billion of active net inflows in 2023, compared with industry outflows.

In ETFs, BlackRock generated an industry-leading $186 billion of net inflows in 2023. Our leadership in the ETF industry is another testament to our global platform and connectivity with clients.

What we have seen in market after market is that if we can make investing easier and more affordable, we can quickly attract new clients. We are leveraging digital wealth platforms in local markets to provide more investment access and accelerate organic growth for iShares ETFs.

In EMEA, BlackRock powers ETF savings plans for end investors, partnering with many banks and brokerage platforms, including Trade Republic, Scalable Capital, ING, Lloyds, and Nordnet. These partnerships will help millions of people access investments, invest for the long-term, and achieve financial well-being.

In 2023, we also announced our minority investment in Upvest, which will help drive innovation in how Europeans access markets and make it cheaper and simpler to start investing.

Then there is our work with Britain’s leading digital bank, Monzo, to offer its customers our products through its app, with minimum investments as low as £1. Through these relationships, we’re evolving our iShares ETF franchise to meaningfully increase access to global markets.

Let me also say a few words about Aladdin. It remains the language of portfolios, uniting all of BlackRock, and providing the technological foundation for how we serve clients across our platform. And Aladdin isn’t just the key technology that powers BlackRock; it also powers many of our clients. The need for integrated data and risk analytics as well as whole portfolio views across public and private markets is driving annual contract value (ACV) growth.

In 2023, we generated $1.5 billion in technology services revenue. Clients are looking to grow and expand with Aladdin, reflected in strong harvesting activity, with over 50% of Aladdin sales being multi-product.

As we look ahead, the re-risking of client portfolios will create tremendous prospects for both our public and private markets franchises. And integrated technology will be needed to help clients be nimble while operating at scale.

These are the times where investors are making broad changes to the way they build portfolios. BlackRock is helping investors build the “portfolio of the future” – one that integrates public and private markets and is digitally enabled. We view these changes as big catalysts. With the diversified investment and technology platform we’ve built, we’ve set ourselves up to be a structural grower in the years ahead.

Positioning our organization for the future

Just as we continually innovate and evolve our business to stay ahead of our clients, we also evolve our organization and our leadership team.

Earlier this year we announced changes to reimagine our business and transform our organization to better anticipate what clients need – and shape BlackRock so clients can continue to get the insights, solutions, and outcomes they expect from us.

For years, BlackRock has worked with clients across the whole portfolio, albeit with distinctions between product structures for ETFs, active mutual funds, and separate accounts.

Now the traditional lines between products are blurring. Clients are building portfolios that seamlessly combine both active and index strategies, including liquid and illiquid assets and spanning public and private markets, across ETF, mutual fund, and separate account structures.

BlackRock has been critical in expanding the market for ETFs by making them accessible to more investors and delivering new asset classes (like bonds) and investment strategies (like active). As a result of that success, the ETF is no longer just an indexing concept – it is becoming an efficient structure for a range of investment solutions.

We always viewed ETFs as a technology, a technology that facilitated investing. And just as our Aladdin technology has become core to asset management, so too have ETFs. That’s why we believe embedding our ETF and Index expertise across the entire firm will accelerate the growth of iShares and every investment strategy at BlackRock.

We’ll be nimbler and more closely aligned with clients through our new architecture with the aim of delivering a better experience, better performance, and better outcomes.

Voting choice

Healthy capital markets depend on a continuous feedback loop between companies and their investors. For more than a decade, BlackRock endeavored to improve that feedback loop for our clients.

We’ve done it by building an industry-leading stewardship program, one that’s focused on engaging investee companies on issues impacting our clients’ long-term economic interests. This requires understanding how companies are positioned to navigate the risks and opportunities they face – for example, how geopolitical fragmentation might rewire their supply chains or how higher borrowing cost might impact their capacity to deliver sustained earnings growth.

To do that, we built one of the largest stewardship teams to engage with companies, often alongside our investment teams, because we never believed in the industry’s reliance on the recommendations of a few proxy advisors. We knew our clients would expect us to make independent proxy voting decisions, informed by our ongoing dialogue with companies – a philosophy that continues to underpin our stewardship efforts today. For our clients who have entrusted us with this important responsibility, we remain steadfast in promoting sound corporate governance practices and financial resilience at investee companies on their behalf.

And for our clients who wish to take a more direct role in the proxy voting process, we continue to innovate to provide them with more choice. In 2022, BlackRock was the first in our industry to launch Voting Choice, a capability that enabled institutional investors to participate in the proxy voting process. Today, about half of our clients’ index equity assets under management can access Voting Choice. And in February, we launched a pilot in our largest core S&P 500 ETF, enabling Voting Choice for individual investors for the first time.

We welcome these additional voices to corporate governance and believe they can further strengthen shareholder democracy. I believe that more asset owners can participate in this important process effectively if they are well-informed. We are encouraged by their engagement and the continued transformation of the proxy voting ecosystem but continue to believe that the industry would benefit from additional proxy advisors.

Strategy for long-term growth

For 36 years, BlackRock has led by listening to our clients and evolving to help them achieve long-term outcomes. That commitment has been behind everything we’ve done as a firm, whether it’s unlocking new markets through iShares, pioneering whole portfolio advisory, launching Aladdin on the desktops of investors and so much more. Clients have been at the foundation of our mindset and our growth strategy, informing the investments we’ve made across our businesses.

The combination of technology and advisory, alongside ETFs, active and private markets capabilities, enables us to deliver a better client experience – leading to clients consolidating more of their portfolios with BlackRock or engaging us for outsourcing solutions. We believe this in turn will drive continued differentiated organic growth into the future.

As we do each year, our management team and Board spent time assessing our strategy for growth. We challenge ourselves to think: What opportunities will this economic environment create for BlackRock and our clients, what more can we do to meet and anticipate their needs? How can we evolve our organization, operating structure, investment capabilities, and service models and, in doing so, keep leading the industry?

We have strong conviction in our strategy and our ability to execute with scale and expense discipline. Our strategy remains centered on growing Aladdin, ETFs, and private markets, keeping alpha at the heart of BlackRock, leading in sustainable investing, and advising clients on their whole portfolio.

We have continually made internal investments for organic growth and efficiency, investing ahead of client opportunities in private markets, ETFs, technology, and whole portfolio solutions.

In private markets, we are prepared to capitalize on structural growth trends. Whether it’s executing on demand for much-needed infrastructure, or the growing role of private credit as banks and public lenders move away from the middle market, private capital will be essential. BlackRock is poised to capture share through our scale, proprietary origination, and track record. And we believe our planned acquisition of GIP will meaningfully accelerate our ability to offer our private markets capabilities to our clients.

In ETFs, we will continue to lead by expanding investment access globally and through innovation. The ETF is an adaptable piece of financial technology, and over time we’ve been able to do more with it than just making investing more affordable. We’ve been able to bring better liquidity and price discovery to more opaque markets. One recent example is offering people exposure to Bitcoin through ETFs.

ETFs have been an incredible growth story in the U.S., with iShares leading the way. We believe global ETF adoption is set to accelerate as catalyst trends that we saw in the U.S. years ago like the growth of fee-based advisory and model portfolios are just beginning to take root. Nearly half of 2023 iShares net inflows were from our ETFs listed internationally in local markets, led by European iShares net inflows of $70 billion.

Active asset allocation, security selection and risk management have consistently been key elements in long-term returns. Our active teams across multi-asset, fixed income and equities are well-positioned to seize on broad opportunities arising out of this new interest rate and potentially more volatile regime. We are particularly excited about the opportunity in fixed income and how artificial intelligence is propelling performance in our systematic investing businesses.

Fixed income is going to be increasingly relevant in the construction of whole portfolios with higher yields and better return potential compared to the low-rate environment of the last 15 years. Now that the rate on 10-year U.S. Treasuries is near long-term averages, clients are reconsidering bond allocations.

BlackRock is well-positioned with a diversified fixed income platform. It’s not going to be just about index, where we manage nearly $1.7 trillion. Or just about active where we manage over $1 trillion. Some of the most interesting portfolio conversations are with allocators who are blending ETFs with active or using innovations like our active ETFs for professionally managed income solutions.

Across asset classes, the need for integrated data, technology and risk management will continue to drive demand for Aladdin. Through its dynamic ecosystem of over 130,000 users, the Aladdin platform is constantly innovating and being improved. Investments in Aladdin AI copilots, enhancements in openness supporting ecosystem partnerships, and advancing whole portfolio solutions are going to further augment the value of Aladdin.

We are honored that our clients entrusted us with $289 billion of net new assets in 2023. And over the past few months, we’ve seen a decidedly more positive sentiment and tone in markets and among clients that I'm very optimistic will carry into the rest of 2024.

Our ability to adapt, evolve, and grow has generated a total return of 9,000% for our shareholders since our IPO in 1999. That is well in excess of the S&P 500 return of 490% and representative of a business model serving all our stakeholders.

Total return since BlackRock’s IPO through December 31, 2023

S&P Global. The performance graph is not necessarily indicative of future investment performance.

Our Board of Directors

BlackRock’s Board plays an integral role in our strategy, our growth and our success.

The diverse experiences and backgrounds of our Directors enable us to have rich discussions and debates. At each meeting, our Directors review components of our long-term strategy and foster constructive dialogue with our leadership team on strategic opportunities, priorities and risks facing BlackRock’s business. This dialogue ultimately pushes us to make the sometimes tactical and sometimes transformational moves to build a better BlackRock. This includes the two transformational moves we made in January: The strategic re-architecture of our organization and our agreement to acquire GIP.

These two transformational changes are the largest since our acquisition of Barclays Global Investors nearly 15 years ago.

Following the closing of the GIP transaction, we plan to have Bayo Ogunlesi join our Board of Directors. We will continue to evolve our Board over time to reflect the breadth of our global business and to guide us as we evolve ahead of our clients’ needs.

A final note

Over the past 36 years, BlackRock has grown from a company of eight people in a tiny Manhattan office into the largest asset manager in the world. But our growth is just a small part of a much larger success story.

It’s part of the same story that includes my parents retiring comfortably after 50 years of hard work. The same story where America was able to endure the 1980s S&L crisis and 2008 financial crisis – and rebound quickly and with growing strength.

And it’s the story that, hopefully, will include more people around the world. Nations that can outgrow their debt. Cities that can afford to power more homes and build more roads. Workers who can live out their golden years with dignity.

All of these stories are only possible because of the power of the capital markets and the people who are hopeful enough to invest in them.

Laurence Fink Chairman and Chief Executive Officer

Income solutions that empower your retirement

Map an easier route to retirement.

• Mutual funds
• iShares ETFs
• Closed-end funds
• Cash alternatives
• Commodity funds
• Stock funds
• Multi-asset funds
• Real estate funds
• Science and Technology Trust
• Resources & Commodities Strategy Trust
• Global Allocation Fund
• LifePath Index Retirement Fund
• Technology Opportunities Fund
• iShares Core S&P 500 ETF
• All funds All funds
• 529 College Savings Plan 529 College Savings Plan
• Alternatives
• Fixed Income
• Fundamental Equities
• Multi-Asset Strategies & Solutions
• Systematic Investing
• Cash management
• Factor-based investing
• Investing for retirement
• LifePath® target date funds
• All active investment strategies All active investment strategies
• Weekly commentary
• Global investment outlook
• BlackRock Investment Institute
• Investment stewardship
• Our approach to sustainability
• Portfolio management views
• Education center
• Retirement volatility strategies
• Planning for retirement
• What is a 401(K)?
• Document library
• Shareholder reports
• Regulatory documents
• Share classes and loads
• Tax information
• Forms & Applications
• LifePath spending tool
• LifePath selector tool
• iShares core builder
• College saving estimator
• All insights All insights
• The Bid podcast The Bid podcast
• About BlackRock
• BlackRock retirement
• Customer service

As a global investment manager and fiduciary to our clients, our purpose at BlackRock is to help everyone experience financial well-being. Since 1999, we've been a leading provider of financial technology, and our clients turn to us for the solutions they need when planning for their most important goals.

1 Based on a $1,000 investment from January 1960 to December 1990. Assumes reinvestment of all dividends. Past performance is not indicative of future results.

2 Federal Reserve History , Savings and Loan Crisis

3 OCED Economic Surveys: United States (2016)

4 Securities Industry and Financial Markets Association , Capital DMarkets Fact Book (2023), p.6

5 World Federation of Exchanges , Market Statistics-February 2024, (2024)

6 World Economic Forum , Ageing and Longevity, (2023)

7 United Nations , World Population Ageing, (2017), p.8

8 The Wall Street Journal , Japan’s Nikkei Tops 40000 for First Time, Driven by AI Optimism, ( 2024)

9 Cabinet Secretariat of Japan , Doubling Asset-based Income Plan, ( 2022), p.2

10 Note: 1. Format adapted from Adele M. Hayutin, New Landscapes of Population Change: A Demographic World Tour (Hoover Press, 2022). Data from United Nations Population Division, World Population Prospects. (latest refresh 2022), Medium Fertility Projection. 2. Peak year is defined as the year in which working age population reaches its maximum for a country. Sources: United Nations Population Statistics (as of 2022). OECD (as of 06/2023). World Bank (as of 2022).

11 United Nations , UN DESA releases new report on ageing , (2019)

12 The New York Times Magazine , Can We Live to 200? ( 2021)

13 National Library of Medicine , Estimated Life-Years Gained Free of New or Recurrent Major Cardiovascular Events With the Addition of Semaglutide to Standard of Care in People With Type 2 Diabetes and High Cardiovascular Risk, ( 2022)

14 Source 1: Bureau of Labor Statistics , Employee Benefits in the United States , (2023), p.1; Source 2: Bureau of Labor Statistics , Employee Benefits in Industry , (1980), p. 6

15 BLK Estimates based on AUM as of December 31 st , 2021 and Cerulli data as of 2020. ETF assets include only qualified assets based on Cerulli data, and assumes 9.5% of institutionally held ETFs are related to pensions or retirement. Institutional estimates includes assets defined as “related to retirement” and are based on products and clients with a specific retirement mandate (e.g., LifePath, pensions). Estimates for LatAm based on assets managed for LatAm Pension Fund clients, excluding cash.

16 BlackRock as of Dec. 31, 2021. The overall number of Americans is calculated based on estimates of participants in BlackRock’s Defined Contribution and Defined Benefit plan clients. The Defined Contribution number is estimated based on data from FERS as well as ISS Market Intelligence BrightScope for active participants across 401(k) and 403(b). Defined Contribution includes plans with over $100M+ in assets where participants have access to one or more BlackRock funds; some may not be invested with BlackRock. The Defined Benefit number is estimated based on data from public filings and Pension & Investments for the total number of participants across the 20 largest U.S. Defined Benefit plans that are not also Defined Contribution clients of BlackRock.

17 U.S. Bureau of Labor Statistics , Labor Force Statistics from the Current Population Survey, (Feb. 2023)

18 Represents the total number of active public schoolteachers enrolled in defined benefit plans with assets managed by BlackRock. Excludes Virginia, Alaska and Pennsylvania pension clients, as the states’ DB plan is not the default plan for its participants. Public school teachers count from the National Center for Education Statistics, projection for 2022 school year. Pensions participation rate based on data from the U.S. Bureau of Labor Statistics: 89% as of March 2022.

19 Social Security , Life Tables for the United States Social Security Area 1900-2100, Figure 3a

20 Social Security , When to Start Receiving Retirement Benefits, (2023), p.2

21 Social Security , Summary: Actuarial Status of the Social Security Trust Funds, (2023)

22 Dutch Government , Why is the state pension age increasing? (translated from Dutch)

23 U.S. Bureau of Labor Statistics , Civilian labor force participation rate, (2000-2024)

24 U.S. Census Bureau , Survey of Income and Program Participation (SIPP) , (2022)

25 Federal Reserve , Economic Well-Being of U.S. Households in 2022, (2023), p.2

26 BlackRock , Emergency Saving Initiative: Impact and Learnings Report, (2019-2022), p.2

27 BlackRock, Emergency Savings Initiative: Impact and Learnings Report, ( 2019-2022), p.12

28 BlackRock , What are target date funds?

29 AARP, New AARP Research: Nearly Half of Americans Do Not Have Access to Retirement Plans at Work, (2022)

30 CIA: The World Factbook , Country Comparisons: Population (2023 est.)

31 OECD , Pensions at a Glance 2023 , (2023), 222

32 Georgetown University Center for Retirement Initiatives , State-Facilitated Retirement Savings Programs: A Snapshot of Program Design Features, (2023)

33 Parliament of Australia , Superannuation and retirement incomes

34 Human Interest , The power of 401(k) automatic enrollment, (2024)

35 BlackRock , To spend or not to spend? (2023), p. 2-5

36 Source 1: The Wall Street Journal, The Champions of the 401(k) Lament the Revolution They Started, (2017); Source 2: Social Security Office of Retirement and Disability Policy, The Disappearing Defined Benefit Pension and Its Potential Impact on the Retirement Incomes of Baby Boomers , (2009)

37 U.S. Chamber of Commerce , Statement of the U.S. Chamber of Commerce, (2012), p. 3

38 Harvard Business Review , Too Many Employees Cash Out Their 401(k)s When Leaving a Job, ( 2023)

39 The Wall Street Journal , Why China’s Middle Class Is Losing Its Confidence, (2024)

40   The Wall Street Journal , Covid-Era Savings are Crucial to China’s Economic Recovery , (2023)

41 The Wall Street Journal , The Rough Years That Turned Gen Z Into America’s Most Disillusioned Voters , (2024)

42 Financial Times , How Adebayo Ogunlesi’s contrarian bet led to $12.5bn BlackRock tie-up , (2024)

43 American Society of Civil Engineers (ASCE ), 2021 Report Card For America’s Infrastructure, (2021), p. 5

44 International Monetary Fund , Global Debt Is Returning to its Rising Trend, (2023)

45 Fiscal Data: U.S. Treasury , Debt to the Penny, ( Debt was $23.4T in March 2020 and $34.5T in March 2024)

46 The Wall Street Journal , A $1 Trillion Conundrum: The U.S. Government’s Mounting Debt Bill, ( 2024)

47 US Department of Treasury , Table 5: Major Foreign Holders of Treasury Securities

48 As of March 2024. Net Zero Tracker, https://zerotracker.net (last visited March 18 th , 2024)

49 Associated Press News , The year in clean energy: Wind, solar and batteries grow despite economic challenges, (2023)

50 BlackRock iResearch Services global survey, sample size n=200, May-June 2023. Survey covered institutional investors’ attitudes, approaches, barriers, and opportunities regarding transition investing. 83% of EMEA respondents surveyed have net zero by 2050 or other date as a transition objective across their portfolio. https://www.blackrock.com/corporate/literature/brochure/global-transition-investing-survey.pdf

51 BlackRock’s 2020 Letter to Clients , Sustainability as BlackRock’s New Standard for Investing, (2020)

52 Reuters , Europe’s spend on energy crisis nears 800 billion euros, (2023)

53 The New York Times , Germany Announces New L.N.G. Facility, Calling It a Green Move from Russian Energy, (2022)

54 Texas Fall 2023 Economic Forecast

55 Federal Reserve Bank of Dallas, Texas electrical grid remains vulnerable to extreme weather events, (2023)

56 U.S. Energy Information Administration : Electricity Data Browser

57 U.S. Energy Information Administration , Solar and wind to lead growth of U.S. power generation for the next two years, (2024)

58 BlackRock Alternatives, CFP, 2023

59 Kenya Power , Annual Report & Financial Statements, (2022)

60 Reuters , BlackRock, Temasek-led group invest $150 mln in thermal battery maker Antora, (2024)

61 Business Wire , Antora Energy Raises $150 Million to Slash Industrial Emissions and Spur U.S. Manufacturing, ( 2024)

62 Oxy, Occidental and BlackRock Form Joint Venture to Develop STRATOS, the World’s Largest Direct Air Capture Plant, (2023)

63 As of June 30, 2022. “Energy companies” refers to corporations classified as belonging to the GICS-1 Energy Sector.

MKTGH0324U/M-3470283

Sample cover letter for Internship position at BCG

I am a first year student studying towards a Bsc in Economics at the London School of Economics and Political Science writing to apply for the BCG Insight Programme. Researching BCG, I was impressed by the culture at the firm and the way in which it approaches problems. Rather than try to fit problems into existing frameworks, teams at BCG have a tendency to look at each problem from a fresh and build a solution from the ground up. I am keen to gain a deeper insight into a career as a management consultant due to its intellectual rigor and have decided to apply to BCG because of its global presence, reputation for excellence and its commitment to thought leadership.

I believe that both my educational and professional backgrounds have well prepared me for the analytical challenges that are faced in this industry .Last summer, I gained a three week internship at Credit Suisse working within Fixed Income Strategy. While enrolled on the internship programme, I developed a deeper understanding of fixed income financial instruments by carrying out detailed analysis on the fundamental drivers of their prices using Microsoft Excel. Furthermore, I worked within a team to create and then give a presentation to senior managers developing interpersonal and teamwork skills which are of the utmost importance to BCG as all work is carried out it teams.

A career in management consultancy is characterised by the tackling of a wide variety of business problems using analytical and reasoning skills to provide solutions for clients. One of the things which attracted me to this profession is the variety enjoyed by working across numerous industries with numerous clients and the opportunity to make a real impact in shaping these industries.

Finally, I have enjoyed looking over the numerous practice cases found on the BCG website specifically the logical approach taken when addressing the numerous frameworks. I would welcome the opportunity to learn more about management consulting and the opportunities that BCG could afford me in the future. Thank you for your time and consideration.