Hi OP,
Since you've gotten precious little informed advice in this thread so far, so I thought I would chime in. I'm also a graduate of a top MBA program (~10 years ago at this point). Immediately post-MBA I spent several years at one of the top three management consulting firms. Since then I've worked for companies ranging in size from Fortune 50 to a 100 person start-up, and also for a PE firm in an operating role.
Here's how I read your situation:
- Your no offer was a read flag to employers during your 2nd year OCR. You made it to the final rounds, but when it came down to you and similarly qualified candidates that no offer was a deal breaker. Sucks, but that is how MBA recruiting (at least for top consulting and finance roles) works.
- There is no shame in striking out on OCR for top consulting or finance. Everyone knows it is very competitive. However the fact that your graduating jobless is a huge red flag to employers from here on out. Any hiring manager recommending you to a hiring committee is exposing themselves to real risk should you not work out.
- You know as well as I that recruiting channels for top MBAs are either very formal (i.e. OCR) or completely informal (i.e. through personal networks). For you the formal channels have closed.
What you need to do now:
- Engage your schools alumni network. Look for alumni working in areas that rely almost exclusively on informal hiring channels. These are going to be earlier stage companies (seed stage or earlier), established companies in undesirable/tertiary markets, or small consulting shops in highly specialized fields (based on what you've said about your background some kind of niche government consulting could be an option).
- Develop a focused story on why you are where you are - still recruiting for a post-MBA role after OCR. The story needs to explain the red flags in your history in a way that takes away the risk for the hiring manager. The story needs to be something like this:
1) I came into my MBA with a very well defined goal - which is to do exactly what the company you're interviewing with does;
2) I was lured into doing a CPG internship because I got caught up in the excitement/social pressure/momentum of OCR;
3) I realized during my internship that I needed to refocus on my original goal;
4) I largely skipped OCR to focus on that goal, instead reaching out to alumni and companies doing exactly what I want to do (be ready to point to several examples/actions that support this)
- Be willing to be flexible on comp. You should understand by now that you're not likely getting the standard top-MBA $135K + 20% bonus. Now if you get offered $50K, obviously turn that down unless it is a non-profit or a start-up offering you a bunch of equity. Realistically your shooting for ~$95-$110K base, hopefully some bonus potential, and (most importantly) some kind of upward trajectory.
Good Luck