The Bafana Bafana legend missed out on the Heart of Midlothian in December last year and has been without a job since being sacked by Cape Town City a month prior to his interview.
While he's been waiting patiently for his next career move he discussed the lack of opportunities afforded to coaches of colour and feels the role-model factor plays a crucial role in the current cycle.
"In Europe, it's hard as we've literally got none [black coaches] if you ask me, just maybe Chris Hughton at Nottingham Forest and then there is Darren Moore, at Doncaster Rovers," McCarthy told BBC Africa.
"The reason for me is the lack of opportunities given, look at history and see how many black coaches have been given opportunities in the past.
"Look at a player like Mason Mount, if he hangs up his boots and wants to coach the path is clear, he is able look to up to someone like Lampard. How many people can black boys look up to? There is your answer."
South Africa's all-time top scorer revealed he had legendary black players to look up to as a youngster but none in the form of coaching as he looks to break the narrative abroad.
"When I was young, I used to love Andy Cole and wanted to be like him, modelled my game around his game and looked up to him, and I think I did well for myself.
"When it came to being a coach, I had no one to look up to so I had to watch a movie [We Are The Titans] where Denzel Washington played the role of an American football coach. That is what inspired me, so you see, where are the black coaches to look up to?"