MBA programs generally develop essential core skills in management, business ethics, and analytics. A specialized MBA in consulting further diversifies and refines your skill set with training in risk management, human relations, organizational leadership, and effective communication. Depending on your level of work experience and area of expertise, MBA degree-holders enjoy upward mobility thanks to this specialized degree. An online MBA in consulting opens the door to a variety of career tracks, some of which are quite lucrative.
Many degree-holders hold roles as management consultants, project managers, strategy consultants, marketing managers, and various leadership or administrative positions. Some professionals find niche careers based on their specialties, such as healthcare or retail sales. One degree is not better than the other. There are differences in the required courses and training. They work to promote products and services with nuanced campaigns. Paige is a popular speaker and columnist who has written for Entrepreneur and Forbes.
My first job out of college was on Wall Street as a financial analyst at an investment bank. I knew early on I would not stay beyond my two-year commitment. I was good at the job and was paid well, but I did not enjoy the work. I knew I wanted to be in business, but I had no idea where to go next so I applied to get an MBA as soon as my job ended. My father had an MBA so I knew it would be good to have on my resume and would also allow me to spend my summer doing an internship in another type of business outside of finance.
My MBA gave me the skills, confidence, and network for a better career path so, for me, it was a great decision. I interviewed on campus and, because I had done a summer internship between my first and second year, I was fortunate to get an offer from them for after graduation so I could really focus my job search on finding the best fit for me and my interests.
My MBA taught me how to make decisions without all the data and build the confidence to pivot as new information became available. I learned how to present my ideas in a compelling and succinct way and to speak up. Working in teams successfully is also an important skill I had to master in my program as much of business requires motivating and inspiring others toward a common goal. I have played many roles, from salesperson bringing in the clients to team lead as the relationship manager to subject matter expert delivering the work.
I enjoy the variety of being able to wear many hats. Consulting is great because you never get bored and are always learning. You get to apply the knowledge from one category to another so it is a lot of fun. It helps to be curious and ask lots of questions, be a good listener, and have a strong work ethic. Since projects are done in teams, having a good sense of humor makes you fun to work with too. Take the GMAT while you are still in college since you are already in test-taking mode; the scores stay on file for a few years.
Order the applications and think about the essays before you are under a deadline so you can be thinking about how to position yourself when the time is right. Find mentors who have MBAs and network with people who can tell you about their careers. See if you can get an internship while you are in college to test drive the type of work and culture of the firm to make sure it is a good fit.
Talk to a professor to see if you could do a consulting project for credit for a class to get experience. They usually have great contacts through former students. I did a full-time MBA program, but there are also executive MBA programs you can do on nights and weekends if you cannot afford the time or expense, and some companies will help pay for it too if you like the job you are in. Wherever you apply, check to see how engaged the alumni network is; they can be a huge source of value once you get your degree.
Professional and academic organizations are useful resources for students and seasoned professionals alike. These organizations provide useful networking opportunities both in person and online. Below are two popular consulting paths to consider:.
Several of the most prestigious consulting companies, including McKinsey and Deloitte, recruit directly from MBA programs, and having an MBA is typically necessary to be competitive for these roles.
If this is the type of career you want to pursue, consider an MBA program. Additionally, an MBA will improve your trust and credibility among potential clients, allowing you a greater chance at success in independent consulting.
An advanced degree and a stellar reputation contribute to being seen as an expert and will lead to both professional growth and financial opportunities. It can help you stand out from your competitors and instill confidence in your clients before you even begin work.
According to a recent survey , 95 percent of full-time MBA alumni say they would recruit an alumnus from their alma mater. Short answer: Yes. The amount was fully paid for, and the arising tax liabilities were also catered for.
McKinsey consultants are known to work hard both in terms of number of hours and intensity. As a result, you will often be pushed to your limits, sometimes emotionally, at times mentally, and others even physically. However, lower GPAs do not automatically disqualify a candidate; a 3.
Within MBB firms, McKinsey is the most prestigious and well-known, both inside and outside the industry. This is the result of their early and continuing success in maintaining extremely high standards in recruitment and project deliverables.
In head to head recruiting, Bain often beats out BCG because of culture but loses to McKinsey based on prestige or brand-name. In contrast, a team from Bain will have 2 analysts and fewer people who are more senior. Consultants stay energetic, healthy and happy by being good at their job.
Management Consulting has gained a bad reputation because of the cynical mode of operating that certain firms have. Get Educated. Heading back to grad school is a common exit strategy for those within consulting, especially if you started a consulting gig straight out of undergrad. Consultancy jobs are known to be among the highest paying in the world. With the right strategies, you can secure a highly paid consultancy job for yourself.
Consulting firms typically have 6 roles from entry-level to partner. Moving from one position to the next typically takes 1 to 3 years. As you move up the ladder your role will change. With most of the major, large consulting firms, few—if any—employees are working an average of 40 to 50 hours a week.
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