MBA in Consultancy | TopMBA.com

Consulting is one of the most varied career paths an MBA can pursue. As a consultant, you  will spend your career helping companies in your area of expertise, with the vibrant nature of work coming from the companies and their intriguing problems.

The possibilities are endless – you could help a software firm in Silicon Valley facing financial difficulties during a buyout one week, then telling a Wall Street Bank how best to invest the week after. 

In our recent QS MBA Rankings by Specialization for Consulting, we included 50 different schools which offer the best possible programs for you to head down the consulting route via your MBA.

Top consulting firms hire more MBA graduates than nearly any other type of employer. Students are prepared for a career in consultancy through their MBA as the program helps them to cultivate business expertise, allowing grads to offer deep business insight.

What is an MBA in Consulting?

An MBA in consulting teaches students to refine the strengths that consulting firms will be on the lockout for, such as business problem solving, communication, corporate strategy skills and analysis of business situations and issues.

What You Need to Study an MBA in Consulting

Each consulting-tailored MBA program will have different requirements. Generally, most b-schools will require the following:

  • Three to five years of professional experience (although this can vary)
  • An undergraduate degree
  • A good GMAT/GRE score
  • Employers’ recommendation

MBA in Consulting – Course Content

MBA programs tend to feature consulting classes both in the core curriculum and through electives, which will help you fine-tune your unique strengths and business acumen.

Generally, consulting MBA students will take some or all of the following courses:

  • Consulting
  • Business Strategy
  • Asset Valuation
  • Business Communication
  • Business Ethics
  • Supply Chain Management
  • Negotiations
  • Corporate Strategy
  • Innovation Management/Strategy
  • Organizational Behavior
  • Financial Accounting
  • Quantitative Analysis
  • Operations Management

MBA in Consulting – Cost

Costs for a full-time MBA with a consulting specialization at a top 10 school vary from US$60,000 to over US$140,000.

INSEAD has been ranked as the best business school in the world for specializing in consulting. The INSEAD MBA program is split between their Fontainebleau (France) campus and their Singapore campus, giving students a global experience. The complete top 10 can be found below:

1)      INSEAD

2)      London Business School

3)      MIT Sloan School of Management

4)      Columbia Business School

5)      The Kellogg School of Management

6)      The Wharton School

7)      The University of Chicago Booth School of Business

8)      Michigan Ross School of Business

9)      NYU Stern School of Business

10)   The Fuqua School of Business

Top Careers to Pursue with an MBA in Consulting

One of the big questions you’ll ask yourself is whether you’d like to work for a large or small consulting firm. Both firms have advantages and disadvantages – a con for you may be someone else’s pro – and require different skills, with regards to consulting and interpersonal skills.

Large firm

There are typically more offerings of companies to work for within the network of large firms, as well as, higher salaries, upward mobility, the chance to manage other consultants, and the opportunity with household name brands.

All positives yes – but with those perks come longer hours, hectic schedules, lots of frequent (if not constant) travel and relocation (national and international) and typically higher stress levels.

Small firm

Smaller consulting firms are like any other small business where employees are required to be multitalented, highly functional, and motivated.

Consultants in small firms need to be competent enough to find their own work, act as accountants, work in sales, marketing, and strategy alongside their bread and butter consulting work.

Depending on the sector, the agency itself and its relationships, your workload may not be consistent. But this could be a positive as you may have a more flexible personal schedule, travel less, and enjoy a closer, more personal relationship with clients.

Salaries

Consultants play a fundamental role in all types of businesses, leading to generally high salaries and bonuses.

Here are some of the top-tier consulting positions with the highest average salaries you could land after your MBA, according to Indeed research:

  • Business Consultant: US$71,853
  • Consultant: US$74,997
  • Management Consultant: US$84,642
  • Financial Consultant: US$88,497
  • Systems Consultant: US$93,956
  • Senior Consultant: US$98,468

Top Firms Hiring Consulting MBAs

If a successful career at a top consulting firm is your goal, here are the firms you should consider sending your application to:

US and Canada

According to Vault’s annual survey for 2019, the top 10 consulting firms in North America are:

  • McKinsey & Company
  • Bain & Company
  • The Boston Consulting Group, Inc.
  • Deloitte Consulting LLP
  • Oliver Wyman
  • Putnam Associates
  • EY-Parthenon
  • PricewaterhouseCoopers Advisory Services LLC
  • Bridgespan Group
  • Accenture

Europe

Vault.com’s top 10 consultancy firms to work for in Europe are:

  • McKinsey & Company Europe
  • Bain & Company Europe
  • Oliver Wyman Europe
  • Roland Berger Europe
  • A.T. Kearney Europe
  • OC&C Strategy Consultants Europe
  • Simon-Kucher & Partners Europe
  • Implement Consulting Group
  • QVARTZ
  • Arthur D. Little Europe

Asia

The equivalent top ten 10 for Asia is not dissimilar:

  • The Boston Consulting Group, Inc. Asia
  • McKinsey & Company Asia-Pacific
  • Bain & Company Asia
  • Deloitte (Asia Consulting Practice)
  • Roland Berger Asia
  • A.T. Kearney Asia-Pacific
  • Oliver Wyman Asia-Pacific
  • OC&C Strategy Consultants Asia
  • Alvarez & Marsal Asia
  • Simon-Kucher & Partners Asia-Pacific

Best Countries for a Career in Consulting

Most of the world’s top consulting firms are located in North America – particularly the US – and Europe, with France and the UK at the forefront of the sector.