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According to recent surveys, demand for new MBAs in the consultancysector has risen by a massive 30% in the past two years.
Together with investment banking, the sector is likely to account for as much as 50% of all hiring at many of Europe's top business schools. The apparent attractions of working in consultancy are numerous - international travel, the opportunity to influence the direction of major companies across a wide range of sectors, contact with senior level management-¦and let's not forget the financial rewards on offer. But what is life for a fresh MBA graduate really like as a consultant and is it the right choice for you?
A quick browse through the names in the our list of the major MBA recruiters - names such as Bain & Co, Booz Allen Hamilton and McKinsey & Co - shows that what is termed "classic" management or strategy consultancy is also one of the most popular career options. Fundamentally, this type of consultancy is about the generation of ideas and their application in the marketplace to make an organisation more effective than its competitors. The capital of firms operating in this field is not product but intellect. Consequently, they look for individuals who can demonstrate a definite set of skills - high intelligence, strategic thinking, problem solving capability, analytical capacity and last, but by no means least, the ability to work effec-tively with people at all levels, whether they are clients or fellow consultants. This does not necessarily mean, however, that consultants need to come from a particular background in terms of academic education. Mindful of the perception in the 1970s and 80s that they were in danger of turning out "clones", many firms now actively recruit with the concept of diversity well to the fore. As Sali Hallsworth, Director of Professional Development for AT Kearney in Europe puts it, "There is no such thing as an AT Kearney "type". We pride ourselves on recruiting and retaining a diverse and varied spectrum of people - I can remember working in a project team, for example, where the client commented that he couldn't believe we all came from the same firm!"
Because consultants now come from such a wide range of backgrounds, the amount of time, effort and money that major firms invest in training and development has risen exponentially. Within the larger players, the first step is often to emphasise that, while individuality is encouraged, new hires need to see themselves as part of a team, which can, literally, span the globe. Being part of this international team may, in the long run, prove to be a consultant's greatest reward, whether he or she stays within the sector or not. Well aware of the value of networking and the power of the alumni network that the key US schools have demonstrated so well, many firms now foster their own alumni programmes to the benefit of both themselves and the individual. As ex-consultants increasingly take up top roles across commerce, industry, finance and the public sector, the common bond of experience and alma mater can prove an invaluable asset in long-term career development.
Consulting careers - Are you the type?
By QS Contributor
Updated October 2, 2014 Updated October 2, 2014According to recent surveys, demand for new MBAs in the consultancy sector has risen by a massive 30% in the past two years.
Together with investment banking, the sector is likely to account for as much as 50% of all hiring at many of Europe's top business schools. The apparent attractions of working in consultancy are numerous - international travel, the opportunity to influence the direction of major companies across a wide range of sectors, contact with senior level management-¦and let's not forget the financial rewards on offer. But what is life for a fresh MBA graduate really like as a consultant and is it the right choice for you?
A quick browse through the names in the our list of the major MBA recruiters - names such as Bain & Co, Booz Allen Hamilton and McKinsey & Co - shows that what is termed "classic" management or strategy consultancy is also one of the most popular career options. Fundamentally, this type of consultancy is about the generation of ideas and their application in the marketplace to make an organisation more effective than its competitors. The capital of firms operating in this field is not product but intellect. Consequently, they look for individuals who can demonstrate a definite set of skills - high intelligence, strategic thinking, problem solving capability, analytical capacity and last, but by no means least, the ability to work effec-tively with people at all levels, whether they are clients or fellow consultants. This does not necessarily mean, however, that consultants need to come from a particular background in terms of academic education. Mindful of the perception in the 1970s and 80s that they were in danger of turning out "clones", many firms now actively recruit with the concept of diversity well to the fore. As Sali Hallsworth, Director of Professional Development for AT Kearney in Europe puts it, "There is no such thing as an AT Kearney "type". We pride ourselves on recruiting and retaining a diverse and varied spectrum of people - I can remember working in a project team, for example, where the client commented that he couldn't believe we all came from the same firm!"
Because consultants now come from such a wide range of backgrounds, the amount of time, effort and money that major firms invest in training and development has risen exponentially. Within the larger players, the first step is often to emphasise that, while individuality is encouraged, new hires need to see themselves as part of a team, which can, literally, span the globe. Being part of this international team may, in the long run, prove to be a consultant's greatest reward, whether he or she stays within the sector or not. Well aware of the value of networking and the power of the alumni network that the key US schools have demonstrated so well, many firms now foster their own alumni programmes to the benefit of both themselves and the individual. As ex-consultants increasingly take up top roles across commerce, industry, finance and the public sector, the common bond of experience and alma mater can prove an invaluable asset in long-term career development.
Source: QS TopMBA.com Career Guide
This article was originally published in November 2012 . It was last updated in October 2014
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