An MBA can be a
good route into a consulting firm as an associate. Associates receive training and on-the-job apprenticeship
at many of the big firms. Associates are the ones performing background
research and analysis. Combining problem solving skills and technical
experience is common for associates. Well-performing associates then often
receive promotions after a few years of experience. However, to succeed as a
consultant, experience is what counts.
While many
consultants entered firms such as McKinsey holding MBA degrees, not everyone
who consults has an MBA. While education
is important, it does not solve complex problems the same way experience does. Those
serving as consultants rarely go to business school to get the job.
On the other hand,
consultants with years of real-world experience sometimes go back to get their
MBA degrees. Why? For one, holding an MBA commissions a higher
salary. MBA degrees combined with real-world experience bring together the best
of both situations.
Someone with five or
ten years of experience and an MBA
degree is more capable of handling complex projects and has more tools at her
disposal than someone with either the experience or the MBA.
Second, the MBA degree
helps garner respect from those not familiar with a consultant's experience or
industry. When a new client or firm sees
the combination of experience and degree, it helps build their confidence.
An example of a
place where having an MBA in addition to experience helps is when applying to a
consultancy like McKinsey & Company. When hiring, McKinsey looks for
strength in four areas: Problem solving,
achieving, personal impact, and leadership. Holding an MBA helps with problem
solving skills, and can help with personal impact (especially if service
projects or volunteer work was completed).
Experience is irreplaceable and
demonstrates a history of achieving and leadership positions.
Some companies,
like BCG, will sponsor high performing associates wanting to pursue MBA
degrees. This is a valuable option for those wishing to pursue an MBA, but who
aren't sure how the degree will be paid for.
The downside is
that many experienced consultants apply to top MBA programs. While employment at a top management
consulting firm is helpful, those who are self-employed, or who work at smaller
consultancies must work hard to make themselves stand out. Having a specific
focus, leadership experience, and clear goals all are helpful.
Moreover, if you are self-employed, be sure
to write detailed accounts of whom your clients were and how you served
them. This demonstrates to employers
that you were employed.
If deciding to
obtain an MBA is on the table, be sure to study for the GMAT and carefully
research prospective schools (and the companies recruiting from those schools).
Carefully construct the application and essay.
Make sure you recognize, going into an MBA program that it is a
demanding career move and a large financial investment and plan accordingly.
While an MBA degree
is not necessary for a management consultant, obtaining an MBA can help your
prospects of finding gainful employment-especially when combined with industry
or consulting experience.
Interested in publishing an article on StrategyExpert.com and enhancing awareness of your expertise or organisation? Email us at contact@strategyexpert.com.
While many
consultants entered firms such as McKinsey holding MBA degrees, not everyone
who consults has an MBA. While education
is important, it does not solve complex problems the same way experience does. Those
serving as consultants rarely go to business school to get the job.
On the other hand,
consultants with years of real-world experience sometimes go back to get their
MBA degrees. Why? For one, holding an MBA commissions a higher
salary. MBA degrees combined with real-world experience bring together the best
of both situations.
0 Comments Posted Leave a comment