Consulting – the extremely sought-after post-MBA profession selection – garners consideration due the fast-paced profession development, international publicity and the immense studying alternatives throughout industries and capabilities it provides – the cherry on the cake being the aggressive compensation package deal.
Organisations rent consulting corporations throughout industries – so as to get recent exterior views on methods or options for managing numerous challenges, enhancing enterprise efficiency and staying aggressive.
Consulting careers embrace numerous specialty areas like technique, operations, human sources (HR), technical, monetary advisory, advertising and marketing, healthcare, non-profit/governance.
In accordance with Bloomberg, among the many numerous industries MBA graduates obtained into, consulting noticed the best share of hires at 31.3%.
Consulting salaries are a lot larger in comparison with different sectors. This was confirmed by U.S. Information’ MBA grads’ common wage information throughout all sectors collected from 56 enterprise colleges – based on which consulting professionals earned 11.5% extra on common.
On this article, we’ve shortlisted the most effective MBA applications for a profession in consulting primarily based on Bloomberg’s most up-to-date information. Right here’s a listing of enterprise colleges with the best p.c of the category taking over consulting jobs.
Prime enterprise colleges with highest proportion of consulting hires
| Enterprise College | No of scholars employed | % of sophistication | Median consulting wage |
|---|---|---|---|
| INSEAD | 326 | 61.0% | $134,775 |
| Georgia Tech Scheller | 37 | 57.8% | $175,000 |
| Emory Goizueta | 73 | 54.1% | $175,000 |
| Western Ivey | 48 | 53.9% | $140,307 |
| Virginia Darden | 145 | 46.3% | $190,000 |
| Dartmouth Tuck | 111 | 45.9% | $190,000 |
| Michigan Ross | 133 | 44.9% | $190,000 |
| Yale | 115 | 44.2% | $190,000 |
| Duke Fuqua | 152 | 42.7% | $190,000 |
| Texas McCombs | 91 | 42.7% | $175,000 |
| CMU Tepper | 78 | 42.2% | $175,000 |
| NYU Stern | 124 | 41.9% | $188,000 |
| Vanderbilt Owen | 60 | 41.70% | $175,000 |
| Northwestern Kellogg | 158 | 40.9% | $190,000 |
| Cornell Johnson | 108 | 40.6% | $190,000 |
Supply: Bloomberg
Additionally learn: Life earlier than and after IIT Bombay, INSEAD and McKinsey: Diary of an overachiever
The MBA class dimension is one other deciding issue; a bigger class sometimes means extra graduates enter the sphere. Right here’s a listing of colleges that positioned the best numbers into consulting.
Prime enterprise colleges with most consulting hires
| Enterprise College | No of scholars employed | % of sophistication | Median consulting wage |
|---|---|---|---|
| INSEAD | 326 | 61.0% | $134,775 |
| Indian College of Enterprise (ISB) | 282 | 34.8% | $47,440 |
| Chicago Sales space | 192 | 38.6% | $192,000 |
| Wharton | 183 | 28.8% | $190,000 |
| Northwestern Kellogg | 158 | 40.9% | $190,000 |
| Duke Fuqua | 152 | 42.7% | $190,000 |
| Virginia Darden | 145 | 46.3% | $190,000 |
| Harvard | 140 | 24.3% | $192,000 |
| Columbia (CBS) | 140 | 29.2% | $190,000 |
| London Enterprise College (LBS) | 139 | 38.9% | $134,690 |
| Michigan Ross | 133 | 44.9% | $190,000 |
| NYU Stern | 124 | 41.9% | $188,000 |
| Yale | 115 | 44.2% | $190,000 |
| Dartmouth Tuck | 111 | 45.9% | $190,000 |
| Cornell Johnson | 108 | 40.6% | $190,000 |
Supply: Bloomberg
INSEAD continues to be the star performer with the most important share in each the classes. A robust model identify, the varsity has robust business connections and is a dream college for a lot of aiming for a consulting profession.
This system noticed 61% of the category comprising 326 college students transfer into consulting. Out of those, 44% have been new recruits whereas 17% returned to their former organisation post-graduation.
ISB, a prime ranked Indian program with 800+ college students and a number of campuses despatched the twond highest numbers (282) into consulting.
Among the many prime US colleges, Sales space, Wharton, Kellogg, Fuqua, Darden, Harvard, CBS noticed the best variety of consulting hires. Among the many UK colleges, LBS was on the prime place.
There have been two colleges with small class sizes that beat the T10/T20 colleges with an enormous % of the category taking over consulting positions – Georgia Tech Scheller (Prime 50) despatched 57.8% into consulting whereas Ivey Enterprise College (Prime 100) in Canada noticed 53.9% of the category select a profession in consulting.
In accordance with Administration Consulted, which shares initially sourced salary-related information and insights, right here have been some observations from their 2024 report: traditionally, consulting salaries have been rising within the 2-4% development vary with the earlier 3 years reporting round 10% rise year-on-year. 2023 was solely the second 12 months out of 16 – throughout which salaries didn’t enhance.
Learn extra: Why are Consulting salaries so excessive?
The identical 12 months (2022-23) noticed hiring freeze and international layoffs – as a consequence of financial slowdown and difficult market situations – affecting MBA employment charges throughout industries together with consulting.
One other hiring pattern that was noticed– consulting corporations have been growing their hiring from non-target colleges which implies that candidates from non-feeder applications additionally maintain a superb probability.
To maximise your possibilities for a consulting internship, make the most effective use of your college’s sources, consulting golf equipment, numerous occasions and networking alternatives. Join with the suitable individuals together with alumni working in your goal corporations.
Additionally begin early – create a powerful resume and a customized cowl letter for administration consulting, do your analysis on the work completed by the corporations you resolve to use to. Apply consulting mock interviews – each the behavioral interview and the case interview.
Case competitions will also be an effective way for hands-on studying and talent improvement.
Prime enterprise colleges to get into McKinsey, BCG and Bain
McKinsey, BCG and Bain (MBB), the main powerhouses within the consulting business, supply profitable salaries and world-class advantages, attracting the brightest expertise worldwide. Working with these corporations absolutely feels such as you’re pursuing a super-charged MBA program.
These corporations supply round $190K base wage for MBAs with signing bonuses, efficiency bonus, beneficiant retirement plans, revenue sharing. Right here’s some information on MBB recruitments at prime enterprise colleges.
Prime MBA program for consulting: McKinsey, BCG, Bain
| McKinsey & Firm | Boston Consulting Group | Bain & Firm | |
|---|---|---|---|
| INSEAD | 124 (43) | 83 (25) | 71 (18) |
| Columbia (CBS) | 77 (39) | 39 (10) | 30 (15) |
| Chicago Sales space | 71 | 52 | 30 |
| LBS | 64 | 37 | 35 |
| Northwestern Kellogg | 46 | 45 | 26 |
| Michigan Ross | 31 | 25 | 16 |
| Duke Fuqua | 30 | 32 | 21 |
| MIT Sloan | 26 | 23 | 25 |
| NYU Stern | 24 | 13 | 12 |
(Information sourced from college web sites. Numbers in brackets point out college students returning again to their earlier employer)
Different prime well-known MBB goal applications embrace UCLA Anderson, Virginia Darden, Berkeley Haas, Harvard, Wharton, Stanford, Yale, Dartmouth Tuck.
Additionally learn: Prime consulting corporations on the planet
Along with MBB, there are a lot of different prime consulting corporations you could possibly think about: Technique& (PwC), Kearney, L.E.Okay. Consulting, Oliver Wyman, Accenture, EY-Parthenon, OC&C, Booz Allen Hamilton, AlixPartners, FTI Consulting, Alvarez & Marsal, Deloitte, KPMG.
The numbers talked about on this article will fluctuate throughout the years, however the popularity of those b-schools as consulting feeders don’t change very frequetly.
Attain out to MBA Crystal Ball (data@mbacrystalball.com) if you happen to need assistance to get into any of those applications. Our alumni are working in all the highest consulting corporations internationally.
Additionally learn:
– The right way to get an interview at McKinsey, Bain, BCG?
– Administration consulting resume suggestions for McKinsey, Deloitte, BCG, Bain
– Large 3 vs Large 4 consultancies
– The right way to put together for case interviews
– Careers in administration consulting
References: 1, 2, 3, 4 | Picture: Dane Deaner (Unsplash)