Management consulting is one of the most revered, sought-after, and difficult to crack industries in the world. Prestigious firms like Bain & Co, McKinsey, and the Boston Consulting Group commonly rank at the top of many Vault employer lists of top companies to work for.
Candidates applying to business school and entering students alike have made management consulting one of the most popular post-MBA industries. At top schools like Kellogg, Wharton, and Booth, upwards of 40% of the graduating class have been known to join the ranks of the consulting elite in a given year. With numbers this high why do students still continually gravitate to this mysterious industry in droves? The answer is as multi-faceted as the industry itself.
Let’s look at a few aspects of the industry that make it particularly attractive to MBA students:
Management consulting is a glamor industry, from the high profile clients to the high impact relationships and even the complicated frameworks; a career in the industry is a high point on any professional’s resume. Consultants often enjoy senior level positions in industry at top firms after their consulting days are over, making this a coveted career for MBAs.
Nobody loves to travel like MBAs, so a career in consulting is a natural alignment. Now, the travel is primarily business oriented and not for leisure, but this aspect of the industry still feeds into the natural wanderlust of many MBAs.
One of the more tangible perks of a career in consulting is the high salary. Management consulting is one of the highest paying post-MBA careers, which has long been part of the attraction of the industry. Additional financial perks like generous signing bonuses and tuition reimbursement make consulting a much-pursued industry.
4. Skill Development
It’s not all just about the perks as a consultant; the industry provides unparalleled opportunities to develop analytical, creative, and interpersonal skills. Consultants become experts in programs like Excel and PowerPoint making them hot commodities in the workforce. Many students see a short-term career in management consulting as a finishing school of sorts that can set them up for the rest of their professional career.
A career in consulting offers many perks that align well with what students are looking for post-MBA.
Dozie A. is a Veritas Prep Head Consultant for the Kellogg School of Management at Northwestern University. His specialties include consulting, marketing, and low GPA/GMAT applicants. You can read more of his articles here.