MBA Consulting Career

Advice and resources for MBAs looking for careers in management consulting

Elite MBA Students Are Spurning McKinsey, Bain For Freelance Consulting Sites...

An MBA job at McKinsey & Co or BCG was once the pinnacle for MBA students. But for graduates of elite schools like Harvard, Stanford or Wharton, freelance consulting is increasing alluring. As the rise of so-called unicorn companies like Uber or Airbnb — valued above a billion dollars — has spurred the “gig economy”, for a growing number of MBAs, the flexibility of short-term projects trumps the prestige of Bain & Co, et al. Harvard MBA Marta Mussacaleca worked at McKinsey and BCG before business school, but turned to HourlyNerd, a freelance consultancy site, to earn cash during the two-year degree. Some projects were more enjoyable than at established firms. “They have pushed me to become more adventurous,” she says. “Not having an evaluation committee scrutinizing your every move frees up creativity. I basically get to be my own consulting firm and am exposed to every single element in the process.”…Read full story:...

Why Consulting Is a Revolving Door for MBAs

Of all the industries MBAs could end up in, the largest single chunk of them flock to one: consulting. But Bloomberg data show that they’re not likely to stick with it. Even though consulting is the most popular of the three industries that claimed the majority of business school graduates this spring (financial services and technology are the other two), it’s also the one MBAs are most likely to move on from a few years later. For its 2015 ranking of business schools, Bloomberg surveyed more than 12,700 alumni of full-time MBA programs and found that only 37 percent of those who had gone into consulting after graduation were still working in the field six to eight years later. That’s the lowest retention rate of any industry in the survey. Finance and tech jobs had a comparatively better hold on B-schoolers: 73 percent of students who graduated into finance jobs stayed in finance, and 72 percent of grads who got technology jobs did so. “Consulting firms know that the young talent they work so hard to lure in with all the perks and travel and flexibility will probably leave sooner rather than later,” said Tony Carnevale, director of the Georgetown University Center on Education & the Workforce. “It’s not a world anymore where the employers are going to take care of you. Everyone is a free agent today.” The fact that MBAs seem to treat consulting as a strategic but short-term stop on their career journey isn’t necessarily hurting the industry. In fact, unless an employee is on track to become a partner, she may be more beneficial to the firm when she leaves. “Many consulting firms have resources in place to help individuals make transitions and keep extremely...

Consultants lure MBA interns with better pay than investment banks...

Choosing an internship should never be about the money, particularly for MBAs who likely have a fairly clear plan in place for their career. That said, who isn’t curious about what other people are taking home during their internship? And if you are struggling between two different industries, like say investment management and investment banking, compensation isn’t the worst tiebreaker in the world. Below is recently released data from New York University’s Stern School of Business. It details the average weekly base salary its students earned during their internship, categorized by industry. These are internships that students who are scheduled to graduate in 2015 undertook between their first and second year in business school. The main takeaway is that MBA interns make fairly strong salaries in most industries, though it’s important to point out that Stern is a top 10 U.S. business school on most lists, so adjust your expectations accordingly. It’s ranked the third best U.S. graduate school for getting a job in finance on one list. We rank it as the ninth best school for getting a job in investment banking globally. Plus, as Stern is located in the heart of New York City, most students likely worked close to home where wages are inflated to help meet the cost of living. Stern didn’t break the class down by city, but noted that 83% of students interned in the Northeast. Roughly 94% worked in the U.S…Read full story:...