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Many new graduates and professionals aspire to break into the billion dollar consulting industry, and most of them think that an MBA is a necessary part of achieving that goal. But is it really?<\/p>\n
Yes, pursuing an MBA can definitely help accelerate your future career progression as well as your perceived market value; however, not all MBA\u2019s are equal, and not all MBA holders reap the career benefits they expect.<\/p>\n
An MBA provides several advantages, some of which include:<\/p>\n
| Improved practical business knowledge and understanding of business issues<\/td>\n | Obtaining an MBA will help you increase your ability to solve different business strategies and problems.<\/td>\n<\/tr>\n | ||||||||||
| Expanded network<\/td>\n | One great benefit of having an MBA is the opportunity to extend your network. This new network could be invaluable to you in the near future. You\u2019ll be able to make some great connections in your MBA program\u2014people who are likely to become leaders, experts, and business owners in their own industries.<\/td>\n<\/tr>\n | ||||||||||
| A well-respected credential<\/td>\n | Generally, an MBA is a valued credential on your resume. An MBA from a prestigious school, like Harvard, Stanford, Kellogg, Darden, and Wharton, among others, will provide you with a variety of opportunities that would not otherwise be available to you.<\/td>\n<\/tr>\n | ||||||||||
| Recruiters can easily find you<\/td>\n | Top consulting firms like McKinsey and Bain recruit plenty of MBA candidates through efficient recruiting systems. They generally target the most prestigious and well-known schools because the success ratio of these university\u2019s MBA programs is reported to be higher. Thus, firms spend less time and resources on finding the right candidates. If you\u2019re already an MBA candidate at a target school, you\u2019re instantly part of the recruiting pool!<\/td>\n<\/tr>\n | ||||||||||
| You\u2019re validating your consulting skills<\/td>\n | Earning an MBA from a top-tier school can demonstrate that you have the baseline skills and traits necessary to perform the responsibilities of a consultant. For instance, you can establish your ability to multi-task, prioritize, and that you\u2019re results-oriented.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\nMBA Admissions and Consulting<\/h2>\nMany people think that the relationship between top business schools and top consulting firms is like a revolving door, i.e., people from McKinsey get into Stanford Business School, and people from Stanford get into McKinsey. Well, that may be true to some extent, but it\u2019s not that simple.<\/p>\n Yes, business schools perceive consulting as great work experience; however, they also want a diversified student body. In general, top business schools don\u2019t admit more than a third of ex-consultants into their MBA programs. As a result, a paradoxical situation exists: consultants wish they had other work experience and non-consultants wish they had some consulting experience. So, what should you do? Granted that you still want to get an MBA, the best thing to do is stop worrying, and focus your time and energy on improving your application.<\/p>\n If you\u2019re not a consultant, emphasize your business experience, and explain how an MBA degree, combined with your experience, can help you become a successful business leader. If you\u2019re a consultant, focus on your accomplishments and why you\u2019re more well-rounded than other admissions candidates.<\/p>\n Is an MBA a Requisite for Landing a Consulting Job?<\/h2>\nAlthough an MBA can be an advantage in landing a consulting role, it doesn\u2019t guarantee anything. To succeed as a consultant, there\u2019s another important factor to consider\u2014 experience.<\/p>\n While many consultants hold MBA degrees, not everyone who consults for top-tier firms has an MBA. Yes, education is important, there\u2019s no question about that. However, it doesn\u2019t mean you have the ability to solve complex problems\u2014that\u2019s something you learn from experience. Believe it or not, successful consultants rarely go to business school in order to land the job.<\/p>\n Moreover, firms usually offer MBA-like training to their staff. They send many of their non-MBAs to mini-MBA boot camps to learn the most important and up-to-date business tools and concepts. Once you\u2019re hired by a reputable consultancy firm, you\u2019ll be able to take advantage of these training opportunities.<\/p>\n Why do Some Consultants Choose to Get an MBA?<\/h2>\nSome consultants with years of real-world experience choose to get their MBA degrees for several reasons. For one, an MBA on its own warrants a higher salary; an MBA degree plus real-world experience allows for both better monetary benefits and a position higher on the corporate ladder.<\/p>\n Also, if a consultant wants to move to another firm, an MBA may make sense. This is particularly true if you\u2019re targeting a firm that\u2019s more selective than your current firm or if your target firm places heavy emphasis on an MBA. Some top firms, like BCG, even sponsor their high performing associates who want to pursue MBA degrees.<\/p>\n If you already have a consulting background, an MBA is usually unnecessary, but it could help you garner the respect of those unfamiliar with the industry. Moreover, clients will be more confident in your abilities if they know you have both experience and education.<\/p>\n In Which Cases is it Actually Better to Get an MBA First?<\/h2>\nLet\u2019s face it\u2014real-world experience usually outweighs theory. That\u2019s why you can break into the consulting industry even without an MBA. Remember, getting an MBA can be really expensive, so you should be absolutely certain you need an MBA before you apply.<\/p>\n In some cases, getting an MBA before applying to a consulting firm may be a smart option. For instance:<\/p>\n
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