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Has the MBA become Redundant for a Career in Consulting?

“There was a doctor from Boston and a lawyer from Chicago, a philosopher from Australia and an engineer from France. There were people who had Ph.D.’s in mathematics, sociology and astronautics. In fact, in the tiered classroom filled with 50 clean-cut, casually dressed people in their 20’s and 30’s, there seemed to be just about every graduate degree imaginable, except one: the M.B.A.” (Leonhardt, 2000).

The excerpt above from the New York Times illustrates the strong reality of a career in consulting. That is, there is no one degree program that prepares graduates for this career (How to Become, 2019). Through going to many different networking events and information nights with different firms, I have learned that this fact is quickly told by recruiters. There have been many representatives from big four consultancy firms that come from another degree such as mathematics and computer science. Their advice is always the same, for them their other degrees showed firms that they have an inquisitive mind that can solve problems with the utmost productivity. Coming from a practical and hands on degree proved that they can think on their feet.

According to a New York Times article from 2000, more than half of the consultants at McKinsey & Company do not have an MBA. Furthermore, 20% of new hires at BCG in the United States lacked this supposedly pivotal business qualification (Leonhardt, 2000).

This is an interesting time to embark on a consulting career. The breadth of different types of problem solving and ideas that clients need mean there are more opportunities than ever before for new graduates with different educational backgrounds.

However, it is also important to note that while you do not need a particular degree to enter this profession, this represents both a great opportunity and also an immense challenge due to the number of high achieving graduates applying for roles at top firms. According to Daniel Dykes, a consultant who works with both large public and private organisations to implement cloud-based systems, it is crucial for a successful career as a consultant to know ones skills and abilities, what one wants and why (The Muse Editor, 2019). Benji Bourinat, a corporate consultant for IPG, argues that referrals are a powerful way to secure new business, whether you are a partner hunting for new clients or a graduate seeking your first role. Networking should also be taken advantage of because establishing positive relationships and mutual contacts will help your application stand out from the crowd. It takes effort though, and it is up to each graduate to convince firms of their authenticity and passion for the industry by building meaningful connections (The Muse Editor, 2019).

All of this advice seems to follow a familiar pattern. If you have the ‘right stuff’, a career in consulting is a viable option. Mostly this means having the right skills and connections, but these assets do not need to be obtained from an MBA. Therefore, has the MBA become redundant?

Most firms have an established relationship with a “core” group of schools that they turn to every year to recruit fresh graduates (“Here’s How to Break Into the Management Consulting Industry,” 2016). These core schools are highly regarded and entrenched in the annual recruitment process, which results in the information evenings, careers workshops, and cocktail nights that give recruiters a chance to talk with students before applications have even opened. “Most firms hire in batches and relying on a core group of schools enables a consistent flow of talent” (“Here’s How to Break Into the Management Consulting Industry,” 2016). This is where the MBA comes into play and fulfils its role. While it is clear from careers events that students at non-core schools can make their mark, business school students do have an advantage due to the extra contact with consulting firms which provides opportunities to build relationships and get a foot in the door.

Former Bain consultant and recruitment expert Jenny Rae Le Roux states that while an MBA is not needed to enter a consultancy firm, “it is still the best way” to break into firms like McKinsey. Jenny gives four main reasons why an MBA is a great foundation for a consultancy career:

  1. You’re making it easy for recruiters. This is due to the ‘core’ school recruiting system that has already been set up, and secondly, the success ratio from targeting graduates with an MBA background.
  2. You’re demonstrating consultancy skills.
  3. You’ve answered the “why consulting” question.
  4. You’ve created a valuable network (Roux, 2013).

Conclusion

Consultancy firms employ graduates from a wide range of educational backgrounds. Graduates can enter firms without an MBA, however, the MBA can still be valuable asset. MBA candidates at ‘core’ schools benefit from existing relationships with firms and the ability to network with alumni who joined those firms. Regardless of your chosen degree, it is widely endorsed by recruiters to have a strong network, undergraduate education, and expertise in a specific area (Roux, 2013).

Celine Smith is a student at Victoria University of Wellington completing a conjoint degree in Law and Commerce.  Conducting research for the School of Information Systems, she is invested in obtaining a career that advances information technologies.

Image: Pexels

References

Do you need an MBA to break into McKinsey? (2013). Retrieved from https://www.businessbecause.com/mba-careers/1949/do-you-need-an-MBA-to-get-into-Mckinsey

Here’s How to Break Into the Management Consulting Industry. (2016). Retrieved 2019, from https://mbaschooled.com/2016/07/19/heres-how-to-break-into-the-management-consulting-industry/

How to Become a Consultant. (2019). Retrieved from https://www.howtobecome.com/how-to-become-a-consultant

How to Break Into Consulting. (2019). Retrieved from https://www.themuse.com/advice/how-to-break-into-consulting

Leonhardt, D. (2000, October 1). A Matter of Degree? Not for Consultants. The New York Times. Retrieved from https://www.nytimes.com/2000/10/01/business/a-matter-of-degree-not-for-consultants.html

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