One of the most sought-after careers for MBA students is management consulting. According to a survey conducted by the GMAC, almost 30% of the students who pursued a post-MBA career in 2019 were planning on becoming consultants.
The compensation offered by some of the biggest management consulting firms such as Bain, McKinsey, and BCG is quite high. According to these firms, their consultants can earn up to a total of almost $200,000.
The high pay and challenging work environment that management consulting firms provide are some of the factors that attract the best and brightest MBA students to this field.
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Northwestern University, Kellogg School of Management
The school’s emphasis on teamwork and executive presence is also one of the reasons why it has been regarded as one of the best programs in the country. Most of the projects and assignments that students complete are done in teams, and their weaknesses and strengths are then analyzed and rated by the other students.
Aside from being known for its teamwork, Kellogg also has a reputation for developing effective problem-solving skills. In 2019, almost a third of its graduates accepted offers from management consulting firms. One of the biggest firms that recruited from the Class of 2019 was Boston Consulting Group.
Over the years, McKinsey has been able to hire over 200 Kellogg graduates. However, this year, only 28 of them were hired by the company. Other firms that were able to recruit from this year’s graduating class included Deloitte, Bain, and PricewaterhouseCoopers. The average starting salary for a Kellogg 2019 graduate was more than $150,000, with a signing bonus of almost $30,000. The highest bonus that a student received was over $70,000.
During the past few years, Kellogg has also been working on increasing the number of women in its program. This year, the number of women in the program has increased to 40%. With the class size of the school growing, we fully expect that more women will be hired by top firms.
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INSEAD
The multiple campuses of INSEAD, which are located in Singapore, Abu Dhabi, and Fontainebleau, are known to be very popular among students looking to pursue a career in management consulting. From the Class of 2018, almost 60% of graduates were able to land a job in consulting. They were paid an average of $111,700 and received a bonus of around $27,000.
Bain, BCG, and the other management consulting firms were able to hire over 270 students from INSEAD. Out of the top 10 employers of the graduates, eight of them were consulting firms. Some of these include Accenture, Roland Berger, and Strategy&.
