Management consultants can help businesses in a variety of ways, including boosting performance, improving processes and increasing revenue.
Many leading companies hire management consultants when they need support to improve business strategy, independent expertise to tackle a pivotal challenge or special guidance on decision-making or streamlining processes.
MBA programs equip students for management consulting roles and develop skills in business management, productivity, supply chain management, leadership, data interpretation, communication, and marketing. Management consulting experts say it's hard to gain traction in the industry without that degree.
“Having an MBA is expected when looking for a position as a management consultant – it's almost like a base-level requirement," says Stacey A. Gordon, founder and principal consultant at Rework the Work in California. While not every management consultant has an MBA, she says, "it definitely helps with being recognized as somebody who has the requisite intellect and problem-solving skills for the job."
Management consulting is a lucrative and fast-growing profession. According to the federal Bureau of Labor Statistics, management consultants in the U.S. will earn a median annual salary of almost $100,000 in 2023 and have a projected employment growth rate of 10% through 2032—much faster than the average for all occupations.
What Does a Management Consultant Do?
Management consultants help businesses boost performance, improve processes and increase revenue. Experts say those with MBAs play an important role in advising corporations on strategic decisions, process improvements and operational efficiency.
Related: How to Convince MBA Programs You're a Good Fit
Scott Edinburgh, founder of Personal MBA Coach and a management consultant for 16 years, says when companies take pitches from consulting firms for a project, those with top MBA grads on their teams have an advantage.
Most management consultants are attached to firms, but some with prior management consulting experience will work independently to help organizations achieve their goals, Edinburgh says. “You spend a lot more time running the business when you work independently, versus doing the client work.”
Gordon says it's hard to get your foot in the door as an independent consultant. “Operating independent of a firm wouldn’t be as challenging if you have significant industry expertise," she says. "But without the experience, having only the MBA won't get you very far."
How to Become a Management Consultant
Edinburgh, who earned an MBA from the University of Pennsylvania’s Wharton School of Business, says consulting firms often hire directly from bachelor’s programs and business schools. MBA programs are a good source of high-quality talent from a variety of backgrounds – people trained to think analytically.
He adds that graduates should take advantage of consulting companies' recruiting events. "Do everything you can to put yourself in front of the employer. Find friends and networks that would get you in front of the right people.”
Aspiring management consultants should also focus on learning fundamentals like econometric principles, assessing profitability, managing processes and analyzing situations, Edinburgh says. An internship, a required component of some MBA programs, can help build that knowledge base and skills set.
Along with polishing your resume, experts suggest preparing for selection tests and case interviews. Many management consulting firms require applicants to pass case interviews designed to test complex problem-solving and demonstrate an ability to use abstract data to make decisions.
Edinburgh also encourages aspiring management consultants to demonstrate understanding of economic trends and generally be a knowledgeable business professional.
“It is not required to be an expert on any particular topic, but I usually recommend reading some business periodicals before an interview because you never know what your interviewer may bring up," he says.
How an MBA Affects Consulting Job Prospects
Edinburgh says MBA holders are sought after because they have studied strategy and negotiation and developed valuable practical skills through the case-study approach business schools use to solve problems.
“You are analyzing a problem rather than solving a math question. You are going over all the considerations," he says. "It is similar to how consulting firms might solve client problems.”
An MBA also helps prepare graduates to work with people of many backgrounds and personalities, because they study with people from all walks of life. "That helps prepare you for the consulting world, where you make group decisions and solve problems together,” Edinburgh says.
Gordon, who earned her MBA from Pepperdine University in California, says MBA programs emphasize collaboration and prepare students by covering accounting, finance, marketing and law.
"You are hitting on all the aspects of running a business and what that takes," she says. "It’s helpful, too, because you recognize what your strengths are in those spaces.”
Gordon says while an MBA isn't always necessary for a consulting career, “if you don’t have that higher education and background, then you’re probably not going to be looked at (the same) as somebody else who has it. It will be much harder for you to move forward without it. It’s not only about getting a job at a firm but also gaining the respect of the clients that you work.
Sourced from US News