When organizations face tricky challenges, they occasionally seek the guidance of outsiders who are thought to be trustworthy and insightful. In many situations, they hire consulting professionals to look at their issues and then identify potential ways to solve these.
Consulting is among the lucrative professions for MBA holders. They usually earn high salaries by working in the consulting industry, as per compensation data from the Best Business School rankings on the magazine website, US News. The average salary of those consulting pros with a full-time Master of Business Administration degree was $130,656 last year.
Experts in management consulting mention that it is not a must to have an MBA for an occupation in the field, but it improves their chances of getting a job. Having the education which an MBA program gives you is very valuable if you aim to enter the management consulting field.
MBA programs tend to be conceived to help you refine some skills, which you might not be able to develop without this degree. These skills in collaboration, analysis, problem solving, application, communication and partnering can help launch your consulting career. Besides, with these skills, you might be able to take on the role of a leader or entrepreneur in the future.
How This Degree Affects Consulting Career Prospects
Management consultants tend to return to their business school when they feel that an MBA degree will speed up the way they progress in their work. Generally, management consultants that have a Master of Business Administration are promoted quickly than peers who lack this degree. It is very useful for those who want to be a generalist management consulting professional. These professionals tackle projects involving a variety of business functions and multiple sectors.
For a career in this form of consulting, a postgraduate degree such as an MBA or PhD is among the most common entry points. Those who get into this industry after a non-consulting job are typically specialist consultants who have a well-defined area of focus and domain expertise, unlike generalist consultants. Although this is all right for some people, for others, the exposure they will get to various clients, functions and sectors is the attraction of management consulting.
Consulting companies have a history of recruiting those with an MBA, which reveals that they appreciate this credential. With MBA, you can change your career to consulting after performing well in another sector.