Top MBA Programs for a Career in Consulting
An overview of the best MBA programs from top business schools for those who want to pursue a career in consulting, including the percentage of graduates in the industry and average base salaries.
Posted November 7, 2024
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One of the most popular jobs for many MBA graduates is management consulting. Some are already in consulting prior to graduate school, and may even have their MBAs sponsored by their respective firms, while others use the time to pivot into consulting.
MBB – McKinsey & Company, Boston Consulting Group, and Bain & Company – is typically considered the pinnacle of management consulting firms, but there are many other excellent firms across different industries, geographies, specialties, etc. for aspiring consultants to consider.
In this article, we’ve combined the most important information that hopeful MBA candidates should consider when deciding on the right business school. In selecting these schools, we looked at the percentage of consulting graduates, salary and bonus info for those graduates, clubs, and organizations that support recruiting, top employers, and more. Remember, however, that these are here to guide you but the top MBA for consulting will be the one that fits you and your needs the best. With that being said, let’s dive in.
10 Best MBA Programs for Consulting
Business schools rarely offer specific consulting specializations, but many provide concentrations in strategy or strategic management. All the best programs have relevant courses within their core and elective offerings and often allow students to gain hands-on experience through consulting projects for credit. Additionally, many of the top business schools have strong connections with top consulting firms, offering on-campus recruiting sessions that give students valuable networking opportunities and a pathway to consulting roles.
At-a-glance, here are the top MBA programs in the world for a career in consulting:
- Northwestern University
- Dartmouth College Harvard University
- Columbia University
- Massachusetts Institute of Technology
- University of Pennsylvania
- University of Chicago
- University of Virginia
- Duke University
- University of California
Here is a list of the top ten business schools in the U.S. for entering a career in consulting.
1. Kellogg School of Management – Northwestern University
- % Graduates in Consulting: 42%
- Average Consulting Base Salary: $190,000
- Average Signing Bonus: $30,000
- Top Employers:
- BCG
- Bain & Co.
- McKinsey & Co.
- Deloitte
Kellogg places special emphasis on teamwork, collaboration, and executive presence. Most of their projects and homework are completed in teams and peer-reviewed. And in consulting, nothing is more important than teamwork and problem-solving skills. Kellogg also offers a major in Strategy and pathways in Asset Management and Data Analytics.
Learn more at The Kellogg School of Management — MBA Program & Application Overview.
2. Tuck School of Business – Dartmouth College
- % Graduates in Consulting: 46%
- Average Consulting Base Salary: $190,000
- Median Signing Bonus: $30,000
- Top Employers:
- BCG
- Bain & Co.
- McKinsey & Co.
- Deloitte
- EY Parthenon
The oldest business school, Tuck’s graduates are not only known as team players but team leaders as well. Each student is required to come up with a personal leadership development program. They only admit 250 students per year, one reason for the collaborative and tight-knit atmosphere of the program. The school offers many relevant elective courses like Client Project Management, Advanced Competitive Strategy, OnSite Global Consulting, and FinTech Topics, among other schools.
Read more about the program at Dartmouth College Tuck School of Business—MBA Program & Application Overview.
3. Harvard Business School - Harvard University
- % Graduates in Consulting: 25%
- Median Consulting Base Salary: $192,000
- Median Signing Bonus: $32,000
- Popular Location Destinations of Consulting Graduates:
- Northeast - 48%
- Southwest - 12%
- International - 12%
At Harvard Business School, the goal is to mold future leaders. The ability to prioritize what is important separates good leaders from great leaders. This is why Harvard Business School is constantly trying to improve the decision-making skills of its students. Its students are also taught how to influence others, one of the main reasons why the Harvard Business School alumni network is known for keeping classmates connected and loyal to their alma mater decades after graduation. They are the hotbed for recruiting management consultants, especially for McKinsey, Bain, and BCG.
Learn more about HBS at Harvard Business School—MBA Program and Application Overview
4. Columbia Business School - Columbia University
- % Graduates in Consulting: 36.3%
- Median Consulting Base Salary: $190,000
- Median Signing Bonus: $30,000
- Top Employers:
- McKinsey & Co - 38 new hires, 39 sponsored
- Boston Consulting Group - 29 new hires, 10 sponsored
- Bain & Co. - 15 new hires, 15 sponsored
- Deloitte - 10 new hires, 7 sponsored
- PwC Strategy& - 12 new hires, 3 sponsored
- Oliver Wyman - 5 new hires, 1 sponsored
Located close to Wall Street, Columbia Business School is known for its academic excellence and relationships with the finance industry. Its graduates are known for their strong quantitative skills, which are the backbone of many consulting jobs. Columbia Business School also offers an opportunity to focus on Decision & Risk Analysis, which includes coursework designed to provide an excellent foundation for a successful career in consulting. Classes in this focus include security pricing, risk management, and supply chain management, among others.
More details can be found at Columbia Business School — MBA Program & Application Overview.
5. Sloan School of Management – Massachusetts Institute of Technology
- % Graduates in Consulting: 33.7%
- Average Consulting Base Salary: $190,000
- Average Signing Bonus: $30,000
- Top Employers:
- McKinsey & Co. - 26 new hires
- Bain & Co. - 25 new hires
- Boston Consulting Group - 23 new hires
- Deloitte - 6 new hires
- EY Parthenon - 3 new hires
Many of the MBA candidates at Sloan enter consulting upon completion of their degree. For the class of 2021-2022, the MBB firms were among the top employers with McKinsey hiring 30 individuals, BCG hiring 29, and Bain hiring 11. The Massachusetts Institute of Technology’s curriculum is globally focused, giving students an opportunity to study abroad and learn multicultural business practices. It also offers a finance track for MBA candidates who are planning to exit into a finance role.
Discover more at MIT Sloan—MBA Program and Application Overview.
6. Wharton School – University of Pennsylvania
- % Graduates in Consulting: 28.8%
- Median Consulting Base Salary: $190,000
Since 1881, Wharton School has had a reputation for producing innovative, globally-minded graduates with strong finance skills. Its students are usually very adept at quantitative skills and have a firm understanding of international markets. Wharton School offers several relevant majors for students interested in consulting including Business Analytics, Finance, International Business, Marketing and Operations, Organizational Effectiveness, and Strategic Management.
Learn more at Wharton Business School — MBA Program & Application Overview.
7. Booth School of Business – University of Chicago
- % Graduates in Consulting: 38.6%
- # of consulting hires: 192
- Median Consulting Base Salary: $192,000
- Median Signing Bonus: $30,000
- Top Employers:
- McKinsey & Co. - 71 hires
- Boston Consulting Group - 52 hires
- Bain & Co. - 30 hires
- PwC Strategy& - 8 hires
- Kearney - 6 hires
- LEK Consulting - 5 hires
- EY Parthenon - 4 hires
The Booth School of Business is known for its excellence in finance. Its faculty is world-class, with six Nobel Laureates as professors. They also have a far-reaching alumni network, with connections at every top consulting firm in the world. Booth offers many different electives to give its MBA candidates maximum flexibility. Those relevant to consulting include Industry Analysis, Strategy Simulation, Managerial Decision Modeling, and Cost Analysis & Internal Controls, among others.
Get more details at Chicago Booth—MBA Program and Application Overview
8. Darden School of Business – University of Virginia
- % Graduates in Consulting: 46.3%
- # of hires: 145
- Average Consulting Base Salary: $157,298
- Top Employers:
- Accenture
- McKinsey & Co.
- Alvarez & Marsal
- Deloitte
- PwC Strategy&
- Bain & Co.
- BCG
- Ey Parthenon
- LEK Consulting
Darden is known for its well-rounded education and emphasis on practical skills, like negotiation, sales, and leadership. It also focuses on developing its MBA students into individuals with strong character and integrity. Darden offers a concentration in Strategy Consulting and elective courses specifically tailored to the industry, such as Strategy Seminar, The Consulting Process, Darden Consulting Projects, and Operations Strategy, among others.
More details can be found at The University of Virginia Darden School of Business — MBA Program & Application Overview.
9. Fuqua School of Business – Duke University
- % Graduates in Consulting: 43%
- Average Consulting Base Salary: $190,000
- Average Signing Bonus: $30,000
- Top Employers:
- BCG - 32 hires
- McKinsey & Co. - 30 hires
- Bain & Co. - 21 hires
- Deloitte - 18 hires
- Accenture - 13 hires
- EY Parthenon - 6 hires
- Wavestone (formerly Everest Group) - 4 hires
- Oliver Wyman - 4 hires
- Kearney - 4 hires
- Alvarez & Marsal - 3 hires
- LEK Consulting - 3 hires
Fuqua School of Business emphasizes teamwork in the classroom. There is a tremendous culture of collaboration which gives MBA students a leg up at firms such as Bain. Their school year has a different structure than other full-time MBA programs, giving students a wide and diverse range of course offerings. Of the graduates that entered the consulting industry in 2021, 93% went to strategy or management consulting, 4% to internal, and 1% to economic, implementation, and operations. Consulting has consistently been the industry with the highest percentage of Fuqua MBA graduates entering it upon completion of their degrees.
Learn more at Duke Fuqua—MBA Program and Application Overview
10. Berkeley Haas – University of California
- % Graduates in Consulting: 27.6%
- Average Consulting Base Salary: $192,000
- Average Signing Bonus: $29,052
- Top Employers (>3 hires):
- McKinsey & Co.
- Deloitte Consulting
- Bain & Co.
- BCG
- EY Parthenon
- PwC Strategy&
MBA Students at Berkeley Haas work collaboratively with peers and faculty in small-group classroom settings. The school offers a unique International Business Development Program (IDP) that allows students to work as part of a team on actual consulting projects. Its graduates are therefore well-versed in the external and internal issues that can affect business processes. Berkeley also offers a Strategy/Consulting emphasis for which MBA candidates can take courses tailored to the skills required in the consulting industry.
Discover more at the University of California Berkeley Haas School of Business—MBA Program & Application Overview.
What Consulting Firms Look For
Top consulting firms seek aspiring consultants with a blend of analytical, problem-solving, and interpersonal skills. Consulting firms, particularly MBB firms, value MBA consulting graduates who demonstrate strong teamwork, leadership, and adaptability.
They target schools with individuals who are effective communicators and possess the ability to manage complex projects. A consulting firm often favors candidates with a proven track record in strategic thinking and quantitative skills, as well as those who can quickly assess challenges and provide actionable solutions.
A top-ranked MBA program that emphasizes real-world consulting experience, rigorous quantitative training, and leadership development helps candidates develop these competencies, making them strong contenders in the competitive consulting field.
Other Good Business Schools
While these top business schools offer exceptional pathways to a career in consulting, aspiring consultants should also explore other reputable MBA programs that can open doors in the industry. Schools like Stanford Graduate School of Business, INSEAD, Southern Methodist University, IE Business School, New York University, and ESADE Business School each provide unique resources, networks, and training that can prepare graduates for success in consulting.
Researching a range of programs allows prospective students to find the best fit for their career goals, ensuring they gain the skills, experiences, and connections to thrive in this dynamic field
Where Can I Start?
For aspiring consultants interested in a career in Management Consulting, read these articles to get a head start:
- A Day in the Life of a Management Consultant
- Best 30 Free Resources to Get Into Management Consulting
- An Overview of Different Jobs in Consulting
- What is Management Consulting?
Coach Recommendations
Prefer to work one-on-one with a coach for help getting into a top MBA program for consulting? To navigate the consulting application process, here are some of Leland’s top coaches for consulting:
FAQs
Which MBA specialization is best for consulting?
- MBA specializations in management consulting and strategic management are ideal for consulting professionals. They develop key skills in data analysis, decision-making, and client relationship management. Specializations in finance, marketing, or entrepreneurship are also beneficial for consultants.
Is an MBA useful for consulting?
- Most top MBA programs can help you land a lucrative position in the field of consulting through their education, network, and recruitment opportunities, although certain programs like INSEAD, Booth, and Kellogg distinguish themselves in terms of post-MBA consulting placements.
Does McKinsey require an MBA?
- If your heart is set on McKinsey and you're wondering 'Should I get an MBA? ', the short answer is no – you do not have to have an MBA to break into McKinsey. Here at Management Consulted we've known candidates, and have even coached a few, who got offers with McKinsey with no MBA.
Does BCG pay for MBA?
- The Boston Consulting Group (BCG) does offer full tuition reimbursement for employees who plan on remaining with the company after business school.
What is the best degree for consulting?
- Ranking #1 for landing you a job in consulting is a major in one of 3 related fields, business, economics, and finance. This won't surprise anyone. These majors show recruiters that you have an interest in business, understand how businesses operate, and have the most relevant skills for a career in consulting.
Which MBA major is best for consulting?
- Which MBA major is best for consulting? Commonly, MBA majors in strategy, management, or general management are considered beneficial for consulting roles.
Is MBA worth it for consulting?
- You don't need an MBA for consulting, but there are advantages to it. When you're thinking about going into consulting and thinking about getting your MBA, if you don't have a consulting background - the more divergent your background is from consulting - the more powerful and transformative an MBA will be for you.
Which MBA program is best for MBB?
- HBS is the #1 US MBA program, followed closely by Kellogg, Wharton, and Booth. The strength of HBS's overall placement at MBB partly reflects the fact that HBS admits many sponsored MBB consultants.
What are the top 5 MBA branch?
- Traditionally, Finance, Marketing, International Management, Human Resources, IT/Systems, Operations Management and Entrepreneurship have been the most sought-after MBA specialisations. They are considered the safest career options by most students.
What type of MBA makes the most money?
- Some of the fields with the highest earning potential include finance, IT, and healthcare administration. Pursuing a specialized MBA concentration can help students improve their career prospects and qualify for advanced positions.
Which MBA field has most jobs?
- Some of the best MBA specialisations with growing job prospects include Healthcare Management, Global Business or International Management, Entrepreneurship, Finance and Financial Technology (FinTech), Technology or IT Management, and Sustainability or Environmental Management.
How do I break into consulting MBA?
- The importance of networking holds true whether you are trying to join after an undergraduate degree, an MBA, or even without much experience. To make a long story short: you are 80% more likely to land an interview invite after getting a referral from a current consultant at the firm.
Why do consulting firms hire MBA?
- Consulting companies (and mostly Strat firms) use well known MBA programs as pre-filter to hire. If you got into a top MBA program, did well, you are most likely a good candidate to succeed in Consulting. This makes the recruitment process a tad bit easier and at least gets you interviews.
Which MBA concentration for consulting?
- A strategy concentration can help prepare MBA students for careers in the lucrative consulting industry. Strategy MBAs feature courses in data analytics, business management, finance, and more to help prepare students for intensive planning and strategic decision-making.
Can I become a consultant with an MBA?
- MBA programs equip students for management consulting roles and develop skills in business management, productivity, supply chain management, leadership, data interpretation, communication and marketing. Without that degree, management consulting experts say, it's hard to gain traction in the industry.
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