Updated 14th June 2024 | 3:00 pm | #MBAinConsulting
Consulting is experiencing rapid growth and increasing recognition among the youth, swiftly gaining prominence in the global market as one of the most populated focus areas. The basic role of consulting is to deliver expert guidance and solutions to enterprises and institutions on various problems. An MBA in consulting gives professionals a comprehensive understanding of business dynamics, fostering their ability to become effective leaders and helping them bring out their problem-solving abilities.
The corporate world has a lot of openings for MBA consulting graduates because of the high demand for the required skills. A successful business cannot work without a good consultant as a strategic business advisor to help with important decision-making and promote organizational success. The growing demand for MBAs in the corporate sector highlights these individuals' indisputable worth and significance in consulting.
MBA in Consulting isn't a specific type of MBA degree; it is a specialization within a traditional MBA program designed to prepare students for careers in management consulting through coursework and experiences.
A general MBA provides a strong foundation in business fundamentals like finance, accounting, marketing, and operations. At the same time, an MBA, specifically in Consulting, focuses on relevant areas such as strategic problem-solving, case studies, communication and presentation, teamwork and collaboration, leadership and influence, which are the needs of today’s business world.
Many business schools offer specialized courses related to consulting, covering dedicated subjects, workshops, and guest lectures by industry experts to give actual real-world experience to their students. Specific programs even offer mentorship programs with seasoned consultants or internships at consulting firms.
Undoubtedly, there is a lot of scope when discussing consulting. However, some people struggle to find their way out in this field. Therefore, before pursuing it as a full-fledged career option, one should have a thorough understanding of the field and its requirements to gain a clear vision.
The table below shows a more detailed overview of the MBA in Consulting to better understand the program's offerings and relevance to consulting.
|
Aspect |
MBA in Consultancy Management |
|
Level |
Postgraduate |
|
Duration |
2 years (full-time), 1 year (intensive), varies for part-time/online |
|
Eligibility |
Bachelor's degree, GPA requirements, entrance exams, work experience (optional/required) |
|
Fees |
₹5-20 lakhs |
|
Exams |
GMAT, CAT, MAT, CMAT, GRE (some programs), university-specific |
|
Job Roles |
Management consultant, Strategy consultant, Operations consultant, etc. |
|
Top Recruiters |
McKinsey & Company, Bain & Company, BCG, Accenture, Deloitte Consulting, EY, KPMG, PwC Consulting, AT Kearney |
There are no specific eligibility and admission criteria for an MBA in Consulting. However, to be eligible for an MBA in Consulting, a candidate must meet the following requirements:
There are usually three to four rounds of admission for each institute or university, during which candidates are grilled on their various skills. The admission process for an MBA in consulting varies from college to college. Generally, the colleges select candidates based on scores in the qualifying entrance exams, including CAT, XAT, SNAP, etc. The selected candidates, matching the required marks, usually appear for personal interviews and group discussion rounds to evaluate their communication and pressure-handling skills.
The final admissions are based on the candidate's overall performance in all three rounds, including the exam scores, personal interviews, and group discussions. In some universities, there can also be a fourth round for MBA aspirants, WAT, to test their written abilities.
The MBA program is typically of 2 years, which is further broken into 4 semesters. The course curriculum for MBA in consulting generally consists of core business subjects, including specialized consulting courses.
Here's a semester-wise breakdown of the subjects covered in MBA in consulting, as follows:
|
Semester |
Subjects |
|
Semester 1 |
|
|
Semester 2 |
|
|
Semester 3 |
(Choose from areas like Change Management, Digital Transformation, Mergers & Acquisitions, Human Capital Management, Sustainable Business Practices)
|
|
Semester 4 |
(Business Ethics, Leadership Development, Negotiation Skills) |
Selection of the right college for pursuing an MBA can prove to be a crucial decision that may have a lasting impact on your life. Opting for an MBA specifically in consulting management can be a wise decision as it allows you to gain exposure to various industries, such as finance, marketing, and more, directing your career path towards the field of your interest.
Here are some of the top colleges in India that you can consider if you want to pursue an MBA in Consulting:
|
College |
Entrance Exam |
Fees (INR lakhs) |
|
Indian Institute of Management Bangalore (IIMB) |
CAT, GMAT |
21.50 |
|
Indian School of Business (ISB) |
GMAT |
2.9 |
|
Faculty of Management Studies (FMS), Delhi |
CAT |
20.90 |
|
S. P. Jain Institute of Management and Research (SPJIMR) |
GMAT |
16.00 |
|
Symbiosis Institute of Business Management Pune (SIBM Pune) |
SNAP |
14.70 |
|
Indian Institute of Management Ahmedabad (IIMA) |
CAT |
24.00 |
|
Xavier School of Management (XLRI Jamshedpur) |
XAT, GMAT |
23.60 |
|
Management Development Institute Gurgaon (MDI Gurgaon) |
CAT |
21.30 |
|
Narsee Monjee Institute of Management Studies (NMIMS Mumbai) |
NMAT by GMAC/CAT |
19.50 |
|
International Institute of Foreign Trade (IIFT Delhi) |
CAT |
16.20 |
MBA in Consulting Management can equip students with the skills and knowledge necessary for a successful career in strategy and business management. This specialized degree opens doors to numerous exciting job roles and career opportunities in various sectors.
Doesn’t matter whether you want to start your own business venture or you want to enhance your existing performance, consulting offers a wide range of opportunities covering all areas of interest. The table below shows some of the crucial job opportunities along with their average packages offered for your reference:
|
Job Role |
Job Description |
Average Pay Scale (INR) |
|
Management Consultant |
It is a facing role that analyzes client challenges, develops solutions and guides implementation across diverse industries. |
₹15,00,000 - ₹26,00,000 |
|
Strategy Consultant |
This focuses on long-term goals, formulating strategic plans, and navigating market changes for clients. |
₹17,00,000 - ₹25,00,000 |
|
Operations Consultant |
This role optimizes business processes, improves efficiency, and streamlines operations to enhance client performance. |
₹5,00,000 - ₹10,000,000 |
|
Change Management Consultant |
This person is responsible for facilitating organizational transformations, guiding clients through transitions and ensuring the successful adoption of new strategies. |
₹5,00,000 - ₹15,00,000 |
|
Digital Transformation Consultant |
This role demands advising clients on leveraging technology to improve business operations, customer experiences, and overall competitiveness. |
₹8,00,000 - ₹18,00,000 |
|
Human Capital Consultant |
This role checks for building high-performing teams and assists clients with talent management, leadership development, and organizational design. |
₹6,00,000 - ₹19,00,000 |
|
Risk Management Consultant |
This role ensures the identification, assess and mitigate potential risks to clients' businesses, ensuring financial stability and regulatory compliance. |
₹7,50,000 - ₹15,00,000 |
|
Marketing Consultant |
He is responsible for developing and executing marketing strategies, optimising branding and communication efforts, and driving customer acquisition and engagement for clients. |
₹7,50,000 - ₹10,00,000 |
Landing in a high-paying, prestigious consulting job with your MBA can be a dream come true. With the increasing demand in the consulting sector, there are a lot of job opportunities in the market for consultants.
Usually, big MNCs hire a huge chunk of consultants at competitive compensation packages. Here are some of the top recruiters that you might want to work with for better growth and learning opportunities, as follows:
|
Bain & Company |
Accenture |
Amazon |
|
Deloitte Consulting |
KPMG |
EY |
|
Apple |
Microsoft |
JP Morgan, |
|
Tata Consultancy Services |
ICICI Bank |
Wipro |
A consulting MBA empowers individuals with skills in strategic thinking, problem-solving, and business analysis. It prepares them for roles in management consulting, where they advise businesses on various operational and strategic issues.
Yes, obtaining an MBA can enhance your chances of entering the consulting field. The degree provides the necessary skills and knowledge, making you a more competitive candidate for consulting roles.
Yes, consultants can get paid a lot, but it depends on several factors such as the type of consulting, the consultant's experience, and the consulting firm.
Top management consulting firms like McKinsey, Bain, and BCG are known for offering high salaries and bonuses, making them among the top-paying consultancies
Commonly, MBA majors in strategy, management, or general management are considered beneficial for consulting roles.