| An MBA can be a good route into a consulting firm as | | | | four areas: Problem solving, achieving, personal impact, |
| an associate. Associates receive training and | | | | and leadership. Holding an MBA helps with problem |
| on-the-job apprenticeship at many of the big firms. | | | | solving skills, and can help with personal impact |
| Associates are the ones performing background | | | | (especially if service projects or volunteer work was |
| research and analysis. Combining problem solving skills | | | | completed). |
| and technical experience is common for associates. | | | | Experience is irreplaceable and demonstrates a history |
| Well-performing associates then often receive | | | | of achieving and leadership positions. Some companies, |
| promotions after a few years of experience. | | | | like BCG, will sponsor high performing associates |
| However, to succeed as a consultant, experience is | | | | wanting to pursue MBA degrees. This is a valuable |
| what counts. | | | | option for those wishing to pursue an MBA, but who |
| While many consultants entered firms such as | | | | aren't sure how the degree will be paid for. |
| McKinsey holding MBA degrees, not everyone who | | | | The downside is that many experienced consultants |
| consults has an MBA. While education is important, it | | | | apply to top MBA programs. While employment at a |
| does not solve complex problems the same way | | | | top management consulting firm is helpful, those who |
| experience does. Those serving as consultants rarely | | | | are self-employed, or who work at smaller |
| go to business school to get the job. On the other | | | | consultancies must work hard to make themselves |
| hand, consultants with years of real-world experience | | | | stand out. Having a specific focus, leadership |
| sometimes go back to get their MBA degrees. Why? | | | | experience, and clear goals all are helpful. |
| For one, holding an MBA commissions a higher salary. | | | | Moreover, if you are self-employed, be sure to write |
| MBA degrees combined with real-world experience | | | | detailed accounts of whom your clients were and how |
| bring together the best of both situations. | | | | you served them. This demonstrates to employers |
| Someone with five or ten years of experience and an | | | | that you were employed. If deciding to obtain an MBA |
| MBA degree is more capable of handling complex | | | | is on the table, be sure to study for the GMAT and |
| projects and has more tools at her disposal than | | | | carefully research prospective schools (and the |
| someone with either the experience or the MBA. | | | | companies recruiting from those schools). Carefully |
| Second, the MBA degree helps garner respect from | | | | construct the application and essay. Make sure you |
| those not familiar with a consultant's experience or | | | | recognize, going into an MBA program that it is a |
| industry. When a new client or firm sees the | | | | demanding career move and a large financial |
| combination of experience and degree, it helps build | | | | investment and plan accordingly. While an MBA degree |
| their confidence. An example of a place where having | | | | is not necessary for a management consultant, |
| an MBA in addition to experience helps is when | | | | obtaining an MBA can help your prospects of finding |
| applying to a consultancy like McKinsey & | | | | gainful employment-especially when combined with |
| Company. When hiring, McKinsey looks for strength in | | | | industry or consulting experience. |