Thinking about consulting as a career?
Thinking that an MBA program is a good place to start?
Well, you’re on the right path!
You are probably curious about HOW exactly an MBA program will support you with your transition to consulting. Maybe you’ve heard about school consulting projects, strong alumni networks, and classes that can supplement your experience. These are definitely important to get you there, but it’s not enough to know they exist, it’s important to delve further into WHAT each aspect is actually composed of.
My goal in this set of articles is to give you key insights into the MBA experience and take you past the typical “surface level” discussions about how an MBA will prepare you for consulting.
Before we discuss, let’s define some basic attributes that consulting firms look for:
- Strong analytical skill-set
- Creative thinking
- Ability to work with teams
- Ability to deal with ambiguity
- Leadership potential
The list goes on, but these are five core competencies that are sought after and tested for throughout the interview process. Although I can speak only with detail about what was offered at Darden, I assessed other programs when applying for schools and my takeaway is that most MBA programs have similar ways to expose students to consulting.
This article looks at how an MBA program can offer HANDS-ON consulting experience. I’ll discuss four different REAL projects that I was involved in while in school.
1. Global Consulting Project
Project description: 1-year long engagement with a small/medium sized business, which included an international component.
With a team of three, we worked with a 200 employee company that sold appliances in Hong Kong, China, and Canada. Our project analyzed the U.S. market and how the company could strategically position itself and begin to sell there. We also built consumer profiles and a plan for how we might address each one’s needs. The project included a one week trip to China, monthly client check-ins, semi-annual and annual presentations, and hours of research. With a loosely defined project scope, this project pushed our team to conduct research through plenty of new outlets. We relied on marketing professors to learn current market analysis techniques and tools, online retail platforms for data, and customer surveys to generate a majority of our insights.
2. Non-Profit Consulting Project
Project description: A student led project that aimed to assist a small business with a particular challenge or issue facing them.
We worked with a local start-up that sold vending machines stocked with electronics and electronic peripherals. We analyzed the start-up’s sales with the goal of improving business growth, created an excel pricing model, and analyzed the start-up’s cost-management and labor use efficiency. With a team of five, we delved into 3+ years of sales data and operational costs to create an effective final presentation. The project lasted five months and we met bi-weekly as a team and with the client. As the project leader, I also coordinated and managed the client relationship, scheduled group meetings, and contributed to outside project tasks as necessary. At the end of the project, we presented our results to the client as well as 12 other student teams doing similar projects.
3. Impromptu Client Engagement
Project description: Engagement with a client not found through school offerings.
There are an ABUNDANCE of client engagements that most soon to be MBA students may not be aware of. Business schools have incredible networks with individuals from top industries. In my second year, I had access to a venture capital firm that gave me opportunities to conduct due diligence on new ventures. I found the opportunity through a club letter and received my first diligence project just a week later. Other students worked with investment management firms or large organizations conducting a variety of strategy projects. Sometimes you’ll find these opportunities through clubs and other times a fellow classmate may choose to involve you on something they’re doing outside of school.
4. Summer Internship
Project description: 8-12 week internship in one of a variety of different roles.
I put this last not because it’s least important, but because it’s well understood that an MBA program will offer you internship opportunities. However, many of you are most likely wondering about the school’s ability to secure you the best internship possible rather than whether you’ll get one. However, as someone who recruited the full two years, I can say that my summer internship was instrumental to my preparedness for consulting recruitment. I worked on a strategy project aimed at reinventing the sales contract management process for a large medical device company’s Latin America group. I interviewed 60+ internal and external employees, built a basic financial model to support my investment, and created a 30 slide PowerPoint presentation that I presented to management and corporate leadership. The benefits you can get from hands-on experience is unrivaled, which is why MBA programs stress the opportunities for you to do so.
Final thoughts
Although each project differs, you can typically find a project that suits the skillset you’re looking to improve on or gain. In everyday MBA life, you’ll also be required to use Excel, Powerpoint, and various platforms such as Tableau, which will enhance your ability to differentiate yourself with consulting firms.
With so many extraordinary offerings, it’s sometimes difficult to be fully aware of everything you have access to as part of an MBA program. I can say without a doubt, however, that a full-time MBA program is an exceptional opportunity to develop the skills necessary to obtain a position in consulting and that the hands-on experience you get will be critical to that preparation.
Look out for further posts into how an MBA can prepare you for consulting.
Cameron Hector is a bay area native soon to be dedicated consultant at L.E.K.’s Chicago office. Former semi-professional soccer player turned competitive long distance athlete.
Image: Pexels
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