I have often heard from leaders at MBB firms that management consulting is a close substitute for an MBA program.
From my experience at one of the MBB firms and now as an MBA candidate, I want to share the similarities that I have found between being an MBB consultant and doing an MBA, whether doing an MBA is worthwhile if you have prior management consulting experience, and how to get the most out of the MBA experience.
Similarities between MBB and an MBA
There are three (3) key similarities between the MBB and MBA experience.
1. Exposure to challenging and diverse business problems
MBB consultants work with a variety of clients across different industries, tackling diverse business challenges. This broad exposure is akin to the comprehensive business education provided by an MBA program, but you get exposure to real clients, real challenges, and real value at stake.
The nature of consulting work involves high-level strategic thinking and problem-solving, key components of MBA curricula.
Additionally, MBB firms operate globally, and consultants often work on international projects, gaining global business perspectives. This global exposure is similar to the international focus of many MBA programs.
2. Networking opportunities
MBB firms have extensive networks of clients, alumni, and other professional contacts. This network can be as valuable as the alumni networks of top business schools. Working with top-tier colleagues and leaders provides ongoing learning and mentorship opportunities.
3. Skill development
Consultants at MBB firms develop strong analytical and quantitative skills, as they are required to analyze data, build models, and provide actionable insights. These roles demand strong communication, leadership, and interpersonal skills, which are also emphasized in MBA programs.
Consultants often manage multiple projects, lead teams, and ensure deliverables, mirroring the project-based learning approach in MBA programs.
Why attend an MBA if you have MBB experience?
Despite all the benefits provided by the MBB experience, I knew that an MBA would still be a valuable experience for me for four main reasons.
1. Holistic education
While MBB experience provides excellent practical skills and industry exposure, an MBA program offers a more structured and comprehensive understanding of business theories and principles across various disciplines, such as finance, marketing, operations, and entrepreneurship. As someone potentially interested in starting a business, I knew that it was important to learn and relearn some basic knowledge.
2. Dive deep into specific areas of interest
MBA programs allow you to tailor your education through electives and concentrations in areas you are passionate about or wish to explore further such as technology, healthcare, or social impact.
3. Risk-free learning experiences
MBA programs offer a greater margin for error compared with the MBB experience, which provides a safe environment to innovate, take risks, and make mistakes.
I have entrepreneurial aspirations and believe that an MBA program can provide me with the necessary skills, knowledge, and resources to start and grow a business. Business schools often have strong ties with venture capital firms and offer programs that support aspiring entrepreneurs.
With a job, there are much fewer opportunities to be innovative and take risks.
4. Opportunity for self-discovery
I am excited at the prospect of having time for self-reflection and personal growth – to understand and be honest about my strengths, weaknesses, and career aspirations. Likewise, it is a great opportunity to redevelop friendships, get back into hobbies, and further my personal life.
How can you maximize your MBA experience as someone with an MBB background?
There are many books that could be written in answer to this question but, for the sake of conciseness, here are three (3) good ideas for getting the most out of your MBA experience.
1. Go in with an open mind
MBB provides great foundational work experience, but it’s important to keep an open mindset to embrace others’ experiences and put yourself in uncomfortable situations to grow.
2. Diversify your activities
Don’t only participate in your MBA program’s consulting club. Given that you are coming in as a former consultant, spend more time in extracurricular clubs and activities that align with your passions. For me, I’m excited to participate in Sustainability clubs and an Autonomous Racing club at my school.
3. Leverage your experience
Your MBB experience is a great asset, and others will be able to learn from you. Your classmates will often seek your guidance and expertise. By sharing your hard-earned experience and building strong relationships with your peers, you will have an opportunity to grow personally and professionally and gain access to new opportunities that align with your interests.
Conclusion
The MBA program is an opportunity to build on what you’ve already achieved and leverage the MBA experience to reach new heights in your career.
While my MBB experience has provided me with significant skills, I am a true believer that an MBA can complement and enhance my professional journey by offering broader knowledge, new networks, diverse opportunities, and personal growth.
Jeff Zhang currently serves as a Consultant at McKinsey, specializing in private equity, transportation, technology, and sustainability sectors. Before this role, he spearheaded the creation of an innovative final-mile logistics product at a startup, later acquired by Shopify. His background includes significant experience in consulting, logistics and successful applications to global MBA programs.
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