Each year, waves of MBA students from schools across the globe join top consulting firms, with recruitment numbers running into the hundreds at prestigious institutions such as INSEAD and London Business School.
The business school to consultancy connection is strong. Typically an MBA offers a tried and tested route into the industry, with structured recruiting timelines and dedicated consulting clubs offering students support throughout the process.
Top firms including the likes of Bain, McKinsey, Deloitte, Accenture, and Strategy& all hire MBA grads because of their holistic understanding of the fundamentals of business, which can be translated across various projects involving different clients, industries, and problems.
The generalist MBA curriculum is therefore well suited to the career of a consultant. But are there any specific modules that aspiring consultants should look out for?
Here are some of the key MBA modules that will prepare you for a consulting career.
Considering Your Career Options?
Management consulting courses: 7 key modules
1. Strategy
The role of a consultant is to identify client problems, find solutions, and lead their implementation. Strategic thinking is therefore at the heart of the value that management consultants provide to their clients.
Because an MBA so often acts as an entry point into consulting, strategy tends to be an important part of any well-regarded MBA program. For example, in the INSEAD MBA—one of the top-ranked MBA programs in the world—Introduction to Strategy is one of the six core modules that all MBA students must take.
Broadly speaking, strategy modules teach students about how businesses position themselves to create wealth. Topics may cover subjects such as how companies create a competitive advantage, and how businesses allocate resources to sustain their market position.
2. Corporate finance
Consulting is a big-money career—but that also means you’re likely to be working with major international corporations. An understanding of corporate finance is therefore important for a career in consulting.
Corporate finance modules in an MBA offer a key introduction to this area. For instance, the Corporate Finance module within the Wharton MBA helps students understand how to value a firm, manage cash flow, make better investment decisions, and generally gain top-down knowledge of modern corporate finance.
You’ll typically find some form of corporate finance module within the core curriculum of most MBA programs.
3. Data modeling
Data modeling is a key technique that consultants can use to analyze complex business problems, provide accurate forecasts, and ultimately influence managerial decisions.
Modeling is often taught within the core MBA curriculum. For example, the Kellogg School of Management MBA has two Business Analytics modules that offer an introduction to data modeling and provide students with a toolkit for data analysis. On the other hand, students on the LBS MBA learn these skills during the core Data Analytics For Managers course.
Most MBA programs also offer the opportunity to undertake elective modules and embark on specialized pathways, with more advanced data-based modules typically among these options.
4. Operations
The nature of a consulting project will vary from case to case. But generally speaking, consultants are normally tasked with making a business more efficient. This is often known as operations management. Consultants may have to optimize day-to-day business processes, better manage supply chains, or drive financial efficiency.
Operations is typically a core part of any MBA curriculum. For example, at INSEAD, MBA students undertake the Process and Operations Management module which teaches them how to analyze and improve a company’s activities, and shows how the external environment can impact a company’s ability to meet customer demands.
5. Marketing
Conducting market research, developing a deep understanding of a brand, and understanding its unique selling points are fundamental parts of both marketing and consulting. It’s why marketing is so closely tied to management consulting—and a key part of any reputable MBA program..
You’ll be hard-pressed to find an MBA program that doesn’t offer marketing as part of its core modules. Some schools, such as the Indian School of Business (ISB), even offer multiple core marketing modules within the main curriculum.
6. Practical consulting projects
The MBA curriculum is about much more than just learning theories in the classroom. Most business schools also incorporate practical learning throughout the program, allowing students to apply their newfound knowledge to solve real-world problems.
Typically coming in the form of strategic consulting projects, business simulators, or capstone projects, these experiences allow students to work with companies and get a taste of life working on real-world projects.
For example, students at London Business School work on more than 300 consulting projects with 200 client organizations in any given year.
As an aspiring consultant, these practical learning opportunities will be one of the most important parts of your MBA experience. You’ll bring together all of the skills and knowledge you’ve learned throughout your MBA, and figure out whether solving problems and advising clients is the right career path for you.
7. Electives and specializations
Although most MBA programs include consulting-related courses as part of their core curriculum, they also offer optional, specialized modules that you can choose to study as electives.
These electives give MBA students the chance to dive deeper into management consulting topics, which can provide the perfect platform for a future career in consulting.
Combined, these modules will provide you with the foundations for a career in management consulting. However it’s important to bear in mind that soft skills are every bit as important for a career in the industry.
Dealing with a variety of clients on a regular basis will require you to have strong communication skills. You’ll need to be just as comfortable negotiating with stakeholders as you are presenting a financial forecast. Remember: A consultant is an external contractor who is being hired to solve a company’s problems. You’ll be under pressure to deliver improvements to a business, and communicating the best ways to make those changes is vital.
This combination of the core business fundamentals, together with strong communication skills, is what makes great consultants stand out.
For more info on how to launch careers in consulting, finance, technology, and more, plus free advice from b-school careers experts, download our Business Careers Guide: Expert Advice On Your Job Options After Business School
