Small Business Consultant Salary – A career in management consulting has been an integral part of the early career and/or professional aspirations of countless MBA applicants our team has advised over the past two decades. MBB is an acronym used by many young professionals to describe the upper echelon of management consulting: McKinsey, Bain and BCG (Boston Consulting Group). It covers a number of topics related to management consulting, such as:
As a traditional field, management consulting careers have consistently gained traction and respect among all sides of the MBA world, including applicants, admissions officers, MBA career centers, and employers who recruit from MBA programs.
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Today we take a 360-degree look at a management consulting career. We leverage the expertise of Davis Nguyen, CEO of My Consulting Offer, a team of former McKinsey, Bain and BCG recruiters and consultants who work with candidate consultants to interview and win offers. Since its inception, at least 85% of My Consulting Offer clients receive at least 1 consulting offer, and many receive more than one.
Management Consulting Salaries Report (2022)
We also consult former MBA admissions officers from the Stacey Blackman Consulting (SBC) team. In particular, we know how consulting career candidates differ from the traditional pool. Additionally, we’ll discuss how pre-MBA or post-MBA consulting career applicants can best position themselves, especially when attending elite business schools such as Harvard, Stanford, and Wharton.
A former HBS admissions officer on our SBC team shared, “Consultants are the bread and butter of the Harvard MBA program, and there’s an assumption that this is the desired profile. In fact, this segment of the population is oversubscribed. If you’ve worked in consulting, you’ve demonstrated your unique leadership skills and peers.” you will be able to.” You must be able to show that you are moving forward. You should have great academic stats along with something that defines you. “
Request a 15-minute email or phone consultation if you would like feedback on your MBA profile and recommendations for targeted business programs through a free candidacy analysis.
Davis’ My Consulting Offer team released a 2022 report highlighting the high-paying benefits of hiring a full-time MBA from these top-sought employers:
What Is A Typical Lactation Consultant Salary (ibclc)?
A- The short answer is yes. About 76% of our clients start planning and ask “what is your dream firm?” McKinsey, Bain or BCG answered when we asked. The long answer is that the MBB preference among candidates is lower than it used to be because (1) other firms are starting to offer majors and (2) candidates are more interested in those majors than before.
For example, we have clients who received multiple offers, including at least one MBB, and turned down an offer for another firm. For example, we had a client who was a McKinsey dream firm and a social influencer. But after finding and receiving an offer from Dahlberg, he decided to make a deal with Dahlberg.
We see this many times every month. As another example, we recently had an MBA who turned down an offer from BCG because it was from life sciences. He wanted to pursue a post-consulting path, and the opportunities at his chosen firm were more in line with his long-term goals.
Q- Will it be more difficult for MBB consulting employers to hire such FAANG / technology dominated talent?
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A- We hear from firms contacting us that FAANG/tech companies and even startups are vying for similar candidates and even our clients are debating whether to sign their consultancy or sign their technical proposal. Despite this, firms still see a large number of complaints.
For example, last year McKinsey received more than 1 million applications, an all-time high. Bain, BCG and other firms have also seen an increase in the number of applicants.
A- It depends on what you are optimizing for, like the best healthcare consulting firm or the best training company with an office in a particular city. Here is a list of the best non-MBB firms.
Q- How many candidates apply for a particular position? What is the pass rate for higher, MBB, firms?
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A- Varies by company, city and address. Transfer rates vary depending on several factors. However, overall MBB accepted about 4% of applicants last year.
A- This varies by team rather than firm, as your team and team project will increase the scope of the project. But overall, McKinsey consultants put in more hours than anyone else, all things being equal. However, McKinsey also has one of the best vacation programs. So it really depends less on the team/project and more on the firm.
A-As above, it comes down to team and project rather than company. But if you’re looking for a better-than-average strategy consulting role at other firms, in-house consulting is right for the companies themselves, from in-house consulting groups like Bain’s in-house consulting group to corporate consulting groups. Like CapitalOne.
Differences in culture and values were recently covered by PoetsandQuants and explained in the table below.
How Much Do Medical Device Sales Representatives Make?
A- Job titles vary from firm to firm, but the level is: Consultant (referred to as Associates, Business Analyst, Associate Consultants and Analysts) at the pre-MBA level. A post-MBA level consultant [you don’t need an MBA to be in this role], eg [Specialist, Consultant], Manager (Delivery Manager, Project Lead, Manager, Team Leader), Director (sometimes called General Manager). or Associate Partner) and Partner/Director
A-If face-to-face contact with the client is of little interest, firms have teams specializing in, for example, data (eg BCG GAMMA) and digital work (eg Bain Innovation Exchange).
Q- What changes are recent or on the horizon in who to hire or what they are looking for among the top consulting firms?
There is no “must” because consultants can be hired as generalists; For those coming for post-MBA roles, it is assumed to have at least 1-2 years of work experience before joining the firm (although this is often filtered by the business school with programs such as 2+2 or Silver Scholars. )
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Yes (must be a business analyst at McKinsey) and apply to return to McKinsey after 2 years of MBA
Yes (must have been associate at BCG before) and apply to return to BCG after 2 years of MBA
Yes (must have previously been an Associate Consultant at Bain) and commit to return to Bain after 2 years of MBA (complete non-commitment or non-commitment will result in interest penalty)
Yes – GSAP, the Graduate Student Assistance Program, requires at least 2 years prior to eligibility, but must leave before the manager. Requires at least 2 co-sponsors and commission approval. 50% MBA fee and 2 years 100% return for at least 1 year as Senior Consultant
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As a firm, McKinsey has earned the nickname “The CEO Factory” due to the large number of former McKinsey CEOs found at Fortune 500 companies.*
Think of BCG as the middle child. You can think of BCG as the brother who carries a pocket protector in his pocket, wears rimmed glasses, and probably went to MIT and came up with a groundbreaking thesis that changed the world.**
People often think of Bane as the younger brother who wants to prove himself to the rest of the family. Since they are the smallest and Ban usually has the fewest resources, they have to be creative.***
* Some notable examples of this include Alphabet/Google CEO Sundar Pichai, Vodafone CEO Vittorio Colao, and Morgan Stanley CEO James Gorman. Just to name a few. McKinsey is also the first of the Big Three and was founded before the others and has the largest global footprint of the Big Three. So if you consider McKinsey, BCG and Bain as three brothers; McKinsey would be the oldest brother who could dress a little too hard at times, older, with the most work experience and therefore convinced that he was always right due to said experience **A brief background on how BCJ started. If you look at McKinsey, they believe that best practices can be applied across companies and industries and that you don’t have to reinvent the wheel all the time, hence their global staffing model. But BCG disagrees with this approach. Instead, they say, “every situation is not the same. We have to be very academic and serious about this.” In fact, you’ve probably heard terms like the two-by-two matrix for growth, Porter’s five forces, and the like. These are all BCG led theories. BCG’s idea is that when working with a client, their goal is what they want to do.