Post MBA Jobs that Pay As Well As Consulting or Banking
I'm in an M7 MBA program, and it feels like it's been a rough year for consulting. A lot of firms didn't come back to recruit for full time, and it seems like everyone wants to do consulting. I'm also getting a bad feeling that the economy is about to come to a screeching halt and it's going to be the 2008-2012 recession job search all over again.
Besides consulting and banking, what else is out there that can match the pay, exit ops (if necessary), and rigor? What's out there for those of us who didn't come in with a niche skill set prior to b-school?
What's your background?
Market research, mostly in pharma/biotech
Are you saying you want to be in banking or consulting, or you want to find some way to make the same money but not be in those industries because you think they're dying? What is your goal?
I don't necessarily think that they're dying, but I think that at least with consulting, full time hiring is looking dismal, evidenced by the fact that a lot of firms over-hired for their internship classes. Banking is out of the picture for me, but my goal is consulting or a consulting equivalent (based on learning opportunities, rigor, salary, etc).
Why is banking out the picture?
B2B Sales in the Tech/IT/Heavy Industrial area.
I was about to add this.
b2b sales in a high ticket area is where it's at.
Definitely coming from IB/Consulting. That work ethic they force you to have is GOLDEN in sales.
If you want banking I would pursue boutiques that focus on healthcare M&A. Recruiting is much less formal at those places - I'm talking tiny MM boutiques like Covington Associates, Leerink Partners, Locust Walk Partners (these 3 are in Boston). Locust Walk specifically looks for healthcare experience over traditional finance/etc and, on the off chance you go to Wharton, that name should mean something to you.
B2B sales is also a sick field and the lifestyle, overall, is much better than finance. With an M7 MBA you'll definitely get traction networking for those jobs if you can spin your story properly when they ask "Why sales?". Not having prior sales experience is going to hurt you, but I imagine a top ranked MBA will prevent you from starting at the bottom of the totem pole in a Biz Dev role for ~$50K, though I can't guarantee that.
A lot of consulting firms didn't come back for full time? Which ones, other than Deloitte (which apparently isn't doing any fulltime MBA OCR this year)? At my M7, all the other firms have been interviewing.
Yeah Deloitte. AT Kearney didn't come back either...some other firms had fewer than normal interview slots
Nice advice re: sales. I haven't seen that many sales/account manager positions on OCR but it definitely sounds like its worth looking into
Surprising to hear....we are planning to hire probably one of our biggest intakes in years.
Investment management (mutual funds & hedge funds). Average compensation at a mutual fund as a research analyst starts between $125-150k/year in base salary + $25-50k signing bonus + $125-150k end of year bonus for first year all in compensation of $275-$350k.
That sounds high. Is this typical for someone without highly relevant pre-MBA experience?
That's standard comp for a post MBA research analyst at mutual funds such as Fidelity, Capital Group, Eaton Vance, T Rowe Price, MFS Investment Management, etc. It's funny how surprised consultants / bankers are at starting comp for the investment management industry. While many of my friends and I have / had relevant pre MBA experience, many are non-traditional hires and came from military, technology, strategy, etc. backgrounds.
Product Management at Google/FB/MSFT (program management)/AMZN/{insert unicorn tech company here}.
Thanks for the great advise, as for the negative people, please lighten up. We are suppose to help each other here.
Even though general OCR is complete at M7 schools, there are still consulting firms recruiting. I know for example OW is still recruiting at my school, though they do so quietly and on their own timeline. Why not talk to some OW folks and see what the options are there? Other solid boutiques are recruiting after OCR as well, I know for example Simon Kucher, Alix Partners, and a few other firms recruit a bit later. These firms are pretty darn good and certainly worth speaking with as well. OCR recruiting does NOT mean then end of consulting recruiting, so if you do want a consulting job the options are still out there. At minimum I would say speak to a student that is an OW person and they may be able to key you in on some opportunities.
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