What are the Academic Backgrounds of Consultants?

Just curious to know about the general academic backgrounds of consultants. In my university, there are three specializations: public accounting, finance, and management. (The management specialist also includes concentrations in Marketing, International Business, Strategy, etc.)

For a student who is considering consulting as a career, which specialization will give the most relevant training and knowledge base? Do I even need to be a business major to go into consulting?

 

3.5 is pretty much the universal cut off. Then GPA preference will depend on your school/major and which firm you’re applying to. 3.7+ will probably make you competitive everywhere unless you’re applying from a non-target with a fluffy major.

Why do you think there has to be a trade off between ECs and grades? Unless you are an outlier case (think D1 student athlete or you run your own business that you’re about to sell for $500k) you probably won’t get any pity from resume reviewers.

 

To add to this I would say that you should take something your interested in. Your more likely to succeed and it’s more authentic. Plus if you don’t get into consulting you won’t have suffered through years of misery that didn’t pay off because let’s face it - the odds are against everyone.

I can’t imagine the interviewer being impressed when you tell a story about your major and it being “I took this major because I heard most consultants take it”.

You might as well start the interview with “well I’m not very original or creative or different or much of a leader nor do I have any intellectual depth or curiosity” - which btw represents the majority of what they are looking for.

The guy/girl who spent a decade getting a PHD in pirate studies and has an interesting story will beat you if you both get the same gmat and did the same on the case because they are more interesting.

If your thinking this way maybe accounting is a better major as a back-up career choice.

Sorry to be frank about it - it’s a tough industry and a tough interview process and I don’t want to sugarcoat it. Though this is from the perspective of post-MBA associate MBB interview prep.

 

If you're studying business, I would either take finance and add general management electives or management (international business and/or strategy concentration) with quant-heavy electives such as financial analysis, advanced statistics for business (e.g. econometrics), quantitative economics classes (e.g. advanced microeconomics).

With that you would cover business basics quite well while showing quantitative aptitude/ skills.

 

It depends, obviously. I found that some FS/ supply chain modelling can be very quantitative, while an org/ PMO project is likely to be very fluffy. The more quantitative projects can indeed be quite heavy on the analysis side, and most consultancies would want to make sure you can handle that without major issues.

 

I'd go with option 1 - people generally don't care about minors (because they're sometimes as little as 4 classes), and you're only considered somewhat knowledgeable about a topic if you major in it. I think option 1 will give you the business background and the ability to credibly say you're interested in life science when they ask for your story.

"Even if you're on the right track, you'll get run over if you just sit there" - Will Rogers
 

Any of them as long as you can keep up a high GPA - #1 is probably the easiest. If you know you're defUnitedly interested in consulting, makes sense to explore Business degree. But you could break into MC with any of the backgrounds.

MBA ad com will not be concerned with your degree. In fact, bio undergrad is probably a lot less common and potentially would stand out. But they'll just look at your GPA and move on.

 

Qualitative major here. It’s posisble without much quant if you know how to play the game, but I never got a look from Bain and I’m positive it’s because of my lack of quant skills.

If I could design a “consulting” major, it would incorporate Poetry (learning to be economical with words); English (learning prosaic writing); Philosophy (learning to structure arguments); Economics (for the obvious basic economics principles); Corporate Finance (useful for working with corporations especially if you ever have a DD); Org Change (learning about resistance to change is key if you ever want a client to implement anything); and a foreign language so you can get staffed overseas and collect all the pay bonuses that brings.

 

I would suggest management on the condition it has good and useful modules. Some business schools suck and have modules such as: history of management, strategy (very theoretical) etc. If you have the option to take modules such as intro to finance, basic accounting, game theory or some form of analytics then management works for consulting. And since management varies form B-school to B-school (as mentioned) list the modules you take on your CV

 
Best Response

I was at a boutique life sciences management consulting firm, so this is a little different in as much as there is a large degree of self-selection. At the analyst level everyone had a STEM degree, usually bio, with some chem. Also there were a fair number of advanced degree people at that level (mix of PharmD and PhD mostly). At the consultant level and beyond backgrounds were more diverse and we had some folks without STEM backgrounds. The firm would look at Econ/Business degrees, but most folks selected out, due to the pharma/life sciences focus. My friends who went to generalist shops had a wide variety of degrees ranging from Econ to engineering to psych, the only commonalities were high grades, target school and strong soft skills.

 

With a 3.1, I think you would probably have difficulty getting into the audit or tax team. Based on what you just indicated, I think it is highly unlikely that you would even get to the interview stage for any big 4 consulting.

Perhaps you could described your CV a little more in depth, and then it is easier to evaluate what needs to be done.

You could accept your current job offer, however, it is not going to be an easy road ahead. Firstly, what kind of consulting do you hope to transition to? IT consulting is no S&O. I'm not sure how you are going to transition from a finance analyst position.

Secondly, from experience of myself and my peers, for PwC consulting, Deloitte S&O and EY performance improvement. 1 year in industry does not equal to 1 year in consulting. If you are going to transition in, you might realize that your peers (Class of 2015) are far ahead of you.

Lastly, MC usually has a unstated requirement of an MBA, how does your timeline fit in? Isn't it a wiser move to target a top mba programme, then leverage it and transition to MC.

 

If you have been on the forum long enough, you'll notice that there are a few success stories where the OP received an offer in BB IBD, Big 3 Consulting, etc.

Having a low gpa is definitely going to hinder your chances, but it does not mean it would be impossible. As long as you network properly, the chances are there. Without networking, don't even get your hopes up about an interview.

 

No business major needed for general consulting. Having said that, for specific sectors you need to specialise e.g. no one will take you seriously in life science consulting without a medical background. Other sectors have specialisation that can help but are not 100% required e.g. engineering for aerospace or political science for political consulting

 

Hi I'm in the same boat at you. It's nice to hear someone like Starpoints get the job done though. Would you mind given us an explanation of how you made the transition?

 

In my start class I had a bunch of science, psychology, and history majors. Not as many Business majors as I would have thought, but it makes sense. Rarely does anyone have consulting experience prior to joining consulting. Really the only thing you need to work on is telling a story about why consulting, and what lead to decide to pursue it.

Also, prepare for case interviews. Definitely tough if you've never come across one, and there don't test your technical or business knowledge, but your problem-solving skills and reasoning, which is essentially all consulting is.

Hugo
 
Hugo Stiglitz:
In my start class I had a bunch of science, psychology, and history majors. Not as many Business majors as I would have thought, but it makes sense. Rarely does anyone have consulting experience prior to joining consulting. Really the only thing you need to work on is telling a story about why consulting, and what lead to decide to pursue it.

Also, prepare for case interviews. Definitely tough if you've never come across one, and there don't test your technical or business knowledge, but your problem-solving skills and reasoning, which is essentially all consulting is.

Couldn't agree more. It's all about how you spin your past endeavours to relate to your carefully thought out response to the most basic question, "Why consulting?"

Your major and grades are a huge asset. Use them.

 

Have you looked at a smaller/boutique firm? Did you do ANY internships at all throughout your college?An alternative approach is going into the industry for 2 years to gain some "industry experience" and then re-apply as an "industry hire".

clinical research to consultant (newbie to big4)
 

You are a perfect candidate for a prestigious healthcare consulting firm! It can either be a hospital org focused firm, but I was specifically speaking to a life sciences and pharma product portfolio strategy firm (I work at one). We hire almost exclusively those with life science backgrounds from BA, MD, PhD, but of course, have our share of former bankers and MBAs among our ranks.

 

Consultants must typically earn a bachelor’s degree in order to be competitive in the field. You can secure a degree in finance, business administration, business management, accounting, marketing, psychology, human resources, engineering, political science, computer science etc. However, some employers prefer to hire those who have earned their master’s degree, specifically the MBA.

 

My take: do something that will challenge you and that you will enjoy. Try to make it have a quantitative element in it. Then do your best to excel and be able to talk about it as a coherent journey for you. Similar story for extracurricular: do something that you enjoy and on which you can have a significant impact. The actual details of things like exactly major and extracurricular choices are not as important as your ability to have an impact in whatever it is you choose to do, as long as those choices challenge you.

MechE/CS sounds great, as do all of the other options.

 

I agree with prior post to go with what you are most interested/excited in vs. trying to optimize for a consulting role. Getting the job is about showing you are a bright, energetic student and leader who has the interpersonal skills to translate well to business. It is not about financial or other business content. To me - granted biased as an engineer - I like the ME/CS combo. MBB, like everyone else, are looking for people who can go deep on quantitative analysis but can put the questions into a strategic context and communicate the insights to non-expert business people. ME/CS seems to pay into that and also gives quite a nice natural industry breadth. That said, if you really want to do quant finance go for it. Remember, the joint probability that you (A) get a MBB job + (B) stay in MBB for your entire career is really, really low so don't let that drive your decision. Study what you enjoy and where your strengths lie and consider what would give you the broadest option set over the next 20-30 years.

 

Do whatever will give you a GPA closest to a 4.0 its the simple.

If you think you can get a 3.8+ with that double major great, if not single major in one or the other, or even worse if you don't think you can get a great GPA and do all the networking, EC's major in something simpler and learn the CS on the side.

"It is better to have a friendship based on business, than a business based on friendship." - Rockefeller. "Live fast, die hard. Leave a good looking body." - Navy SEAL
 

people will judge you primarily by how good of a worker you are. when you're at one of these firms, you realize really quickly that there are some people with extremely prestigious degrees who are literally dumb as rocks. others who aren't as dumb, but still people you don't want to be working with, because they've got their heads shoved so far up their asses they can't see daylight.

and then there are some with "bad" degrees who are extremely bright; and others with poor degrees whom you suspect only got there cuz of connections.

if you're hard to work with and not bright/capable of doing a good job, your degree will compound the issue. if, on the other hand, you aren't...nobody will care.

that being said, you'll still probably feel a bit of a chip on your shoulder. i definitely noticed it from some colleagues with your kind of background; but hey, everybody has their issues. i think it was mostly in their head, not in everybody else's.


the one caveat i would make is that i don't know how this changes your ability to rise to partner though, since that is mostly sales and convincing your clients to pay you 300k to do 3 weeks of work. at that level, having an impressive degree would help, i suspect, but i don't know.

 

Not sure who you think frequents these forums, but there are just as many "non-target" v. whatever. Look, most people searching for these jobs at the MBA or undergrad level are very ambitious and bright: true, a degree from a "top" institution makes you much more mobile (bigger alumni base, traditions, reputation, brand, etc.), but trust me, once you get into it, it is what you do that people will be reminded of.

I've only been working a couple months now, and already I've seen a kid from Yale get canned just as fast as a kid from Lehigh U. Maybe you won't know the same people, etc. but you can fix the background things by being personable, having a good sense of humor, etc. The prestige falls away fast if you can't show you can do the work.

 

Id assume working the entertainment industry...though I dont know if you can specialize that quickly right away at a big consulting firm, especially in a field as small as entertainment. Id assume you'd have to do your fair share of financial services, tech, etc consulting as well

and I agree...your major wont matter

 

Voluptas sapiente ex reiciendis recusandae. Ipsum vel rerum possimus quos exercitationem accusamus rerum. Pariatur facere deserunt impedit sunt labore et.

Qui error ut suscipit. Ut consequatur est quam sequi tempora.

-Cheers

Career Advancement Opportunities

March 2024 Consulting

  • Bain & Company 99.4%
  • McKinsey and Co 98.9%
  • Boston Consulting Group (BCG) 98.3%
  • Oliver Wyman 97.7%
  • LEK Consulting 97.2%

Overall Employee Satisfaction

March 2024 Consulting

  • Bain & Company 99.4%
  • Cornerstone Research 98.9%
  • Boston Consulting Group (BCG) 98.3%
  • McKinsey and Co 97.7%
  • Oliver Wyman 97.2%

Professional Growth Opportunities

March 2024 Consulting

  • Bain & Company 99.4%
  • McKinsey and Co 98.9%
  • Boston Consulting Group (BCG) 98.3%
  • Oliver Wyman 97.7%
  • LEK Consulting 97.2%

Total Avg Compensation

March 2024 Consulting

  • Partner (4) $368
  • Principal (25) $277
  • Director/MD (55) $270
  • Vice President (47) $246
  • Engagement Manager (99) $225
  • Manager (152) $170
  • 2nd Year Associate (158) $140
  • 3rd+ Year Associate (108) $130
  • Senior Consultant (329) $130
  • Consultant (586) $119
  • 1st Year Associate (538) $119
  • NA (15) $119
  • 3rd+ Year Analyst (145) $115
  • Engineer (6) $114
  • 2nd Year Analyst (342) $102
  • Associate Consultant (166) $98
  • 1st Year Analyst (1046) $87
  • Intern/Summer Associate (188) $84
  • Intern/Summer Analyst (547) $67
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
kanon's picture
kanon
98.9
6
CompBanker's picture
CompBanker
98.9
7
GameTheory's picture
GameTheory
98.9
8
dosk17's picture
dosk17
98.9
9
DrApeman's picture
DrApeman
98.9
10
bolo up's picture
bolo up
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”