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MBA Student and Graduate

Career Connection

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WHAT ARE THE MOST COMMON INDUSTRIES FOR MBA GRADUATES?

As mentioned earlier, an MBA degree gives you the flexibility and a sound understanding of business principles, which can applied to virtually any industry. Commonly, MBA graduates look for opportunities within Finance, Management, Operations, Manufacturing, Marketing and Non-Profit Organizations. Each industry then has its leading job opportunities that graduates pursue.

Recently, a group of MBA students at Duke's Fuqua School of Business "Industries" performed a survey of which jobs recent graduates were accepting. The leading jobs were in the fields of Management Consulting, Investment Banking, Corporate Finance, and Product Management or Marketing. I think Duke's survey is a very good statistical representation for the entire group of recently hired MBA graduates and the jobs offered.

Let's further examine these jobs, in detail, to give you a better perspective and understanding of what makes them so attractive to MBA graduates.

What is Management Consulting?

Management Consultants provide guidance to corporations on critical and pressing business issues. Consultants are seeked out for their expert anaylsis of situations that will have an impact on corporate operations and in most cases this is linked to profitability. Consultants analyze the problem, describe in detail a solution, and finally help the company implement the solution. To fulfill a company's need to address issues, consultants use a combination of analytical tools and quantitative sources of information to make recommendations.

Most consulting firms align their operations into three groups: strategy, operations, and information technology. A newly hired consultant should expect to begin their career in one of these three groups. Typically there are three primary levels within the consultancy ranks; Analyst, Associate, and Manager.

  • Analyst: Undergraduate or graduate degree with 0-2 years of experience, usually no business experience. The average starting salary for an Analyst is $40,000 with a small signing bonus of $2,000.
  • Associate: This is the position that most MBA graduates persue. On average, the MBA graduate has 4 years of prior business experience. The average starting salary for an Associate is $85,000 with a signing bonus of $15,000.
  • Manager: The Manager position is usually not attained until an Associate has demonstrated the necessary skills and qualities to lead projects. On average, it takes an Associate 5 years to ascend to the Manager level. The average starting salary is $105,000 and signing bonuses are not applicable.

To gain a better understanding of the consulting industry from an insider's point of view, I recommend that you purchase The Fast Track by Mariam Naficy.


Compensation for Management Consultants

Starting salaries in management consulting are among the highest available to MBA students. A typical MBA graduate is about 28 years old and has one to four years of prior work experience and two years of business education. A typical MBA graduate would enter a consulting firm at a mid-level with the title of associate and would earn considerably below peak earnings potential.


Source:Management Consulting Online.


Links to Management Consulting Firms

"Andersen Consulting"
"Deloitte & Touche"
"McKinsey & Co."
"Booz Allen & Hamilton"
"KPMG Peat Marwick"
"PricewaterhouseCoopers"



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