Is an MBA required for career progression (management consulting) if I hold a Master in Management?
Hi everyone!
Hope everyone's safe giving the current situation. I have been browsing WSO for a while now, and I have found truly inspiring and informative content (and a lot of funny comments as well tbh). I am turning to you guys for sincere takes on a doubt I have regarding career progression in mgmt consulting.
A TL;DR about me: 27 (yeah, older than most my peers), completing the 1st year Master in Management from a top b-school in Europe, have secured an internship at Strategy& Dubai (provided Covid doesn't get too much in the way). I read on many posts that, usually, to get to Principal (and above) level an MBA is sort of required, and I know the firm offers sponsored MBAs. Given this, my twofold question is quite straightforward, although I know the answer might be complicated:
- Since the Master in Management overlaps with an MBA for many aspects, do you guys think I will need an MBA in order to progress my career in consulting?
- Has anyone heard/had experiences of a sponsored MBA offered to someone who already holds a somehow MBA-similar degree such as the MIM?
Thanks in advance for any inputs!
P.S.: I am well aware of the fact that any situation is different, and that the best way to obtain such info would be to ask directly to HR, now I am just trying to gather some general info before going deeper ;)
Sponsorship is firm specific. McKinsey gives you the chance to do an MBA on their dime if you start as a BA. People with MiMs can come in as BAs. In this case the answer is yes but it varies and you need to see with each specific firm. MBAs come in different flavors with economic, financial or policy concentrations. If you want to broaden your knowledge base from a standard MiM then it makes sense to do one of these other ones (provided you can get it funded). For career progression it can make a difference simply because some positions will be advertised for MBA students. Quite frankly, you can just grind it our. I've seen senior positions advertising "4-6 years of experience, MBA desired but not essential" which probably means that you either need to have 6 years of experience or 4 and an MBA. Progression in consulting is based on the ability to deliver at junior levels, the ability to project and client manage in the mid stages and the ability to make it rain when you're a senior. You don't need an MBA and can easily climb the ranks without one. An MBA does help in the 3rd stage due to the network you gain and the chance to bring in alumni as clients.
Thank you a lot @The Pharma Guy for your answer, it was a refreshing point of view, especially on how MiM students are considered once entered the consulting world. To be completely honest (and mind me, it probably is a opinion biased by the fact that I am very looking forward to exit Uni and "go on the field"), I am not particularly inclined to go for a MBA as of today, but I don't want to exclude it as an opportunity and then watch such decision backfire on my career. Of course, now my attention is geared towards securing a FT offer after the internship, and then - provided I get one - I will ask further details on their sponsorship policy. But, in a nutshell, grinding it's still a feasible way up, good news! Oh, I just came up with a followup question: from you personal point of view/experiene/rumors, do you think it would be a risky move asking the MBA sponsorship thing during the internship? On one hand, it would help me planning my next steps, but on the other I don't want to give out the impression I'm only trying to get them to pay my MBA (hope I gave the idea).
I would avoid it during the internship. For most firms you can find this information online (MBBs, T2s and Big 4) so check those sources first. Perhaps when you've landed the FT after the internship you can ask one of your colleagues if they know anything in an informal manner. When you start FT you'll usually get an orientation week (maybe even during the internship) where they will explain the company in detail and will likely bring this up.
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