Year after year, consulting and strategic management careers are a top draw for MBA students. In fact, 41 percent of millennials and 27 percent of Generation X MBA candidates place a job in consulting services or management consultation as their first choice, according to the 2015 Prospective Student Survey conducted by the Graduate Management Admissions Council (GMAC).
A few reasons for this attraction to consulting and strategic management are the prestigious firms such as Boston Consulting Group that hire MBAs as well as the starting salaries. According to Management Consulted, MBAs that go into consulting can expect to earn between $110,000 to $140,000 for a base with a signing bonus between $20,000 and $40,000 and a year-end bonus of another $20,000 to $40,000.
There is one issue because consulting is such a sought after career field for MBAs it can be incredibly competitive. That’s why it’s important to go to the right school that offers a best-in-class education for consulting and has a track record of success. For MBA candidates in the Dallas area, the following schools are your best options for a consulting and strategic management MBA.
Cox School of Business – Southern Methodist University
At the Cox School of Business, MBA students have a variety of opportunities to expand their consulting experience during the program. It starts with the curriculum, which allows MBA students to either concentrate their education in Management or Strategy and Entrepreneurship or to earn a minor in either or both topics. Courses include: Strategic Management, Introduction to Consulting and Advanced Strategic Management
Outside of the curriculum, the MBA program offers various hands-on consulting opportunities. The first is the MBA Global Leadership Program. It’s an immersive experience that takes students to a region of their choice, where they’ll meet with the business community and then end with a presentation focused on the unique business challenges and opportunities in the region.
Second, there is the Cox Collegiate Consulting Academy, which is put on by the Cox Career Management Center and is dedicated to helping students prepare for career success in consulting. Many top consulting firms have collaborated with the Academy including Deloitte Consulting, McKinsey & Company and Bain & Company.
McCombs School of Business – University of Texas at Austin
Around 23 percent of McCombs MBA graduates enter the consulting field. One of the reasons for this is the MBA Micro-Consulting Project, which connects students with companies for short-term consulting projects. These are hands-on experiences that ask MBA students to tackle real business issues on a budget and within a certain time period.
Academically, McCombs MBA students also gain consulting expertise in the classroom with the Management Concentration. This concentration includes courses such as Management Consulting as well as experiential opportunities such as Super Week, which is an internship interviewing week dedicated to Investment Banking and Consulting. There’s also the Marketing Analytics and Consulting concentration, which offers courses such as Strategic Marketing, Brand Management and Corporate Governance.
Finally, there’s the Consulting Club, which is a forum for students who are interested in a career in consulting. The club sets up events with consulting firms, hosts cast study workshops, offers meet and greets and more. It’s a student-run organization that offers opportunities throughout the year.
Naveen Jindal School of Management – University of Texas at Dallas
MBA students at the Naveen Jindal School can choose to focus their education with an MBA concentration in Strategic Management. This concentration focuses on corporate level strategic management and helps students learn how to integrate accounting, finance, economics and organizational theory into business. Courses include Advanced Strategic Management, Strategy Implementation and Strategic Leadership.
MBA students at Naveen can also participate in the Consulting Club, which helps its members prepare for a career in consulting. The club offers mentor programs, speakers, networking, interview workshops, and consulting projects.
Hankamer School of Business – Baylor University
At the Hankamer School, MBA students have multiple experiential learning opportunities to find success in a consulting career. One of the main opportunities is the Focus Firm Class, which gives students actual company experience. At the start of the semester, students work with a particular company such as Lockheed Martin or Dell Technologies to collect data, research trends, develop recommendations and finally present their findings to company executives.
Academically, though consulting or management are not offered as a specialization, MBA students have opportunities for many different management electives. Some of the potential courses offered include Management Decision Models, Negotiation and Conflict Resolution and Business Intelligence.
University of Texas at Arlington College of Business
The MBA concentration in Management at the University of Texas at Arlington College of Business is ideal for MBA students interested in a consulting career. The concentration teaches students why and how individuals, groups and organizations act and interact in a global environment. It also offers students an opportunity to work with the business community.