How You Can Become an Implementation Consultant with an MBA
If you’re a natural problem solver who likes tackling large projects and managing teams, a role as an Implementation Consultant (IC), could be the perfect fit. With jobs in fields as varied as compliance, human resources, software development, healthcare and pharmaceuticals (among others) this is a top job for MBAs who want to put their management skills to work.
Companies like Oracle, Deloitte, IBM, PwC and McKinsey all frequently seek ICs to serve in various capacities, which is great news for MBAs who are just starting out or considering a career shift.
What is an Implementation Consultant?
In short, an IC is hired by an organization to ensure that a new system, tool, or process is used efficiently. According to an article describing the position on modernanalyst.com, “You [will be] chiefly responsible for understanding the client’s requirements and … addressing gaps so that the solution or product will meet your particular client’s needs.”
An IC is hired by a service provider (such as a tech company or a finance and consulting firm) to put the service into place and ensure that it runs as smoothly as possible. Often, the IC is brought in on a project by project basis so a fair amount of flexibility is required in the role. Also important are communication and “people skills,” as the IC will work with teams in various levels and divisions within a company.
A story on LinkedIn explored the role of the IC in the tech realm. The skills laid out, however, are applicable to any field that requires such a position. They are:
- Client Engagement
- Cross Domain Expertise
- Presentation and Training
- Cross Cultural Competence
The Implementation Consultant often acts as the ‘face’ of the service or product, so an understanding of a client’s needs and values is one of the most important aspects of this role.
Examples of scenarios in which a company brings in an IC are implementing new software, which requires configuring the product to the company’s needs and ensuring follow through after installation; assisting organizations with new corporate structures such as those that happen during mergers or acquisitions, and putting new policies and procedures in place after shifts in government regulations.
Implementation Consultant Salaries
Implementation Consultants can earn an average of $98,000 per year, according to Paysa data. This represents a range of about $85,000 in the 25th percentile of earning and $110,000 in the 75th percentile. The top 10 percent earn over $123,000.
Five of the highest paying companies for ICs are Leidos, BlackLine Systems Accounting Software, Salesforce, Omniture, and Kaplan K-12 Learning. The cities with the highest paid positions for the role are Los Angeles, San Francisco, Seattle, Philadelphia, and Boston.
A recent FirmsConsulting.com article says it best regarding the need for good ICs:
“No matter how good a firm is, they can never predict all the problems with implementing a strategy.”
Getting Started
Among the skills required to become an effective Implementation Consultant are project management and general management, along with analytics. While many undergraduate degrees with a business or information systems focus can get your foot in the door, an MBA may push you to the top of the list of desirable hires.
An MBA with a consulting, project management, or analytics focus is ideal for a future in Implementation Consulting. As previous articles have covered, Chicago Booth, MIT Sloan, Columbia Business School, and Northwestern Kellogg, are all considered leaders of the pack of feeder schools to top consulting firms.
Project management education can also help earn a way into the role. Penn State’s Smeal College of Business‘ program is one of the top in the field, as are those at Lehigh University College of Business and Economics, Georgetown University McDonough School of Business, and Boston University’s Questrom School of Business.
Top MBA Jobs: Actuarial Analyst
Chances are that a multitude of options will become available to you once you’ve earned your MBA. But first, you’ll need to decide just how you’ll focus your degree. As you survey schools and specializations, a couple of questions may arise. What is the job market like in my potential major? How well can I put my knowledge to practical use once I earn my MBA?
One career choice that answers both questions in the affirmative is that of Actuarial Analyst. In this article we’ll take a look at the different aspects of this field, its salary potential, some well respected degree programs for actuaries, and some current openings that are available.
What is an Actuarial Analyst?
Put very simply, actuarial analysts take raw data and apply it to real world scenarios. Using their well honed analytical skills, they calculate the probability of certain events, such as accidents, injuries, product malfunctions, or property damage. This information then adjusts pricing of insurance policies. Actuarial analysts may also analyze the likelihood of catastrophic events such as health pandemics, terrorist attacks, hurricanes, earthquakes or tornadoes in order to assess risk exposure for companies.
Financial services firms also employ actuarial analysts to design pension plans and investment portfolios for their clients.
Actuarial Analyst Salary
According to recent Glassdoor data, the national average salary for an actuarial analyst is $74,000 per year, not inclusive of bonuses. It’s important to note, however, that salaries range widely for this field. As in many other professions in finance and insurance, possessing certifications gives you added value to any organization. To reach the associate level, analysts must take a series of exams administered by either the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS).
Students can take some of the exams while still in school, and many firms will hire those who have passed one or two. The next level of certification is the fellowship level, which takes two to three years, and at this point salary potential increases even more.
The good news is that the field is set to experience a high level of growth over the next decade—22 percent according to the U.S. Bureau of Labor Statistics. Advancement opportunities are also abound for actuarial analysts.
“It’s not uncommon for actuarial analysts who show superb business results, intuition and dedication, often combined with a master’s degree in business, to advance to Chief Risk Officer or Chief Financial Officer at their company,” notes an article on learn.org.
Actuarial Science Business School Programs
While entry level actuary jobs are available to those without an MBA or MS, it probably comes as no surprise that the top companies seek those with advanced degrees.
Rutgers Business School
Rutgers University New Brunswick’s Master of Business and Science with a concentration in Actuarial and Statistical Analysis. As with most schools offering this concentration, Rutgers requires a strong background of study in calculus and linear algebra, as well as GRE scores. Of the 43 credits needed for the degree, 24 are in the sciences and 19 are in business.
Columbia Business School
Columbia also offers a well regarded Master’s program, with courses taught by actuarial and analytics professionals. Columbia considers itself on the cutting edge of the industry, with a strong focus upon machine learning, predictive modeling, and the tech that drives financial markets. The Columbia MS in Actuarial Science has 36 required credits, and can be completed on a full or part-time basis.
Those interested in Actuarial Science can earn a 36-credit degree at Columbia Business School in New York City, either full or part-time.
The Wharton School at the University of Pennsylvania
The Wharton School of Business offers an MBA concentration in Actuarial Science within the Statistics department. The major is comprised of three required courses, an additional course, and an advanced study project. Detailed requirements for Wharton’s program can be found here.
Among the other schools with top actuarial science programs are Florida State, Ohio State, Baruch College, and Penn State.
Who’s Hiring?
Data from Payscale states companies that are currently hiring, along with their estimated salary ranges. They include United Health Group ($75,000); Mercer, LLC ($69,000); Milliman, Inc. and Anthem ($65,000); Willis Towers Watson ($64,000); and Aetna ($62,000).
