Consulting – the highly sought-after post-MBA career choice – garners attention due the fast-paced career growth, global exposure and the immense learning opportunities across industries and functions it offers – the cherry on the cake being the competitive compensation package.
Organisations hire consulting firms across industries – in order to get fresh external perspectives on strategies or solutions for managing various challenges, improving business performance and staying competitive.
Consulting careers include various specialty areas like strategy, operations, human resources (HR), technical, financial advisory, marketing, healthcare, non-profit/governance.
According to Bloomberg, among the various industries MBA graduates got into, consulting saw the highest share of hires at 31.3%.
Consulting salaries are much higher compared to other sectors. This was confirmed by U.S. News’ MBA grads’ average salary data across all sectors collected from 56 business schools – according to which consulting professionals earned 11.5% more on average.
In this article, we’ve shortlisted the best MBA programs for a career in consulting based on Bloomberg’s most recent data. Here’s a list of business schools with the highest percent of the class taking up consulting jobs.
Top business schools with highest percentage of consulting hires
| Business School | No of students hired | % of class | Median consulting salary |
|---|---|---|---|
| INSEAD | 326 | 61.0% | $134,775 |
| Georgia Tech Scheller | 37 | 57.8% | $175,000 |
| Emory Goizueta | 73 | 54.1% | $175,000 |
| Western Ivey | 48 | 53.9% | $140,307 |
| Virginia Darden | 145 | 46.3% | $190,000 |
| Dartmouth Tuck | 111 | 45.9% | $190,000 |
| Michigan Ross | 133 | 44.9% | $190,000 |
| Yale | 115 | 44.2% | $190,000 |
| Duke Fuqua | 152 | 42.7% | $190,000 |
| Texas McCombs | 91 | 42.7% | $175,000 |
| CMU Tepper | 78 | 42.2% | $175,000 |
| NYU Stern | 124 | 41.9% | $188,000 |
| Vanderbilt Owen | 60 | 41.70% | $175,000 |
| Northwestern Kellogg | 158 | 40.9% | $190,000 |
| Cornell Johnson | 108 | 40.6% | $190,000 |
Source: Bloomberg
Also read: Life before and after IIT Bombay, INSEAD and McKinsey: Diary of an overachiever
The MBA class size is another deciding factor; a larger class typically means more graduates enter the field. Here’s a list of schools that placed the highest numbers into consulting.
Top business schools with maximum consulting hires
| Business School | No of students hired | % of class | Median consulting salary |
|---|---|---|---|
| INSEAD | 326 | 61.0% | $134,775 |
| Indian School of Business (ISB) | 282 | 34.8% | $47,440 |
| Chicago Booth | 192 | 38.6% | $192,000 |
| Wharton | 183 | 28.8% | $190,000 |
| Northwestern Kellogg | 158 | 40.9% | $190,000 |
| Duke Fuqua | 152 | 42.7% | $190,000 |
| Virginia Darden | 145 | 46.3% | $190,000 |
| Harvard | 140 | 24.3% | $192,000 |
| Columbia (CBS) | 140 | 29.2% | $190,000 |
| London Business School (LBS) | 139 | 38.9% | $134,690 |
| Michigan Ross | 133 | 44.9% | $190,000 |
| NYU Stern | 124 | 41.9% | $188,000 |
| Yale | 115 | 44.2% | $190,000 |
| Dartmouth Tuck | 111 | 45.9% | $190,000 |
| Cornell Johnson | 108 | 40.6% | $190,000 |
Source: Bloomberg
INSEAD continues to be the star performer with the biggest share in both the categories. A powerful brand name, the school has strong industry connections and is a dream school for many aiming for a consulting career.
The program saw 61% of the class comprising 326 students move into consulting. Out of these, 44% were new recruits while 17% returned to their former organisation post-graduation.
ISB, a top ranked Indian program with 800+ students and multiple campuses sent the 2nd highest numbers (282) into consulting.
Among the top US schools, Booth, Wharton, Kellogg, Fuqua, Darden, Harvard, CBS saw the highest number of consulting hires. Among the UK schools, LBS was at the top position.
There were two schools with small class sizes that beat the T10/T20 schools with a big % of the class taking up consulting positions – Georgia Tech Scheller (Top 50) sent 57.8% into consulting while Ivey Business School (Top 100) in Canada saw 53.9% of the class choose a career in consulting.
According to Management Consulted, which shares originally sourced salary-related data and insights, here were some observations from their 2024 report: historically, consulting salaries have been rising in the 2-4% growth range with the previous 3 years reporting around 10% rise year-on-year. 2023 was only the second year out of 16 – during which salaries did not increase.
Read more: Why are Consulting salaries so high?
The same year (2022-23) saw hiring freeze and global layoffs – due to economic slowdown and challenging market conditions – affecting MBA employment rates across industries including consulting.
Another hiring trend that was observed– consulting firms have been increasing their hiring from non-target schools which means that candidates from non-feeder programs also hold a good chance.
To maximise your chances for a consulting internship, make the best use of your school’s resources, consulting clubs, various events and networking opportunities. Connect with the right persons including alumni working in your target companies.
Also start early – create a strong resume and a customised cover letter for management consulting, do your research on the work done by the firms you decide to apply to. Practice consulting mock interviews – both the behavioral interview and the case interview.
Case competitions can also be a great way for hands-on learning and skill development.
Top business schools to get into McKinsey, BCG and Bain
McKinsey, BCG and Bain (MBB), the leading powerhouses in the consulting industry, offer lucrative salaries and world-class benefits, attracting the brightest talent worldwide. Working with these firms surely feels like you’re pursuing a super-charged MBA program.
These firms offer around $190K base salary for MBAs with signing bonuses, performance bonus, generous retirement plans, profit sharing. Here’s some data on MBB recruitments at top business schools.
Top MBA program for consulting: McKinsey, BCG, Bain
| McKinsey & Company | Boston Consulting Group | Bain & Company | |
|---|---|---|---|
| INSEAD | 124 (43) | 83 (25) | 71 (18) |
| Columbia (CBS) | 77 (39) | 39 (10) | 30 (15) |
| Chicago Booth | 71 | 52 | 30 |
| LBS | 64 | 37 | 35 |
| Northwestern Kellogg | 46 | 45 | 26 |
| Michigan Ross | 31 | 25 | 16 |
| Duke Fuqua | 30 | 32 | 21 |
| MIT Sloan | 26 | 23 | 25 |
| NYU Stern | 24 | 13 | 12 |
(Data sourced from school websites. Numbers in brackets indicate students returning back to their previous employer)
Other top well-known MBB target programs include UCLA Anderson, Virginia Darden, Berkeley Haas, Harvard, Wharton, Stanford, Yale, Dartmouth Tuck.
Also read: Top consulting firms in the world
In addition to MBB, there are many other top consulting companies you could consider: Strategy& (PwC), Kearney, L.E.K. Consulting, Oliver Wyman, Accenture, EY-Parthenon, OC&C, Booz Allen Hamilton, AlixPartners, FTI Consulting, Alvarez & Marsal, Deloitte, KPMG.
The numbers mentioned in this article will vary across the years, but the reputation of these b-schools as consulting feeders don’t change very frequetly.
Reach out to MBA Crystal Ball (info@mbacrystalball.com) if you need help to get into any of these programs. Our alumni are working in all the top consulting firms across the world.
Also read:
– How to get an interview at McKinsey, Bain, BCG?
– Management consulting resume tips for McKinsey, Deloitte, BCG, Bain
– Big 3 vs Big 4 consultancies
– How to prepare for case interviews
– Careers in management consulting
– How I got into MBB after MBA
– Top 10 MBA programs for career growth
– Types of management consulting careers, best MBA programs, top consulting firms & salary
– Types of management consulting careers, best MBA programs, top consulting firms & salary
