Which MBA is good for Consulting in 2025?
- Goalisb
- Oct 17
- 13 min read
If you're considering pursuing an MBA to enter the consulting industry, you may be wondering which program is the best fit for you. Choosing the right MBA program can significantly impact your future career opportunities and success in the field of consulting. With so many programs available, it can be challenging to determine which one is the right choice. In this blog post, we will provide you with an overview of the top MBA programs for consulting in 2023. We'll explore their unique features, curriculum, and resources that prepare students for a career in consulting. By the end of this post, you'll have a better understanding of the key factors to consider when selecting an MBA program for consulting and be well-equipped to make an informed decision.
Also, read other industry-specific MBA specializations:
Looking to break into consulting with a top MBA? Talk to GOALisB experts to help you shortlist the right B-schools, optimize your essays, and craft a winning profile for firms like McKinsey, BCG, and Bain.
Table of Contents
Understanding Placement Reports
Understanding the placement reports is important for school selection because it gives insight into the career opportunities available to graduates of a particular business school. By examining placement reports, prospective students can determine the types of MBA jobs, the companies that recruit from the school, and the industries where graduates find employment. This information can help prospective students determine if a particular school is a good fit for their career goals.
Placement reports can also provide information on the salary and compensation packages offered to graduates. This information can be useful in determining the return on investment of attending a particular school. Moreover, understanding placement reports can help prospective students assess the quality of the career services and job placement resources provided by the business school.
Finally, understanding placement reports can also help prospective students evaluate the reputation and prestige of the business school. If a school has a high percentage of graduates obtaining employment in prestigious companies or industries, it may indicate that the school is well-regarded by employers and has a strong reputation in the business community.
Analysing the latest placement reports data provided by schools across the world our team at GOALisB listed the schools according to the percentage of graduates from various business schools who were offered placements in the consulting industry. This analysis will be helpful for applicants in 2023 to choose their target schools.
Confused about how to read MBA placement reports? GOALisB’s experts can guide you through the data to help you identify schools that align with your consulting career goals. Book a Free Profile Evaluation today.
The top 50 MBA Programs offering leading placements in the Consulting Industry is as below:
City, University of London: Bayes (formerly Cass) - 61%
Emory University: Goizueta - 55%
Dartmouth College: Tuck - 47%
University of Virginia: Darden - 43.5%
INSEAD - 40%
Carnegie Mellon: Tepper - 39.10%
IMD Business School - 39%
London Business School - 38%
Indian School of Business - 37%
Georgia Tech Scheller College of Business - 36%
University of Chicago: Booth - 35.50%
University of Michigan: Ross - 35.10%
Mannheim Business School - 35%
Iese Business School - 34%
Vanderbilt University: Owen - 34%
Columbia Business School - 33.40%
MIT: Sloan - 31.20%
New York University: Stern - 31.20%
University of Washington: Foster - 31%
University of Texas at Austin: McCombs - 30.10%
University of Notre Dame: Mendoza - 30%
Western University: Ivey - 30%
Indiana University: Kelley - 29%
University of Oxford: Saïd - 27.80%
Rice University: Jones - 27.60%
University of Pennsylvania: Wharton - 27.20%
Texas A & M University: Mays - 27.04%
Esade Business School - 26.09%
Harvard Business School - 26%
Queen's University: Smith - 26%
University of Toronto: Rotman - 24.40%
Imperial College Business School - 24%
University of North Carolina,enan-Flagler - 24%
Imperial College Business School - 24%
National University of Singapore Business School - 20%
ESMT Berlin - 20%
Warwick Business School - 19%
HEC Paris - 16%
Stanford Graduate School of Business - 15%
Arizona State University: WP Carey - 15%
The top schools offering such placements are City, University of London: Bayes (formerly Cass) at 61%, followed by Emory University: Goizueta at 55%, and Dartmouth College: Tuck at 47%.
Yale School of Management, University of Virginia: Darden, and INSEAD follow with 46%, 41%, and 40% respectively. Other notable schools with high percentages include Carnegie Mellon: Tepper, IMD Business School, London Business School, Northwestern University: Kellogg School of Management, and Indian School of Business, all with percentages ranging from 37% to 39.1%.
Among Indian B Schools, IIM A's PGPX program had 41 candidates accepted offers in the consulting industry out of 119 candidates for the class of 2022. (app. 35%)
Several schools such as Columbia Business School, MIT: Sloan, and New York University: Stern, have percentages in the low 30s, while others such as University of Toronto: Rotman and Imperial College Business School have percentages in the mid-20s.
The bottom five schools offering consulting placements are National University of Singapore Business School, Washington University: Olin, ESMT Berlin, Warwick Business School, and Schulich, with percentages ranging from 18% to 20%.
Overall, the data shows that the top schools for consulting placements are spread across different continents, with City, University of London: Bayes and Emory University: Goizueta leading the pack. However, it is important to note that the percentages provided may not be indicative of the quality of consulting placements or the overall quality of education at these schools.
Want to know which MBA programs give you the best shot at McKinsey, BCG, or Deloitte? Let GOALisB assess your academic and professional background to help you target the right programs globally. Schedule a consultation today.
Frequently Asked Questions
What is an MBA in consulting?
An MBA in consulting is a specialized MBA program that focuses on problem-solving, strategy, leadership, and data-driven decision-making, preparing graduates for careers in management consulting, strategy, and advisory roles.
An MBA in consulting equips students with the skills and frameworks needed to analyze complex business challenges and provide actionable solutions. It is one of the most popular MBA specializations worldwide.
Key Features of MBA in Consulting
Curriculum Focus:
Strategy and Business Policy
Organizational Behavior & Leadership
Data Analytics & Decision-Making
Financial & Operational Strategy
Negotiation and Change Management
Skills Developed:
Problem structuring and hypothesis testing
Analytical thinking and data modeling
Communication and presentation skills
Leadership in high-pressure environments
Career Pathways:
Management Consulting (McKinsey, BCG, Bain)
Strategy Roles in corporations (Amazon, Google, Microsoft)
Advisory Services (Deloitte, PwC, EY, KPMG)
Internal Consulting within large enterprises
Salary Outlook:
Consulting is among the highest-paying post-MBA fields.
Average salaries range from $140,000–$175,000 in the US and ₹25–35 lakhs in India (depending on firm and location).
Why Choose MBA in Consulting?
Opens doors to top-tier consulting firms.
Builds transferable skills useful across industries.
Offers fast career progression with exposure to diverse sectors.
Is an MBA good for consulting?
Yes, an MBA is one of the best pathways into consulting, as top firms like McKinsey, BCG, and Bain heavily recruit MBA graduates for strategy and management consulting roles.
An MBA is highly valuable for a consulting career because it provides the business knowledge, problem-solving frameworks, and leadership skills consulting firms demand.
Why MBA is Good for Consulting
Direct Recruiting Channel:
Top consulting firms actively hire from elite MBA programs (HBS, Wharton, INSEAD, ISB, IIMs).
Many firms have structured MBA recruiting pipelines for summer internships and full-time roles.
Skill Development:
Strategic thinking and structured problem-solving.
Data analysis, financial modeling, and operations strategy.
Leadership, communication, and client management.
Networking Advantage:
MBA programs offer strong alumni networks in consulting.
Students gain access to case interview prep clubs and firm-specific training.
Career Growth:
Post-MBA consulting roles typically start at Associate/Consultant level with salaries of $140K–$175K in the US or ₹25–35 lakhs in India.
Career progression is faster compared to non-MBA entry paths.
When MBA is Most Helpful
For career switchers entering consulting from engineering, operations, or non-business fields.
For those targeting top-tier strategy consulting (MBB) or leadership roles in Big 4 advisory firms.
What is an MBA consulting salary?
Typical MBA Consulting Salaries
Region / Firm Tier | Entry-Post MBA / Associate Role | Mid-Level Roles (2-5 yrs) | Senior Roles (Manager / Engagement Manager / Principal / Partner) |
USA — Big 3 / Top Strategy Firms (MBB, top boutiques) | |||
USA — Other Strategy & Big 4 Strategy Divisions | |||
India — Top Strategy Firms (McKinsey, BCG, Bain etc.) | |||
India — Big4 / Boutique Firms / Mid-Tier Roles | |||
India — Senior / Leadership Positions in MBB / Strategy Firms |
What the Salary Components Include
Base Salary: the fixed part.
Signing Bonus: common for MBA hires in U.S.; less common but sometimes in big firms in India.
Performance Bonus: end-of-year bonus based on performance, firm profitability. Can be a large % of base.
Other Perks: relocation, travel, profit sharing, sometimes equity (especially in consultancies or strategic roles tied to private equity / tech).
What Influences Variation in Salary
Firm reputation & brand: MBB (McKinsey, Bain, BCG) tend to pay higher than smaller consultancies or boutiques.
Geographic location: Salaries in U.S., Europe much higher in nominal USD compared to India; also cost-of-living adjustments.
Experience and role level: More years + more responsibility = much higher compensation. Promotions in consulting tend to bump salary significantly.
MBA school pedigree: Graduates from top tier schools get better offers and higher signing/bonus components.
Specialization / area of consulting: Strategy, operations, digital/technology consulting tend to pay more than internal process consulting or non-strategy roles.
Which MBA is required to become a consultant?
To become a consultant, you don’t need a specific MBA degree, but an MBA with a specialization in Strategy, Consulting, General Management, or Analytics from a top business school (like Harvard, INSEAD, LBS, ISB, IIMs) greatly increases chances of entering firms like McKinsey, BCG, and Bain.
Consulting firms hire MBAs from a wide range of programs, but certain specializations and schools are more aligned with consulting careers.
MBA Specializations Useful for Consulting
Strategy & Consulting MBA
Focuses on business strategy, problem-solving frameworks, and decision-making.
Most directly relevant for management consulting.
General Management MBA
Provides a broad foundation across all business functions (finance, operations, marketing, HR).
Prepares students for diverse consulting projects.
Analytics / Operations MBA
Useful for technology consulting, operations improvement, and data-driven advisory roles.
Finance / Marketing MBAs
Can also lead to consulting, particularly in niche practices (financial advisory, marketing strategy).
Top MBA Schools for Consulting Careers
US: Harvard, Wharton, Stanford, Kellogg, Chicago Booth, MIT Sloan.
Europe: INSEAD, London Business School (LBS), HEC Paris, IESE.
India: ISB, IIM Ahmedabad, IIM Bangalore, IIM Calcutta.
Key Insight
Firms like McKinsey, BCG, and Bain (MBB) hire heavily from top-tier MBA programs regardless of specialization, as long as candidates demonstrate strong problem-solving, leadership, and communication skills.
School brand matters more than MBA concentration—a strategy course at a mid-tier school is less valuable than a general MBA from a top global school.
Does McKinsey pay for MBA?
Yes, McKinsey sometimes sponsors MBAs for high-performing pre-MBA consultants, covering partial or full tuition plus stipend, in exchange for returning to the firm after graduation.
McKinsey is one of the few consulting firms that provides MBA sponsorship to strong performers, though it is selective and usually offered to those already working at the firm before pursuing an MBA.
How McKinsey MBA Sponsorship Works
Eligibility:
Typically offered to Business Analysts or Junior Associates who have performed exceptionally well.
Candidates are nominated internally by their managers/partners.
Coverage:
Tuition fees (partial or full, depending on region and role).
Sometimes living stipend or signing bonus.
Sponsored candidates are expected to return to McKinsey after completing their MBA.
Conditions:
You must return and work for McKinsey for a minimum period (usually 2 years).
If you leave early, you may need to repay sponsorship money.
Schools Supported:
McKinsey supports MBAs at top global schools like Harvard, Wharton, Stanford, INSEAD, LBS, ISB, etc.
Key Insight
Sponsorship is not guaranteed for all employees; it’s a retention tool for top talent.
Even without sponsorship, McKinsey (and other MBB firms) hire MBAs directly from campuses, often offering $175K+ salaries in the US and ₹25–40 lakhs in India for new MBA hires.
Who are the Big 4 consulting firms?
The Big 4 consulting firms are Deloitte, PwC (PricewaterhouseCoopers), EY (Ernst & Young), and KPMG, known for audit, tax, advisory, and management consulting services worldwide.
The Big 4 are the largest professional services firms globally, employing hundreds of thousands of professionals and offering consulting, auditing, and advisory services across industries.
The Big 4 Firms
Deloitte
Largest by revenue.
Strong in strategy, technology consulting, and risk advisory.
PwC (PricewaterhouseCoopers)
Known for audit and tax, but also growing in consulting and deals advisory.
Operates Strategy& (its acquired consulting arm).
EY (Ernst & Young)
Focuses on assurance, tax, advisory, and consulting.
Strong presence in digital transformation and risk consulting.
KPMG
Specializes in audit, tax, and advisory.
Strong consulting practices in financial services and compliance.
Big 4 vs. MBB (McKinsey, BCG, Bain)
Big 4: Broader services (audit, tax, assurance + consulting).
MBB: Pure-play management consulting (strategy, operations, transformation).
Recruiting: Big 4 hire more MBAs in diverse roles, while MBB focus heavily on strategy consulting.
Which MBA specialization tends to pay the highest salary?
The MBA specializations that often lead to the highest salaries are Consulting / Strategy, Finance (especially Investment Banking, Private Equity, Venture Capital), followed closely by Business Analytics and Technology / Product Management in many global markets.
Here are the trends, data, and reasons behind which MBA paths tend to yield top compensation:
Data & Salary Comparisons
In India, MBA in Strategy & Consulting has the highest starting salaries among specializations. Graduates in consulting from tier-1 B-schools often get offers in the range of ₹28-35 lakh per annum for entry-to-mid level roles.
Other specializations placing high include Finance, Business Analytics, Product Management, and Technology Management.
Globally (top U.S. schools), average post-MBA total compensation for elite schools (base + bonus) often exceeds US$200,000+. For example, Harvard Business School, Wharton, Booth, MIT Sloan all report high average salaries in that bracket.
Why These Specializations Pay Higher
High Demand & ROI for Employers: Roles in strategy / consulting and finance often involve decision-making that directly impacts company revenue, risk, or investment outcomes, so companies are willing to pay premium for talent.
Scarcity of Skills: Analytical, financial modeling, negotiation, risk assessment, structuring deals, etc., are specialized skills that are less common, which pushes up compensation.
Prestige of Firms & Schools: Big consulting firms (McKinsey, BCG, Bain), investment banks (Goldman Sachs, Morgan Stanley), and top tech companies tend to pay more—including high bonuses and other perks. The MBA school also heavily influences salary.
Bonuses & Equity: In many high-pay roles (finance, tech, strategy), a large portion of compensation comes from bonuses, performance pay, or equity stock options, which boosts total earnings significantly.
Things to Consider
Just because a specialization can pay well doesn’t guarantee it. Salary depends also on the school, geographic location, pre-MBA work experience, company size, and role responsibilities.
Sometimes growth over time (seniority, leadership roles) matters more than starting salary. For example, roles in analytics or tech may start lower but have faster growth with experience.
Cost of living heavily affects real income (USD 200,000 in a high-cost city vs smaller city means difference in net wealth).
How much does Accenture pay MBA consultants?
Region-wise salary range-
Region / Context | Role / Experience | Approx Salary Range / Example |
USA | Accenture Consultant (MBA / Experienced level) | |
UK | MBA Consultant at Accenture | |
India (Accenture Consultant non-MBA / regular consultant level) | 1–5+ years of experience | |
India (MBA Consultant at Accenture) | All years (relatively junior) | |
India (MBA in Bangalore / Accenture) | MBA professionals, all years |
Key Insights & Caveats
“MBA consultant” role may be different / higher than regular consultant role: it might come with higher seniority, more responsibilities, etc. But many salary reports don’t clearly distinguish “MBA vs non-MBA” in their data.
India salaries are much lower in nominal terms compared to US/UK — cost of living, taxation, benefits/rewards etc make a difference.
The difference between junior consultant / experienced consultant / manager levels is large. MBA holders often enter at a higher level, so their pay tends to be on the upper side for the “consultant” band.
Bonuses, performance incentives, stock/options, other benefits (housing, relocation, etc) can significantly add to total compensation.
How much does EY consulting pay for MBA?
Salary Estimates for EY MBA / Consulting Roles
Role / Context | Approx Salary / Total Compensation | Notes |
EY “MBA Candidate” (USA) | US$ 133,000 per year (approx) | |
EY-Parthenon, MBA Consultant (USA) | Base about US$ 103,000 + ~US$ 11,000 bonus = US$ ~114,000 (typical) | |
EY “Consulting, Strategy” division, MBA level (Big Four context, USA) | ||
EY Senior Consultant (UK, London) |
Key Influencing Factors
These are the things that cause wide variation in what an “EY consulting / MBA consultant” might earn:
Geography & Cost of Living
US vs UK vs India vs other countries: salaries in USD/GBP differ significantly.
London roles often cost-adjusted high. India roles tend to have much lower nominal salaries though in local context they may still be lucrative.
Role & Seniority Level
An entry to mid-MBA consultant (post-MBA) will get significantly less than a senior consultant, manager, or director level.
Also whether you’re already at a “Parthenon/strategy” arm versus general consulting/advisory.
Bonuses, Signing / Performance Incentives
Base salary is just a part. Total compensation often includes bonuses, profit-sharing, sometimes stock or equity, and other perks.
In many US roles for MBAs, bonuses / other compensation can add a large percentage.
School & MBA Profile
MBAs from top schools (Harvard, Wharton, INSEAD, LBS etc.) typically command higher offers.
Your pre-MBA work experience also matters: 3-5 years vs 10+ years makes a big difference.
Business Unit / Domain
Strategy consulting vs advisory vs tech / digital consulting vs operations consulting – strategy tends to pay more.
Whether you work in a specialized practice (e.g. digital transformation, M&A, forensics) which are premium domains.
Can we become consultants without an MBA?
Yes, you can become a consultant without an MBA—firms hire candidates with strong analytical, technical, or industry expertise, though an MBA is often preferred for top-tier strategy consulting roles at firms like McKinsey, BCG, and Bain.
While an MBA is a common entry point into consulting, especially at elite firms, it is not a mandatory requirement. Many successful consultants enter the field directly through work experience, technical expertise, or other advanced degrees.
Pathways to Consulting Without an MBA
Undergraduate Hiring:
Many firms (including MBB and Big 4) recruit analysts/associates straight out of college.
These roles allow you to gain consulting experience early.
Industry Expertise:
Professionals with backgrounds in engineering, finance, IT, healthcare, or operations often transition into consulting roles due to their domain expertise.
Advanced Degrees (non-MBA):
PhDs, law degrees, or master’s in data/finance/economics are also valued by consulting firms.
MBB firms have dedicated recruiting tracks for PhD and advanced degree holders.
Lateral Hiring:
Experienced professionals from industry can join consulting firms directly, often at specialized or senior levels.
When MBA Helps
An MBA accelerates entry into strategy consulting at the Associate/Consultant level instead of starting as an Analyst.
Provides networking, structured career switch, and higher compensation.
Particularly useful for those switching careers into consulting from non-business fields.
Are you unsure of which business school to choose? Consider reaching out to an MBA admission consultant at GOALisB for help with evaluating your profile and assistance with the application process.
