Business Development Consultant Salary
Business Development Consultant Salary – A career path in management consulting is considered an integral part of the career start and/or professional aspirations of countless MBA candidates our team has advised over the past two decades. MBB is an acronym that many young professionals use to describe the top tier of management consulting: McKinsey, Bain, and BCG (Boston Consulting Group). We will cover a number of topics related to management consulting, such as:
As a traditional industry, the management consulting career enjoys continued importance and respect among all parties in the MBA universe, including applicants, admissions officers, MBA career centers, and MBA recruiting employers.
Business Development Consultant Salary
Today we’re taking a 360-degree look at a career as a management consultant. We’ll draw on the expertise of Davis Nguyen, CEO of My Consulting Offer, a team of former McKinsey, Bain and BCG recruiters and consultants who work with aspiring consultants to interview and get offers. Since inception, at least 85% of My Consulting Offer clients have received at least 1 consulting offer, with many receiving more than one.
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We also source advice from former MBA admissions staff from the Stacy Blackman Consulting (SBC) team. Specifically, we explore how applicants from consulting careers can differentiate themselves from the traditional pool. Plus, we’ll look at how pre- or post-MBA consulting career applicants can best position themselves — especially if they’re looking to get into elite business schools like Harvard, Stanford, and Wharton.
A former HBS admissions officer from our SBC team shared, “Consultants are the bread and butter of Harvard’s MBA program, and there is an assumption that this is the desired profile. The reality is that this subset of the population is significantly oversubscribed. If you work in consulting, you need to be able to demonstrate your unique leadership skills and that you are moving ahead of your peers. You have to have something that uniquely defines you in addition to excellent academic performance.”
If you would like feedback on your MBA profile and recommendations for targeted business programs through a free candidature analysis, request a 15-minute consultation via email or phone.
The Davis team at My Consulting Offer have just released their 2022 report, which sheds light on the benefits of high pay for full-time students at these highly desirable employers:
The 30 Highest Paying Business Management Jobs And Salaries In 2022
A- The short answer is yes. About 76% of the clients we work with when we start planning and ask, “What’s your dream firm,” say McKinsey, Bain, or BCG. The longer answer is that the preference for MBB among candidates is lower than it used to be because (1) other firms with specialties have started to appear and (2) candidates are now more interested in those specialties than before.
For example, we have had clients who received multiple offers, including at least one MBB, and turned it down for another firm. For example, we had a client who called McKinsey her dream firm and came from a social background. But when she found out and received an offer from Dalberg, a leading social consulting firm, she decided to sign a contract with Dalberg.
We see this happen many times every month. As another example, we recently had an MBA who turned down her offer from BCG to join a life science consulting firm because she was in life science. She wanted to continue on that path after consulting, and the exit opportunities at the firm she chose were more in line with her long-term goals.
Q: Is it harder for MBB consulting employers to recruit talent with FAANG / tech becoming so dominant?
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A- We are hearing from the firms we are in touch with that FAANG/tech companies and even startups are competing more and more for similar candidates and even our clients are debating whether to sign their consulting or technical offering. However, companies are still seeing more applications coming in.
For example, McKinsey received more than 1 million applications last year, an all-time high. Bain, BCG and other firms also saw an increase in applicants.
A- It will depend on what you are optimizing for, like the best healthcare consulting firm or the best trained firm with an office in a certain city. We have a list of top non-MBB firms.
Q- How many applicants are applying for this position? What is the pass rate for top, MBB, firms?
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A- This will vary by company, city and name. A passing score will also vary based on many factors. But overall last year, MBB accepted about 4% of applicants.
A- This will vary more by team than by firm, as your team and team project determine the scope of the project. But overall, McKinsey consultants tend to log more hours than others, all else being equal. However, McKinsey also has one of the best vacation programs. So it really depends on the team/project and less on the firm.
A-As above, it comes down to the team and the project more than the firm. But if you’re looking for a strategy consultant role that has better than average uptime than other firms, in-house consulting is a good fit from in-house consulting teams for the firms themselves, such as Bain’s in-house consulting team, and corporate consulting groups such as CapitalOne.
Cultural and value differences were recently highlighted by PoetsandQuants and are also explained in the table below.
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A- Job titles will vary from firm to firm, but the levels are: Pre-MBA level consultant (aka Partners, Business Analysts, Associate Consultants and Analysts). Post-MBA consultant [note that you don’t need an MBA for this role] such as [employee, consultant], manager (engagement manager, project manager, manager, case team leader), director (sometimes called senior by Manager or Associate Partner) and Partner/Director
A-If customer engagement is less interesting, firms also have teams that specialize in, for example, data (eg BCG GAMMA) and digital work (eg Bain Innovation Exchange).
Q: What changes have occurred recently or are on the horizon among top consulting firms in who they are hiring and what they are looking for?
Lack of “mandatory” as consultants can be hired as generalists; for those coming into positions after an MBA, it is assumed that they will have at least 1-2 years of work experience before joining the firm (but this is already mostly filtered by the business school with programs like 2+2 or Silver Scholars )
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Yes (must be a business analyst at McKinsey) and commit to return to McKinsey 2 years after MBA
Yes (must be BCG employee before) and 2 years commitment to return to BCG after MBA
Yes (must have been an Associate Consultant previously at Bain) and commit 2 years after MBA to return to Bain (refusal or failure to remain fully committed results in interest charges)
Yes – GSAP, the Graduate Student Assistance Program, requires a minimum of 2 years tenure before eligibility, but must leave it up to the supervisor. Sponsorship of at least 2 partners and committee approval is required. Must return as Senior Consultant for at least 1 year to receive 50% of MBA fees and 2 years for 100%
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As a firm, McKinsey has been nicknamed the “CEO Factory” due to the large number of former McKinsey CEOs who are at Fortune 500 companies.*
Think of BCG as the middle child – a nerd. You can think of BCG as the pocket-protector-wearing, bespectacled bro who probably got into MIT and delivered a groundbreaking thesis that changed the world.**
People often think of Bane as the younger sibling who is eager to prove himself to the rest of the family. Since they are the smallest and Bain usually has the fewest resources, they have to be very creative in their approach.***
* Prominent examples of this include Sundar Pichai, CEO of Alphabet/Google, Vittorio Colao, CEO of Vodafone, and James Gorman, CEO of Morgan Stanley. I will name only a few. McKinsey is also the first of the Big Three and was founded before the others and has the largest global footprint of the Big Three. So if you think of McKinsey, BCG and Bain as three siblings; McKinsey would be the older brother who can sometimes dress a bit disheveled, he is older and has the most experience and therefore believes he is always right due to said experience **A brief history of how BCG started. If you look at McKinsey, they fundamentally believe that best practices can be applied across companies and across industries and that you don’t have to constantly reinvent the wheel, hence their global staffing model. BCG, however, disagreed with this approach. Instead, they exclaimed, “not every situation is the same. We have to approach it very academically and rigorously.” In fact, you might have heard of terms like two-by-two growth matrix, Porter’s five forces, and so on. All these theories are led by BCG. BCG’s idea is that their goal when they go and work with a client is what they want to be able to earn
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