What is an MBA in Management Consulting?

Master of Business Administration (MBA) is a general PostGraduate degree, which also comes with a number of specializations. A generalist MBA degree is good for anyone looking for a job across a variety of fields in business, but an MBA in Management Consulting is limited. 

An MBA specializing in Management Consulting is similar to a chosen major. The training in this MBA course is focused mainly on consulting regarding management and all the other aspects related to it that lay in the corporate world. 

For anyone seeking to pursue a career specifically as a management consultant, or any other career related to the consultancy of the management, and someone who is on the lookout for a strong degree to recommend themselves as a consultant in the industry, an MBA in Management Consulting might just be the right thing to do.

What does an MBA in Management Consulting Incorporate?

This MBA program offers experiential learning through case studies from the real business world to help problem-solving skills, whether taken up online or offline. It also includes workshops on financial modeling, business mock-ups, forming proposals, pricing models, setting recommendations, and generating deliverables. Further in the MBA course, there will be projects to demonstrate the understanding of the vital principles and their applications throughout the semesters. 

This course, taken online, or part-time MBA, will be focused on dealing with the issues within the management of an organization and how those issues are to be rectified as the consultant of that business. Along with the study of managing people and organizations, this MBA degree also studies financial and operational management, strategic change management, and strategic management. There will be a choice offered in electives for the MBA course, which contains options like family business management, supply chain management, and project management. These options vary and are subject to change according to the university the course is taken from. The course also focuses on Economics, accounts, and various other aspects of consultancy practice.

An MBA in Management Consulting can be pursued by whom?

Most business schools look for a person with an undergraduate degree in related subjects, an acceptable admission test score, preferably some experience in the industry, and is recommended by their employers. 

Although, if you hold a strong interest and passion for consulting and are willing to put your time into studying everything related to it, this MBA course should preferably be the one you choose.

If you already have some experience in the industry, then, in larger firms, there is even the chance of moving upwards and managing other consultants. While in smaller firms, one needs to be competent enough. 

How does it help aspirants to hold value in the industry?

Businesses existing in the market are eclectic and constantly prone to changes. This brings along a range of problems that affect the internal environment of the business which consists of the management. To ensure the smooth running of the management, various consultancies are taken into consideration, resulting in the generation of their value in the industry.

What is the duration of an MBA in Management Consulting?

The MBA program can last from one year to three years. It depends if it’s an MBA online, MBA part-time, or MBA executive. An MBA, online or offline, is a two-year program with four semesters. While an MBA part-time can stretch up to three years. An MBA executive can only persist for a year. It all depends on the choice of how the course is to be taken and how the university offers it.

What is the level of this MBA program?

An MBA in Management Consulting is a PostGraduate level program.

What are the subjects in MBA in Management Consulting?

  • Consultancy Practice
  • Financial and Management Accounting
  • Managerial Economics
  • Business Process Analysis
  • Enterprise Resource Planning
  • Decision Analysis
  • International Business and Trade
  • Supply Chain Management
  • International Business and Trade
  • Project Management
  • Strategic Change Management
  • Operations Management
  • Managing People and Organisations
  • Quantitative Methods
  • Marketing
  • Financial Management

At the beginning of each semester, every student is offered a choice to select from the electives offered in the MBA course. Some of the electives offered in this MBA program are given in the table below:

  • Enterprise Resource Planning
  • International Business and Trade
  • Leadership and Management Change
  • Entrepreneurship and New Ventures
  • Project Management
  • Mergers, Acquisitions, and Corporate Restructuring
  • Decision Analysis
  • Supply Chain Management

What are the Eligibility Criteria for an MBA in Management Consulting?

For this program, a candidate needs to hold an undergraduate degree in related subjects from a recognized university. The aggregate percentage required for the undergraduate degree is 50-55 percent. 

To be admitted into an MBA course, a suitable percentage should be obtained through an entrance exam. The admission of a candidate will be based particularly on the score and how it lines with the cut-off percentage of the desired college. 

So along with the undergraduate degree, a candidate is required to pass an entrance exam. The admission will be purely based on how the candidate fulfills the cut-off percentage. The most common entrance exams are CAT, MAT, CMAT, and GMAT. Once a candidate flourishes in these exams, the other admission process begins.

These are the standard eligibility criteria. However, it might change from one college to another. For complete information, one should keep checking the website of their desired college.

Important Dates of entrance exams:

CAT (Common Admission Test)

Last date to apply: 15th September 2022

Exam Date: 27th November, 022

IIFT (Indian Institute of Foreign Trade)

Last date to apply: 15 October 2022

Exam Date: 4th December 2022

XAT (Xavier Aptitude Test)

Last date to apply: 30th November 2022

Exam Date: 8th January 2023

TISSNET (Tata Institute of Social Sciences National Entrance Test)

Last date to apply: 10th January 2023

Exam date: 21st January 2023

NMAT (NMIMS Management Aptitude Test)

Last Date to apply: 10th November 2022

Exam date: 14th October to 27th December 2022

SNAP (Symbiosis National Aptitude Test)

Last Date to apply: 30th November 2022

Exam Date: 18th December 2022

IBSAT (ICFAI Business School Aptitude Test)

Last date to apply: 21 December 2022

Exam date: 24th December and 25th December 2022

GMAT (Graduate Management Admission Test)

Last date to apply: 15th January 2023

Exam date: 26th February 2023

What are the fees of an MBA in Management Consulting?

The fees of an MBA in management consulting might vary depending upon the university. The average fee for this MBA program is from 50K –10L per year INR.

What is the career prospect for an MBA in Management Consulting?

Every path we choose in education brings curiosity about the career paths attached to it. With this degree, one can flourish in both the private and public world as a consultant for businesses by solving the problems arising in the firm and ensuring that the solutions result in the smooth running of the firm.

The variety of categories in which consultants fall into is:

Strategy consultant: 

Strategy Consultants sit on the highest level of the consultancy market. Their focus is mainly on organizational, government, functional, and economic policy. This is why they are mostly demanded by the senior managers, directors, and CxOs. There are also strategic consultants who take care of different fields like digital, operational, commercial, HR, and budgeting.

Human resource consultant:

Human Resource consultants help their clients with their organization’s workforce. They focus on assisting with recruiting, training new employees, and providing proper guidance to the related department. They also resolve issues lingering in the workforce. The organizations also pull in human resource consultants to transform and change the workings of the Human Resource department.

Information technology Consultant:

Information Technology consultants require strong technical communication abilities to deal with their clients and understand their needs regarding the planning, designing, and installation of the information technology systems. In IT Consultancy, the fastest expanding markets are data analytics ( which is also known as data science), IT Forensics, and digital and cyber security.

Financial Advisory Consultant:

Financial Advisory consultants help clients with the achievement of their financial goals through a properly driven plan. They have to analyze the financial books of the business and come up with the necessary advice in unison with the financial planners of the organization. Expert Financial advisors also manage tax restructuring, risk management, and real estate consultancy. The majority of Financial Advisory Consultants work for specialized advisory offices or larger combined accounting and consulting firms.

Outsourcing Consultant:

They work out advice on IT, HR, and finance projects that are to be outsourced. 

Marketing Consultant:

A marketing consultant is responsible for developing new marketing strategies that help the organization to achieve its target. They are also called for to make changes in the existing marketing strategy if it’s not resulting in major results. Marketing Consultants look after the training of other marketers on technologies and best practices.

Compliance Consulting:

Compliance Consultants make sure that the business is functioning within the laws and regulations of companies. An MBA in Management Consulting can just be the right MBA course to learn more about the laws and how an organization is supposed to function within those because a lawsuit is no laughing matter.

This table contains the job designations and average salaries of jobs for MBA graduates in Management Consulting:

JOB DESCRIPTIONAVERAGE SALARY
Financial AdvisorINR 4.13 lakhs per annum
Financial ConsultantINR 6.49 lakhs per annum
Human Resource ConsultantINR 3.4 lakhs per annum
IT ConsultantINR 9.59 lakhs per annum
Marketing ConsultantINR 7.33 lakhs per annum
Outsourcing ConsultantINR 6.4 lakhs per annum

Top 10 colleges to opt for an MBA in Management Consultancy:

  1. BITS-PILANI

Birla Institute of Technology and Science, Pilani

University website: https://bits-pilani-wilp.ac.in/mba/consultancy-management.php

Intake Capacity: Not known

Fees: INR 77 thousand per semester

Admission Test Score: Not known

  1. IIM, Rohtak

Indian Institute of Management, Rohtak

University website: https://www.iimrohtak.ac.in/

Intake Capacity: 240 Seats

Fees: INR 13.8 lakh

Admission Test Score: CAT (Common Admission Test)

  1. IIM, Calcutta

Indian Institute of Management, Calcutta

University website: https://www.iimcal.ac.in/

Intake Capacity: 462 Seats

Fees: INR 21 lakh

Admission Test Score: CAT (Common Admission Test)

  1. IIM, Bangalore

Indian Institute of Management, Bangalore

University website: https://www.iimb.ac.in/home

Intake Capacity: 412 Seats

Fees: INR 21 Lakh

Admission Test Score: CAT (Common Admission Test)

  1. IIM, Ahmedabad

Indian Institute of Management, Ahmedabad

University website: https://www.iima.ac.in/

Intake Capacity: 385 Seats

Fees: INR 22 Lakh

Admission Test Score: CAT (Common Admission Test)

  1. IIFT, New Delhi

Indian Institute of Foreign Trade, New Delhi

University website: http://www.iift.edu/

Intake Capacity: 210 Seats

Fees: INR 16.25 Lakh

Admission Test Score: IIFT Exam (Indian Institute of Foreign Trade Exam)

  1. FMS, New Delhi

Faculty of Management Studies, New Delhi

University website: http://www.fms.edu/

Intake Capacity: 200 Seats

Fees: INR 20,960

Admission Test Score: CAT (Common Admission Test)

  1. MDI, Gurgaon

Management Development Institute, Gurgaon

University website: https://www.mdi.ac.in/

Intake Capacity: 335 Seats

Fees: INR 21.34 lakh

Admission Test Score: CAT (Common Admission Test)

  1. NMIMS, Mumbai

Narsee Monjee Institute of Management Studies, Mumbai

University website: http://www.nmims.edu/

Intake Capacity: 620 Seats

Fees: INR 19.76 lakh

Admission Test Score: NMAT (NMIMS Management Aptitude Test), GMAT (Graduate Management Admission Test), GATE (Graduate Aptitude Test in Engineering)

  1. IBS, Hyderabad

ICFAI Business School, Hyderabad

University website: http://www.ibshyderabad.org/

Intake Capacity: 1100 Seats

Fees: INR 2.9 Lakh 

Admission Test Score: GMAT (Graduate Management Admission Test), GRE (Graduate Record Examinations), IBSAT (ICFAI Business School Aptitude Test)

The number of seats and fees for the MBA program are subject to change as per the admission guidelines issued every year by the Universities. 

Frequently Asked Questions (FAQs):

  1. A generalist MBA vs. a better Specialist MBA? 

Answer: A generalist MBA degree is good for anyone looking for a job across a variety of fields in the corporate world, but specialization is limited to the field chosen for the MBA degree. A generalist MBA imparts light on how Economics, Finance, Marketing, and various other subjects can be used to carry out the different aspects of business; while specialization in MBA, like here it’s a management consultancy, should focus only on how Economics, Finance, Marketing, etc., are used in consultancy part of the business. 

  1. What is the Duration of an Executive MBA? 

Answer: An Executive MBA is for someone who is working a full-time job and is also interested in continuing with further studies. This can be an MBA online course or part-time. The duration of such depends on the university or Institute where the course is taken from. It can mostly range between one to three years. 

  1. Which government colleges are best for an MBA in Management Consulting? 

Answer: All the further listed Universities are of government status and are listed in the top 10 universities for MBA: IIM (Indian Institute of Management, Rohtak), IIM (Indian Institute of Management, Calcutta), FMS (Faculty of Management Studies, New Delhi), IIFT (Indian Institute of Foreign Trade), IIM (Indian Institute of Management, Ahmedabad) 

  1. Which private colleges are best for an MBA in Management Consultancy? 

Answer: All the further listed Universities are of personal status and are listed in the top 10 universities for MBA: BITS-PILANI (Birla Institute of Technology, Ranchi), NMIMS Deemed-to-be-University (Narsee Monjee Institute of Management Studies, Mumbai)

  1. What are the jobs for MBA graduates in Management Consultancy? 

Answer: There are different types of consultants for different fields. Here are some job designations from different fields: Strategic Consultant, Marketing Consultant, Human Resource Consultant, Financial Advisor, Financial Consultancy, Outsourcing Consultant, Compliance Consultant, and Information Technology Consultant. 

  1. Who is eligible to pursue an MBA in Management Consultancy? 

Answer: A person with an undergraduate degree in related subjects, an acceptable admission test score, preferably has some experience in the industry, and is recommended by their employers are what most business schools look for. 

  1. What is the national average salary of an MBA graduate with Management consultancy as a specialization? 

Answer: The national average salary of an MBA graduate with Management consultancy as a specialization in India is INR 21.74 lakhs per annum. Although it depends on the organization one works in and the position.

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