Top 5 Paying MBA Careers: Consulting
Consulting still is one of the top career choices for MBA graduates. Part of the reason is because consulting firms are very open to recruiting MBAs from a wide range of backgrounds.
According to the 2018 Prospective Student Survey conducted by the Graduate Management Admissions Council (GMAC), consulting is the most sought-after postgraduate industry. An estimated 34 percent of applicants consider consulting their career of choice.
Salary is a crucial factor in that choice. Although consulting salaries depend on a lot of factors—time, location, office, and position, to name a few—the pay is relatively high across the board.
Below, we’ll break down the highest paying jobs in consulting, where to work to earn the most money, what MBA programs are best for the career, and the top companies to work for. Continue reading…
Top MBA Recruiters: Slack
In a job landscape continually dominated by newer tech companies, many MBAs have chosen a tech-focused specialty in their future career plans. Among the companies with the greatest need for MBA talent are those that are in growth stages. Founders of startups or early stage ventures are not always certain of how to manage the finer points of finance, marketing, project management, and accounting. As they grow, so does their need for strong MBA candidates to attend to these details.
Tech companies specializing in cloud-based collaboration software are always on the hunt for new talent. Slack, Inc., for example, is a leader in a growing field of these communication tools, and its popularity is soaring. Here is a look at how and why a Slack career might be a wise front-runner on your job wish list.
The History of Slack, Inc.
Founded in 2013, Slack is still a relatively young company. Its recent acquisition of the assets of Atlassian’s enterprise communication tools in 2018 speak to its prevalence. With Slack, employees can chat with one another and form discussions around topics and groups, all with the goal of making connection with your peers easier and more direct. All chats are searchable which makes for a dynamic storage system for companies of all sizes.
Seeking a Slack Internship?
On its University Recruitment site, Slack boasts that joining “fosters curiosity and celebrates creativity in an effort to help everyone—here at Slack and around the world—do their best work,” (which incidentally is one of the company’s motto’s.) By assigning interns to project teams that tackle real assignments, Slack prepares future employees for life at the company. Internships take place over a 12 or 16-week session during the summer or fall, with application deadlines in May and August. If an application is accepted, Slack offers a phone or video interview along with a take-home assignment before coming to a decision.
Those looking for an internship in the tech world should seek out Slack’s San Francisco headquarters.
Each intern is guided by a mentor, and can connect with executives and team leaders on a daily basis. Outside of the office responsibilities, Slack offers interns volunteer opportunities and networking as you build your resume. Currently, Slack’s San Francisco headquarters is seeking a Sales Strategy Intern. Ideally, candidates for the position will possess several years of prior management consulting experience, and will receive their MBA in 2020.
Applying for a Slack Career
One of Slack’s greatest assets is its diversity. According to a recent article in The Atlantic, “Slack has been outperforming other Silicon Valley companies, [in diversity of its workforce]. At Google, Facebook, and Microsoft, women hold between 19 percent and 28 percent of leadership positions … At Slack, women make up 31 percent of leaders and hold 34 percent of technical roles. Also … percentages of underrepresented minorities … are, in some cases, triple that of peer companies.”
This alone makes a Slack career appealing, but additional benefits are numerous. The company gives each employee $500 a year toward personal development, and $2000 annually toward professional development. One hundred percenter of health care expenses are covered for employees and their families, and $150 per month reimbursement for fitness/wellness memberships. Slack gives its workers “generous parental and new child bonding leave”.
Massage therapy, catered lunch and breakfast, game nights, and a ‘meeting-light’ culture round out the list of the company’s appealing perks.
Currently, there are close to 200 open positions at Slack both in the U.S. and abroad. Here is a look at just a few.
San Francisco
- Business Intelligence – Marketing and Business Intelligence – Product
- Data Scientists for Lifecycle and Product
- Corporate Development Manager
- Business Development Manager – Platform
- Various Accountancy Positions
New York City
- Business Intelligence Analyst, Product
- Sales Operations, Deal Strategy Lead
Denver
- Senior Systems Analyst
- Sales Operations, Senior Commissions Analyst
In Tokyo, Slack is seeking a Partner Manager, Systems Integrator Alliances along with a Head of Enterprise Marketing. In London, there is an open position for a Senior Analyst Relations Manager, and the Dublin office is in search of Accountant, along with a Customer Experience Specialist.
Slack Career Salaries
According to data gathered by Paysa, Slack’s San Francisco office pays an average of $183,997 per year. This falls within a range of $126,305 to $222,941. A breakdown of the average is as follows: $132,038 base salary; $34,566 in equity; $17,392 annual bonus, and a $9,641 signing bonus. For specific positions more in-line with MBA talent, a senior marketing manager earns an average base salary of $108,000
For a full listing of Slack’s current open positions along with application instructions, visit the careers site.
MBA Jobs: Business Strategy Manager
In order for businesses to succeed, it needs to have an excellent idea, leaders to sell that idea, and a staff to ensure that the idea can come to fruition. While it’s possible for one person to handle these responsibilities on their own, the lone ranger business model is not sustainable as the company expands.
Enter: the Business Strategy Manager, a role tailor-made for adept planners and creative problem-solvers.
What is a Business Strategy Manager?
Think of the business strategy manager as the glue of the C-suite. CEOs, COOs, CFOs, and other leaders all (theoretically) have excellent ideas for how to lead a company, but it is the business strategy manager’s job to transform raw ideas into a cohesive, realistic plan that drives the company forward, creates a profit, and develops a competitive advantage.
The best business strategy managers know what makes a company either sink or swim, and they use that knowledge to develop and execute their strategy.
Here is a representative sample of business strategy manager responsibilities:
- Strategy definition
- Strategic planning
- Strategic performance management
- Strategic risk management
- Data analysis
- Collaboration
How Much Does It Pay?
Given that business strategy managers work directly with the leaders of a company, the salary is competitive. According to Glassdoor, the average salary is $125,899. Business strategy managers can earn an average of $15,993 in cash compensation, which can go upwards of $40,000.
Getting Started
To start, all candidates should come from the business world. A BA/BS in a business-related field (e.g., finance, economics) is a must. Given the high level of this position, most candidates will not get a second glance if they do not have at least two years of rising strategy experience in a professional business setting, not to mention an MBA.
Since negotiation is at the core of the business strategy manager role, successful business strategy manners must have excellent communication and interpersonal skills. Candidates must be clear communicators and effective presenters. In addition, they must be able to develop relationships with both staff members and stakeholders.
In addition to the people skills, successful candidates will have strong analytical skills. Candidates must be able to translate complex financial data into plain language that can be easily understood by all stakeholders. The expectations placed on business strategy managers require that successful candidates are organized and excellent decision makers. They have to make decisions quickly and soundly. This job is well-suited for those who can keep their cool, no matter what is thrown at them.
Since an MBA degree is required to even be considered for the role, it is worthwhile to consider some schools that have strategy concentrations and can set you up for a future career as a business strategy manager.
University of Florida’s Hough Graduate School of Business
University of Florida’s Hough School of Business offers a flexible curriculum that allows students to start preparing for their careers during their first year of the two-year program. Combined with full tuition scholarships offered to full-time MBA students, Hough is an excellent opportunity for the strategically-minded.
Cornell’s SC Johnson School of Business
At Cornell’s SC Johnson College of Business, students receive a top-notch business education. In their second year, Cornell students can complete a concentration in strategy. This extra knowledge will help Cornell students stand out from the others.
Ohio State University’s Fisher College of Business
Ohio State’s Fisher College of Business is an elite business school that has just completed a curriculum redesign that puts students first. Fisher faculty and staff help students construct their MBA so that strategy is their primary concern, rather than just a concentration they complete during the second year.
Company Battle: Accenture vs AT Kearney
Consulting positions are among the most coveted roles for MBA graduates—and international management consulting firms Accenture and A.T. Kearney are teeming with opportunities for MBAs.
Dublin, Ireland-based Accenture is a Fortune Global 500 company that offers professional services in addition to management consulting. In addition to the many awards Accenture has received in recognition of its global leadership in finance, it has also been ranked for 15 consecutive years on Forbes’ Global 2000 list.
A.T. Kearney, headquartered in Chicago, offers consulting to over 75 percent of the Fortune Global 500, spanning a diverse array of industries like aerospace and defense, transportation, healthcare, and oil and gas.
Accenture vs AT Kearney: Salaries
Managemant Consulted compares the base salaries made by MBA graduates at both companies in 2019, finding that the compensation was pretty comparable—A.T. Kearney offers $158,000 per year and Accenture offers $150,000 per year.
However, each company has a unique approach to bonuses. A.T. Kearney offers up to $44,100 while Accenture offers $30,000 to all employees in their first year after receiving their MBA. Top performers are rewarded with an additional $15,000. Accenture offers a very valuable $80,000 tuition reimbursement to select MBA grads.
Accenture vs AT Kearney: Company Culture
When it comes to culture, A.T. Kearney emphasizes collaboration over analysis, striving for creative strategies to keep up with an ever-changing marketplace.
A.T. Kearney has been recognized many times for their progressive initiative with regard to workplace equality. TransparentCareer ranks the company in the top 30 for satisfaction among MBA graduates. However, it is important to note that the same blog also reports that up to 80 percent of an MBA graduate’s time working at A.T. Kearney may be spent in transit.
A.T. Kearney has long recognized the importance of workplace diversity and it enforces a strict no-harassment policy. It has created networks for women, POC, and LGBT to reinforce a sense of community and belonging in the workplace. It has also been recognized for its progressive policies, having scored a perfect 100 for seven years straight in the Corporate Equality Index and received an award in 2017 for Best in Class for Diversity Leadership in Diversity MBA Magazine.
From 2015-18, it was also ranked as one of the “Best Places to Work” by the Human Rights Campaign and from 2013-17 as one of the “Top 100 Firms for Working Families and Women” by Working Mother.
Working Mother has lauded A.T. Kearney for years as one of the best career landing spots for working mothers in the U.S.
Accenture regularly ranks highly on lists that highlight forerunners in workplace culture. It were ranked second overall for eight consecutive years in Business Today/PeopleStrong’s “Best Companies to Work For” and 16th for four consecutive years in the Sunday Times “Best 25 Big Companies to Work For.”
Accenture is also committed to workplace equality, aiming for a gender balanced workforce by 2025. It is committed to creating Culture of Equality, citing the imperative of workplace diversity for a thriving business.
It has been recognized for the efforts by being included two consecutive years on the Bloomberg Gender-Equality Index and 16 consecutive years on Working Mothers’ 100 Best Companies and the list of Best Companies for Multicultural Women.
Accenture vs AT Kearney: Versatility
As noted above, MBA graduates employed at A.T. Kearney can expect to travel frequently as part of their work. They have over 3,600 employees in offices in more than 40 countries across the Americas, Europe, Middle East, Africa, and Asia Pacific.
Accenture, a much larger company, has more than 435,000 employees serving clients in over 120 countries, as well as offices in 52 countries.
School v. School: UNC Kenan-Flagler vs. Duke Fuqua School of Business
The MBA application process is not for the faint of heart. Elite programs have increasingly required applicants to follow paths unique to their schools, which makes the process of narrowing down the options to find the right fit even more essential. Our School v. School series saves you the headache by offering a point-by-point comparison of two stand-out programs located in North Carolina’s Research Triangle: UNC’s Kenan-Flagler School of Business and Duke’s Fuqua School of Business. Read below to find out how the intense UNC vs Duke rivalry shakes down when it comes to business schools.
What are the Highest Paying Finance Companies for MBAs?
Let’s face it: even if money isn’t the number one reason you are looking into an MBA, it’s probably pretty high on the list. We know that earning an MBA can not only lead to a raise in salary, but can open the door to even more career opportunities that can further increase your earning potential. For those with money on the mind, there’s a lot to consider when pursuing your MBA, from which specialization will give you the most ‘bang for your buck’ to what kind of future employers most value their MBAs.
One of the top industries that consistently makes the list when looking for the most valuable MBA specializations is finance. With an average salary of $121,000 USD for jobs within the finance industry, having or working towards your MBA is a reality of the field. But for those who are willing to put in the work, finance companies are willing to pay.
The 5 Best Paying Finance Companies For MBAs
One of the places where MBAs are earning top dollars is Morgan Stanley, a financial services firm that provides a number of financial advising services, such as wealth management, investment banking, sales and trading, research, and more. Morgan Stanley is an active recruiter of diverse business school and MBA graduates, with their most recent cohort of recruits coming from 56 different countries. The company offers graduates a number of different ways to get their foot in the door, including a number of summer internships and fellowships designed specifically for MBAs.
It’s clear that Morgan Stanley believes in investing in the MBAs on its staff. While the average salary at the company is in the $75,866 range for those with just a bachelor’s degree, employees have reported average salaries around $100,477 after earning an MBA.
Depending on the job and department within the company, earning potential can be even higher. Within the firm’s investment banking department, salaries can reach over $200,000. One reason for Morgan Stanley’s high numbers come from their reputation to dole out tremendous bonuses, which—combined with the base salary—makes this company one of the highest paying firms for MBAs in finance.
Godman Sachs Group, Inc., a multinational finance company that focuses in global investment banking, investment management, securities, and a number of financial services. Founded in 1869, the company today has 34,000 employees throughout the world and revenue of more than $42 billion. Goldman Sachs makes a number of opportunities available to recent MBA graduates and current students, such as the Goldman Sachs MBA Fellowship which recognizes outstanding business students with a role as summer associate and $35,000 award in addition to the associate’s salary.
According to Payscale, MBA holders at Goldman Sachs earned a median salary of $96,844. With such a high number of diverse MBAs working for their organization, this average includes the salaries of finance managers, CFOs, financial analysts, financial controllers, and many other positions that MBAs might hold within the company.
Bank of America began more than a hundred years ago, undergoing a series of expansions and mergers that ultimately led the company to its role as one of the ‘Big Four’ banks of the United States. Today, Bank of America makes more than $87 billion in revenue and employees a whopping 208,000 employees throughout the world. Through campus recruiting, diversity fellowships, and summer internships, Bank of America actively seeks talented MBA students and recent graduates. Through the full time analyst and associate programs, graduates work full-time in a structured program that offers consistent training, development, and social opportunities.
Bank of America employees with MBA degrees report an average salary of $101,522. Programs dedicated to hiring and training MBAs, such as the Bank of America MBA Leadership Development Program, matches these exceptional salaries, offering recent graduates impressive professional development opportunities as well as salaries ranging from $94,918-$101,733.
Headquartered in Zürich, Credit Suisse Group is a multinational financial services holding company with a heavy presence in the United States. With more than 48,000 employees worldwide, Credit Suisse in 2014, was said to hold more than $888 billion of assets under management. Credit Suisse offers several pathways for MBA graduates to become involved at their company, offering positions as full-time analysts, associates, and career starters.
Depending on the role, there can be a wide range of salaries recent graduates might earn when they join Credit Suisse in an analyst positions. Positions like investment banking analyst or business analyst are likely to make upwards of $70,000-80,000, with the opportunity to turn your degree into much more as you move up through the ranks. The average salary for an MBA with a finance specialization, according to Payscale, is $120,414.
Barclays, a British multinational bank and financial services company, is well-known today for its global reach, employing more than 120,000 people and operating in more than 40 countries. Like the other high-paying financial firms on this list, Barclays offers a number of opportunities to draw talented MBA graduates to their company. Programs like Barclays MBA Ambition gives MBA candidates the chance to get a summer internship at the company even before beginning their program, allowing them to focus fully on school once it starts while feeling confident about the future. This fellowship, for example, offers $45,000 toward first-year tuition with the opportunity for an additional $45,000 in their second year if they choose to join Barclays full-time after graduating. On average, salaries for recent graduates can range from $69,588-$74,898.
