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Pick the Right Business School for a Consulting Career

By U.S. News & World Report

The grace under pressure one MBA graduate cultivated during her executive MBA program helped her get ahead as a management consultant.

Karrie Prehm, a 2011 MBA graduate from Florida Atlantic University, says her graduate business school courses challenged her to be both creative and collaborative — a requirement for consultants. The experience also taught her, she says, how to handle criticism.

For instance, during a group project that involved assessing the financial health of the publicly traded satellite service company DIRECTV and proposing ways the company could boost its profitability, Prehm and her teammates were cross-examined by their professor about the wisdom of their growth strategy.

[Discover why health care management is on the rise for MBA students.]

Prehm says that stressful moment helped her understand how to calmly and directly answer difficult questions, an ability she now uses regularly as CEO of Global Regulation Advisers, a compliance consulting firm that caters to the investment industry.

“It’s very similar to a lot of the interactions and discussions you end up having in consulting when you’re brought in to solve a problem and make a proposal, and either they’re going to love your proposal or they’re going to hate it,” she says. “But either way, you’re going to be in that hot seat, and you have to be prepared to answer those questions.”

Prehm says one sign a business school provides solid preparation for a consulting career is if the school offers courses that require students to deliver presentations to their professors and classmates which simulate consultants’ pitches to current and potential clients.

Here are three other factors that experts say aspiring management consultants should consider when choosing an MBA program.

[Consider these key career benefits from MBA programs.]

1. Course topics: Experts say future consultants should consider business schools with a varied curriculum that combines strategy courses with technical ones that focus on marketable skills like business analytics and supply chain management.

Prehm says MBA courses on business communications and organizational structure are particularly useful for future consultants, since they will only transform companies if they can simultaneously convince executives of their business ideas, and motivate lower-level employees to implement those ideas. .

Future consultants can also benefit from MBA courses on technology and change management, since those specialties are in high demand, Prehm says. Companies are willing to pay significant fees to consultants who can help them increase automation, consolidate their operations or shift their corporate culture, she says.

Experts say it’s also beneficial for future consultants to take electives that focus on the growth opportunities in expanding business sectors, such as the health care industry, which offers an abundance of consulting work opportunities.

Lesley Kromer, director of consulting and strategy recruiting with the Tepper School of Business at Carnegie Mellon University, suggests aspiring consultants take courses on business operations to learn how to maximize a company’s productivity.

[Learn more about why operations research is key for MBA grads.]

2. Project-based learning opportunities: Experts say prospective MBAs with an interest in consulting should attend a business school where they can participate in a wide variety of consulting projects, including school-supported pro bono projects for nonprofit organizations and extracurricular projects at student consulting clubs.

Many business schools incorporate consulting projects into core classes, and those projects are something future consultants can tout on their resumes, since they help cultivate vital skills such as data analysis and implementation planning, says Kathryn Bingham, CEO and owner of the LEADistics LLC executive coaching company.

3. High placement rates at consulting firms: Experts say the most telling sign that a business school is ideal for a consulting career is when a large proportion of its recent graduates have been hired into MBA-level consulting jobs.

[Look beyond finance, consulting for MBA jobs.]

Experts say some top business schools report how many of their students in each graduating class were hired by various major consulting firms, such as McKinsey & Co., Bain & Co. and the Boston Consulting Group.

Scott Edinburgh, an MBA admissions consultant who previously worked for Bain & Co., says schools with a high concentration of aspiring management consultants are more likely to offer programs that cater to these students’ career interests.

“For instance,” he says, “a school that has a larger percentage of students going into consulting will probably have a larger consulting club.”

Searching for a business school? Get our complete rankings of Best Business Schools.

More from U.S. News

Explore Upcoming, Hot Areas in B-School Hiring

Consider an MBA Concentration in Technology

10 Ingredients of a Strong MBA Resume

Pick the Right Business School for a Consulting Career originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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