Top 15 Business Schools for Consulting (McKinsey, Bain, BCG)

Building a career in consulting can be both challenging and rewarding. For many aspiring consultants, selecting the right Business Schools for Consulting is key.

The dynamic nature of consulting roles, coupled with the opportunity to work with top-tier firms like McKinsey & Company, Boston Consulting Group (BCG), and Bain & Company, makes it a sought-after industry to work post MBA.

Therefore, choosing the right business school for Consulting is a crucial step in this journey, as it can significantly impact your employment opportunities and earning potential. 

In this article, we have compiled data on top 15 business schools plus a few notable mentions, focusing on their success in placing graduates in consulting roles, median salaries, and the influence of top consulting firms such as McKinsey & Company, Boston Consulting Group (BCG), and Bain & Company (MBB).

Our methodology emphasizes schools where at least 25% of the class enters consulting, with a strong median salary and notable MBB recruitment.

Parameters Used in Comparison

The data points in the table play a crucial role in evaluating the success and attractiveness of a business school for candidates aspiring to pursue consulting careers. Each data point provides unique insights into the school’s performance and the potential benefits for its graduates:

• Percent of Class Joining Consulting : This metric reflects the school’s overall effectiveness in preparing and connecting students with consulting opportunities.
  • A higher percentage suggests that the school has a strong consulting network, relevant coursework, and effective career services.

• Number of Hires: The absolute number of hires provides a more concrete measure of a school’s impact on consulting placements.
  • A larger number indicates a sizable cohort entering the consulting field, reinforcing the school’s reputation and ability to secure consulting opportunities.

• Median Salary: Median salary represents the midpoint of all salaries, giving an idea of the earning potential for graduates in consulting roles.
  • A higher median salary indicates the school’s success in placing graduates in well-compensated consulting positions.

• Median Sign-On Bonus : The sign-on bonus is a one-time payment, reflecting the immediate financial benefits for graduates entering consulting.
  • A higher sign-on bonus enhances the overall attractiveness of the consulting career from a financial perspective and signals competitiveness in the job market.

• Percent Joining MBB Firms : MBB firms (McKinsey, Bain, BCG) are considered top-tier consulting employers. The percentage joining MBB firms reflects the school’s standing in the consulting industry.
  • A higher percentage suggests that the school is a preferred choice for MBB recruiters, indicating strong academic and professional preparation.

Top Business Schools for Consulting

Source: Schools’ Employment Reports of the Class of 2024; NA: Datapoint is not available from the school’s official report. Note: # hired in Consulting calculated based on Full-time Job Acceptances after 3 months of graduation 

With the top Business Schools for Consulting listed above, we’ll now explore each program in detail, covering consulting placements, MBB presence, salaries, and what sets them apart for aspiring consultants.

1. INSEAD

INSEAD, a globally renowned business school, boasts an impressive 34% placement rate, with 274 graduates hired. The median salary is $130,000, and the sign-on bonus is $32,500. 

Median Salary looks lower than other US business schools. However, these are not PPP-adjusted numbers since most salaries are in Euros. The PPP adjusted median salary numbers would be above $170,000.

Observations and Inferences:

While INSEAD’s MBB joiner percentage is absent, the competitive median salary and high hiring rate make it an attractive option for those seeking consulting roles.

Transitioning Professionals into Consulting

INSEAD stands out not only for its impressive overall consulting placement but also for its ability to attract professionals from diverse backgrounds into the consulting domain. The data provides insights into how former professionals from Corporate Sectors, Financial Services, Management Consulting, and Technology Media and Telecommunications transition into consulting roles post-MBA.

Corporate Sectors:

• Transition Rate: 43%
• Among professionals from corporate sectors, INSEAD sees a significant 43% making a successful shift into consulting roles. This suggests that the program effectively equips individuals from varied corporate backgrounds with the skills and knowledge required in the consulting realm.

Financial Services:

• Transition Rate: 35%
• INSEAD demonstrates a notable 35% transition rate for individuals with prior experience in financial services. This highlights the school’s strength in preparing candidates from this sector for successful consulting careers.

Management Consulting:

• Retention Rate: 83%
• Unsurprisingly, INSEAD excels in retaining professionals with prior management consulting experience, with an impressive 83% continuing in Consulting. This showcases the school’s strong ties with the consulting industry and its ability to enhance the skills of those already familiar with the sector.

Technology Media & Telecommunications:

• Transition Rate: 36%
• INSEAD manages to attract a substantial number of individuals from the tech, media, and telecommunications sector, with 36% successfully transitioning into consulting roles. This indicates the program’s adaptability to various industry backgrounds.

2. Kellogg School of Management

Kellogg School of Management boasts a 35% hiring rate, with 128 graduates securing positions. The median salary is an impressive $190,000, and 64% of Consulting hires joined MBB firms.

Observations and Inferences:

Kellogg’s high median salary and a substantial percentage of MBB joiners make it a prime choice for consulting enthusiasts. The competitive placement rate underscores the school’s commitment to preparing students for successful consulting careers.

3. Chicago Booth School of Business

With a 34% hiring rate and 148 graduates securing positions, Booth School of Business offers a median salary of $190,000, coupled with a $30,000 sign-on bonus. A significant 68% of Consulting hires joined MBB firms.

Observations and Inferences:

Booth’s combination of a high median salary and a generous sign-on bonus reflects its commitment to providing lucrative opportunities. The substantial MBB joiner percentage further strengthens its position as a top business school for consulting careers.

Transitioning Professionals into Consulting

A noteworthy aspect is the transition of professionals into consulting post-MBA. While 21% of the class had pre-MBA experience in consulting, this figure significantly increased to 25% after graduation, reflecting Booth’s efficacy in facilitating career shifts.

This goes to show:

• Strong Career Support: Booth’s career services and alumni network likely play a crucial role in aiding students in transitioning into consulting, emphasizing the significance of robust support systems in business schools.
• Appealing to Career Changers: The data suggests that Booth is particularly effective in attracting and guiding professionals from diverse backgrounds into the consulting domain, showcasing the school’s adaptability to different career trajectories.

4. MIT Sloan School of Management

MIT Sloan School of Management achieves a 32.1% hiring rate, with 72 graduates placed. The median salary and sign-on bonus are $190,000 and $30,000, respectively. Notably, 67% of consulting hires joined MBB firms.

Observations and Inferences:

While MIT Sloan’s hiring rate is slightly lower, its competitive median salary and MBB joiner percentage still make it an attractive option for those pursuing consulting careers. The school’s focus on quality placements is evident.

5. LBS (London Business School)

LBS secures a 42% hiring rate, with 202 graduates placed. The median salary is $125,064, and 54% of consulting hires joined MBB firms.

Observations and Inferences:

LBS provides a global perspective, and its competitive hiring rate, along with a considerable MBB joiner percentage, makes it an appealing choice for aspiring consultants. The median salary looks lower than in US business Schools. However, the PPP adjusted salary comes out to be $165,296.

Transitioning Professionals into Consulting

LBS stands out as a hub for career switchers, the notable increase from 26% to 42% in graduates pursuing consulting after completing their MBA at LBS speaks to the school’s ability to cultivate skills and knowledge that are highly valued by consulting firms. This growth suggests that LBS not only attracts aspiring consultants but also effectively prepares students for successful careers in the industry.

6. Michigan (Ross)

Michigan’s Ross School records an impressive 36% hiring rate, with 98 graduates securing positions in consulting The median salary is $185,000, and 46% of Consulting hires joined MBB firms.

Observations and Inferences:

Michigan Ross stands out with a high hiring rate and a substantial MBB joiner percentage. The competitive median salary further solidifies its position as a top business school for consulting careers. 

Michigan Ross, with a 46% MBB (McKinsey, Bain, BCG) joiner rate, positions itself as a strong contender for those aspiring to join prestigious consulting firms. The data indicates that Ross not only helps students enter consulting but also guides them toward elite firms within the industry.

7. Yale School of Management

Yale SOM achieves a 31.9% hiring rate, with 73 graduates securing positions. The median salary and sign-on bonus are $190,000 and $30,000, respectively, with number of graduates joining MBB firms is unavailable.

Observations and Inferences:

While Yale SOM’s MBB joiner percentage is absent, the competitive median salary and high hiring rate make it an attractive option for those seeking consulting roles. The absence of data for MBB joiners may suggest a diverse range of consulting opportunities.

8. Duke Fuqua

Duke Fuqua boasts a 39% hiring rate, with 108 graduates securing positions. The median salary is $190,000, with 55% of Consulting hires joining MBB firms.

Observations and Inferences:

Duke Fuqua’s strong MBB joiner percentage and competitive median salary highlight its commitment to preparing students for successful consulting careers. The high hiring rate further enhances its appeal.

9. Cornell Johnson

Cornell Johnson achieves a 31% hiring rate, with 64 graduates securing positions. It also reports a competitive median salary of $175,000, aligning with industry standards and showcasing the school’s commitment to securing lucrative opportunities for its graduates. However,  there is no MBB joiner data.

Observations and Inferences:

Cornell Johnson’s competitive hiring rate makes it a noteworthy option for consulting careers. The absence of specific data for MBB joiners suggests potential variations in consulting paths.

Transitioning Professionals into Consulting

Cornell Johnson, with a 31% hiring rate, has become a popular choice for MBA graduates aspiring to enter the consulting domain. While the school does not provide data on the pre-MBA industry, it doesn’t diminish its reputation as a reliable pathway to consulting. Many students with diverse professional backgrounds find success in transitioning to consulting roles post-MBA, showcasing the school’s effectiveness in equipping them with the necessary skills.

Cornell Johnson’s success in funneling professionals into consulting is likely bolstered by a robust alumni network that facilitates connections and mentorship opportunities within the consulting industry.

10. NYU Stern

NYU Stern records a 37% hiring rate, with 85 graduates securing positions. The median salary is $175,000, and 25% of Consulting hires join MBB firms.

Observations and Inferences:

NYU Stern’s competitive hiring rate, combined with a strong MBB joiner percentage, makes it an attractive choice for consulting enthusiasts. The slightly lower median salary is balanced by the valuable consulting opportunities.

11. Dartmouth Tuck

Dartmouth Tuck achieves an impressive 44% hiring rate, with 95 graduates securing positions. The median salary and sign-on bonus are $190,000 and $30,000, respectively, The data on the percentage of Consulting hires joining MBB firms is not available.

Observations and Inferences:

Dartmouth Tuck’s high hiring rate and competitive compensation packages position it as a top choice for consulting careers. There is an absence of data for MBB joiners, however, MBBs are top hiring companies at Tuck as per their employment report.

12. Virginia Darden

Virginia Darden boasts a 43% hiring rate, with 125 graduates securing positions. The median salary and sign-on bonuses information is available, but there is no MBB joiner data.

Observations and Inferences:

Virginia Darden’s competitive hiring rate suggests strong demand for its graduates in the consulting sector. 

13. Emory Goizueta

Emory Goizueta stands out with a 41% hiring rate, with 37 graduates securing positions. The median salary is $175,000, with no MBB joiner data available.

Observations and Inferences:

Emory Goizueta’s high hiring rate is a testament to its success in placing graduates in consulting roles. While the absence of specific data on sign-on bonuses and MBB joiners leaves some gaps, the competitive median salary makes it an attractive option.

Transitioning Professionals into Consulting

Emory Goizueta’s success in facilitating career shifts to consulting is evident in the 41% hiring rate, showcasing its effectiveness in preparing students for roles in this competitive field. While specific data on pre-MBA industries is unavailable, the school’s emphasis on practical skills and networking likely contributes to this transition success.

14. Columbia Business School

Columbia Business School records a 31% hiring rate, with 179 graduates securing positions. The median salary is $188,000, and the sign-on bonus is $30,000. Notably, 51% of Consulting hires joined MBB firms.

Observations and Inferences:

Columbia’s competitive hiring rate, combined with a substantial MBB joiner percentage, positions it as a strong contender for consulting careers. The generous median salary and sign-on bonus further enhance its appeal.

15. UC Berkeley Haas

UC Berkeley Haas achieves a 25.4% hiring rate, with 44 graduates securing positions. The median salary is $190,000, with a sign-on bonus of $30,000.

Observations and Inferences:

While UC Berkeley Haas has a slightly lower hiring rate, its competitive compensation package and focus on quality placements make it a viable option for those seeking consulting roles. The lower hiring rate may indicate a more selective process.

Notable Mentions

IESE

Inferences and Observations

• High Consulting Placement: IESE Business School demonstrates a strong commitment to preparing its MBA graduates for the consulting industry, with an impressive 41% of the Class of 2024 securing roles in this sector.
• Substantial Number of Hires: The sheer number of hires, with 107 graduates entering the consulting field, suggests both a robust demand for IESE graduates in consulting roles and the school’s ability to cultivate a talent pool highly sought after by consulting firms.
• Competitive Compensation Package: The average base salary of €113,600 and average other compensation of €39,400 position IESE graduates for financial success in the consulting industry. This reflects the school’s dedication to ensuring its graduates are not only well-placed but also financially rewarded.
• Sector Change: A Strategic Shift: Notably, the data reveals a significant sector change from 20% pre-MBA to 41% post-MBA, indicating a strategic shift towards consulting as a preferred career path after completing the MBA program at IESE.
• Market Relevance: The increase in the percentage of graduates opting for consulting post-MBA aligns with the current market trends, showcasing IESE’s ability to adapt its curriculum and career services to meet the evolving demands of the consulting industry.

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Final Thoughts

In conclusion, these business schools exhibit varying strengths in preparing graduates for consulting careers. Factors such as hiring rates, median salaries, sign-on bonuses, and MBB joiner percentages offer valuable insights into the opportunities each school provides. Prospective students should consider their career goals, preferences, and the specific strengths of each school to make informed decisions on their path to a successful consulting career.