According to a recent survey that was conducted on 3000 Indian MBA students, about 25% stated that they were pursuing positions in management and strategy consulting. This is mainly due to the high number of opportunities for consultants in the country and in the South-Asian, Asia-Pacific region. Let’s take a look at some of the facts that transpired from this study and what it could mean for the future of MBAs in the country.
Factors Behind the Demand
The Indian management market is constantly growing, both in popularity and in size. India’s economy is facing a large number of challenges, which pushes demand for management and strategy consultants. Many large international consulting firms are well aware of this fact, which is why many of them decided to set up major operations in the country.
Consultancy is a talent driven industry, and major firms are all fighting fiercely to get the very best talents in the country. This also gives more powers to candidates, which also seem to gravitate towards these firms. These firms are looking for young graduates who are used to the current tools and have a contemporary skill set.
The Best Period for Indian Students to Get an MBA
All these opportunities also mean that it is now a prime time for Indian students to consider pursuing an MBA. Students who want to pursue an MBA are encouraged to learn about all the specializations and those that are in highest demand in India.
Conferences like The MBA Tour aim at helping students get in contact with some of the world’s best business schools and are set to visit Delhi, Bangalore, Mumbai, Hyderabad over the month of September. Students will have the chance to speak with representatives from several US Ivy league schools and some Indian schools as well. For more information about the MBA Tour, you can find out more about them here.
Other Popular Fields Popular Among Indian Students
Another study by Universum confirmed Indian MBAs’ interest in management and strategy consulting. The only sector that was more heavily targeted by Indian students was banking, with 28% out of 3100 students stating that they were interested in pursuing a career in this field. Out of all participants, 25% said that they were interested in a career in consulting, 24% in e-commerce, and 24% in financial services.
Auditing and accounting, consumer goods, fashion and luxury, and media and advertising followed with 16%, 15%, 15% and 12% respectively.
Most Popular Firms Among Students
Many students manifested their interest for some global consultancy firms as well as major domestic ones. Some of the most popular firms when it comes to strategy consulting include Bain & Co, A.T. Kerney, BCG, McKinsey & Co, and Roland Berger among others. When it comes to local firms, Kolkata based new player Intueri and Avalon Consulting are among the most popular.
When it comes to management consulting, a large portion of students seemed to gravitate towards the Big 4: Deloitte, PwC, KPMG, and EY. While many of these firms have established strategy consulting practices across the globe – represented by EY-Parthenon, Monitor Deloitte, and Strategy& (PwC) – management consulting remains their most important vertical in India.
But the reputation of these firms is not the only reason students seemed to gravitate towards them. According to a large portion of students surveyed, the sheer number of projects these firms undertake was also a deciding factor. The fact that these firms take on so many clients gives young MBAs the chance to undertake leadership roles early on in their career, which allows them to gain more experience fast and quickly work on more important projects.
In addition, these firms are also doing their best to attract new students by offering interesting packages. The mouthwatering compensation packages these firms offer, especially when moving up the ranks, is one of the reasons they can consistently attract top talents. Their working environment also sets them apart, as there is often less pressure, and more focus on creating a friendly, creative and dynamic work environment focused on innovation.
Strategy and Management Consulting as a Stepping Stone
There’s also the fact that many MBAs view positions as consultants as the perfect stepping stone for their own ambitions. For one, these could spearhead careers as independent consultants, or a chance to open their own firms. These are also great additions to any resume, and could open doors to higher positions with smaller firms or future employment opportunities in related fields.
The future for MBAs is very bright in India, especially when it comes to consulting and logistics. The various challenges and unprecedented growth of the Indian economy only means that demand will continue to grow for MBAs with the right set of skills to fill it.