What Consulting Firms Pay for Your MBA?

For those of you who have your sights set on an MBA, consulting is one of the best ways to get a top quality MBA at no cost. AlixPartners, Mercer, Oliver Wyman, EY-Parthenon, and Gallup are just a few of the companies that offer this opportunity. Deloitte pays a good number of people to get their MBA each year in the United States, and PwC pays between 10 and 15. If this sounds overwhelming, don't worry. There is a way to continue your education without breaking the bank.

Some companies will cover the cost of your education. The following is a list of 10 accredited companies in the United States that highly value tuition assistance benefits and reimburse the cost of an MBA. Deloitte is an international accounting firm that employs about 335,000 people in its offices around the world. It provides a variety of financial services to its clients, including auditing and assurance, consulting, financial and risk advice, risk management and tax services to its clients.

That's why it's important for Deloitte to have a workforce with a high skill set, which can be improved with an MBA. A typical employee works for Deloitte for three or four years before going to business school, then returns and receives full tuition reimbursement after two years of employment after graduating. The consultant also helps with computer-related purchases and with the preparation of the GMAT. Deloitte states that the acceptance rates of employees applying to major business schools are three times higher than the national average. Bank of America (BAC) is one of the largest banks in the world with operations in 35 different countries.

With more than 4,200 retail stores, the bank offers its customers and customers a range of financial services, including retail banking, commercial services, lending and investment banking, among others. Wells Fargo (WFC) also tops the list of financial companies that value the benefits of tuition assistance. Headquartered in San Francisco, WFC is one of the five largest banks in the United States. It has a presence in 40 different countries.

Like its competitors, it offers retail, commercial and investment customers banking, credit and investment services. Raytheon is a multinational technology company with 174,000 employees. It focuses on the aerospace and defense sector and has four different businesses: Collins Aerospace, Pratt & Whitney, Raytheon Intelligence & Space and Raytheon Missiles & Defense. The company's research and development (R&D) are creating innovative technologies in fields such as artificial intelligence, advanced propulsion, electrification and thermal management. MBA degrees are highly valued by leading companies in the specialized defense technology sector.

Raytheon offers employees tuition reimbursement through its Employee Scholarship Program. In addition to tuition fees, incentives also include reimbursing other academic fees for certain courses or degree programs. Chevron (CVX) is a market leader in the energy sector with natural gas, heavy oil, liquefied natural gas and shale projects, among others. The company operates worldwide and employs about 43,000 people. Procter & Gamble (PG) is one of the world's leading multinational corporations (MNCs). It is a consumer goods company that has major names such as Crest, Pampers, Tide and Gilette in its portfolio.

Founded in 1837, P&G employs more than 100,000 people. Up to one-third of the CEOs of the world's Fortune 500 companies have an MBA. These CEOs run many different corporations, including investment banking firms, food and beverage companies, information technology, financial services, and healthcare. From the big three management consulting firms Bain, BCG and McKinsey to companies such as Deloitte, EY and KPMG, consulting firms are among the top hiring firms for MBA graduates and master's degrees in business offering impressive six-figure salaries. While the big three and big four firms tend to offer the most attractive salaries for new MBA and master's degree employees there are many other consulting firms with attractive compensation packages. According to Management Consulted this compilation “may be the only first-hand report in the industry that contains current figures obtained directly from offer letters for a starting salary from McKinsey” as well as salary figures from Boston Consulting Group plus statistics from more than 60 additional consulting firms. The firm states that it considers professional development as a priority which is why it promotes and supports education.

In terms of demand management consulted points out that consulting firms are experiencing “record revenues” and “double-digit” industrial growth. For an industry known for its relatively high turnover rates leading consultants aren't just raising starting base salaries in the hope of finding and retaining top talent since COVID-19 began companies have demonstrated an even greater need for consulting services to work on challenges presented by pandemic. Other boutique consulting firms including big firms such as Infosys and Grant Thornton are also increasingly popular. Bain is ranked as best consultant in world to work for based on strong pay plus other benefits such as work-life balance. While pursuing an MBA or master's program comes at significant cost if you're considering a consulting career after business school you're likely to get quick return on your investment. In past 14 years according to Management Consulted consultants have seen base salaries increase 13 years while starting salaries for MBA graduates engaged in consulting have increased especially recent years as competition for talent continues to increase. Firms such as EY Grant Thornton plus Huron have introduced unlimited PTO although my inner cynic should note this also reduces cost of layoff for these companies.

Léo Poitevin
Léo Poitevin

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