Do You Need a Degree in Economics, Finance, or Management for Strategic Consulting?

Many believe that a specialized degree in economics, finance, or management is essential to pursue a career in strategic consulting. However, this notion is a misconception. While a background in these fields can certainly be advantageous, it is not a strict requirement. In fact, strategic consulting firms often value diverse educational experiences and a range of skills.

Diverse Educational Backgrounds

Strategic consultants come from a variety of academic backgrounds, including:

Engineering Social sciences Humanities Natural sciences

The key skills that these consultants possess—such as analytical thinking, problem-solving, and communication—are highly valued. Therefore, if you have strong skills in these areas, you can still excel in a career in strategic consulting, even without a degree in a traditionally relevant field.

Relevant Skills

While formal education is important, it is the skills you develop that truly matter. Focus on honing the following:

Data analysis Critical thinking Project management Team collaboration Leadership

These skills are crucial for consulting and can often compensate for a lack of formal education in a related field. Additionally, gaining relevant experience through internships, co-op programs, or entry-level positions in related fields can also be highly beneficial.

Internships and Experience

Networking and building relationships in the industry can significantly enhance your chances of succeeding in strategic consulting. Many successful consultants attribute their success to the relationships they built during their internships and early-career experiences. These experiences can also provide you with the practical knowledge and skills that employers are looking for.

Graduate Programs and Certifications

Advancing your career in strategic consulting does not necessarily mean you need to pursue a graduate degree, though it can be advantageous. MBA programs or other specialized graduate degrees can enhance your qualifications, particularly if you are aiming for leadership roles or if you want to pivot into a more specialized area of consulting.

However, the majority of strategic consulting firms also value certifications in areas such as project management (e.g., PMP) or data analysis. These certifications can bolster your profile and demonstrate your commitment to professional development.

Case Studies and Examples

case study 1: from engineering to consulting

Consider the example of someone entering Bain as an Associate Consultant with an engineering background. While an economics, finance, or management background may not be 100% necessary, a little business acumen and strong problem-solving skills are what firms like Bain look for. An undergraduate degree in a field such as applied mathematics or physics can showcase these problem-solving skills, making you an attractive interview candidate for consulting recruitment.

case study 2: diverse background at BCG

Another example is someone who started at BCG straight out of university with a degree in mathematics. BCG also values a diverse background and often hires individuals with unique educational backgrounds to bring a more holistic view to problem-solving. While a proven or visible interest in business can be beneficial, it is not strictly mandatory. The foundation of consulting is problem-solving, and a strong background in a non-traditionally relevant field can be a significant asset.

Conclusion

In summary, while a specific degree can be advantageous, it is not a strict requirement for entering strategic consulting. By focusing on building a strong skill set and gaining relevant experience, you can still excel in this demanding and rewarding career. Whether you come from an engineering background or another field, the key is to demonstrate your ability to analyze and solve problems effectively.