Management Consulting requires a lot of analytical thinking, problem solving, and communication skills. So what majors should you go for?
The best majors for consulting include business administration, accounting, finance, economics, management, marketing, law, and public relations. Students who choose these majors learn how to analyze data, create reports, and develop strategies.
While most of these majors will help you with critical thinking and problem solving, each one of them is unique in exactly how it can benefit your consulting career. Read on to see the the overlap and unique benefits of each major.
Why is Business Administration a Good Major for Consulting?
If you major in business administration, you’ll learn all aspects of running an organization from sales to human resources. The knowledge gained through this degree program will prepare you well for any consulting firm.
Business administration programs teach students how to manage people, finances, operations, and other areas of a business.
As a general rule, graduates from these Ivy League business schools stand the best chance at getting hired at a top consulting firm:
- Harvard University
- Wharton School
- Columbia University
- Cornell University
- Yale University
Business administration majors are well suited to careers in management consulting because they learn how to manage people and resources. They also learn how to analyze data and make decisions based on those analyses.
Majoring in business administration will help you develop skills such as critical thinking, problem solving, communication, leadership, and teamwork. You’ll also learn about finance, marketing, human resources, operations, strategy, and many other areas.
Why is a Major in Accounting Good for Consulting?
Accounting helps consultants by giving them an understanding of financial statements and budgets. It teaches students how to read financial reports and understand what information is important when making investment or hiring decisions.
It’s not just numbers though; accounting courses teach students how to use math to solve real-world problems. For example, if you’re working at a company where sales have been declining over time, you might want to know whether this trend has continued into the current year.
You’ll also learn how money flows through a company and how much profit or loss each department contributes to the overall success of the company.
Why is Finance a Good Major for Consulting?
Finance majors prepare graduates to work in a number of industries including banking, insurance, investments, and government agencies.
In addition to learning how to calculate profits and losses, finance classes cover topics like corporate governance, international trade, and macroeconomics. These subjects give students insight into how businesses operate across different countries and regions.
But the most important way that a finance major will benefit you in a consulting career is its emphasis on quantitative analysis. This means using mathematical formulas to determine trends and patterns within companies’ financial records.
This skill set makes finance majors excellent candidates for jobs in consulting as well as private equity firms, hedge funds, asset managers, banks, brokerage houses, and more.
Why is an Economics Major Good for Consulting?
Economists study how markets function and why certain products sell better than others. In order to do so, they must first determine which factors influence consumer behavior.
This includes things like price, quality, availability, advertising, brand loyalty, customer service, and even culture. Economists then apply their knowledge to predict future trends and explain past events.
As one of the oldest disciplines in the social sciences, Economics teaches you how to think critically about the world around you. You will learn how to analyze problems and make decisions based on facts. You will also learn how to communicate effectively with others.
After all, business is just economics on a smaller scale, so it only makes sense that studying economics would be beneficial to your career prospects!
Why is a Management Major Good for Consulting?
A management degree can be helpful to those interested in becoming consultants. This type of program focuses on teaching students how to lead teams and motivate employees.
Students take classes that focus on leadership skills such as communication, decision-making, problem solving, conflict resolution, negotiation, and teamwork. They may also choose electives that help them develop specific skill sets needed for particular jobs.
Management majors focus on developing people rather than material goods. They teach students how to lead teams, motivate employees, create strategies that improve productivity, and implement new ideas.
Students can choose from several management specializations including Human Resources, Operations Research & Analytics, Marketing, Organizational Behavior, Public Relations, Strategy, Supply Chain Management, and Technology Management. Each specialization focuses on a specific area within the field.
A management degree provides you with the tools necessary to succeed in almost every career path imaginable.
Management covers everything from business administration to human resources and is a good major for consulting because it teaches you how to manage people, projects, and organizations.
A major in management will also help you develop skills such as leadership, communication, and problem solving.
You’ll also learn how to work with people from different backgrounds and cultures.
Management deals with planning, organizing, and controlling. It is a very important business skill.
Why is a Major in Marketing Good for Consulting?
Marketing is an excellent major for consulting because you will learn how to sell products and services to customers. You’ll also develop market research skills such as determining customer needs, identifying competitors’ weaknesses, and understanding consumer demographics.
Also, marketing managers must have strong interpersonal skills since they need to interact with clients and coworkers regularly.
In addition, marketers often deal directly with consumers or potential buyers. Therefore, this major helps prepare you for sales positions where you’re expected to persuade individuals to buy something.
If you want to become a consultant, a marketing major could give you the edge over other candidates who don’t know anything about selling.
You’ll also learn how to be an effective communicator, to understand how people think, and to work with different types of clients.
Finally, as a consultant, you’ll need to be able to sell your ideas to clients, colleagues and your superiors.
Why is Majoring in Law Good for Consulting?
A law major is excellent for consulting because law majors are trained in the art of persuasion, negotiation, and conflict resolution. These skills are required when you work in consulting. They will also be useful for working at a nonprofit organization and even in government positions.
As a bonus, majoring in law will help you in working with lawyers, since you’ll understand the basics of how the legal system works. You’ll also learn the basic rules of contract law, how to interpret contracts, and how to draft contracts. These skills translate into valuable advice when you need to negotiate with a lawyer or write a draft contract.
A law major will also teach you how to think critically about situations, and how to analyze different points of view. You may even find yourself in the courtroom one day — or behind a desk at a large firm because of your valuable legal insights.
As a law major, you’ll able to interpret legal documents more clearly. You may also be able to get a job at a prestigious law firm, doing internal consulting.
Law majors are taught to think critically and logically, and often develop an ability to be objective. This is helpful in being able to notice “blind spots” and “gotchas” in strategies and processes.
Why is a Public Relations Major Good for Consulting?
Public relations majors are well suited for the consulting industry because they understand how to communicate with people. They are also able to relate to clients and know how to make them feel comfortable.
As a public relations major, you’ll learn how to communicate with both consumers and the media. You’ll also learn about marketing, advertising, and sales techniques, which are helpful when selling products or services.
Public relations majors learn how to speak and write about their companies, products, or services, so they are able to better represent them to others. They also learn how to create positive publicity for themselves and their companies, so they may be helpful to clients who need help with marketing, advertising, or branding.
As a PR student, you’ll learn how to use media outlets like newspapers, magazines, TV, radio, social media, etc., to project a positive image of your client’s company, products and services.
Public relations majors are trained to develop creative strategies and media campaigns to promote their clients’ products, services, or ideas. They also learn how to manage projects, negotiate contracts with clients, and create marketing materials.
A public relations major is useful for those who want to work in public service or communications.
Public relations majors are able to convey messages effectively through press releases, social media posts, and other forms of communication.
Companies need people who can create positive word-of-mouth about their product or service. A public relations major will be able to form a strategy that uses both traditional and social media to spread the message.
That’s because PR people understand how to communicate with the media and the general public.