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Financial Planning

financial analysis Insurance risk management management consulting
New answer on Jan 03, 2024
5 Answers
245 Views
Anonymous A asked on Jan 01, 2024

 am currently exploring opportunities for a Master's in Financial Planning and would appreciate some insights regarding its scope in the field of Management Consulting.

I hold a graduate degree in Chartered Accountancy from Australia, and I am keen to understand how pursuing a Master of Financial Planning could potentially open doors in the Management Consulting sector. If anyone has experiences or information to share on this subject, I would be extremely grateful.

Your guidance and input would be invaluable to me during this decision-making process. Thank you in advance for any assistance you can provide.

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Francesco
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Content Creator
replied on Jan 02, 2024
#1 Coach for Sessions (4.500+) | 1.500+ 5-Star Reviews | Proven Success (➡ interviewoffers.com) | Ex BCG | 10Y+ Coaching

Hi there,

Q: I am keen to understand how pursuing a Master of Financial Planning could potentially open doors in the Management Consulting sector.

It depends on the brand of the university. If the brand is good, it could improve your CV and increase your chances.

At the same time, I would not recommend doing a master with the only goal to get a consulting invitation as it might not materialize. Ideally, you should be interested in the subject as well.

You can check if the master could be useful for consulting as follows:

  1. Go to LinkedIn
  2. Add the school as "School"
  3. Filter by each MBB/target company as “Current company” for your target geography
  4. Find how many consultants/alumni are there
  5. Repeat for the other options you could consider, if any
  6. Normalize the results for the cohort size of the school to compare

This should help to have a data-driven answer.

Good luck!

Francesco

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Cristian
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replied on Jan 02, 2024
#1 rated MBB & McKinsey Coach

It would definitely help more than doing a Master in International Development like I did. 

If we take a step back, such programs help either because they give you skills and knowledge that make you a more attractive candidate for consulting firms OR because they expand your network and probability of meeting people from consulting. 

That's it. 

So if you judge through this filter, there are programs that are even more helpful, such as a Master in Management program at a great business school.

Since you already have a background in Accounting, you're already signalling that you're great with numbers and have an analytical mindset, so expanding your network matters more than expanding your technical skills. 

I detailed a framework for deciding whether to even go for MBA or MiM (Master in Management programs) in the following article - hope you'll find it helpful:


Good luck!
Cristian 

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Florian
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replied on Jan 02, 2024
Highest-rated McKinsey coach (ratings, offers, sessions) | 500+ offers | Author of The 1% & Consulting Career Secrets

Hi there,

Diving into a Master's in Financial Planning CAN be a smart move for boosting your consulting aspirations but it is definitely not a clear-cut answer. 

The specific degree isn't always the key to consulting; it's more about what you bring to the table in terms of prestige, achievements, and skills. 

For instance, nearly half of the consultants at MBB come from non-business backgrounds, which really puts the spotlight on diverse skill sets.

Your background, meshed with financial planning expertise, could create a compelling profile. However, the prestige of the school and the competitiveness of the program matter a lot more in MBB. Additionally, you need to belong to the top 5-10% of the class to be considered a valuable candidate.

Other things that are important too:

Networking during your Master's is crucial. Build connections that can lead to opportunities. Also, getting internships at reputable companies or smaller consulting firms can sharpen your profile for larger firms.

Lastly, don't forget about leadership roles, be it in academic clubs or extracurricular activities. These positions showcase your ability to lead and work in teams,

So, while your Master's in Financial Planning will certainly add weight to your resume, it's how you leverage the school's prestige, get into the top 5-10% of your cohort, your network, internship experiences, and leadership qualities that will make the difference in the end. 

Best of luck!

Florian

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Nikita
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updated an answer on Jan 02, 2024
MBB & Tier2 preparation | 85+ offers | 7 years coaching | 2000+ sessions | PDF reviews attached

Hey,

If your end goal is management consulting, then pursuing either MiM (Master in Management) or an MBA will be more relevant to you. You need to augment your accounting experience with something more business-related, not finance.

But that doesn't mean you won't be considered as a candidate if you pursue the master of financial planning, of course.

Also, consider applying without doing any extra studies. If it works out, you will have saved precious time and money.

Good luck!
Nick

(edited)

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Ian
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replied on Jan 03, 2024
#1 BCG coach | MBB | Tier 2 | Digital, Tech, Platinion | 100% personal success rate (8/8) | 95% candidate success rate

Hi there,

I currently live in Australia and run workshops for universities like University of Queensland. 

Where are you thinking of getting the degree? The ranking does matter.

Ultimately, please remember that MBA is the most direct path to management consulting and that Financial Planning master's PLUS your existing accountancy degree is basically make you look like an applicant for PwC/EY in their accounting division NOT their strategy consulting division.

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Francesco gave the best answer

Francesco

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