Meaning of "Industry"

Question

Hi. I have a rather trivial question on one of the many post-MBA career paths. To the people responding to this, I thank for your patience in answering to what must surely seem as a silly little query.

Different B-schools seem to be good at different post-MBA career paths (for example, LBS at Finance or INSEAD at consulting, etc). Doesn't each of either Finance, Technology, Healthcare or Consulting, etc imply an individual industry in itself? So what does it mean when they say that a B-school is good in 'Industry'? Which Industry do they mean?

Thanks in advance to the responders.

Posted from my mobile device

Admissionado · Answer

Vivor :

An industry can be a sector, field or, in some cases, a function. Consulting and finance are functional industries just like law and medicine would be industries that provide a service, usually to a client of some sort. Companies in finance, consulting, etc. serve many sub-sectors and end markets but are built on specific functional capabilities such as providing strategic advice, providing due diligence, assisting in M&A transactions or raising capital.

That being said, many times in MBA programs there is a colloquial difference between consulting/finance/etc. and "industry." Industry in that case tends to mean a specific sector such as healthcare, consumer & retail, energy, tech, etc. and that you are going to work for a company that specifically operates in that sector. In other words, you are going to a company in a sector that consulting/finance/etc. people serve.

It's an interesting question and one that I'm sure many here would be happy to debate.

Vivor · Answer

Thank you for your response  Admissionado  . I still, however, am not completely clear on this.

In the many forums here discussing school decisions, I have come across replies stating that schools such as IMD or IESE might not be very good in Finance or Consulting, but they're very good in Industry (apparently, especially IMD). My query is regarding that sense of the word.

I realise that you have already explained the colloquial use of the term "industry", but when they say that IMD is good in Industry, which specific industries do they mean? They can't mean that IMD is good in every single industry served by finance/consulting etc, can they?

I apologise in advance if I have been misunderstanding this by overlooking something obvious. Thanks.

Posted from my mobile device

Admissionado · Answer

Vivor :

Can you share a link or a screenshot of how specifically IMD mentions they are good in "Industry?" My guess is that they are using "Industry" and Corporate/General Management somewhat interchangeably. In other words, they are saying we prepare our students to be good managers, professionals, executives, etc. across sectors. While there isn't a one-size-fits-all approach to management, the philosophy is that you can train your graduates to be prepared to be the best to handle many situations independent of the end market.

Have you attended any information sessions or talked to any alumni/students at IMD? They would be the best way to clarify with people intimately familiar with this description.

Vivor · Answer

Thank you  Admissionado  for your prompt response. 
I have attached a screenshot from one of the relevant threads ( https://gmatclub.com/forum/meaning-of-industry-378407.html?fl=notifications#p2936183 )

Posted from my mobile device

Admissionado · Answer

Vivor :

Thanks for sharing. That screenshot looks like it is anything but a post from someone unofficial, so I wouldn't put much stock in it at all. The term "industry" seems to represent exactly what I have suggested in my earlier posts in this thread.

Good luck!

3Storms · Answer

This a pretty common topic when considering MBA programs.

It's likely what they mean is these programs don't have great reach or placements into Consulting (McKinsey, Bain etc) and Finance (Investment Banking, Private Equity, Venture Capital) but do have great reach and placement opportunities into corporate jobs (Fortune 500 etc.). So if you're interested in working for big tech or other companies then those schools would be good but not as much if you're looking to be a consultant, banker or financier.

Meaning of "Industry"

Prep Toolkit

Top 5 GMAT Debrief Videos

615 to 715 in 15 Days (Ria's Strategies)

More than Quant/Verbal Abilities: Speed vs. Accuracy

745 with Only Self-Prep and GMAT Club

From 555 to 765: 210-point Improvement

Perfect 805 Score Debrief by Julia

My Rewards