Gprabhumir wrote:
Is working for a Family Business considered better over a consulting job? How are the two individually treated?
Gprabhumir Very interesting question! I am going to share some candid thoughts (apologise for the long answer but think this will give some perspective). You may want to consider these points for either experience when presenting your case in a B-school application.
Consulting -Consulting jobs, especially management consulting jobs, are top-tier feeders for MBA programs due to the variety of projects, which give candidates ample opportunities to engage with diverse stakeholders and clients. There is a general perception that consulting candidates possess great interpersonal skills and more relevant business management skills required in post-MBA careers.
Challenges: Adcoms see a lot of potential in consulting candidates (and we can understand why). However, there are certain areas where they will be challenged, such as demonstrating tangible impact and the ability to implement strategies on the ground. Consulting applicants may face tough questions in interviews from alumni interviewers who may be biased by the notion that consultants rarely have experience in implementing solutions rather than selling them. With the increase in pre-MBA consulting opportunities, B-schools have become somewhat selective about what really makes a strong candidate among pre-MBA consultants.
Winning applicants will show sectoral expertise, specialized skills, and examples of leadership and execution.Family Business- Most B-School applicants with a family background underestimate the depth of experience they have gained. One aspect that is highly valued by both business schools and recruiters is hands-on experience in directly managing various important projects (if you come from a family business, you should have had this experience). If you were involved in family business, think about the contributions you have made and focus on the key success metrics that you
have independently led. Candidates who have experience running a family business can offer a unique perspective, as they have experienced first-hand the impact of decisions that are aligned with specific goals. As a member of a new generation in the family business, you can illustrate your case with examples that highlight your fresh and unconventional approach to the business. This will set you apart from the traditional norms that family business management adheres to and motivate you to pursue an MBA now.
Challenges : It can be hard for family business candidates to convince adcoms of their true potential because many of the achievements in the application are easy to fabricate. The adcoms will thoroughly judge your employability if you are planning to switch to the corporate sector post-MBA. This is why B-school adcoms are more hesitant to admit family business candidates unless they can really prove themselves or they come from very influential families (B-schools love association with wards of business magnate families). If they feel you may not be a good fit for the flagship program, many B-schools will ask you to explore dedicated management programs for family business candidates.