One of the most rewarding aspects of pursuing an international MBA degree is paving a lucrative career path. But the real key is to ensure that the path you choose isn’t just successful; it should also seem fulfilling.
A career in consulting offers the everyday thrill of tackling complex problems across various industries. At the same time, finance is more appealing to those who derive energy from strategies, markets, and making key decisions on the big picture.
According to data from the 2024 batch of McGill University’s MBA, around 41% of the graduates entered Consulting roles, while only 14% chose Finance.
This blog highlights some of the prominent differences between consulting and finance roles, and helps you determine the most suitable option for your long-term growth after an MBA in Canada.
Consulting vs Finance Careers in Canada After an MBA: A Clear Career Comparison
One of the most prominent distinctions between the two professional paths after an MBA is that a consulting career focuses on finding innovative solutions to complex business problems, utilizing effective communication and analytical skills to drive results. A finance career, on the other hand, is more involved in building the comfort level of professionals with numbers and developing their overall financial acumen.
| Parameters | Consulting Career After MBA | Finance Career After MBA |
| Core Roles | Management Consultants | Roles in the fields of corporate finance, private equity, and investment banking |
| Average Salaries in Canada | CAD 75,000 – CAD 112,000 per annum (approx) | CAD 66,000 – CAD 108,000 per annum (approx) |
| Industry Demand | Demand in Management Consulting & Technology Consulting | High demand for specialized roles like Investment Bankers and Financial Planning and Analysis Managers |
| Required Skills | Problem-solving, strategic thinking, analysis, and communication | Analytical ability, financial acumen, and strong aptitude for working with numbers |
| Work-Life Balance | Requires more travel and client interactions | May require very long working hours |
1. Core Roles & Responsibilities
Professionals working in Consulting jobs after an online MBA in Canada have the following primary roles and responsibilities:
- To design and execute strategies for improving the growth, efficiency, and profitability of a business enterprise.
- To drive change management, lead project teams, and achieve measurable results.
Those working in finance jobs have a different set of responsibilities, which include:
- Managing mergers and acquisitions of the business.
- Designing budgets after forecasting the company’s performance.
2. Average Salaries & Compensation Packages in Canada
The average annual salary of online MBA graduates in Canada in the field of consulting is estimated to be in the range of CAD 75,000 to CAD 112,000 per annum (approximately).
- The Consulting salary of entry-level graduates in the field may be lower than that of senior-level employees.Â
- Graduates working in top-tier consultancies are likely to earn more than their counterparts in other firms.
- The annual Finance salary after an online MBA in Canada is estimated to be between CAD 66,000 and CAD 108,000 per annum (approximately).Â
3. Industry Demand & Growth Opportunities
Employers across various industries in Canada are actively seeking consultants to provide expert guidance and advice on optimising costs, mitigating the direct impact of inflation, and maintaining sustainable practices.
The same holds for the finance industry as well. A strong demand persists in the sector for skilled managers, preferably with an MBA qualification:
- They are versed in the areas of data analytics, financial systems, and digital workflows.
- Some of the core positions in demand include those for Directors of Finance, Financial Managers, and Tax Managers, among others.
What to Consider Before Choosing Consulting or Finance After Your MBA in Canada
Whether you choose the Consulting or Finance career path after an online MBA depends on your interests, strengths, and career aspirations.
- Work-life balance: This is one of the primary considerations for most MBA graduates in Canada. While achieving an ideal balance may be challenging, it is equally important to set aside some personal time for personal reflection and rejuvenation.Â
A career in Consulting may require extensive travel and long hours of work. Finance jobs offer better job stability, but not without high work pressure.
- Skills and career interest: Each career path requires a specific set of skills. Consulting roles often require effective client management, problem-solving skills, and the ability to adapt to diverse situations.Â
Finance roles, on the other hand, require more quantitative skills, strong analytical capabilities, and expertise in the latest market trends.
- Long-term career growth: It is best to choose a path that promises rewarding career growth in the future. Consulting roles offer professionals diverse exposure across various industries. They often unlock opportunities for leadership.Â
Professionals in the finance domain can look forward to high-paying roles in banking, investment, asset management, and more.
Also Read: Highest-Paying Jobs in the Commerce Field for Canadian Graduates.Â
Explore upGrad MBA Programs that Open Doors to Both Consulting and Finance Careers
You can now pursue an MBA degree from the comfort of your own home, which equips you with industry-desirable skills in both Consulting and Finance.
upGrad, one of the most popular digital learning platforms globally, offers a wide range of learning and skills that make you proficient in applying for roles in both the Consulting and Finance domains after graduation.
Some of the top online MBA programs offered on the upGrad platform by top international universities include:
- Master of Business Administration from Golden Gate University
- Master of Business Administration program from Liverpool Business School
- MBA Program from O.P. Jindal Global University
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FAQs on Consulting vs. Finance Careers After an MBA
A career in Consulting generally focuses on finding innovative solutions to complex business problems across varied industries. The Finance career path, on the other hand, is more numbers-driven and requires financial modeling, transactions, and management within an organization.
Both career paths are rewarding in their own ways. The degree of a career’s profitability depends on the specific role undertaken. Some consulting jobs may be high-paying, while specialized roles in finance, such as investment banking, may be even higher-paying.
Yes, a career in Consulting may be more challenging to secure for MBA graduates in Canada than roles in Finance. This is generally attributed to the highly competitive nature of Consulting firms in the country.
It may not be accurate to generalize that professionals in finance have longer working hours than consultants. Both fields generally involve high pressure, demanding working hours, and tight deadlines.
Consulting roles are generally known to offer a better work-life balance to professionals than finance. Specific fields, such as investment banking, often involve long and demanding working hours, as well as excessive travel.
