Any advice for someone transitioning from management consulting to UX?

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IBM also offers their entire Enterprise Design Thinking course for free right now.

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You could consider doing the UX design nano degree on Udacity. They offer one month (out of three) for free right now. That might be a good start.
From there you could decide where to specialize yourself and do even more upskilling e.g. in UI Design, User Research.
If you wanna do UX bc you want to be closer to users or products you might wanna look into product management topics, too? But that’s just an assumption of mine.

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Have a look at the general assembly UX course, I've known a lot of people change career that way and get hired afterwards.

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Do you want to become a designer? If so, you need to create a portfolio and probably get an internship or apprenticeship somewhere. I don’t know of many reputable companies that will just hire a UX designer with zero design experience and no design degree.

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You need to be more specific..

You are for sure going to need a portfolio. Even with a degree and years of experience, a portfolio is required to apply most of the time. Does your current consultancy/firm do any UX work?

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Is grad school a thing for UX Designers? (Masters in UX, MBA, etc) Or is it better to just build portfolio?

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