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For a branding firm? No, not really. Say you want to go to a SuperUnion or an Interbrand... MBAs are not typical there.
Now if you want to get to more "hardcore" innovation consulting or design consultancies (no, not the agency shops, but the real ones), even then work experience seems to be more important unless they're looking to hire a business Strategist (which you aren't, without an MBA). I'm thinking of places like Frog, Fahrenheit212 etc.
Last type of firm is top T1/T2 consultancies/boutiques with design capabilities (BCG Digital, McKinsey Design, ADAPT@Bain, Deloitte Digital, Accenture etc.) - an MBA would be more of an asset there. Boutiquws in my mind would be Prophet, Lippincott, maybe Ogilvy Consulting to a lesser extent.
But generally, I'd only recommend an MBA if you can't get meaningful work experience by jumping elsewhere. Just be careful. Most agency shops won't give you the legit business training and exposure you need to consult at the highest level. Working for a higher tier consultancy can help fix that somewhat.
Glad it helped @OP.
A few other callouts..
Only go for an MBA at a top 15 school or a design-centered MBA at a top design school (e.g. California College of Arts). A lower ranked institution will not do much for you. And you need to land into a better position with a bump in salary to start paying it back.
Look up people performing the roles you seek at the firms you want to target. That will help you better understand the types of shops they worked at before landing at a frog/F212 etc.
If you can't jump directly into these firms, think about step-wise shifts to other firms that will give you more meaningful experience to eventually get there.
I’m pursuing an MBA to pivot to innovation consulting (IDEO, frog, Prophet, etc)
Makes a lot of sense. I definitely see the merit of an MBA in preparing you for more complex business problems.
You and PS1 have given me a lot of good food for thought so I’m going to have to weigh the opportunity cost and figure out what works best for my situation.
Appreciate the response!