You can absolutely get an academic job from 40-50 ranking if your research is excellent (published and cited in high rank journals), your teaching experiences show you are a good or improving teacher, and your grades are high. Stalk aeesp.com for jobs.
If you want to be a consultant, don't bother getting a PhD. From what I have experienced, they actually prefer MS students. Some really prestigiuos consulting firms have special hiring sessiosn for PhD and postdocs, but those are really competative and you tend to need consulting and economic backgrounds on top of your PhD. Industrial jobs are good with or without PhDs. National lab jobs are better with a PhD (but tons of MS scientists there as well).
I just finished my PhD, and I chose to take a post-doc at a national lab.