Also, if you are hiring for your team, click here for further information or to get in touch. Despite all the personal and professional flavours out there, new research shows that, at the basic level, there are five reasons why consultants decide to leave consultancy to embark on adventure outside the industry. Moving from Industry into Management Consulting. Consider it if: You’re looking for renewed meaning in your work. Consider it if: You’re looking to move up in your consulting firm—or transition to a completely new... 2. Leaving a consulting job may not necessarily sever you from your current company. I've been in consulting for just under 5 years straight out of undergrad. And that summary is that the perfect time to leave is between 21 and 30 months – or more readily stated as just less than 2 years up to 2.5 years or so. When I was in high school and college I worked as a waiter in a few restaurants. Get Educated. Perhaps you’re fed up with the long hours & travel. As that example hopefully demonstrated, market rate is not an exact science. So employers see diminishing returns for staying in consulting longer. Reasons Why Consultants Leave Better Hours. This is because consultants tend to work in a team environment with skilled and talented individuals who share the same passions as you. Nonprofits will often want your help in areas such as strategy development, international expansion or growth, or project management. If you're the equivalent of an EM you should consider leaving and looking for positions. Simply put, you won’t get offered a job that isn’t also offered to someone in the 2-2.5 year window. Leaving consulting for full-time employment. Be honest with yourself around what you need and want, and look for a manager who can teach and inspire you to achieve that. It does probably mean that you’ll need to adjust your expectations down in terms of salary and responsibility. Working for a startup can allow you to use your expertise in new ways, help exciting companies reach new growth targets, and allow you to enjoy a company culture and lifestyle that is likely more relaxed and fun than what you’re used to. Particularly if you’ve been managing for 6-12 months. Specifically, our survey data revealed a … When I was retooling my rates last year, I used a compensation database e.g. Register for free to view and apply to jobs, for insider advice & networking/industry events. So if you’ve just been promoted to Manager, right now is a good time to be looking (and if you did an MBA, you’re probably in the 2-2.5 year window anyway). Consider it if: You’re looking to move up in your consulting firm—or transition to a completely new career or industry. A while later you’re looking up towards the more senior roles and thinking ‘that’s not for me’. This option comes with a number of benefits, particularly if you enjoy the work you already do. This path allows you the flexibility of owning your own business, but also keeps you in the consulting industry. It is not designed to make people who stay longer feel like they ought not to have! Join the Corporate World. Also, depending on the company you join, you’ll likely enjoy a more 9-to-5 lifestyle (as oppose to the 9-to-when the work gets done hours of consulting). Choose your manager well – make sure they are someone you want to learn from, and someone who is willing to teach you. When a consultant leaves on bad terms, what type of things can happen to them career-wise. click here for further information or to get in touch. As a consultant, you’ll likely spend your days working with clients at some of the top corporate firms in the country. As a consultant you’ll work in a challenging and very stressful environment. Also, there’s nothing to say that you wouldn’t have reached that level in the industry sooner, had you left consulting in the earlier window (depending on how good your new company is at promoting rising stars). There are many excellent reasons to stay in consulting but for most people, it has been designed as a transition career. 4 invaluable lessons from moving out of consulting. Entrepreneurship is a very common exit path for those in the beginning stages of their career. (Some examples of successful startups created by ex-consultants include Udemy, Match.com, and even The Muse!). Mergers and Inquisitions briefly covers this topic in its private equity recruiting post. But realistically, because you are not an expert in the detail of their business/industry, employers can’t credibly employ you to step in and manage teams in their business. If you decide to stay for longer as a Manager, it’s better to do a couple of years and really focus on an industry and/or a function (pricing, sales, supply chain etc). You might be looking for the perfect opportunity right through that window. But also keep in mind: If you don’t yet have a business idea you love (or you want a slightly more secure path), joining an established startup can be a smart choice. The problem is most consultants do not have a strong background in anything else than being a generalist. You will have more control over your hours, as well as make more money per hour than you would working for a larger firm that holds more overhead costs. Please don’t take what I say now as complete gospel. If you miss the 2-2.5 year window, it doesn’t mean that you’re not going to get a good job outside of consulting. At the more junior levels, consulting salaries generally ramp up faster than industry salaries. After working with large corporations in the pursuit of profits, many consultants consider taking some time to work for a nonprofit or NGO. In addition to the very good points that Anon makes, all of which are true, many people leave because it is what they intended all along. She enjoys travelling and has worked in both China and Colombia. Either way, you’ve decided you’re not sticking around forever. For some it is a career path that enables you to work with teams of very bright, motivated colleagues all the time, solving complex and interesting problems. Consulting Exit Opportunities: 28% of Management Consultants Pursue Finance Private equity. 4. Review the Skills You Need to Improve. The early firms were started by university professors. Instead, what they want now is genuine industry expertise and the best way to develop that is by working for them. Consider it if: You enjoy the work that you do but want more control over the projects you take and your lifestyle. In fact, leaving consulting is often seen as a positive and natural progression of your career. Industry exposure is often less important to our corporate clients that are hiring for their corporate strategy, corporate development, and business development organizations.. * * * If you’re interested in leaving consulting for a corporate role, we suggest you do a couple of things. She graduated from the University of Calgary with a Bachelor of Commerce in 2011 where her courses focused on Entrepreneurship and Innovation. For corporates across the globe, consultants that work in the top of the strategy consulting world are an in-demand commodity. Anyone in the management consulting industry knows that today’s firms face a host of business challenges, some age-old and some brand new. How I left my consulting career behind and broke into tech Photo courtesy of Pexels. If you’re contemplating leaving consulting we have a number of articles based on insight, stats, and advice that you can find below: At Movemeon, we connect (ex) consultants and freelancers with job opportunities, advice & events. At the more junior levels, consulting salaries generally ramp up faster than industry salaries. However, the salary is just under 50% more than what I'm getting now. It depends where you want to exit to. So, if you’ve been in consulting for 3-4 years – say to Senior Associate to Junior Manager level – your expectations on salary will be beyond the worth that industry puts on you (thanks to points 1 and 2 above). But that probably means doing about 5 years total in consulting so make sure you’re prepared to stay for that longer haul! You’d probably have to come in, with a view to / understanding that you’ll be promoted quickly. What do they get from a 3ish year consultants that they can’t get from a 2ish year one? 1. Whether you want to move into law, practice medicine, or pursue a finance-focused MBA to get a career on Wall Street, a new degree can help you leverage your consulting experience while providing specific skills to obtain a new career. Throwaway here. Consultants’ self-reported full-time equivalent salary information indicated that women are more fairly compensated once they go independent. In the event that you don’t want a permanent move, some consulting companies even offer pro-bono consulting services in-house or support sabbaticals for employees looking to give their time. In fact, it’s fantastic when people discover a career they enjoy and this scenario is true of a lot of my friends who started with me in consulting and are still there having made Partner. In general, the easy exit from a consulting firm is to a client that you’ve worked with, followed by an job in the industry in which you worked the most in while in consulting, and then broader opportunities — generally in that order. The report concluded that despite the many wide-ranging initiatives designed to resolve the problem of women leaving consulting jobs, the results continue to be disappointing. Click here to download our free 2020 salary report, Register for free to view and apply to jobs, for insider advice & networking/industry events. Alex Nuth is a Management Consultant at Accenture and has worked across a number of industries and functional areas helping clients solve some of their largest and most important challenges. At Movemeon, we connect (ex) consultants and freelancers with job opportunities, advice & events. Hedge funds. The first management consulting firm was named Arthur D. Little, after the founding MIT professor, in the late 1890s. If this sounds more like what you’re looking for, ask HR or your project staffing representatives to see if your organization offers this sort of program. I’ve had friends who have moved on to become everything from surgeons to lawyers, all using the strong client management and problem solving skills they gained as consultants. The forces driving change are many and various. Learn about lots of different industries & functions; Work with/for some really smart and senior people; Which pays best, staying in consulting or leaving? Here's the evidence. Moving On: 5 Smart Consulting Exit Options 1. Consultant Resume Summary: If you have relevant experience in consulting, go for a resume summary. Why Leave Consulting? "By 2020, non-fiduciary advisors -- i.e., brokers -- … Consider it if: You have a stellar business idea or want a chance to work in an industry very different from your own. You will also have significant credit when it comes to securing financial support in your business because of your experience advising other businesses (and hopefully some seed capital from saving all your year-end bonuses!). At this point, I’d like to say that loads of people love consulting and stay in the industry for a long time – perhaps their whole career. That way you can more credibly move into a Manager level role in that industry and the greater responsibility & salary that comes with it. Did you know McKinsey, BCG and Bain alumni were paid 40% more at Director level than other consulting alumni?. As much of an industry expert as you might think you are thanks to a couple of consulting projects, most consultants who move into industry say that it took them about 1 year to REALLY get to grips with all the detail of the industry and the business. If you developed a specific skill set during your time as a management consultant, such as large scale project management or change management, becoming an independent consultant can be a great option following your experience at a larger firm. There will be plenty of people who’ve left consulting at different points to the ones I reason below and gone on to be hugely successful. And once they see how stellar you are, you will likely get a number of job offers—many are eager to hire ex-consultants into their organizations. Any tips for our members thinking about moving on from consulting? Alternatively, if your time consulting has made you realize that your passions lie elsewhere, pursuing more education can be a smart way to make a career switch. Have you ever thought about a career in Management Consulting? This is just a summary of the sentiment we commonly pick up from the 1000s of employers who get in touch to use movemeon. While working for the federal government, we did not utilize the most cutting-edge technology or best practices — after all, the government often hires private sector consultants to modernize their legacy technology systems.. It’s very important to conduct research on what skills and tools you will need in order to survive in the private sector. Management Consulting began to develop shortly after the rise of management as a unique field of enterprise in the late 19th Century, along with the Industrial Revolution. McKinsey, GS heavily recruit college students. I’ve seen a number of ex-consultants from major firms move successfully onto independent projects where clients desire a truly unbiased opinion, agnostic of larger firms and sales targets. So, if you’ve been in consulting for 3-4 years – say to Senior Associate to Junior Manager level – your expectations on salary will be beyond the worth that industry puts on you (thanks to points 1 and 2 … Top-tier consulting skills are in high demand and allow you to put your skills to use while providing significant value to these organizations. If you like the idea of being an industry insider, then working as a consultant is a major step toward that goal. This gives you the chance to build a lifelong network that can help you reach powerful heights. The caveat: If what you’re itching to escape from your current gig is the work itself, moving into corporate probably isn’t the right decision for you. PayScale just to get an idea of the averages in my line of work. Also, if you are hiring for your team, click here for further information or to get in touch. Motivations for leaving the consulting profession can be broadly divided into five categories: Remuneration, working hours, travel … And there’s absolutely nothing wrong with that. It provides a short overview of your consultant work history and underlines your skills and competencies. Register for free to view and apply to jobs, for insider advice & networking/industry events. First, I just wanted to state that these are my own experiences and in no way is this meant to be an exhaustive account of life as an consultant as everyone is going to have different experiences. Constantly changing projects require that consultants stay up to date on industry trends, information technology, and other resources. Consider it if: You enjoy your work as a consultant but are looking for a lifestyle change... 3. Also, I am a software developer, all the consulting companies I have worked for have been U.S. based, I am not married and I have no kids, so my thoughts will come from those perspectives. 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