At about the 3-year mark after entering consulting most consultants who matriculated directly from undergrad begin to seriously consider their next steps. For prospective and current consultants alike, I want to highlight the reflections and career pathways taken by such consultants.
1. Stay in Consulting and Maybe Shoot for the Partner Track
In consulting, it is possible for someone to go from entry level to partner (essentially Executive level) at a major firm in as little as 8 years. That is an advanced speed in career progression unparalleled in most other industries. Given how there are so many new and interesting experiences possible within consulting, the adventurous and ambitious may very well find staying in consulting to be very appealing. Additionally, it is always easier to stay in a career that you know than taking chances pivoting to a new career. However, staying in consulting means committing more time to the consulting lifestyle with the intense hours, frequent travel, and other consulting stressors.
2. Go to Graduate School (MBA and Other Programs)
Many seek to hit the pause button and go to graduate school to get smarter and undergo a self-discovery of personal interests and career opportunities. Most commonly, the program considered is an MBA, but I have seen matriculants to law, policy, PhD, and all sorts of other programs. Most find some level of happiness in grad school if they take advantage of the opportunity for professional and personal introspection to drive their next career play. Consultants often find themselves eligible to admissions into the top tier graduate programs as they are sought after for their wealth of high intensity professional experiences. However, graduate school is expensive and takes a year or two away from earning a full-time income. Additionally, I have known some who have found their graduate school experience to be unfulfilling because they miss the high intensity challenges of consulting.
3. Pivot to Industry
Historically, pivoting to industry was the most popular exit pathway. It often means better hours and being assigned to a relatively stable team (as opposed to changing teams after each project), although the compensation may not be as bountiful. In terms of career planning, going to industry means taking a big step towards focusing one’s career in a focused industry area with a particular company. However, the adventure of pivoting projects among various industries is more easily done in consulting and becomes rather difficult after entering industry.
4. Pivot to Start-Ups
All it takes is a quick Google search to notice how many well-known companies globally were founded or led as start-ups by former consultants. Consulting naturally produces many business skills that are invaluable for making a start-up successful. However, the nature of start-ups makes them high risk-high reward. For every successful start-up that involved former consultants there is a graveyard of failed start-ups with major former consultant involvement. There is much however to be said about the learning and comradery that the start-up experience engenders. Many pivot to start-ups as much as for the adventure as for the potential for high rewards.
5. Pivot to Public Interest
Secretary/Mayor Pete Buttigieg brought a lot of public attention to himself for having pivoted from consulting (McKinsey) to local politics, which was highlighted as an interestingly unique career path. Former consultants in public office are nothing new (e.g. Senator/Governor Mitt Romney previously worked at BCG). What I have seen that is relatively new is how it is becoming increasingly common for consultants to pivot to public interest early in their career. I believe part of this is the heightened interest of some of the younger generations for making a public impact. I have also noticed how public interest organizations (e.g. government and non-profits) are increasingly more inclined to hire former consultants. Of course, not everyone who pivots into public interest becomes the next Buttigieg. Although the hours may be relatively relaxed, public interest can be immensely stressful in other ways and the compensation can be a significant reduction from consulting.
Bottom Line
The bottom line is that consulting is a great career start option for those coming out of undergrad. Whether someone chooses to pursue the partner track or pivot into other options, most consultants are starting from a very strong position. Of course, there are trade-offs and risks for every career trajectory option, and all needs to be considered carefully.
Hall Wang is a dual degree MBA and Master of Public Policy graduate from Georgetown University who has recently matriculated into a major management consulting firm. He has worked at America’s most innovative companies including Blue Origin and Facebook, as well as having done two combat deployments as a US Army Officer.
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