One of the most mentioned career paths after graduating from Harvard is consulting. It is one of the few industries, apart from investment banking, that is a stereotype for every graduating class, and people start preparing for it from freshman year through joining multiple consulting clubs on campus. But what is it about consulting that gives it such a great appeal to students coming from every possible field of study, and what causes other students to pursue different career paths?
This article will shed some light on the pros and cons of a career in consulting from the perspective of a Harvard undergraduate student.
Pros
1. Exit Opportunities
There is almost no industry that offers as many exit opportunities as consulting. Since in most consulting companies you will work on cases across multiple industries, you will get a chance to develop an awareness of those industries. This will not only allow you to know which industry you want to work in after some years in consulting but will also give you an advantage when applying for positions within that industry, especially if you have had a previous case with one of the companies within that industry. Another advantage is that the skills gained during a career in consulting are applicable to numerous industries, which will make switching careers even easier.
2. Ambiguous Background
Since consulting encompasses arguably every industry out there, most companies don’t look for one specific background from applicants. For example, if you want to pursue a career in finance, the ideal candidate would have a degree in economics or extensive background in finance. For consulting, the ideal candidate could be someone who studied history, philosophy, engineering, or any other field, since the amount of cases a company gets are usually so broad that they actually prefer to have a higher amount of diversity within each team, as each member specializes and contributes to the team through their unique backgrounds.
3. Compensation
Probably the first reason that comes to mind for many who want to start or even continue their career in consulting is compensation. It is no secret that consulting companies offer high salaries to their employees. Some online estimates suggest that the starting salary at one of the top companies is higher than $100,000 annually, which is in line with other very high earning industries such as finance. While this is at the high end of estimates, a starting salary at most consulting companies would be around $65,000. Apart from great compensation, some companies will also allow pay for their employees to attend business school, which would be worth the equivalent of around $150,000 in bonuses.
Cons
1. Working Hours
As one of the most lucrative careers immediately out of college or business school, you are expected to work a lot, even if you just recently joined the company and don’t have a lot of experience. It is not uncommon to work upwards of 60 hours each week, and this does not take into consideration all the travel involved. Since it is also a client-facing position, you are expected to work overtime and be on call in case last minute edits are needed.
2. Work Environment
For some people a work environment which emphasizes teamwork and a lot of responsibility from the start is preferred, and that is almost the exact case for consulting. You might have the opportunity to work for C-suite executives at Fortune 500 companies immediately after you graduate, therefore a lot of pressure is implied in the job description. Furthermore, all cases involve a team made up of people with different levels of experience, so teamwork is a highly valuable skill to have. If you are the type of person who wants to work alone and don’t perform well under pressure, then consulting probably isn’t your best career choice.
To conclude, consulting is a highly sought-after career for many students at Harvard. Its high compensation, ambiguous background for desired applicants and unparalleled exit opportunities offer a great outcome for the majority of graduates. That being said, one must also take into consideration the desired work-life balance and kind of work environment they would like to see themselves in before deciding to pursue a career in consulting.
Drin Krasniqi is a junior student at Harvard studying Economics and Computer Science. He is a member of one of the most prestigious student groups at Harvard, Consulting on Business & the Environment, where he has worked for businesses worth over $120 billion.
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