Pros and Cons

[M K]

Hi

 

I have discussed what working for management consulting companies would be like and the response i get is mixed. I get feedback like:

 

"It's a good place to start but they work you hard, for long hours and low pay for the first 5 years" OR

"Its good if you don;t mind being a slave for a couple of years" OR "Even though you already have consulting experience you would need to start at the very bottom again if start with companies like BCP etc."

 

I would like to get some feedback on what everyone thinks about the following questions:

- What are the advantages of working for such companies?

- What are the disadvantages of working for such companies?

- If you already have around 4 years experience in consulting (in a specific industry and not necessarily management consulting) do you really need to start at the bottom? If so what is the pay?

 

Thanks for your advice in advance

Regards

M

[Sally McKenzie]

Advantages

• Money - the pay is good, and especially in a world where many people are unemployed or just getting by.  Although, if you're already working in a consultancy then you need to consider your current position.  If you're in America, based on my own research (which is pretty limited and will not be totally accurate) a first year out undergrad could hope for around US$70K all inclusive, and a first year out MBA could hope for more than $160K all inclusive.
• Skills - you already have specific industry skills but consulting could help you pick up more high level strategic skills
• Network - Management consulting firms make a point of recruiting the best and brightest. As a result, if you work at a top management consulting firm you will be surrounded by smart and hard working people.  In my mind, this is a plus since you get to make smart friends and will be pushed to do your best.  The flip side is that the hours can be long and the pace of work can be incredibly difficult. Management consulting firms (unlike some other kinds of consulting) tend to work directly with the CEO and executives of a client, and so you can build a relationship with the people who count. 
• Branding - MBB have the strongest brand names, but they are by no means the only firms out there.  I have heard stories of Bain requiring a four year consultant from Deloitte to take a one or two year pay/title reduction in order to move from Deloitte.  If you're at the right management consulting firm, then the brand name has value which you can use later in your career or to help open other doors. 

Disadvantages

• the hours
• the stress
• the frustration/limitation of being able to give recommendations and not being able to implement or execute them

Starting at the Bottom

• I can't give you specifics, but if you at a lesser known consultancy and want to move to an MBB then be prepared to take a hit on pay and perhaps even a demotion. Money is not everything, but then again neither is prestige.  My suggestion is that if you feel it's a good opportunity and if it opens doors for you rather than closes them, then it's worth considering regardless of lower pay.  I obviously say this with no knowledge of your other life commitments, so you need to decide whether it makes sense for you based on everything you have going on for you right now. 

Helpful?

[Eric Yau]

M K, 

 

I was a management consultant in Sydney for a few years at a boutique firm. 

 

For many people (I would argue most), working in management consulting at a reputable firm during the early years of their career is a stepping stone job. It can provide the skills, connections, and branding needed to open new doors to new opportunities.

 

The work itself is high paced and the hours can be long, which suits some people, especially the kind of high achievers who are attracted to work in management consulting. Of the dozen or so friends who started with me in consulting, all have subsequently moved on to other things.