Simply put, you wonât get offered a job that isnât also offered to someone in the 2-2.5 year window. Click here to download our free 2020 salary report, Register for free to view and apply to jobs, for insider advice & networking/industry events. Consulting Exit Opportunities: 28% of Management Consultants Pursue Finance Private equity. Learn about lots of different industries & functions; Work with/for some really smart and senior people; Which pays best, staying in consulting or leaving? Management consulting can be a rewarding career, but at some point you may feel like itâs time to move on. If this sounds more like what youâre looking for, ask HR or your project staffing representatives to see if your organization offers this sort of program. There are many excellent reasons to stay in consulting but for most people, it has been designed as a transition career. 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. Moving from Industry into Management Consulting. This gives you the chance to build a lifelong network that can help you reach powerful heights. They have a great time and love their work. Apart from the fact that organisations face losing a talented and highly skilled portion of their workforce if women cannot be retained in management consultancy careers, there is a strong business case for offering a diverse … 4. Review the Skills You Need to Improve. When a consultant leaves on bad terms, what type of things can happen to them career-wise. 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. Reasons Why Consultants Leave Better Hours. For corporates across the globe, consultants that work in the top of the strategy consulting world are an in-demand commodity. Consider it if: You enjoy your work as a consultant but are looking for a lifestyle change... 3. Throwaway here. Plenty of people thought it was crazy. This option comes with a number of benefits, particularly if you enjoy the work you already do. The early firms were started by university professors. In fact, itâs 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. Remarking on the matter, Gille explained, “We focus on identifying the drivers and reasons why a consultant wants to leave the consulting industry, but we help them realise the differences between consulting firms and type of assignments. Entering a corporate gig with a consulting background can often allow you to enter in at a higher level than you would be able to otherwise. Leaving a consulting job may not necessarily sever you from your current company. Iâve 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. Anyone in the management consulting industry knows that today’s firms face a host of business challenges, some age-old and some brand new. Nonprofits will often want your help in areas such as strategy development, international expansion or growth, or project management. Typically, the organizations hire you to work within the business strategy function, an internal consulting group, or a department that aligns best to your specific area of expertise (for example, HR). Did you know McKinsey, BCG and Bain alumni were paid 40% more at Director level than other consulting alumni?. Whether you’re in consulting or some other industry, I’m not a proponent of leaving a company on bad terms. 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. Consider it if: You’re looking to move up in your consulting firm—or transition to a completely new... 2. Why Leave Consulting? Disruptive technology, the rise of new business models and the pressures exerted by intense global competition are transforming the marketplace. Start by looking at the average consulting rates for your industry, or in other words, the market value of your specific service. PayScale just to get an idea of the averages in my line of work. After working with large corporations in the pursuit of profits, many consultants consider taking some time to work for a nonprofit or NGO. 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. Global manufacturing consulting firm Kearney says U.S. manufacturers are indeed leaving China. 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. The problem is most consultants do not have a strong background in anything else than being a generalist. Instead, what they want now is genuine industry expertise and the best way to develop that is by working for them. Are you paid fairly? If you're the equivalent of an EM you should consider leaving and looking for positions. What do they get from a 3ish year consultants that they canât get from a 2ish year one? As a consultant, you learn about many different industries and companies, along with the skills to run successful businesses, such as rapid problem solving and business analysis. This is just a summary of the sentiment we commonly pick up from the 1000s of employers who get in touch to use movemeon. Perhaps you want to really âownâ a product/P&L/business unit â stepping into more of a âdoingâ role than an advisory one. If you miss the 2-2.5 year window, it doesnât mean that youâre not going to get a good job outside of consulting. This is because consultants tend to work in a team environment with skilled and talented individuals who share the same passions as you. Only a small percentage of people both start and finish their career in the industry, and many consulting companies maintain strong alumni networks that can help you out when looking into the different paths and considering your options. Please donât take what I say now as complete gospel. It is not designed to make people who stay longer feel like they ought not to have! McKinsey, GS heavily recruit college students. I've been in consulting for just under 5 years straight out of undergrad. As a consultant, youâll likely spend your days working with clients at some of the top corporate firms in the country. 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 youâre used to. Make sure you stay staffed on projects that focus on … Whether youâre making the shift for lifestyle reasons, in pursuit of a life calling, or just because consulting wasnât the right fit for you, youâre in luck: There are a lot of potential opportunities on the horizon. It depends where you want to exit to. She enjoys travelling and has worked in both China and Colombia. 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. 1. After about 2 years, youâve probably developed all the transferable skills that theyâre after and that you went into consulting for. by Chip Camden in IT Consultant , in Project Management on April 1, 2013, 2:20 AM PST Chip … But that probably means doing about 5 years total in consulting so make sure youâre prepared to stay for that longer haul! Iâve had many friends exit consulting to join the Fortune 500 companies they consulted for (from Google to Shell Oil), often working directly with the client contacts they had established strong relationships with during their consulting engagements. They then step out â generally into âindustryâ, be that a global corporation or a new start-up â and lots (thousands of top-tier consultants worldwide) discover their next global, perm or freelance opportunity having become a movemeon member. When I was retooling my rates last year, I used a compensation database e.g. "By 2020, non-fiduciary advisors -- i.e., brokers -- … Rack up some air miles on business travel and gain hotel points, etc, etc. Youâre affordable. Perhaps youâre fed up with the long hours & travel. 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. Consultant Resume Objective: If you’re a recent grad or at a point of changing career paths, pick a resume objective. As a consultant you’ll work in a challenging and very stressful environment. The forces driving change are many and various. At the more junior levels, consulting salaries generally ramp up faster than industry salaries. Whatever it is you want to do after you move out of your current role, thereâs a way you can use the skills youâve learned on the job to make it happen. The industry then catches up from Manager onwards, particularly thanks to share schemes. Just remember: Independent consultants rely primarily on their relationships to secure work, so in order to make this move, ensure you have a strong network of individuals who both need and can afford your services. 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. And that summary is that the perfect time to leave is between 21 and 30 months â or more readily stated as just less than 2 years up to 2.5 years or so. If youâre thinking youâll ultimately stay in consulting, getting more education can help secure you higher pay, a specialization, or a promotion within your company. Long work hours, demanding bosses and clients, and constant deadlines and inquiries from clients can add up to high workplace stress. Moving On: 5 Smart Consulting Exit Options 1. Consider it if: You have a stellar business idea or want a chance to work in an industry very different from your own. As you can see, one of the biggest benefits of consulting is that it gives you options. And thereâs absolutely nothing wrong with that. Also, thereâs nothing to say that you wouldnât 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). 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. Youâd probably have to come in, with a view to / understanding that youâll be promoted quickly. When I was in high school and college I worked as a waiter in a few restaurants. This makes it hard to work at companies where you need to have specialized industrial knowledge. click here for further information or to get in touch. So if youâve just been promoted to Manager, right now is a good time to be looking (and if you did an MBA, youâre probably in the 2-2.5 year window anyway). 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 … Marketing consultants are considered as an industry expert. Iâve 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. Consider it if: You enjoy your work as a consultant but are looking for a lifestyle change (like better hours or flexibility). Heading back to grad school is a common exit strategy for those within consulting, especially if you started a consulting gig straight out of undergrad. Either way, youâve decided youâre not sticking around forever. Any tips for our members thinking about moving on from consulting? 2. Register for free to view and apply to jobs, for insider advice & networking/industry events. If youâre 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. You might be looking for the perfect opportunity right through that window. Click here to download our free 2020 salary report. Have you ever thought about a career in Management Consulting? She graduated from the University of Calgary with a Bachelor of Commerce in 2011 where her courses focused on Entrepreneurship and Innovation. 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. Register for free to view and apply to jobs, for insider advice & networking/industry events. 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. How I left my consulting career behind and broke into tech Photo courtesy of Pexels. Consider it if: Youâre looking to move up in your consulting firmâor transition to a completely new career or industry. 4 invaluable lessons from moving out of consulting. So, if youâve been in consulting for 3-4 years â say to Senior Associate to Junior Manager level â your expectations on salary will be beyond the worth that industry puts on you (thanks to points 1 and 2 above). If your ultimate desire is to gain experience and leave for a job in industry, then stay focused. Mergers and Inquisitions briefly covers this topic in its private equity recruiting post. “The ratio of senior, middle and junior consultants (leverage) differs … Yes, you may have gained managerial experience in consulting. It is designed to help those people who get in touch with us having made the decision not to stay. 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. If youâre contemplating your next move, check out some ideas that will make the most of your experience and skills within the field, while still giving you a change of pace. Continuing education. In the event that you donât 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. Also, if you are hiring for your team, click here for further information or to get in touch. Consultant Resume Summary: If you have relevant experience in consulting, go for a resume summary. Top-tier consulting skills are in high demand and allow you to put your skills to use while providing significant value to these organizations. Many consultancy firms have placement services set up to help consultants wanting to … This firm originally specialized in technical research, but later became a general Management Consultancy. One that gives you the turbo-boost you need early in your post-college or post-MBA career. But realistically, because you are not an expert in the detail of their business/industry, employers canât credibly employ you to step in and manage teams in their business. Leaving consulting for industry - who has done it and what was the catalyst for moving? However, the salary is just under 50% more than what I'm getting now. There is no golden rule or silver bullet so you shouldnât feel like youâve got it wrong if youâre not following the path below. At the more junior levels, consulting salaries generally ramp up faster than industry salaries. Motivations for leaving the consulting profession can be broadly divided into five categories: Remuneration, working hours, travel … There will be plenty of people whoâve left consulting at different points to the ones I reason below and gone on to be hugely successful. If you like the idea of being an industry insider, then working as a consultant is a major step toward that goal. Be honest with yourself around what you need and want, and look for a manager who can teach and inspire you to achieve that. The caveat: If what youâre itching to escape from your current gig is the work itself, moving into corporate probably isnât the right decision for you. 1. Three months ago, I moved to San Francisco — one of the most expensive cities on Earth — with no job, no housing, and barely any money. Consider it if: Youâre looking for renewed meaning in your work. Specifically, our survey data revealed a … After all, youâll be hired for your consulting skillsâand be expected to keep doing them for years to come. The first management consulting firm was named Arthur D. Little, after the founding MIT professor, in the late 1890s. It provides a short overview of your consultant work history and underlines your skills and competencies. Many firms will pay for your MBA in exchange for a guaranteed number of years of service following graduation, which is a great perk to take advantage of if you like your current gig. Consider it if: You enjoy the work that you do but want more control over the projects you take and your lifestyle. (Some examples of successful startups created by ex-consultants include Udemy, Match.com, and even The Muse!). 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!). Choose your manager well – make sure they are someone you want to learn from, and someone who is willing to teach you. That way you can more credibly move into a Manager level role in that industry and the greater responsibility & salary that comes with it. At Movemeon, we connect (ex) consultants and freelancers with job opportunities, advice & events. Also, if you are hiring for your team, click here for further information or to get in touch. Particularly if youâve been managing for 6-12 months. So employers see diminishing returns for staying in consulting longer. Currently on track to hit Manager. Johnson is hardly alone - with some industry experts taking a sharper tone, at least concerning some financial services professionals. While consulting firms say they are pro work-life balance, the truth is consultants tend to be workaholic,... Less Pressure in Work Environment. 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. If the average business consultant charges and receives $100 per hour, than the “market rate” is likely between $50 to $150 per hour. 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. Inappropriate leverage model. Get Educated. Consultants’ self-reported full-time equivalent salary information indicated that women are more fairly compensated once they go independent. Leaving consulting for full-time employment. Hedge funds. 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. Our recent report, The Transition to Industry, analysing the decision-making and post transition perspectives behind consultants’ career trajectories, revealed that salary is not the strongest motivating factor for professionals looking to transition from consulting to industry. All together, this is a great foundation for starting a business of your own. A while later youâre looking up towards the more senior roles and thinking âthatâs not for meâ. It does probably mean that youâll need to adjust your expectations down in terms of salary and responsibility. At this point, Iâd like to say that loads of people love consulting and stay in the industry for a long time â perhaps their whole career. You must have an ample awareness of business and commercial changes in their industry. Entrepreneurship is a very common exit path for those in the beginning stages of their career. If you decide to stay for longer as a Manager, itâs better to do a couple of years and really focus on an industry and/or a function (pricing, sales, supply chain etc). This path allows you the flexibility of owning your own business, but also keeps you in the consulting industry. Been offered a role in industry at the same level I'm at now. And once they see how stellar you are, you will likely get a number of job offersâmany are eager to hire ex-consultants into their organizations. Also, depending on the company you join, youâll likely enjoy a more 9-to-5 lifestyle (as oppose to the 9-to-when the work gets done hours of consulting). Constantly changing projects require that consultants stay up to date on industry trends, information technology, and other resources. Consulting as a strong foundation. The shortlisting stage is a crucial par... Movemeon's pandemic response, âConsul... Would love your thoughts, please comment. As mentioned earlier, some individuals with a consulting … Like private equity recruiting, consultants can break into the … But also keep in mind: If you donât yet have a business idea you love (or you want a slightly more secure path), joining an established startup can be a smart choice. Office Protocol Consulting; Office protocol consultants provide the right advice to clients regarding in-house employee disputes and also provide employee training. Different people within an industry will perceive the market rate to be higher or lower based on their personal experience. The industry then catches up from Manager onwards, particularly thanks to share schemes. As that example hopefully demonstrated, market rate is not an exact science. Join the Corporate World. 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. 15% off Career Coaching | Use code CYBER15 through Dec 13th |. In fact, leaving consulting is often seen as a positive and natural progression of your career. Here's the evidence. Database e.g decision not to have specialized industrial knowledge talented individuals who share the same level I 'm at.. 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