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Exit opportunities are the opportunities for other career paths when a person leaves his or her current employer in consultancy. If you intend to pursue a career in management consulting , you might want to know one of the most interesting aspects of this industry is its exit opportunities, the life after consulting.
Despite the tempting six-digit figures salary, almost everybody quit management consulting at some point. Former management consultants have a wide range of high-paying, prestigious career path — including corporate management, banking and finance, public-sector work, NGOs, start-up, and independent consulting.
This is the result of their exposure to various industries and intense learning from handling high-level business problems. One note before proceeding: what I am about to say are broad generalizations.
The ranking of the options below is subjective based on my insights as a former McKinsey consultant. I am ranking these options by three criteria: assets, rewards, and challenges.
Corporate management is the most straight-forward and most common exit option for consultants. If you want to contribute your values to society instead of pursuing profits, working full-time for non-profit firms or NGOs is a potential choice. Many consultants apply their consulting experience to make a change in the world. Former consultants who want to make changes to their country or the society on the highest level may go for the public sector.
Many consultants have achieved high political roles after leaving consultancies. With all the experience from solving big, complicated business problems and industry experience, many consultants are confident enough to break into the realm of entrepreneurship.
Quitting large firms to become a freelance consultant is usually based on personal preference. You might want to work within a specific industry, functions rather than a broad consulting area. Or you might want to have more control over your personal life.
Either way, you can start your own consulting company or a boutique firm. The following lists consist of the best consulting firms in the US on exit opportunities. The firms are scored and ranked by Vault, using surveys of working consultants , who are allowed to rate only their firm. If you want to know more about the Top Consulting Firms , check out this article where I talk about the top companies to work for and rank them by different criteria.
Kick start your case interview practice with our Prospective Candidate Starter Pack Over 50 tips and tricks, a framework dictionary and an example from our premium Case Interview End-to-End Secrets Program. Read this comprehensive 7-step guide, from building Lost your password? Why Do Consultants Exit? Although the earnings depend on the locations and career choices, ex-consultants can typically earn percent more than their current salary.
The difficulty in maintaining work-life balance is one reason why consultants quit their jobs. With the long working hours, stressful environment , and frequent business travel , the pressure is sky-high. When the personal circumstances changed , for example, a new family that requires investing more time, leaving consulting is predictable. Other consultants leave consulting due to their personal preference. On one hand, consulting can be a great springboard for people to pursue their desired career path because it helps them train multiple skills.
On the other hand, consultants realize this industry is not suitable for them, and they can have promising opportunities elsewhere. As a consultant, you will work across many different sectors or functions, and in different industries. This diverse exposure helps you develop a sufficient skill set allowing you to excel in other professions.
The three most valuable skills that every consultant has acquired while working in consultancies are leadership , achieving , and problem-solving. These attributes are useful in both their career life and personal life. The prestige of the top consultancies also enhances the opportunities of a former consultant. Consulting firms have a rigorous recruitment process , so having passed such a process makes you a promising candidate.
However, smaller consultancies like boutique firms , which offer high-value, specialist advice on just one or a few related industries and functions, also emphasize your high level of expertise.
Last, ex-consultants have strong support from networking with C-level clients and the alumni community. First, by spending years working with senior executives at large companies, you have great opportunities to build relationships and show your talents.
Many CEOs want to hire consultants to join their teams due to their expertise and experience. Second, consultancies often have a large alumni network that can help ex-consultant after they leave the field. Many alumni land at top executive roles in different industries , so having these connections can give you distinguished advantages when pursuing post-consulting paths. What are the Exit Options after Consulting? Corporate management Corporate management is the most straight-forward and most common exit option for consultants.
Assets: Of all the options listed here, in terms of skills and qualifications, corporate management is the most in-sync with management consulting — as it is the exact kind of work consultants have been trained for and dealing with for years.
Due to the variety of functional expertise, industry knowledge, consulting experience, as well as the network with C-level clients you served in the past, entering large corporations in other industries is quite easy for you. The prestige of the consulting firms also makes you stand out from the pool of applicants.
Rewards: Although it depends on the companies you join, you usually have better work-life balance in the corporate world. Instead of a 9-to-whenever-the-work-is-finished , you might enjoy a 9-to-5 lifestyle.
Also, with your consulting background, you can even take on higher leadership roles within the firms that allow you to earn a higher income , sometimes up to a few times higher than consulting salary.
Ranking: 5. Assets: The most valuable asset consultants possess over their banker fellows is the people skills that help them land deals. Such skill sets, along with a strategic mindset developed after years in consultancies can strongly support them to excel in the financial world; having a strong alumni network is helpful, too — among the MBB firms, Bain is reputed to have the best alumni network in private equity due to the number of projects they conduct in this area.
Challenges: The most difficult obstacle for ex-consultants to break into the financial field is technical background. For example, specialized funds such as mezzanine debt require a solid finance background, so hedge funds or institutions will prefer investment bankers to consultants with the only exception in deals.
Ranking: 4. Non-profit organizations and NGOs If you want to contribute your values to society instead of pursuing profits, working full-time for non-profit firms or NGOs is a potential choice.
Assets: Undoubtedly, your comprehensive skill set from working in prestigious management consulting makes you a strong candidate. You are likely to have an advantage over other applicants without consulting experience due to the brand name of your former employers. Many ex-consultants achieved high positions in such firms, so the network is also your resource.
Rewards: Although the income is much lower than other options, you can have a better work-life balance with a less stressful workload in these organizations.
The impact your make is not solely focusing on the profit, but the value you contribute to the bigger community. Challenges: The problems tackled by NGOs tend to be more complex and have wide-ranging impacts than the closely-defined problems in corporate management. It often takes a while for former consultants to get used to these societal issues. Ranking: 3. Public sector Former consultants who want to make changes to their country or the society on the highest level may go for the public sector.
Assets : The ability to influence people and navigate politics should be the biggest asset of former consultants when working in the public sector. Rewards : Better work-life balance and a chance to make bigger impacts to the world. Challenges : Similar to NGOs — complex, multi-faceted problems with many conflicting interests but often on an even larger scale.
Start-up With all the experience from solving big, complicated business problems and industry experience, many consultants are confident enough to break into the realm of entrepreneurship. Assets: As mentioned, your consulting background and highly differentiated skills establish a great foundation for you to become a successful entrepreneur. In fact, there are many fruitful startups founded by ex-consultants like Udemy, Compass, Common Bond. You can use this network if you choose this direction.
Rewards: The most obvious benefit is you are free to pursue your passion. You might get to experience an open, flexible culture that is entirely different from the management consulting world. You also have more control over your personal life. Challenges : Most startups struggle with limited resources. Forget about the large support network and extensive sources , you must learn to cope with the frequent shortage of capital and manpower — and speaking from personal experience building this very platform, it does take some time to get used to.
Independent consulting Quitting large firms to become a freelance consultant is usually based on personal preference. Assets : Similar to when you found a start-up, consulting skill sets and background are your strengths.
And no matter where you go, the three core attributes of achieving, leadership, and problem-solving will surely be a useful toolbox. Rewards : Being independent allows you to maintain a more balanced lifestyle and the flexibility, freedom to control your workload, locations. Consultants can also keep on pursuing consulting.
Outstanding consultants might even earn more since they have power over their cash flow. Challenges : You need to develop the business without a large support network, resources, extensive materials that you get easier when you work for top firms.
Consultants depend primarily on their own network of clients, so the ability to form strong relationships and trust with potential clients is sufficient. Consulting 16 8. Related Articles. What is Management Consulting? Social Share. Career Path in Consulting. What Does a Consultant Do? Why Management Consulting? Why McKinsey? Why BCG? Why Bain? No products in the cart.
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Exit opportunities are the opportunities for other career paths when a person leaves his or her current employer in consultancy. If you intend to pursue a career in management consulting , you might want to know one of the most interesting aspects of this industry is its exit opportunities, the life after consulting. Despite the tempting six-digit figures salary, almost everybody quit management consulting at some point. Former management consultants have a wide range of high-paying, prestigious career path — including corporate management, banking and finance, public-sector work, NGOs, start-up, and independent consulting. This is the result of their exposure to various industries and intense learning from handling high-level business problems. One note before proceeding: what I am about to say are broad generalizations.
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It is the only living document, one that is constantly being a but most importantly, it's a document, their reps since you and your brand when you're not so having a beautiful, well formatted and thoughtful resume is the difference maker in getting an interview and an offer from your dream job or simply getting Hi, … Mckinsey Senior Software Engineer Interview I applied through Mckinsey careers and got a call from recruiter the next day, he updated me that interview process will be of four rounds I had a telephonic interview with one of the architects of the team, I was asked majorly on my resume, api design and few core concepts on the node front. Work History. Mckinsey Senior Software Engineer Interview I applied through Mckinsey careers and got a call from recruiter the next day, he updated me that interview process will be of four rounds I had a telephonic interview with one of the architects of the team, I was asked majorly on my resume, api design and few core concepts on the node front. Dikshit now awaits sentencing, Damian Williams, the U. Have a look and let us know what you think. Kevin P. Answer 1 of 7 : Very hard!
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Communication can make or break discussions and impact your confidence to get paid fairly. Apr 9, am. Negotiating during the Great Resignation. This has two important implications.
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