| Topic Name: |
Undergrad Major |
| Message Name: |
Back to Earth |
| Date Posted: |
02/05/2003 |
| In Reply To: |
I am thinking about doing an MBA and getting myself into a consulting firm. Part of this ambition is fueled by the salary charts I have seen for consultants at various positions on the internet (eg www.careers-in-finance.com). I figured if you worked hard and put in your time (7-10 years as it proclaims in these afore mentioned charts) you'll one day wake up a Partner/MD/Senior Head Honcho...and make the mid to high 6 figures (1-2 mill with bonuses).
This seems like a sweet deal and I wonder why everyone with a brain, above average work ethic, and a desire to make some dough isn't doing this (aside from being a dentist or a foreign med school trained doctor)? So my questions to all you consultants and possible future co-workers are listed below:
1. Are the salary charts true for the various levels at consulting firms?
2. If you work hard for 7-10 years will you become a head honcho? If not how many years does it take to get on the gravy train?
3. What if everyone at the Big-4 decided to become Partners at their respective firms today. If they all worked hard and stuck at it, would they all get there?
4. What are some of the forces (besides the obvious: layoffs, family issues, health, bad politics) that get people kicked out of these firms
5. What kind of positions do consultants get once they leave their firms?
I guess I am trying to get to the bottom of why people in my "dream companies" have reason to complain? If you get laid off, doesn't that firm's name on your resume still get you jobs any place in industry? Reading these boards makes me feel that not all of you are not exactly happy....
Anyways, I will post this message on other boards withing Vault to find out the answers. I really appreciate all of the respondants time and effort-you should know that many aspiring (money-loving like myself) consultants read these boards and would also appreciate candid remarks.
Good luck and best regards to all of you.
K Diggity |
| Message: |
Sorry if my comments will frustrate you, but you're still marveled by the old romantic view of consulting.
Things changed, buddy. Let me try to enlighten you.
Since you're doing your MBA, microeconomics classes are still fresh in your mind.
First of all, the consulting business model only works in growth periods. That is, when the pie gets bigger there's always the chance that someone else can get a piece of it.
Of course, during mature periods where consulting firms find it harder to sell large and profitable projects, people usually get stuck and eventually get sacked.
Now, you're on the right track when you wonder about Big-4 runner-ups. It's impossible for everybody to make partner, so they (1) increase the pyramid, with more ranks and titles such as Exp. Analyst, Exp. Consultant, Exp. Manager, Associate Partner; or (2) merge with a big tech firm such as PwC.
During the good old days, when they wanted to get you out they usually gave 12-month signs and a 6-month severance, and in the meantime, they helped you find a good placement with a prime or potential client. Nowadays, if you are a nice fellow who's doing an important research / project, they give you a 30-day notice and good luck in your job search.
I'd say there are many forces working against you, but the most important one is called chargeability or billable hours. If the office's average gets below 55%, they will start looking for anything that help tem find the "candidate". Depending on the firm, it can be your the sickday you took, the "lowsy" spreadsheet you built for a business case with no regularity in column-width, even the suit you wear that doesn't fit into the firm's standard.
Lastly, let's talk about future positions. The important thing is not get stuck in the middle, i.e., as a 3-year manager and 5-6 years in consulting. The market will see you as a consultant, a generalist who doesn't get into the troubled waters of implementing a recommendation you do. A good way to avoid that is to develop strong relationships with your clients; do not let youtself distant AS CONSULTANTS DO. By doing this, you can always find a spot to land, at least for a while.
If you're still interested, go on, but I'd consider other jobs. In any case, don't forget to read the signs. They will tell you whether is time to jump off the boat.
Good Luck
|
|
