I am often contacted by people that are looking to get into management consulting. There are many reasons (confirming evidence) cited for going into the profession, some of which include exciting work, the potential for high earnings, and tremendous business experience.
But there are a number of overlooked reasons for not going into the profession. It is important to look at disconfirming evidence too – if one only looks for reasons to go into the profession, one overlook some important factors.
Some reasons for not going into consulting:
- Without active career management, consultants are susceptible to becoming obsolete by lack of direct operating experience or subject matter expertise.
- Entry- to mid-level consultants often lack a direct ability to control their futures in terms of getting assigned to projects.
- Travel can take a toll on life, and consultants are more susceptible to having transient relationships (both personally and professionally). Some firms are known (through the grapevine) for having high divorce rates at the partner-level.
- Consulting can create high stress along multiple dimensions. Stress affects one’s health, and it would not be unusual for a consultant, at some point in his/her career, to feel as if the world is caving in.
- It is not unusual to run into persons at client sites that dislike consultants tremendously no matter what good work the consultant has done, who the consultant is, or how nice the consultant is.
- High earnings associated with consulting "nirvana" (for lack of a better word) can tempt one to make future professional career choices only in material terms (e.g., money and prestige of position).
I’m sure there are many other items (six off the top of my head seemed like enough). Please feel free to add to the list by commenting below.
All said, if one takes a rational look at the upsides and downsides to consulting, one can make a better informed decision about a career choice in consulting. If one is fortunate enough to get an opportunity to go into consulting, I would suggest actively managing the potential downsides or creatively turning them into an advantage.
Terrific post, Steve. My comments:
1. I agree that this should be #1. In rapidly-changing industries, it’s very easy to become dated. When you’re trying to serve clients who are up-to-date, you are expected to be as current as they are.
2. Agreed. You need to beg and plead to get the top projects.
3 and 4. Agreed. I’ve unfortunately witnessed this.
5. Absolutely true. There are places who will reject anything a consultant says or presents, regardless of the content.
6. True, but it is becoming easier to sacrifice income for lifestyle. I way easier in the sense that more firms are willing to hire work-at-home consultants on a permanent or per-project basis. It reduces stress, but also reduces income.
Thanks for the comments, Carlos.
Very interesting comment on #6. I had not really considered an increased willingness by firms to hire work-at-home consultants, but it seems like this could be true. On the one hand, there has definitely been an increase/rebound in consulting in the past few years. But on the other hand, I haven’t seen many advances in the ability of consultants to reach their intended prospects (and hence, close deals).
In retrospect on this post and with respct to item #6, I was probably also thinking that it becomes hard for people to step off the track of working with a larger consulting firm. Whether the bulk of numbers are there to back my belief, I have vivid recollections of (smart) people I know choosing money to the near exclusion of lifestyle in both the consulting and investment banking.
Steve,
First of all, good post! Most people see consulting profession through pink glass, and will most probably overlook your un-wish list!
However, I believe most of your points cover not just consulting, but any sales or research related job. I have been in market research for more than a year, I feel I face almost all the problems you mentioned. Except that, the people dislike me are creative guys at ad agencies of our clients!
Cheers!