I recently published the counterpoint to this article, “10 Reasons You Should NOT Go Into Consulting.” Before reading this, go ahead and open that one up and either read it now or after you read this.
But let me share some thoughts on why going to be a consultant after business school may be the right option for you.
1. Exposure to Senior Business Leaders
Consultants are usually hired by senior executives at companies looking for help with a key problem. That leader, often in the C-Suite, brings on the consulting firm as they recognize they need an outside lens.
What that then means is you as a consultant may get a lot of time in a room with that executive and their team. You will get to see how people who may have in-depth knowledge of that industry and/or decades of business leadership experience think and act on problems in their business.
That’s an incredible opportunity and why a lot of companies seek to hire previous management consultants- because they got exposure to big business problems, and how to solve them, early. Consultants can be considered on a potential fast track to positions of greater authority in a company.
2. You Get To Work With High Caliber People
For good or bad, I heard a former consultant at a top firm refer to consultants as “achievement robots.”
It takes a highly driven person to willingly sign up to be on the road Monday-Thursday and stay up until 2 AM working on problems for another company. Consulting companies get to hire VERY smart and VERY ambitious people.
And it should be known that consulting firms are not just filled with MBAs. Your team may have a Ph.D. with subject matter expertise in that industry, or a former doctor who now works on healthcare problems, or a person who is just seemingly so smart there is no way the firm was going to NOT hire them.
Iron sharpens iron and you will get better working alongside people like this. It also creates a heckuva network for you to tap back into later in your business career.
3. The Brand Recognition is REAL
Odds are, most Harvard grads probably at least get invited to interview for most jobs they apply for. Why? Because they have “Harvard” on their resume. That tells an employer:
“Harvard, one of the most selective and elite institutions on the planet, accepted this person. There has to be something about them I should at least consider.”
Getting a job at a top consulting firm like McKinsey, Bain, or BCG has much the same effect.
4. The Network is Powerful
Being an alum from a top firm puts you in a powerful circle of people. Former consultants go on to be CEOs, lead departments in government, and start highly successful businesses.
The firms themselves are also known for working with current consultants ready to leave find new work and staying in touch with their former employees. Why? They know that can help get business for the firm in the future.
5. You Can Fast Forward Your Experience Gathering
One way to look at the long hours known in the consulting field is “ooph- that’s gonna hurt.”
Another way is to view it as an opportunity to learn A LOT.
You are going to work a ton as a consultant. You are going to have early mornings, late nights, and spend hours and hours working through difficult problems. That is a very intense forging experience for someone early in their career to come out the other end ready to apply all that experience to a new problem and be ahead of people who maybe had a more traditional 9-5 career.
6. You Get to Learn How to Think on Another Level
Consulting companies LOVE frameworks.
They love 2×2 squares, flow charts, and thought matrices.
On some level, this stuff can all seem like cringe business jargon.
But here is the thing- these frameworks were developed after working on HUNDREDS (if not thousands) of different business challenges. They are tools to help leaders assess risk and make good, timely decisions. The top firms have done this so much that you will walk away having a better ability to assess a problem and make a recommendation.
7. The Pay and Benefits are….GREAT
The average starting pay for consultants coming out of my alma mater last year was $190,000.
That’s insane for someone in their late 20s or early 30s.
Consultants at the top firms also get to live large. They fly first class, stay at 4 and 5-star hotels, get expenses reimbursed, and seemingly have a gazillion miles and hotel points. It’s a comfortable life for sure.
For a fresh MBA, consulting is routinely the most high-paying job you can expect to get right out of school.
8. It Can Be Helpful in Deciding What Really to Do
Here is what I hear from a lot of veterans I talk to:
“Listen, I don’t really know what I want to do. I just spent 8 years on active duty and don’t know my left foot from my right in the business world. I figure I can go into consulting, get the chance to gain exposure to several different industries and gain more insight into where I really want to go and spend time in my career.”
As I mentioned in my previous post, a lot of times I think this is just someone kicking the can down the road and being unwilling to do the work of looking inside themself to figure out what they really want to do.
But it may also be totally true for someone. Listen, spending 1-2 years at a consulting firm is, in the big scheme of life, not that much time. If you come out the back end with a focused direction that you now want to take your life, then I think that tradeoff is well worth it.
9. Consulting Might Really Be Your Calling
When we had our one-year MBA reunion, there was a theme my wife and I noticed after catching up with our friends from school:
Everyone who was a consultant hated it.
Well, except two people:
- My friend who works at a boutique healthcare consulting firm. He worked in that industry before business school and so had some experience of what he was getting into. His firm also has a fairly regional focus, so he does not have to travel like most consultants do. It is all a good balance for him.
- A classmate (Air Force veteran) who just LOVES consulting. She thoroughly enjoys the challenges, the lifestyle, and everything. She has the personality and makeup to just really like the industry.
This can happen. It might be what you really like to do and that’s awesome.
10. The Path Is Defined
Business school students often comment how they are surprised at how quickly the recruiting process starts on campus. It seems like you just figured out your seat in accounting and now you have to start hunting for a job for after graduation. Especially for veterans who are just trying to figure out how to put their hands in their pockets again, this can be a lot to handle.
Here is the thing about consulting: the path is known. Their process is structured and organized. There are dates deadlines and decision points.
In the known, there is comfort, and this is OK.
Conclusion
Truth be told, I used to be a lot more vocal and active about discouraging veterans from consulting. I am still on the side of, “If you but one life to live, why spend it creating slide decks for McKinsey?” but am willing to admit that for some, this really can be the right path.
Whatever you do, go crush it.
Mark