Backup Careers in case one doesn't get into consulting?
Hi,
I was wondering what possible backup careers are possible to those that don't get into a top management consulting firm? Although I'm a senior, I'm planning on going to Michigan or USC and getting a double degree in economics and accounting, so what can I do if I don't get into McKinsey?
Obviously I can do accounting, but I'm not sure (and correct me if I'm wrong) if one can make 6 figures in accounting. I'd like to make between 120-150k, and I'm just not sure if thats possible.
So, my other question is, would it be possible to work at a big 4 accounting firm, go to a top MBA, and then move into management consulting or what? I'm pretty sure consulting is my dream job (unless accounting makes 120k), so could I at least then transition to a mid-high level firm thats not necesarily BCG or Bain, but not a terrible firm as well?





choose what you like
you're still young and got time. you can make millions doing whatever you want, dont choose a career for the money. Besides, going to BCG or Bain instead of McKinsey wouldn't be the end of the world. Even BAH is a good firm.
well yeah, but still. I'm
well yeah, but still. I'm just wondering how I would fare if I go to a non-top of the line consulting firm like BCG, McKinsey, Bain, Booz Allen, and any other of those big name "bulge bracket" (I'm using the term losely because there is no bulge bracket for consulting, but I'm talking about those same consulting firms that are as prestigious as those bulge bracket investment banks) of consulting firms. I'm talking more about midsized "boutique" type consulting firms.
The salary that you make
The salary that you make while you're 21/22/23 should not be a significant factor in your decision. And if you're questioning your ability to make it into M/B/B before you've even started you are already behind the pack. Sure having an extra 20-30K in the bank would be cool but you start making real money later in your career.
PS: Partners at Big 4's bring in around 500K I'm pretty sure.
Accounting doesn't pay as
Accounting doesn't pay as much as consulting and IB, but it's not too bad. You can definitely reach 6 figures as a Big 4 CPA (probably manager or senior manager level I think). Partners probably get mid-6 figures. You just won't be making it as fast as your friends in the other two fields.
Consulting is a broad term. You can do it anywhere, for any firm. M/B/B are not the only ways to do consulting. You just have to do some searching.
Michigan doesn't offer an
Michigan doesn't offer an undergrad accounting degree. Accounting can make 120k+, but if you're only interested in money why aren't you looking into investment banking?
By the way, some consulting
By the way, some consulting firms are known to pay more than the M/B/B firms.
stay away from accounting
the profession is full of people who were either not ambitious or smart enough to get into IB or top consulting. I think the threshold for making $100k or more is the manager level, which is about 5 years down the line - big 4 is horrible in terms of promoting on achivement.
I'd also look into some of the premier boutiques - check out the "consulting magazines" website - don't remember the url so just google it...
while it's true that M/B/B
while it's true that M/B/B is a great stepping stone to a top MBA...it is by far not the only route. In some other thread, you mentioned that you like IT. I personally know people with IT background who got into top MBA's. It's doable...just do what you really like. Things will take care of themselves.
Also if you are in consulting just for money, you'll hate it.
Yeah, judging by your posts,
Yeah, judging by your posts, it just seems like all you're doing is targeting a specific salary range. Don't chase the money. Let it come to you as you do what you want to do.
Getting in to a top MBA from
Getting in to a top MBA from an IT background is pretty damn hard, don't go into IT if you plan on getting an MBA. And yeah I think a few of the boutiques/other firms pay better than MBB (LEK and MOW come to mind).
McKinsey is the top but Bain and BCG are essentially equivalent; it is like hashing between Goldman sachs and morgan stanley/merrill lynch. All are fine firms and at that point it matters more about your individual performance than your firm name.
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Well how hard is it to get
Well how hard is it to get into those types of boutique firms? Its not just about pay, I just really want to like I said be able to get into that salary range preferably through consulting. I looked into trading and I think asked a question or so there, but after searching, it didn't appeal to me. So I'd really like to get in that salary range for consulting, and I'd like to know how competitive/what are backup plans in case that fails.
Btw, allow me to clear up a couple of misconceptions:
1. I'm not totally in consulting for the money. True, they do make a pretty penny, but seriously, the idea of working with a team, and helping people (after all, I did once consider being a doctor), and some traveling along the way really does appeal to me. The 60 hour weeks kinda suck, but I assure you that I do like consulting so far from what my limited view of the world has given me thus far. Besides, I'm "only" asking for 150k because I know that I don't need much more than that (heck, 150k even might be an overkill for the style I want to live).
2. Just because I'm looking for backup plans doesn't mean I'm a quitter. I will do everything I possibly can to land a job at one of the top firms, but the thing is that even those that get into harvard are far from guarenteed a spot at those top firms. Lets face it, there are some elements that are out of our control, and not everyone, no matter how smart/hard working lands these spots. So is it that unreasonable to ask what are some alternatives?
come on, someone please
come on, someone please answer these questions! I don't want to be stuck with a low paying econ degree!
I'm an ex-accountant and I'm
I'm an ex-accountant and I'm doing alright for myself - had to switch industries/roles a couple of times to get to where I am now though.
I firmly believe that a big 4 (big 6 when I started) background is an excellent start to a career in finance - certainly better than consulting in my opinion.