Am I Crazy To Leave a 500K Job for Consulting?
Question is in the title. Currently at a hedge fund but concerned about sustainability of career, and a bit tired of studying one market continuously. Always was interested in consulting and being engaged in multiple industries and developing a versatile skillset. Have an offer from MBB for a post-MBA level role. This has seems like as good a ticket out as any but still concerned about a few things.
Currently, I work about 50 hours a week with a young family and a great office culture. I am worried, frankly, about the 70+ hours and office politics that I have read about. Would anyone start this type of role with a young family especially with a big pay cut? Also, I am a more independent minded person who gets demoralized with busywork or things that have to be done but aren't useful. I don't know if this will mesh necessarily with being on call for a client and fulfilling project requests. Lastly, I am on the techier side of finance and am interested in exits in tech. Any views on how often big tech companies engage consultants and what value they see in them for roles afterwards 3 or 5 years in?
Yeah don’t do this
I don't know you personally, but I can confidently say you've never had a worse idea.
Well, OP could have thought about leaving for IB
Consulting blows. 2.5 years in and ready to dip.
Really depends on personality, many people make it as career.
I would stay put. Use the extra free time to indulge in a hobby and chill with your family. You’re literally living the dream exit op that Consultants fight to have. Just live and enjoy life outside of work.
Exactly. His colleague Associates and Engagement Managers would shiv a stranger and risk getting jailed to have his job.
$500k @ 50hrs > $200k @ 60-70hrs. Honestly $500k @ 50 hrs > almost anything in the world
Agreed with DarkKnight. If you're unhappy with your life, try focusing on relationships / hobbies / other sources of meaning
Only do this if you’re absolutely certain you want to get out of finance. And even then, it’s an 18-month pivot until you hit the eject button.
Otherwise, you’re doing this the wrong way around. People do MBB to get a shot at other things, incl what you do now.
You’re going to hate MBB. I didn’t hate it, but it’s just a means to an end.
Thanks for the response. The thing I know I would really dislike is the unpredictability (responding to requests at night), the travel, and possibly doing busywork that you don't think should be done.
Can you comment on your experience? Do you think that post-Covid will see an improvement in (less) travel permanently? Were you doing interesting work and learning for most of the time so that you could be self-motivated, or did you have to do things because you had to? (ie justifying conclusions that were already made, doing it just because someone asked, etc)
The latter.
For me, in addition to the obvious “preftigiou resume reset (finance —> general “business”), the main I value I got from actually working at MBB was:
But the projects were lame, there was a lot of yelling and politics, and I spent most of my time making slides.
I even got good at slides. But we almost never had anything original to say. Often, you’re just helping knowledgeable but intellectually incoherent clients make sense of their own thoughts. Much more often, you’re just regurgitating the situation in a pretty chart that your client’s management uses as background to figure out what they want to do.
Anyhow, “making nice slides”…. That’s something you’ll hate yourself for. I’m much happier in my post-consulting life.
"The thing I know I would really dislike is the unpredictability (responding to requests at night), the travel, and possibly doing busywork that you don't think should be done"
^ this is literally the job
I think having a young family makes this a very different decision. In consulting you will not be replying to requests at night. You will generally be 100% plugged in until 10pm to midnight at MBB, expected to be at your laptop and working. There will be calls but when you “check out” for the day at 5-6 or whenever your team does it there will be work to finish by the end of the night.
On bad projects it’s not unusual to be up until 1-2am and you will have worse nights.
Most partners and projects are good about weekend work but you can’t always pick your partner / project.
At the post-MBA level it’s bad and it gets worse every level until partner. Pre-partner is the worst level to have kids at.
It’s worth it for some people who make the sacrifice but it might not be worth it for you, if you’re making 2x outside of consulting and get to spend meaningful time with your kids.
Thanks for the responses. It's more strictly professional vs personal but I agree on the sentiment- as I've gotten older, hobbies, family and friends have definitely added more meaning than work. Definitely enjoy taking my kids on a walk in afternoons more than re-wording some slides.
To add a bit color to explain why this (might) in my mind not be crazy:
1. The market I am involved with is extremely small- think 5 to 10 other firms in the world who really trade this space and offer decent roles.
2. Career progression is not monotonic. You can easily make a 7 figure bonus one year but you restart from 0 the next year so it's not clear where you will be in 5, 10 years.
I am definitely very grateful to be in this spot though. Nearly financially independent, working with great people, and have protected time on nights and weekends. The reason I am considering this at all is that 5, 10 year horizon. I know for sure it will be worse on almost all metrics for the first few years.
To put it in concrete terms- are the exits from consulting that great? I've never actually worked in a 'corporate' job before. But the increased stability and perhaps more clearly defined progression is what appeal to me. Or is that just grass-is-greener thinking?
If you want to hop somewhere try hopping to tech, not consulting.
If you do end up liking consulting, there's a lot of upside. It won't take long to hit 500k again at MBB and of your comp will reach 7 figures at the partner level.
However, for most people, the idea of consulting ends up being much more enjoyable and much better than the reality. Is there the chance that you have the right attitude and interests to make partner, enjoy it, and have the decision pay off? Possibly, but it's not like that for 99% of people.
I was at Big 4 and now at a cushy corp strategy job, but the fears you have are a definite reality. One of the worst parts of the long hours (similar to IB in the absurdity), is that the longer hours are often spent doing low value activities for overly anxious over achievers. Changing the format of a whole slide deck past 5PM feels incredibly stupid when you realize your client won't notice or won't care.
Tech does hire a lot of MBB (and ex-consultants in general), but strategy is fairly low on the totem pole. A tech consultant at Big-4/Accenture who pivots into product management at Big Tech will honestly have a much better time than someone from MBB who pivots into strategy at Big Tech. It's fairly easy to break in as an MBB, relative to other positions, but strategy roles are second fiddle to the real money makers at tech firms (product/engineering and sales).
Agree with this. Strategy is an overrated pursuit both within consulting as well as when it comes to consulting exits. Even MBB is doing much more technology consulting and these can set you up better for some of the more desirable exits such as project / marketing mgmt and sales / sales enablement (an underrated and overlooked consulting exit IMO).
stay where you're at a few years and bank a shitload of money
then do whatever you want
don't sell the goose that lays the golden eggs quite yet
Just to chime in, I work for a public investment company ($7bn AUM) and the president/CEO that was hired to run it came from Bain. That is not normal - usually it's those with buy-side business experience that get that role
I would squeeze the juice from this sector for as long as you can. That consulting offer will likely improve in tandem with your expertise in your current field and likely still be there when you need to hop out. Btw, are you hiring?
I mean, I can see everyone here is pretty negative about the move, but if you're actually interested in management consulting (I see that's why you prepared yourself case interviews and shit while working 50+ hours a week?) and potentially want to work in strategy at F500, I'd say go for it. If you successfully grind for 6 years and make partner at MBB, the exposure you have, your optionality and career potential in business not even comparable. I see your role is not investing role at hedge fund? then 100% go for MBB.
You said you want to work in tech? MBB on your resume with at least 4 years of exp. will 100% get you strategy role in Big Tech.
Are you actually interested in many industries/problems that consulting offers or are you more concerned about the constant grind (and risk) of a HF (and if a mix of both which ones matters more)? I’ll start off by saying that your post doesn’t sound like a person that wants to go into MBB (all the things you say you don’t like and are worried about)
If I were you, I would see if I could leverage your existing role into a long only fund, asset manager, or large pension fund. The reason I say this, is that it is usually much easier to incrementally move than to completely reset your career. If you are trying to move more into tech, but you are already a “tech like” finance person, can you do a move into a tech/tech strategy role at a large AM? That way you bring your expertise of the markets, can help them setup strategies, but you are also starting to move into a more strategic/management role yourself (or even fin tech, so at least you aren’t throwing away what you have learned). Basically you take your existing experience and expertise and couple that with the new thing you are aiming for (and try to get 50% or so of the new role to be that), those moves are usually much easier to make and will usually be closer to your current comp level. I’ve had a few friends/colleagues make the jump to AM/PF and those firms have many opportunities to be a “strategic leader” since they are so large and don’t just need to manage money, but people, infrastructure, private and public investments, etc.
As for consulting, it sounds interesting to have many projects and industries. You feel like you are going to learn a lot (and you do), but there is much less independence, a lot more “layers” of management, and what I disliked the most is you never really complete anything. You research, advise, and move on. If your client decides to implement anything that’s up to them, and if what you suggested fails in 6m it isn’t on you, you were just the advice, it isn’t “your project” to continue to build on, pivot in a new direction, or completely destroy and start over. You are long gone before any of that happens. I didn’t enjoy that part of the job.
Agree with this. Consulting is a huge backwards move for you, you compromise comp/hours/exits so I really don't see the appeal beyond general interest in the field (not good enough given opportunity cost IMO)
Moving to a long only or big pension fund makes more sense. And a larger company your comp won't be so variable.
Talk about the grass is greener syndrome. If you do make the jump, please detail what a dumpster fire you walked into.
Consulting industry is as fucked right now as banking. Everyone is so short staffed you will be overworked and underpaid. This is coming from someone who switched to a better firm during the pandemic. My rockstar Managers and MDs are also being crushed. No one is escaping the staffing issues and everyone is having to wear multiple hats.
If your firm is so desperate, they could totally hire me 😏
This sounds like a horrendous idea- the things you describe that you don't want in a role could have been the description for an MBB job.
More hours, less pay, more bureaucracy...tough career move mate.
First of all, I appreciate the candid (and hilarious) responses. I haven’t been a consultant, but after time at some of the most “reputable” firms in my space, I am constantly amused by the amount of nonsense work that goes on (research analysts or programmers wasting most of their time due to miscommunication or an ill thought out task that is impossible or has no purpose, luckily dodged this more often than not). So I am not really shocked that people are regurgitating client views or making pretty slides to summarize the obvious in consulting. What I am surprised by is the fact that this field is somehow so highly valued by industry and that is considered so versatile. If I manage a complex tech project from grabbing domain expertise from executives to data extraction, modeling, and presentation, FAANG just does not care. The only ones who seem to care are people who operate adjacent to the same domain, which goes to the point earlier about incrementalism in switching. That’s my biggest motivation is that this field is somehow seen (perhaps I am being too rosy on this) as this career catalyst and you can do whatever you want afterwards.
The problem is you can’t do anything afterward, you can do a lot of junior/mid level “strategy” roles, but even then it is much easier within the industries you specialized in. You want a senior tech role? Mid/senior investment role? Etc. you’ll have a hard time getting one, still possible, but not the clearest path.
MBB is a filter, and they take top graduates from all the top business schools and expose them to strategy problems across industries. So yes, firms want to hire them, at a minimum so they don’t have to pay the ridiculous consulting fees (if I just hire that one guy/girl from MBB to lead strategy then I don’t have to pay those insane consulting fees…ok joking here). But mostly because these are smart people who have been exposed to many problems, so firms are happy to take a chance on them. If you aren’t sure what you want to do, it is a great way to see a fair bit and have some doors opened. But as soon as you get into the more senior roles that require specialization, you are no longer looking for the MBB type (outside of a few strategy roles).
If you do know what you want to do, then in my opinion it isn’t worth it. That being said, a HF path is pretty narrow, especially if you are covering a sector/asset/etc and figuring out how to invest. Like I said before, working at a larger fund that operates more like a “traditional” business will give you a chance to manage a team, work on strategy, etc and will pay you well and open doors (I also have friends in the industry that have gone on to FAANG jobs from more fin tech or quant funds).
You just need to build up your resume that way, and I wouldn’t recommend doing it through MBB, not at the comp level you are at (and with how you describe what you don’t like).
But your choice, last thing I’ll add is that with a new family, you don’t want 70 hrs and less pay.
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Sounds like you are in some weird esoteric credit or quant product. If so, I can understand your desire to get involved with something more "business-ey" like MBB. What I mean is if you were a fundamental equity investor at a single manager fund you wouldn't be asking this question.
I also imagine whatever you're doing can't be deployed on your personal assets, so there's an element of developing a skill set that is deteriorating in value over the next decade and is not directly useful outside of that.
If I'm right on those points, your dilemma is a little more understandable. But be advised that even at your dream exit opp of FANG strategy or whatever, you'll still probably have to deal with a bunch of bs (inevitable when you're dealing with people in a big organization).
If I were you, I'd stick it out, clip your low to mid hundred grand coupon, be frugal, invest it as best you know, and you should be financially independent in the next 5 years. Then you can explore tech or product strategy if you're really still interested - but not because you need to. With that financial independence / passive income, you will have more of an abundance mentality where you can go work on product or strategy at some cool startup where you're not wholly dependent on it working out.
Why not be entrepreneurial? You said you're pretty close to being financially independent. Why not get a couple more good earning years added to your savings and then go raise a fund or raise capital for a business that could offer solutions to the sector you currently cover? It's more of an adventure than consulting.
But doesn't single manager L/S value-oriented fund do the same thing (or even better dive deeper into a company) than any other consulting firm? Not sure what the consulting can offer that single manager L/S fundamental does not offer.
feel free to PM me. Did similar things from a similar or more pay standpoint.
500k at 50 hours?! I started off with making less than 40k and no benefits for around the same number of hours at the shittiest (and high-pressure) job ever. There are more important things in life than money, but please put things into perspective before making any impulsive decisions.
what were you doing then and what do you do now?
I was working at a financial services company at an "entry level finance" position which turned out to be a call center type job. Absolutely terrible. Horrible hours, high-pressure, boring yet strenuous work, on-call 5 hours a day getting yelled at by people, low pay and no benefits at all, literally no time off without getting in HUGE trouble, I'm talking even an hour off on a Friday was a no-no.
I'm working at a big tech company now that's paying more than 5x what I was making at the call center job, much better WLB, great benefits, learning a lot and actually passionate about what I'm working on.
You're not crazy but beware the grass is not always greener. It usually isn't. Devil you know vs. devil you don't know.
Don’t do it…
-
You seem to have no idea what consultants do.
You're better off starting your own business, or better yet just start your own consulting firm so you can fill it with whatever grandiose ideas and dreams you had in mind.
OP won the lottery for life and wants to give that up lol
Yes...
50 hours a week? 500k compensation? What more could you want!? that’s like the classic exit for work life balance but great pay everyone drools over on here lol.
I dont have any more to add than what has already been said but its truly interesting to see how some people are "unfulfilled" in dream exit opps that 99% of this sub would given give an arm and leg for. Good lesson to put things in perspective. Good luck OP. Wishing you the best with whatever decision you take.
Decided against it. But appreciate the feedback.
Also, to share some perspective coming from someone who is probably now on the older side (30!) of these forums, people can feel “stuck” happens no matter where you. Whatever you aim for, once you got it, it just becomes normal. And I’ve been used to “aiming” rather than savoring which is hard to break.
With that being said, I do think it’s probably best with a family now to focus more on adjacent roles. Less of a mental and physical ordeal than abruptly switching to a sweaty, up or out environment. I think I am too old and too committed to other things for this if I am being honest with myself. Research/investment analysis is getting a bit repetitive, but have discussions to transition into a trader role which they are supportive of. Have been upskilling my tech knowledge for years and will continue to do so. Not sure yet where it will go ultimately but going to try to enjoy the journey. Thanks!
last line was key - enjoy the journey, it's not about the destination. i think you'll be fulfilled if you're constantly learning, working on new thing.
i'm in the same age bucket as you, will make about 20% less than you but my corp job averages about 45-50 hours also leaving me time to pursue a side gig helping a tech co with biz partnership and hopefully list this winter. This helps to further build out skill set and position me eventually for a cfo or vp finance role at same time of company which i think is where i want to land next
I worked as an Associate-level consultant at a top level firm in the region (not MBB but we competed against them in our region) and I can tell you right now that this is an absolutely stupid idea.
You will work longer hours, deal with more bullshit (shitty clients and consulting partners who are diagnosable psychopaths), and make less money.
Not only is the grass not greener, it doesn't even look greener.
If you're interested in tech you should be able to do that from where you are now.
Earning much less then you but same dilemma here. Staying at a comfortable well paying job which im not in love with but getting by, or trying myself out in consulting for half the salary and double working hours. The general feedback/opinion i got from others are: 1) the salary cut is huge and after the "im so excited cause its consulting" purple cloud settles down, high changes that the reduced money will be very upsetting 2) most people go to consulting to learn and get insights into ever part of the business, but most want to exit in the medium term for a secure and much better paying and calmer job (what sounds like you have already) 3) jumping into +70h working weeks after a certain age/experience is very difficult, there is a reason why most people start consulting right out from uni...
Ofc joining consulting has a lot of strong pros as well, but especially cause of your family situation, i would really advise to you to think through this twice cause all my consulting friends from B4s said that the turnover is massive cause of the work-life balance.
Follow what you want in life.
“Do what makes you happy” , Does not apply to this situation. Definitely stay
Yes you are crazy
You are crazy
You should quit and then recommend me for the job. That'd bed good
My friend, I completely understand the need to exit when stagnation sets in. I've been there myself. However, may I suggest some alternatives; rebuild a '91 911 Carrera, learn to play the fiddle, sign up for salsa classes with your wife, or write a novel. Hell, if you're feeling altruistic start a nonprofit. Don't saddle your extra weekly hours to reclimb a ladder with spikes on each rung. Time is the only real finite resource, and you can handle market forced exits as they arise.
Ban this fucking loser
At a T2 working ~70 hr weeks. Why tf would you want to work 20 more hours?
Don’t do it
I think you’ve already won. If not at least on the right path.
Theres no reason to leave. I was offered to apply for a 500 kpa usd job and am still researching between my 7,5 year work experience and 9th year work experience during an unemployment cycle. I looked around and the only people who earn more than that is english football players in the different leagues on average, haven't looked at hockey or and American football or and baseball salaries. I'd like to earn more in Business than a sports person for being more qualified from a qualifications perspective. However the salaries and payouts only start to get larger to the 650 bar usd at CEO level in America and in some of the larger companies. However probably need like two to three degrees in finance and like 9 year modules that start getting near the thousands and big reserve funds and profits. I wouldn't leave and take a pay cut unless I was forced to leave or the other position opened up time to further study or build up the appropriate connections. The independent consultants can only bill out accounting, law, economic polocies, architecture plans and the billing rates are negligible. Also 70 hours a week is not so great, unless the hours are flexible, you're allowed to work from home. Also days away are nice. I don't particular know what I would do with money upwards of the 500 k to 50 million mark from too much of an independent perspective. As there's practically only land, property, raw materials, buildings, electronics, or philanthropy to spend it on. I don't even know how organized all the public and private sector companies are regarding all the business functions. Either I live in a bubble or everyone else lives in bubbles. At least my family situation is sorted. The billible hours are not very measurable there's like a time\skills\requirements conversion over receivables from clients, then there's like an education function resell. The business proposals are not necessarily well defined from my viewpoint, like I know how to get the money and who to get the money from to put in my account and why, but the presentation of the inputs to negotiate, setting up the meeting facilitation, self presentation. All that information. Also the reaching out and communicating with people, there's so many people. However the only way to reach them is news, cellphone numbers, email addresses or community representatives. There's advertising and cost control functions though. I personally wouldn't leave a great paying job without setting up contingency measures and failsafes. I would even go as far as potentially offloading some of the current job onto an overly qualified Personal assistant. However there's information trust and jargon which has to be sorted, viewed, interpreted, binned or executed, I'm sure for the larger paying jobs everything is organised. But atleast personal assistants allow for time allocations onto consulting. There's like data security issues though and mutually understandable information - guess work theory.
Everyone's made good points above but to distill it simply in my eyes, are you happy sacrificing the flexibility you're offered in your HF hours for being in a role which demands utter acquiescence to client demands? This means the typical traveling all the time and often times leaving independent thinking for thinking instead which is aligned best with those of your client's desired views.
Out of everything you mentioned, I'm a bit confused:
- You have a great culture and hours but are thinking about transferring to something more time-intensive?
- You are more independently minded yet you want to go from an environment which allows that to one with more rigid structure around what the client thinks rather than what you think?
- Forgetting the other aspects of what you said, if you're pulling in 500K right now, why would you take on a role which will not pay nearly that amount and also include the issues highlighted above? Just makes no sense to me unless job security is a really big concern at your current role and you're liable to get blown out within moment's notice.
Exits in tech are totally possible but like I gotta ask, if you're someone citing your comp at 500K as a reason you shouldn't move into consulting, then you obviously have to know tech will pay you even lower unless you join a company with fire stock options and fire stock performance (which ends up being fairly rare outside of FAANG).
Provide some more color please so I can be of more help
Appreciate the thoughtful response.
My main motivation to look elsewhere were:
1. Career growth. Being a quant researcher is essentially a no-growth career (unless you want to be a PM).
2. Over-specialization. There are perhaps only 5-10 firms in the same field that I would want to work at. That being said, I am not particularly concerned about job security in the short term. It's more the 5-10 year horizon where I would be making marginal skill gains on the current track that I am worried about.
Consulting appeared to me like a deal where I could suck it up for 3-5 years (plenty of grinding in my education and career-to-date before getting to a more relaxed and stable state so it would not be new), but at least learn new things, and be in a better position ultimately as an EM or junior partner with a much bigger network and more generally marketable skills. I figure that losing on time and short term comp would be balanced by gaining on optionality.
The points raised about entrepreneurship are a good one though. Before arriving at my current role, I had always dreamed of being able to "coast" (though 40-50 hours is not really coasting by normal standards), collect a decent paycheck, and work on my own thing on the side. Perhaps this is a good time to actually commit to it.
I actually strongly disagree with this - as someone with a background in mathematics that ended up at an MBB, I would have much rather gone into quant research, but my home city is not a financial hub and I was never brave enough to leave.
You will miss the technical aspects of your job in consulting. Not to mention that consulting isn't exactly a "growth career" either (as much as what the MBB marketing might want to tell you). Most of the people exiting around here are going to strategy roles in industry. Name sounds exciting, but strategy isn't an exciting career. You will never own a P&L book, you will never actually be responsible for anything, and you will never take any credit when your company succeeds. That's the nature of strategy - your role is simply to help leadership organise and structure their thoughts and to help them bring those ideas together into a coherent framework. If you're the "Head of Strategy" at a firm, you're basically the CEO's business coach.
It's not often said enough, but a very critical personality trait required in consultants is the desire to please others - it's not a job for those who seek the limelight or love being a superstar.
Consulting is pretty much counter to everything you listed in the 2nd paragraph.
- Highly heirachial
- Little control even at senior levels as the client is really in charge
- Significant travel and long hours ( even though you didn't say this was an issue specifically buy having a young family it sounds like this is an issue)
- Tons of busy work
- Lots of office politics to get scheduled on the best jobs that will allow for advancement.
- Plus a shit load more things.
I agree with the consensus here. From the sound of it, you're looking for a change in lifestyle, but that doesn't necessarily have to be derived from a change in work. If you're eager to try consulting or take on more work, dedicate the excess 10-20 hours creating your own non-profit consulting firm (similar to University students who offer pro-bono services). If you're eager to simply have a change, consider indulging in hobbies; night classes for cooking, baking, yoga or any hobby will allow you to enjoy your time outside of work.
On a side note, I'd love to learn more about your current role - feel free to pm me if you don't me asking a few questins.
I agree with the others, stay put, pick up a hobby and spend more time with your family. If you live in a major city you should pick up cycling, its a truly relaxing hobby and cyclists are great people
Why not pursue strategy roles at tech firms? I’ve seen HF analysts do this so it’s possible at least in principle. Hours will prob be the same but you’d get the more well rounded experience you’re after. You will of course take a pay cut but that’s pretty much unavoidable given your situation.
Where are you currently working?
If you are really interested in transitioning to tech, let me know. I went hedge fund -> MBA -> Tech, currently work in Strat Ops for large tech company. Work life balance is amazing, honestly less than 40/w. It's just a MASSIVE pay cut
What’s your current pay? Is it interesting work?
Pay will be 160 - 170k after bonus, flexible working arrangements post-pandemic (all currently remote). Work comes and goes in terms of level of interest, but a few things have been company shaping
The best people to ask advice are people who have already done it and preferably been successful with it. That being said I have never made 500k in my entire life and the only reason I would leave a job like that if it making you miserable or ruining your health or you found or want to follow your dream job/goals.
Consulting to me personally sounds boring and I would rather work at a hedge fund.
Answer to your original question is yes. Use your capital and free time to do something entrepreneurial, if you are bored. Otherwise, enjoy your time with family, maybe pick up a new hobby.
If you're that miserable with a $500k, 50 hr work week job with a family at home I don't know if anything in life will ever make you happy.
The WLB isn’t as great as you think it is… most of my close friends that have made the switch consistently lament the pay differential as we climb the respective ranks (finance vs. consulting). This is, of course, specific to the individual… so only you know what will bring you more satisfaction. Cheers!
DON'T DO IT. I F*ing hate consulting. I wish I could trade places with you right now.
First post...
Definitely a bad idea unless you had some sort of end goal in mind by going to consulting.
FWIW, consulting is not a glamarous industry. Despite all of the marketing fluff, you're not working on intellectually challenging problems or changing the world. Most of your time will be spent cutting slide decks, trying to nudge clients to take on your ideas (and pass it as their own), and sitting on meetings where there's about one useful thing said every 15 mins (if you're lucky). Unlike deal-oriented careers, there's also very rarely a huge payoff at the end of a project where everyone is super excited about everything coming together.
This is all coming from an MBB post-MBA hire with a young family, so I completely understand your situation.
That's not to say that there aren't benefits to consulting - many non-financial hubs around the world will have MBB offices, but basically no IB / prop trading / hedge funds...etc., consulting is a pretty risk-free way to get to a very comfortable (but I wouldn't say rich) life, and that the characters you meet in consulting tend to be pretty great people, but none of those things are worth leaving your current $500K job for.
Might also be worth pointing out that a post-MBA hire is not exactly a senior role in the consulting world. You're basically doing the same work as a UG hire (i.e. an associate), but will get slightly better pay, slightly more client interactions, and you might have a bit of a mentoring relationship with an associate, but you're definitely not going to be calling any shots.
Current MBB here. My hours not bad. 45-55.
70 hour is outlier based on internal metrics.
as for busy work, I think all MBB have support staff that they can give busy work to. Make slides pretty or help me clean this data. At least I get great support.
I think you need to clearly define your goal here. Is it to switch career to eventual tech job? Or try new things out?
assuming growth on your current job is stagnant. It will take 4 years at MBB to bring you to where you are.
you are prob looking at $750K (before discounting) cost to switch career.
I guess the question is what is your goal? Is 750k worth it? Is your job that unstable?
edited.
I think you are crazy because you left a consulting job that pays you 500K because it is good enough. I'm also a technology consultant and working for a firm that pays meme 450k and I'm happy with that.
If you're making 500k for 50 hours, I would not switch careers into doing anything else at this point
My opinion: You can choose, and choose again. A few questions:
- Is there any opportunity to expand your responsibilities in your current role to make it more interesting? More suitable? Is there a role elsewhere, in the same industry, that is more aligned to how you would like to grow?
- Can you extend your consulting job search and strategically apply for consulting positions that check more of the desirable boxes?
- How would you like your life to look like in 3, 5, 10, 15, 20 years and how do each of things you plan to do move you closer to aligning with that vision? Also, why?
Additional commentary
What's apparent here is that you have doubts. A few things I noticed while reading your post:
- Concerned about career sustainability
- A bit tired of studying one market
- Interested in consulting as an opportunity to do diverse, engaging work and develop a versatile skillset
- You have an offer - it doesn't seem like the one you want (increased hours, less pay, office politics, work / life balance concerns, concerns that you're work product won't be valued the same)
- Concerns about career track longevity in consulting
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