Current job market for experienced consultants
Ignore the title (came from IB), but I was recently laid off from my tier-2 consulting job (think: LEK/S&/EYP/OW/Kearney) due to the current economic environment / M&A slowdown. Idk about anyone else here, but it's been INCREDIBLY hard to not only find a new job, but a new job I am genuinely excited about. No other competing consulting firms are hiring experienced professionals (and I don't want to "downgrade," ie B4/Accenture/A&M), so my options have either been corporate strategy or buyside (PE, GE, VC). Corporate strategy is super opaque imo, and I feel like buyside has gotten overly competitive given the heavy amount of recent layoffs in this industry (resulting in an oversaturation of talent) paired with the lack of job supply right now (given our economic environment, high interest rates, etc). I'm also seeing a decline in comp, despite the inflation we've been experiencing. My biggest fear is having to "settle" on something I don't want, which is a 1-2 year commitment (minimum) within itself, and I don't want to be that person that hops from job to job every couple months. I'm coming up on month 6 of unemployment; my mental health is in the gutter. Anyone else in a similar boat / observing the same things?
bump: best of luck!
Oh, mate, I feel for you. It's a tough market out there, especially for experienced consultants. I've seen a lot of movement in the direct investment space, particularly in Australia. There's a Mid-Cap PE firm that's been hiring ex-tier 1 Consultants because they have a strong focus on not only being part of the 'deal team' but also playing a very active role with the operational improvements of the company. It's a ground-level Associate role, but you get exposure to carried interest with opportunities to play a role on boards very early in your career. The pay is probably similar to Consulting with a bigger upside down the track 5-6 years. It might feel a bit corporate and could be a hard grind, but it's an option.
On the other hand, consulting is a great foundational career for individuals seeking to build skills rapidly in a particular solution or industry. 1 year of consulting can equal up to 2-3 years of experience in industry. It's a great way to level up. If you like solving big complex problems, working in a team in fast-paced environments, traveling, etc... then trying consulting for a couple of years would be my recommendation. What is great about consulting is that you could always leave for industry and come back in the future.
However, I've also noticed a shift in the industry. Consulting is now seen as a safe, secure second-tier occupation compared to the glamorous, gotta-have type of Internet position. The number of Harvard M.B.A.s going to consulting jobs has dropped 24% in the past four years. This presents a challenge for recruiters.
Lastly, the life of a traveling consultant can be tough. You miss out on a lot of things. But remember, it's the life you signed up for.
Hang in there, mate. It's a tough time, but remember, it's just a phase. You've got this!
Sources: Q&A: I grew up in Consulting and reinvented my brand 3 times, A Tale of 3 Offers: What should I consider?, McKinsey Who?, Why are so many consultants eager to leave?
Ignore the title but I got laid off from the exact type of firm a fucking year ago and it’s been SUPER difficult. Have turned down a ton of offers I’m simply not excited about (fortunately privileged to keep my costs down by moving in w parents temporarily). Been working as a contractor at a VC to keep the resume relevant ever since, and currently weighing the options of b school while I continue to recruit for jobs in the startup / VC space. But yea, to your point, this job market is the fucking worst. I have a fam friend who’s a senior headhunter (33 years of experience) and he said it’s a shittier white collar job market than 2008. I know so many others who are in the same boat rn - super fucking smart but haven’t been able to lock anything down for a year plus. Keep your chin up and know you’re not the only one. We’re gonna get thru this together
Does your fam friend have any idea when the tide will turn (of course no one can exactly predict this)?
Bro no fucking idea. That’s the worst part. I’m just tryna make the best of this time by traveling (while also interviewing) around. Currently typing this in Buenos Aires. Might as well improve my Spanish until I gotta get back for a final round 🤷♂️
I mean you are getting a phenomenal life experience you can remember for the rest of your life. I'm at my parents place :(
I'm trying to man... just doing what I can within my control to make the best out of this weird ass, temporary situation. Better than freezing my ass off w nothing to do in the suburbs. Plus playing padel down here for $10 per hour and a half is fucking immaculate. If you wanna chat more on this, feel free to ping me privately - happy to provide any sort of wisdom
Would love to. It's not letting me message, any chance you could start the exchange?
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