I work at a boutique consulting firm that regularly competes with Big 4 consulting divisions, Strategy&, other well-regarded boutiques and very occasionally, MBB. Industry breadth hasn't been great lately, but project breadth is extremely wide. In terms of rates, we're more expensive than Big 4, but obviously lower than S& and MBB, and the average standard of work is probably aligned to reflect this.
In line with what one would expect from a boutique firm, my initial learning curve (say, the first 1.5 years) was very steep. I was given a huge level of responsibility very early and I adapted well to this. I earned my first promotion faster than anyone at the firm has ever progressed at that level (16 months) and am likely on the verge of another. Since then (I've now been here for 2.5 years), my learning has more or less hit a ceiling, and I'm finding that the only thing that challenges me is high-burn engagements where the work itself isn't challenging, but the deadlines and hours are.
I know I should move on, but the only thing keeping me here is the hours (3/4 of the year I get away with ~50 hour weeks) and salary (I make roughly the same as someone at my level of seniority at Strategy&, but work probably 10-15 hours less per week on average).
I've had a think, and my options are probably as follows if I want to continue to grow and develop: - Try my luck at an MBB firm, although I'm not sure they like lateral applicants - Downgrade (at least in my eyes) to a Big 4 firm and aim to become a standout, acknowledging that I'll probably hit a learning ceiling pretty quickly here as well - Join industry, although I think I would prefer staying in a relatively high-pressure environment (i.e. consulting) for a few more years until I've truly 'had enough'
I've rattled a bit here, but I'm just looking for some outside perspectives - hopefully from one of you kind lurkers who have gone through a similar situation or might just want to offer their perspectives.
You sound like you are working at my old firm. Feel free to PM me if you'd like to stay private, but my follow-up questions would have to do with industry focus (and if you want to stay in that industry) and geography (and if you want to stay there).
I can tell you without knowing any more that I would have a hard time defending a lateral to Big 4, unless it was in a very unique situation. Depends on what you find enjoyable about consulting, but there's a pretty good reason that many try to use Big 4 to lateral to something else.
I guess what I enjoy most about the work is helping clients uncover what they can't/would struggle to do, and being able to influence very senior stakeholders who wouldn't even give you a second if you weren't a consultant. I think there's something very meritocratic about that.
I hear you on that one. That's actually what led me to leave my consulting role--I felt that our work wasn't being valued by our clients and the influence wasn't really there.
If the industry focus isn't where you want to spend the rest of your career, then a lateral probably makes sense. I'm biased, but I think if you want the coolest problems independent of industry, then you need to chase after places that do true blank-sheet strategy work. Whether that means MBB is a cold, dark abyss of a conversation thread that I'd rather steer clear of.
However...
The value of the boutique situation is that if you're a high performer, you can work yourself into roles that carry far more influence than you'd be able to have in a more structured promotion track. For instance, in IB role parlance, I was an "associate," but my responsibilities spanned from "analyst" to "VP." I had a speaking role in pitching for new business, and I also ordered dinner for the team.
Moving to a bigger firm, be it Big 4 or MBB or industry, is going to result in a temporary narrowing of your responsibilities, as they will need to "slot" you into an existing role in their structure. I doubt the pace of industry would be to your liking, either. Given what you say you like about your role, that might be an unfriendly adjustment.
You say that you're not being challenged anymore. Is it possible for you to level up again? If you're currently point on analysis and someone else is guiding client interaction, can you take some of that off their plate? If you are the point person with clients, can you convince a partner to let you devote a quarter of your time to network/business development? These scenarios might not apply to you, but I think you get the idea. Maybe a temporary solution, but it might make a difference in what level to which you could lateral in the future.
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