Quality of bosses in consulting firms?
I've built a moderately successful accounting business and am thinking of doing an exit. This would leave me in a situation where I wouldn't have to work, but I'd very much like to continue doing so. Since September, I've applied to two industrial companies for the CFO role, and received one offer, which I declined due to the CEO not being as ambitious as I would have liked. The CEO that didn't offer me the job gave me the same feedback (literally "we have different ambition levels so you would not be a good fit culturally").
I know there are great boards and CEOs out there and I can't draw many conclusions from just two interviews, but it got me thinking whether the consulting industry (which is another post-exit option I'm considering) tends to have great leaders.
Not sure which level, if any, I would be considered for (I'm 31 with 11 years of experience and a Bachelor's from a target school).
Consulting firms are known for having a mix of leadership styles, but the quality of bosses and leaders in these firms is often high due to the nature of the industry. Based on the most helpful WSO content, here are some insights:
High Standards for Leadership: Consulting firms, especially top-tier ones like MBB (McKinsey, BCG, Bain), prioritize leadership qualities in their senior staff. Leaders are expected to consistently deliver results, manage teams effectively, and bring valuable insights to clients. This creates an environment where strong leadership is the norm.
Diverse Leadership Styles: While some leaders are extroverted and charismatic, others are more reserved and lead by action. Both styles are respected as long as they deliver results and foster a positive team environment. This diversity might align well with your preference for ambitious and capable leaders.
Performance-Driven Culture: Consulting firms emphasize performance and results over pedigree once you're in. Leaders are often evaluated on their ability to solve complex problems, manage client relationships, and develop their teams. This focus on meritocracy can lead to a higher concentration of ambitious and capable leaders.
Opportunities for Growth: Consulting firms often provide opportunities to work with senior leaders who are deeply invested in their teams' development. This mentorship culture can be a significant advantage if you're looking to work with inspiring and driven individuals.
Potential Challenges: While many leaders in consulting are exceptional, the industry is also known for its demanding nature. Some leaders may prioritize results over team well-being, which could be a consideration depending on your work style and preferences.
Given your background and ambition, consulting could be a good fit, especially if you're looking for an environment with high-caliber leaders and challenging work. Your 11 years of experience and target school background might position you well for a senior role, though the exact level would depend on the specifics of your experience and the firm you target.
Sources: Q&A: Consulting v. Banking, the age old question. By Former MBB and Bulge Bracket Banker., Q&A: Strategy consulting Associate Partner offering career advice, Checking in 6 years later [IB to MBB transition], Q&A: deputy CFO at a listed tech company, Checking in 6 years later [IB to MBB transition]
What type of accounting work did you perform at your firm? What type of clients did you work with and what did a typical engagement entail? I might be able to provide a better response knowing those details.
Currently, I mostly do sales and handle the one offs like tax implications and optimisation when moving from another country. Otherwise we handle everything from bookkeeping, payroll, reporting, tax, setting up or changing software, corporate structures and offer controller/CFO services on an hourly basis (since none of our clients needs one full time). Clients range from one man consultants to small publicly traded companies, most use GAAP, some IFRS. Usually, we come in when a client outgrows their current accounting firm in terms of complexity, usually by 5-10 employees, when they need KPI follow ups, budgeting etc. We also have some wealthy individuals whom we mostly advise on tax issues, and some corporate valuations (not peer valuation), mostly for when a partner leaves or joins, but we have assisted in some exits.
An average client engagement entails bookkeeping, payroll, tax filing and planning, reporting, handling payments, writing contracts (employment, share holder agreements etc.).
It really depends. I've been at a few consulting firms and I think the general consensus is that you'll have good and bad people nearly everywhere (disclaimer - never been at MBB, but I'm sure it's similar there too).
While people in consulting are super Type A and driven, I don't think that necessarily means someone is a "good" leader. To me, Management is a lot more about EQ, knowing when to push people vs support them, getting people motivated during tough times to help you deliver work, training people, etc. Someone having a high IQ doesn't mean they're good at the things I mentioned. In fact, one could also make the argument that because consulting firms promote a lot of fairly young people into these seats quickly, they're often really bad at this since most of the job at the lower levels is about grinding out excels/PPTs quickly and having some analytical chops.
Therefore, I'll give you the most consulting answer ever and say: "it depends". Side note, but I'm actually looking to start my own Fractional CFO work in the near future. If you're open to a PM, I'd love to pick your brain sometime about how to do it and the pros/cons of getting into that space sometime!
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