This won't be a standard post, but rather a culmination of many thoughts.
On the track I'm at, I could progress within my firm/industry org. and slowly accrue 1-2 more promotions until I hit terminal velocity (assuming exec route is not offered).
If I proceed with that, my target all-in would be ~ $130-170k CAD for 40-50 hrs / week in an internal S&O gig. The pros: very stable, decent for Canada, interesting work with a lot of ownership. Cons: limited to visibility of my firm, structural challenges faced in the industry may increase layoffs, heavily operational focused.
The routes I've been looking into external include Investment Product Management which is currently deemed unattainable, proceeding with a competitor which by all accounts appears to be a downgrade, and finally, to break into consulting for the nth time.
Perks of leaving for consulting include option to boomerang with a promo in 2-3 years' time, effectively leap froging. More variety of work with broader scope. Diverse exit ops, and option for internal rotations for different exposures. And of course, potential for faster growth and development. Main drawbacks: the work will be more stressful, it just will. The hours will be worse by a notch, and the pay, at least for pre-mba roles for which I'd lateral will be the same if not worse.
I've been at cross-roads a few times in my life, but the decision was mine to bear and live with. I'm not getting younger and these fields do not get easier. If I assume I'll be settling down, I have to consider that future state into my plans. I'm not one for indecision, but I can't seem to commit to one of these two paths.
Could I get a second opinion from folks who've either entered this space in their second acts (early/mid 30s) and who've settled down.
Based on the most helpful WSO content, your situation reflects a classic career crossroads where stability and growth potential are at odds. Here's a breakdown of your options and considerations:
Staying in Internal S&O:
Transitioning to Consulting:
Key Considerations:
Long-Term Goals: If your ultimate aim is to settle into a stable role with good pay and work-life balance, staying in S&O might align better. However, if you value growth, variety, and the potential for higher earnings or leadership roles, consulting could be worth the short-term sacrifices.
Lifestyle and Family: Consulting's demanding hours could conflict with settling down or starting a family. On the other hand, the skills and network you gain might open doors to more flexible roles later.
Risk Tolerance: Consulting is a higher-risk, higher-reward path. If you're comfortable with the uncertainty and challenges, it could pay off in the long run. If not, the stability of S&O might be more appealing.
Exit Opportunities: Consulting provides a broader range of exit options, including corporate strategy, product management, and even internal rotations. If these align with your aspirations, the move could be strategic.
Advice from WSO Threads:
Final Thoughts:
If you're leaning toward consulting, ensure you have a clear plan for managing the stress and hours, and consider targeting firms or roles that align with your long-term goals. If stability and work-life balance are more important, staying in S&O and exploring lateral moves within your industry might be the better choice.
Sources: Consulting Exit Opps for Introverts, The Efficient Career Hypothesis: Almost All Jobs Are Priced In, Private Equity vs. Venture Capital in 2018, Q&A: Managing Director at Large Global Asset Manager
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