Strategy Consulting London Exit Opportunities - Overrated?

A lot of people mention that the variety of projects in strategy consulting at MBB/T2 and the variety of industries you work on lead to a wide variety of exit opportunities. However, as consultants do mostly pure corporate strategy work, which roles do they usually exit to? There doesn't appear to be much F500 pure strategy roles in London, and I'm not sure if the strategy skillset is that useful in corporate roles where they require more hands-on, implementation skills.

For context, I work at FAANG in London and almost all of the experienced hire roles in PM/Operations etc require some technical, implementation experience rather than pure strategy, and the majority of ex consultants that join are from Big 4/Accenture rather than MBB/T2, and they say they were favoured in the recruitment process because they have more experience in owning the E2E process of projects.

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Based on the most helpful WSO content, here are the insights on exit opportunities for strategy consultants, particularly in London:

Exit Opportunities for Strategy Consultants (MBB/T2)

  1. Entrepreneurship (37.5%):

    • Many consultants transition to starting their own businesses or becoming freelance consultants.
  2. Graduate Studies (20%):

    • A significant number pursue further education, typically business school.
  3. Lateral Moves to Boutique Firms (15%):

    • Some move into leadership positions at boutique consulting firms, which often involve less travel.
  4. Industry Roles (27.5%):

    • Consultants often transition into mid-management roles in various industries such as HR, IT, operations, and M&A.

Comparison Between MBB and Tier 2 Consulting Firms

  • Exit Opportunities:

    • Both MBB and Tier 2 firms offer similar exit opportunities, but MBB consultants generally find it easier to secure competitive roles due to the brand's prestige.
    • MBB consultants have a slight edge in securing high-end exits like Disney Corporate Strategy or buy-side gigs, though these are rare.
  • Corporate Strategy Roles:

    • Pure strategy consulting roles are becoming less common, even at MBB, as clients increasingly have internal consulting groups.
    • Consultants often find themselves on implementation projects, which can be less appealing.

Industry Preferences

  • Technical and Implementation Skills:
    • In London, many corporate roles, especially in PM/Operations, require hands-on, implementation experience.
    • Ex-consultants from Big 4/Accenture are often favored for their experience in end-to-end project management.

Summary

  • While strategy consulting at MBB/T2 offers a broad range of exit opportunities, the demand for pure strategy roles in London is limited.
  • The skillset from strategy consulting may not always align with the technical and implementation-focused requirements of many corporate roles.
  • Consultants from firms like Big 4/Accenture may have an advantage in roles requiring comprehensive project management experience.

For more detailed discussions, you can refer to the following WSO threads: - https://www.wallstreetoasis.com/forum/consulting/why-consulting-answeri…</a">Why Consulting - Answering the Interview Question - https://www.wallstreetoasis.com/forum/consulting/is-there-honestly-a-di…</a">Is there HONESTLY a difference in the quality of work between Strategy& (Tier 2 consulting) and MBB? - https://www.wallstreetoasis.com/forum/consulting/why-i-think-you-should…</a">Why I think you should take a corporate strategy gig over consulting (including MBB) at the entry-level

These insights should help you understand the landscape of exit opportunities for strategy consultants in London.

Sources: Is there HONESTLY a difference in the quality of work between Strategy& (Tier 2 consulting) and MBB?, Q&A - Consulting interview prep - firm specific questions, Why Consulting - Answering the Interview Question, Why Consulting - Answering the Interview Question, T2 Consulting Exits

I'm an AI bot trained on the most helpful WSO content across 17+ years.
 

I've seen people mostly exit into:

  • Corp Strat Roles: at clients and other FTSE100 firms (F500 is a much less relevant list, given that most of those tend to be american with HQs in the US)
  • Startups: where people can have any type of role from "Head of" to C-suite, depending on their experience and the size of the startup
  • PE: which is mostly people around the Con / Assoc level (and one level below) going for PE Associate roles

Some people also leave to start their own venture, some people leave for MBA or other grad degree with the goal to change career and dont take sponsorship (where they may go to the US and aim for FAANG PM roles, to your point)

 

That's interesting, thanks! Just had a couple follow up questions.

On PE: Is this largely from the PEG division? Is it mainly to MM/UMM or is MF an option too? Do they join operational or investing roles?

And also, is it possible to exit into a more hands-on role within FTSE250? I'm concerned that if I exit to FTSE250 strategy, I might be seen as a jack of all trades, master of none type employee where it would be hard to progress vs people who worked their way up in the firm rotating across operations, logistics, marketing etc.

And finally, what level do BAs/ACs exit in FTSE250 strategy? Is it a higher level than if they had started their career in the FTSE250 firm?

 
Most Helpful
  • PE exits: at the very least you'd need a rotation in that ringfence for us. BCG and McK dont have it as a formal ringfence, so unsure what's considered the minimum from them
  • FTSE250: Sure, some people exit to those too, but being hands on typically isn't always what MBB consultants want to be. Some do, but a lot also just want to (i) reduce their hours, (ii) maintain some of their financial security, and (iii) leverage their skillset that they've been honing for 2/3/4/5 years. I'd say these are the most common top 3 priorities (though not the only ones). Some people do want more ownership (vs making slides and making recommendations), but I find that to be more of a secondary goal
  • BA/AC exits: Haven't seen enough to call out a trend, the last 2 years, a lot of people avoided exiting due to a scarcity of roles. The people I know who left went to quite a wide variety of roles, from PE Ops to more junior Corp Strat roles.
 

Above poster gave a very good explanation.

I'm from the same firm at a US office, but hopefully some of this is still relevant.

PE exits differ by tenure.

  • Post-MBA / L5+ tend to exit into ops roles, as the MBB experience lends itself more towards strategy vs deal-side. (And frankly, PE firms want young talent to develop for their deal seats).
  • Associates in their first 1-3 years can exit into both investing and ops, though investing is usually more sought after for a variety of reasons.

Corporate strategy / industry:

  • Standard exit used to be manager+ would slide fairly easily into director level roles, with some able to swing VP roles and others settling for more junior roles. These people, particular the post-MBA types who came from other industries pre-consulting, tend to already have operating experience and have a good idea of what they're doing / getting into.
  • At associate level, the line becomes blurrier. Some people are able to swing into director (esp. at smaller firms) while others move kind of laterally into senior associate roles. In general, MBB time does accelerate your career progression even when exiting as an associate.
  • These exits are still happening all the time.

Start-ups:

  • Personal observation is that startups have become even more popular and tend to be a good exit, especially at junior levels.
  • Can be less attractive at more senior levels due to the job security aspect, especially right now.

General thoughts:

  • Fully agree with above poster on the dimensions that people are looking for (hours, money, work type). Would stress the hours point even more. For many in finance, there is a wealth target before they exit the industry. For MBB, there is often a personal marketability target (I.e., I have been here long enough, seen enough, and done enough to land a better job).
  • Exits are comparatively worse and harder to come by today than during normal times (and drastically worse than the great times we had a couple years ago).
  • MBB network can be extremely helpful in the search process. Roles are often found and landed through personal MBB connections and the more formal alum recruiting pipelines.

Overall, I'd say MBB exits, while in a downturn, are still very real and remain a huge draw for the firms.

 

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