I'm at a point in my career where I could really use some guidance, and I hope someone can help me navigate my options.
I'm a highly ambitious individual, fully committed to advancing my career in the next 5 years. However, I find myself at a crossroads with no clear direction for how to channel my energy.
Currently, I'm finding myself driven primarily by the pursuit of prestige, money, and career progression when considering my career paths, as I don't have a strong sense of what truly interests me. I'm focused on these for specific reasons
- Money: I'm responsible for providing financial support to my parents. One of them is facing a terminal illness with significant medical bills. At the same time, I want to ensure a better future for my own family someday.
- Prestige: I have a strong desire to make up for my past decisions. This includes not attending a top-tier university and not starting my career at a prestigious company. I only realized the importance of these choices during my second year of work after graduating from university. Since then, I've felt like I'm trying to catch up, and it seems like my career options have become more restricted as a result.
- Career Progression: I see this as a way to make up for lost time and missed opportunities.
At the moment, I’m 30 years old with ~7 YOE working as a Senior Manager in the strategy arm of a Big 4 firm (corporate strategy, business strategy and transformation work). I’m getting a Director promotion in the next round and am on the partner path.
My career path so far includes:
- 3 years in Strategy Consulting at a global mid-tier firm (starting as an Analyst and progressing to Consultant).
- 1 year as an Associate at a small boutique corporate advisory firm, focusing on buy-side and sell-side M&A, debt refinancing, and equity raising.
- 2.5 years in Strategy Consulting within the Big 4's strategy division (starting as Manager and progressing to Senior Manager) – I also turned down IB Analyst 3 role at an Elite Boutique Investment bank for this
- Context for turning down IB role: I wondered if I was too late to make the transition into finance, feared I might not be cut out for it, and questioned my interest in investment banking. My ultimate goal was to leverage the experience for a Private Equity role. It ultimately felt scary giving up that certainty for an ambiguous uphill slog given my age and since I lacked the required prestige for a top tier firm. I ended up re-joining consulting to keep my optionality open while maintaining a resume that shows career progression rather than taking a risk. Now, I'm haunted by the "what if" scenario, wondering whether I made the right decision or missed a significant opportunity.
I'm considering four potential career paths:
- Stay the course: Continue on the Big 4 path for Partnership. This is a very realistic option given performance and strong network, which is the only reason why I chose Big 4 originally.
- Transition to MBB: Attempt to transition to a top-tier consulting firm (MBB), knowing that it will require taking a step back or two in terms of level and network rebuilding. The lifelong consulting career and Partner path becomes questionable in this scenario (transitioning from big fish in small pond to now being ‘average’), but addresses the prestige and money concerns.
- Transition to an Executive-level industry role: Either leave at Director level or after achieving Partner, acknowledging the real risk of limited career progression in Industry
- Pivot back to finance and shoot for the moon - Private Equity: Either recruit for an Associate-level IB role and then attempt the transition to PE or directly recruit for PE. Former seems likely, but my unconventional career path, age, lack of prestige, could make securing a position at a top tier firm very unlikely.
I'm at a critical juncture, and I’d greatly appreciate any advice and insights. How would you approach this decision, considering my age and circumstance? What would you recommend? Have you ever been in a similar situation, and if so, how did you decide?
I would choose to stay the course, given career progression. You’ll have the opportunity to move to the other side of industry. At this point PE and IB aren’t worth it
What’s is your comp? And what would comp be when promoted to director
Based on the most helpful WSO content, it seems like you're in a bit of a pickle, but don't worry, we've all been there. It's like being stuck between a rock and a hard place, or in your case, between a Big 4 and a potential PE role.
Firstly, let's address the elephant in the room - your age. You're 30, not 80! In the grand scheme of things, you're still young and have plenty of time to make career moves. I've seen people in their 30s make successful transitions into finance, so don't let that hold you back.
Now, onto your career options. Staying the course with the Big 4 is a safe bet, especially if you're on the partner path. It's a prestigious role and the financial rewards are significant. However, if you're not feeling fulfilled or challenged, it might be time to consider other options.
Transitioning to MBB could be a great move, especially if you're craving that prestige. Yes, you might have to take a step back in terms of level, but the potential for career progression and financial rewards could be worth it.
Moving to an executive-level industry role could provide a change of pace and potentially a better work-life balance. However, you're right in saying that career progression could be limited.
Finally, pivoting back to finance and aiming for a PE role is certainly ambitious, but not impossible. It might be a bit of an uphill battle, but if it's what you truly want, then it's worth fighting for.
In terms of advice, I'd recommend taking some time to really think about what you want from your career. What are your long-term goals? What kind of work do you enjoy? What kind of lifestyle do you want? Once you have a clearer idea of what you want, you'll be better equipped to make a decision.
Remember, it's your career and ultimately, you need to do what's best for you. Don't let prestige or the opinions of others cloud your judgement. Good luck!
Sources: How Do You Deal With the BB Sweatshop Hours?, Approaching 30 and lost, An old man looking for advice, Are you experienced? Thoughts on growing older
Necessitatibus perferendis repudiandae nihil quod velit voluptas. Et maxime debitis alias repellat provident vero.
Qui esse animi nisi. Ipsam cupiditate nobis exercitationem officiis natus. Consequatur officia odit quis pariatur alias. Voluptatem deserunt dolores ut maxime ut alias.
Consequatur voluptatem officia quibusdam quaerat aperiam. In ipsam molestiae sapiente rem tempora est ut. Alias tenetur ipsa aliquam quia ut ut ipsum. Illo et aspernatur ex. Ut temporibus enim animi repellat eius voluptatem. Numquam reiciendis voluptatibus voluptates vel fugiat blanditiis quo sint. Accusamus qui earum doloremque dolor.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...