In fact, staying with the same consulting firm is the fastest way to advance your career. However, this career progression comes at a price. Consulting firms are known for their “raise or close” policy. If you don't meet expectations and don't get a promotion, you'll be asked to leave the company and look for another job.
Pursuing a career in consulting can be difficult. However, for MBA graduates with the right skills, consulting offers a good and lucrative career path and a variety of world-renowned firms to work for. Consulting is one of the highest-paid avenues (whether you are looking for partner positions or if you abandon yourself to executive positions in the industry). Because you can get in without additional training, earnings tend to be higher than the law at comparable stages.
On the other hand, several sources indicated that consultants generally earn less than investment bankers in comparable positions. 8.As explained below, consulting is good for networking and, therefore, seems to provide relatively strong opportunities to influence people with powerful or otherwise influential people. To maximize your options, Yolanda recommends looking for work in places like Dallas, Texas, which is a global hub for consulting firms. When considering the types of consulting jobs you can apply to, Yolanda suggests going to a larger consulting firm, such as Accenture, EY, or PwC, if you don't know what area to specialize in.
Yes, so the “big four consulting or accounting firms” are Deloitte, Ernst and Young, KPMG and PwC. Strategy consultants sometimes advise governments in poor countries on issues such as natural resource strategy, which could have a significant impact. Consulting careers are adapted to people looking for variety and changing environments, Yolanda explains. Management or strategy consultants are often “generalists” who help companies solve important problems, redefine their business models, or update their five-year plans.
So one option, if you're a little risky, is to become a consultant and be available in an online marketplace for consulting work. Second, you'll enter the consulting industry after being hired by an MBA, with a much higher salary and a better position. Unlike working in start-ups, most people who work in major consulting firms and then go into the business world reach senior management positions or higher. We have significant uncertainty about (i) to what extent consultants increase the efficiency of the organizations they work with and (ii) how valuable those increases in efficiency are.
We talk about what the title “consultant” means, the avenues you can take to enter the industry, the skills you need to succeed, and what you can expect to be paid when you're just starting out. If you don't finish your degree for a few years and you think consulting might be for you, another way is to completely avoid the process of hiring experienced staff. However, the thing to keep in mind is that every year, thousands of pre-MBA management consultants leave the industry to pursue an MBA. A consultant who reviewed this document suggested that, in her experience, consultants who leave the associate position have similar options to consultants who leave after 2 or 3 years of working as analysts, although the pace of options varies and associates are likely to qualify for higher positions.