Management consultant here to answer your questions

Hello,

Many years ago, this forum was invaluable in my aim to start a career in consulting. As it's the week before Christmas, and things are quiet, I have some time on my hands - so I thought I'd share some advice and wisdom.

I've worked at the Big 4 and Accenture for 5 years now and have a fairly good knowledge of the consulting industry.

If you have any questions about consulting, clients, interviewing, assessment centres, perks, salaries, bonuses, burnout, or whatever you want - please feel free to post them here and I'l try to help!

Hi there, thanks for the initiative!

Three questions:

1) How possible do you think it is for a banker to switch to consulting or viceversa? Which route is easier?

2) How easy is it to lateral from one consulting firm to another after a year into the job?

3) How are Capgemini (Management Consulting, not tech consulting) and AT Kearney considered reputation-wise?

Thanks a lot!!

1) It happens a LOT. For Retail and Commercial Banking, it is easy to move each way. If you move from banking to consulting though, it'll be in part due to your expertise and knowledge, so you'll struggle to work outside of financial services (i.e. if you moved from banking to consulting, and wanted to work for private sector clients, it will be tough).

For investment banking, it tends to be IB --> Consulting, rather than the other way, but it depends on your consulting experience. If you've worked on capital market projects for a couple of years, you will have a good shot at moving to an investment bank.

If you've worked at a consultancy for 4-5 years+, it can be very lucrative to move to a bank as a contractor, where rates are £500 per day+ (and various tax benefits).

2) Fairly easy after 2 years. After one year, people will wonder why you are moving so soon, and they won't expect you to have developed a core consulting skill set - in short, it's not impossible but will raise questions.

3) CapGemini are in good regard, but not seen by clients nor other consultancies as on the same level as the Big4, Accenture, or MBB. I've not had any experience with ATKearney so cannot comment.

Realistically, what degree do you need to have to get on in consulting?

Thanks a lot, this is really helpful!

Two other queries, if I may. What are the exit opps like from a 2nd/3rd tier Management Consulting job (eg. KPMG, Capgemini, etc) and when is the "best" time to leave? I know "best" is rather subjective, but I guess young consultants would have a wider breadth of exit opps than Partners. Or am I wrong? When do most people go for exit opps?

Thanks again!

I've observed that people often leave after 2 years, and then after 5 years (yes, yes, of course there are exceptions)

After 2 years, it is often a move into another junior but challenging position - e.g. with a start-up or tech company, another consultancy, or a bank. I've never seen someone leave consulting to join another graduate programme.

After 5 years, people leave either because they are burnt out or have had enough of consulting, or they are attracted by a senior management position in industry with an equivalent salary, but better hours and more stability in terms of location (as mentioned, moving into contracting with 5 years experience is VERY lucrative - taking home £6-8K per month after tax is not unusual). Some people do move to other consultancies, to get a promotion, but this doesn't happen as often as the work doesn't vary that much from firm-to-firm and you have to rebuild your network at a new employer.

Whether it is 2 years...3 years...10 years...you will eventually start to question life on the road and the long hours. To a certain degree it is those who can make life work, despite the instability of the job, that stick it out for the long haul.

Thanks!

Are exit opps outside Consulting still attractive if you start at a 2nd/3rd tier Consulting firm?

Yes, fundamentally you're still working in management consulting, which (regardless of your employer) is challenging work. After two years in the job, recruiters will magically get hold of your personal mobile number, and you'll never answer a blocked call in the same way again.

Thanks again for doing this. Great to see some people are still willing to help out.

May I ask what your future plans are? Do you see yourself staying in Consulting for the foreseeable future?

Hi,

is it common to interview people who go to university outside of the UK like it is for banks who recruit from Bocconi, HEC etc for their London office? Or are candidate expected to apply to their home countries?

Thank you very much.

how many years of experience do you need to becomes a contractor (reputable and trustworthy)?

Also would you say big four / accenture is a good enough selling point for you? Wouldn't organisations just go to contractors who have previsouly worked for an MBB firm?

I do know some people who charge about £1k a day for consultancy to do with real estate development projects, so I'm guessing you can make a decent amount as a contractor.

I'm in audit at a big 4. How easy is it/is it possible to move once I qualify? How do the hours and pay compare to big 4 audit?