I previously wrote a similar article for those in consulting coming from undergrad. Now I want to highlight the outlook for those who joined consulting from grad school.
Although there are extensive parallels, the grad school pool is decently different because they tend to be older (ballpark around 28 or so when they started their consulting career) and for the most part had prior work experience.
Historically, grad school students going into consulting came mostly from MBA programs, but there have been diversification efforts with other professional Master’s programs and PhDs becoming noticeably more prevalent. The variables for consideration are similar among all these groups.
Unlike their undergrad-sourced peers, most grad school-sourced consultants start thinking about their career next steps on an accelerated timeline, around the 2-year mark. In this article, I want to spell out the career planning considerations that are common with this group.
1. Compensation Factors
Leaving consulting for most people means taking a temporary pay cut in total take-home pay. This would be generally true for those pivoting to start-ups or going into corporate roles. The primary pathways to increase compensation are to climb the career ladder within consulting (either by staying within the firm or hopping to another one) or moving to private equity. Both pathways involve more intense work schedules.
2. Student Debt
Broadly speaking, grad school-sourced consultants have more student debt than those from undergrad. Hence, they are harder pressed to leave consulting unless they gain access to equal or higher take-home pay than they make in consulting. I know of people who have stayed in longer than they would like given the amount of student debt they have.
3. Lifestyle Preferences
By the time most grad school-sourced consultants hit their 2nd year in consulting, they are 30-something, and the world begins to look slightly different. The constant travel, the late nights, and the constant high stress feel less manageable than they were as a 20-something. The consulting perks of fancy dinners and luxury hotels kind of lose their appeal over time.
Some may still want to continue the consulting career progression out of a desire for the persistent intellectual stimulation of working on new problems. However, more thought is put into lifestyle aspirations and if consulting still works with it or gets in the way of what really matters.
4. Family Planning
Increasingly, the most common conversation topic I hear about career planning has to do with family planning. Yes, there are plenty of people who become great moms and dads and manage a long consulting career. These people are often sincerely championed by firms to show the possibilities of being parents while maintaining a solid career. Just because it is possible for some doesn’t mean it is possible or desirable for all.
To be clear, family planning can mean different things to different people. For some, it is about having the time to date. For others, it is about having the time to start a family and more freedom to watch them grow. Regardless, it is part of the calculus.
5. The Clock is Ticking
At 30-something, time is still left to make an impact during one’s professional life, but the clock is ticking. There is a sense of urgency in wanting to be part of something special to really hallmark one’s career. It isn’t like someone thinking about leaving consulting at 26, where it feels like there are many follow-on acts to live.
For some, the answer is going further in a consulting career and chasing the partner track to be the ultimate innovator in something special. For others, the solution may be getting involved in a daring start-up or alternative career pivot. Either way, the clock is ticking.
The bottom line
When I was in consulting, some of the most impressive people I met were those who went to consulting after grad school, including some who graduated in their mid-30s. However, now that I have transitioned out of consulting, I have met inspirational grad school-sourced former consultants that pivoted to stellar new career trajectories. Every person has to choose for themselves, weighing what they think is the best fit for themselves and their interests.
Hall Wang is a dual degree MBA and Master of Public Policy graduate from Georgetown University. He currently works as an internal Strategist in a Fortune 50 US company. He previously worked in a major management consulting firm. Prior to consulting, Hall has worked at some of America’s most innovative companies, including Blue Origin and Facebook (now Meta), as well as having done two combat deployments as a US Army Officer.
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