Is Consulting a Good Career?

Professional services, aka consulting, is a good place to start a career or transition to a different field. I've been in the consulting industry for seven years now. I've learned a ton. Specialized in multiple skills. Gained exposure to various industries and sectors. Worked with different types of people. Witnessed the demise and rise of Fortune 500 companies.

If you are interested in gaining exposure to various industries and skills sets, consider consulting as a great place to experiment.

Consulting is a wonderful way to gain experience. However, there are pros and cons to entering consulting directly out of school:

Pros

1. Industry exposure. Consulting is a great way to gain experience in various industries and sectors. Projects can be as long as two weeks to two years or longer. As a consultant, you'll have the opportunity to work with different organizations and industries. You'll be able to see the inner workings of a company. The exposure is top notch and something you will never receive if you stick to industry. During my three years in Silicon Valley, I've been able to consult at some of the biggest technology companies in the world. Every company does things differently. I view each experience as a way to gain lessons learned and knowledge that I can one day apply to my own business. In consulting, consider each project a business card that you are adding to a Rolodex. After a few years, you will be able to recognize patterns in organizations. You'll refer back to the Rolodex and say to yourself, "I've seen this before."

2. Learning. In consulting you'll be forced to learn about the client and project as fast as possible. You will also be required to be up to speed on the latest trends, methodologies, frameworks, and strategies to apply to your client. They will be looking to you to bring this perspective. If you are not constantly learning and refining your skills, it will be harder to be relevant. But don't worry, many of the big consulting firms take learning seriously. Skill refinement and acquisition makes them competitive. If their people are knowledgeable, the organization will be more successful. In consulting, the learning opportunities are endless. Take advantage of them.

3. High Pay. Generally, consultants are paid competitively to their industry counterparts. Perhaps, even more depending on the firm. If you find yourself in consulting directly out of school, take advantage of the high salary. Put away as much as possible into your 401k and take advantage of stock options if available. If you end up staying in consulting for a few years, the firm will hopefully recognize your high performance with a reward. The longer you stay, the better the pay.

4. Accelerated advancement. In the previous point, I indicated that the longer you stay in consulting, the more likely it is you will be rewarded. Because of the high stress and ambiguity, top firms reward those that do good work. If you have a reputation and can deliver, you may find yourself on the fast track to promotion. In as little as five years you can rise the ranks from Analyst to Senior Analyst to Consultant to Manager, if you deliver. Consulting firms tend to be a true meritocracy.

5. Networking. When you jump from project to project, industry to industry, your network will grow. If you can stay in one geographic area while consulting, you will be planting seeds. If you are competent and easy to be around, clients and other consultants will gravitate towards you. As you progress in the career, your network will grow faster than someone who goes straight into industry after school. If you enter consulting, use it as a way to grow your network.

6. Easier to jump into industry. Once you've established a network and skill-set, you may be ready to make the jump to industry. That should be relatively easy if the skills you possess are transferable. A lot of organizations seek to hire former consultants because they know they can deal with pressure and task management. After a few years in consulting, headhunters will start reaching out to you on LinkedIn. You are an asset in their eyes and even though your experience may not seem unique, it is. Take advantage of the exposure in consulting by making an informed decision and jumping ship to industry when the time is right.

Cons

1. To be successful, you've got to drink the Kool-Aid. Because of the consulting hiring model, where they generally mold undergraduate and graduate students into client ready resources, drinking the Kool-Aid is a prerequisite to success. I guess this is similar for any organization, but with consulting it is shoved down your throat. The big consulting firms market themselves as leaders in helping their clients solve their toughest challenges. They indoctrinate young consultants early on. If you want to advance, you'll have to drink the Kool-Aid, give back to the firm, and trade your time for money. I believe this forces a lot of people out of consulting with big organizations. They stop believing what the firm is doing is important, and jump ship for more meaningful work.

2. Travel. Consulting projects tend to run Monday through Thursday onsite at a client. Friday's the team works from home. This is fairly standard in the consulting industry. If your project requires weekly travel, you'll fly in Monday morning and out Thursday afternoon, typically every week. The travel schedule can be brutal. If you thrive in a job with a routine, consulting will not be a good place for you. Traveling every week will throw your schedule off. I recently finished a four month travel project. I hated it. I felt like I was in a time warp. As if I had two lives. One on the road, and one at home with my wife. If I had to travel every week, I'm not sure I would last in consulting for as long as I have.

3. Lack of mentorship. One thing I've noticed since being in consulting is the lack of mentorship and career guidance. Since the turnover is so high, it is more difficult to find people to help you along the path. Perhaps it is because I came to my current firm as an experienced hire, but the overall lack of mentorship is a problem. At the end of the day, the client comes first. You are there to serve them. Career guidance and mentorship takes a backseat to what the client needs. The majority of managers will indicate they do not have time to guide you. This is true partly but the best mentors I've had, are the ones that take time to offer career guidance. If you thrive in environments where mentorship is important, consulting may be difficult for you.

4. Ambiguity. Consulting projects revolve around ambiguity. No one seems to know what is going on or what to do. The client may be resistant to the project. Stakeholders and deliverables may not be well defined. The lack of clear objectives and how the work will get done gets old. I believe this is what makes consulting so difficult. The ambiguity and reactive nature of the field forces a lot of good people to leave.

5. Up or out policy. If you do not perform and show progression towards the next level, you will be forced out or have to take a non-consulting role. Most consulting firms have time at level requirements for each level along the ladder. If you are not constantly showing advancements towards the next level, you will be coached, but eventually, you may be asked to find other means of work. Usually, the up or out policy is less direct than what I am describing. Consultants will view their career as a temporary journey. Making Partner or Managing Director is not for everyone. Few people will make it that far. To reach the upper levels of consulting requires sales and delivery skills. A combination few people possess. There will be a time in your consulting journey where you will be forced to make a decision on your future.

6. Resource first, individual second. This point may be applicable only to the big consulting firms. Because of the hiring model, consulting firms view young analysts and consultants as resources. They are constantly growing the ranks to fill client needs. You may be put on a project that is outside of your interests or career aspirations. No one will care because in the eyes of the firm, you are a resource to them, a number. It will take several years for you to develop a network and skill set that is marketable. In the meantime, you will be treated like a resource to fulfill a project need. Don't take it personally, but no one will care about what makes you unique until you have something to offer.

The professional services industry is a unique field. I only see it as one that will continue to grow and expand as organizations look to cut costs. Consulting firms play an important role in this as providing temporary support. The industry is not going anywhere. If I was a betting man, I would say consulting/professional services has more job security than a product driven organization.

If you are deciding between industry, public sector, or consulting during your undergraduate or graduate studies make sure you weigh the pros and cons. Decide what you want out of the short and long term. If you go into consulting, have a plan, don't get sucked in if you don't like it. Use it as a place to gain skills and industry experience. Make the jump to another job when the time is right. Lastly, remember that no one will take your career as seriously as you do. If you don't, big consulting firms, will figure out a place for you, whether you like it or not.

But don't worry, consulting is great place to be if you can make it work for you.