Choosing a career path to dedicate years of your life to is never an easy decision, and this applies whether you are an undergraduate seeking a first job fresh out of university, or someone looking to make a career switch.
After all, faced with the tantalising possibility of all the possible paths you could take, how is it possible to choose just one?
While it can certainly be a daunting decision to take the leap of faith and “lock” yourself into one industry or job role, the good news with consulting is that it is far from a dead-end job – the skills you pick up and the network of contacts you establish will come in handy should you ever choose to exit the industry.
In the previous article, I shared some of the ways in which consulting can fast-track your career; in this one, I detail which paths it opens.
Career paths that consulting opens up
Realistically, former consultants are valued in just about any industry. That being said, here are five specific doors that consulting can open career-wise.
1. Corporate Strategy
There’s no sugarcoating the fact that consulting is a tough industry which puts a burn on many people’s work-life balance.
As a result, one of the most obvious career switches consultants make is joining a client as part of their in-house strategy team where they are likely to be put under lesser stress.
Corporate strategy involves defining the long-term objectives and strategic course of an organisation, a role which has considerable overlap with consulting. Both roles involve the analysis of markets, competitors, and industry trends to distil an actionable plan for business expansion and growth.
2. Product/Project Management
Similar to consulting, product / project management is notorious for its high barriers to entry, steep learning curve, and high stakes. Beyond that, both careers also demand excellent prioritisation, analytical, and interpersonal skills.
The day-to-day of a product/project manager involves identifying needs or problem areas and working closely with development/programme teams to push relevant features. In other words, they are tasked with laying out a clear vision, prioritising tasks, and coordinating with a myriad of stakeholders to translate plans into reality — this overlaps squarely with a consultant’s role.
In fact, many consulting firms have Project Management Offices (PMOs) where consultants might be asked to take on such a role within the consulting firm itself. This speaks to the high degree of skill set overlap and the importance placed on such roles.
3. Entrepreneurship
An enticing route that consultants frequently take is entrepreneurship, where they seek to turn their own big ideas into reality. While such roles might bring greater fulfilment and autonomy, work hours tend to remain high and intense — after all, their own money is on the line!
An adjacent role would be to join a nascent startup as one of the early members or strategy leads, thanks to their trained capacity to recognise market opportunities, create targeted business plans, and manage projects. This is an exciting prospect insofar as they might be landing on the ground floor of the next global sensation, and play an active role in bringing that to life.
Many prominent consulting firms are also working in a start-up context, e.g., BCG Digital Ventures, which is precisely looking to build ventures. At such an early stage, the problems tackled are fundamentally different from corporate strategy. Instead of cost-cutting or profit-optimising for an established organisation, the focus is to validate the market, or find product-market fit.
4. Finance
While transitions from finance roles (e.g., private equity, investment banking, asset management) to consulting is much more common, the reverse route (from consulting to finance) is not unheard of.
Consultants particularly skilled in data analysis and financial modelling do throw their hats in the ring for these roles, and some have found that the holistic exposure and business acumen developed over their years in consulting strengthen their ability to think strategically in the investment context.
5. Social Impact
While this last sector may seem a little surprising to some, consultants who wish to make a difference frequently go into charitable organisations and jobs with a social impact focus.
The core of consulting is utilising strategy and problem solving to achieve a desired outcome for clients, and this is no different from aiding a charitable organisation to devise and successfully complete its projects. This could be thought of as a subset of the corporate strategy role, specialising in the non-profit sector.
In fact, there are even student consultancies that are focused on this sector, including 180 Degrees Consulting (the world’s largest university-based consultancy for nonprofits and social enterprises), of which I’m presently the President-Emeritus of the Oxford Branch.
In recent times, we’ve worked with a wide variety of organisations seeking to further the United Nations Sustainable Development Goals, be it increasing access to education, fighting against climate change through renewables, or even enhancing the quality of life of people with physical disabilities.
The bottom line
The key takeaway is that the consulting skill set of effective problem solving is industry-agnostic. Any sector can benefit from more rigorous problem solvers.
Of course, the level/rank to which one can pivot is highly dependent on the number of years of experience one has had in consulting. It would be unrealistic to expect to lead the in-house strategy of an international firm with only 2 years of experience under one’s belt. Further, it’s imperative to remember that some industries may demand particular domain knowledge or qualifications, e.g., becoming a Chartered Financial Analyst (CFA).
Overall, a few years in consulting certainly unlocks a wealth of opportunities that you can capitalise on. While it is a useful springboard, it is certainly not a golden ticket; networking, further professional development, and focused job searches remain essential.
Consulting opens doors, but — as always — it is ultimately up to you to choose which doors to step through.
Lucas Foo is a Philosophy and Linguistics Undergraduate at the University of Oxford. He enjoys drawing insights from ambiguity to create real and positive impact.
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