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If you’re walking now, you’re walking away forever (from MBB), unless you take on a VP or SVP role that enhances your value prop to return. A true partner caliber is one that can weather the long term. If you decide consulting is not for you long term, this is indeed one of the best times to exit. You’re absolutely right that it’s a tough time right now. But it’s only going to remain so for 2-3 years. That’s normal ups and downs.
I don’t know what world people that are only good at rolling eyes and add zero value live in but it’s not such a foreign concept in most parts. High-performing Individuals and corporations weather the long term well. An average partner can do well in a given year or in good times. That’s sufficient. A mediocre can survive and that’s not a bad thing either. Consistent long term performance is distinctive. OP, you know this if you’re at MBB. Whether it’s worth it depends on your alternatives. If they are better go for it, else, stay the course long term.
Mentor
Suck it up buttercup
P2 is saying “I’m 54 and I got no options. 6 more years and I’m sitting on a $2M home with 2.5% rate. Who cares”
Just a perspective from someone that’s been looking for an industry role, it’s pretty bleak out here for senior levels (VP+). I came from academia and current conditions make it also bleak there. Lots of funding cuts and reductions even at the top universities.
What makes you think 2years? The Trumpsession is going to take time to recover from just like last go around, could be 5 years (assuming he dies or actually leaves office which he has promised not to) before the markets recover
Historically, post WW2, the Fed Funds rate has averaged 1% above the trailing inflation rate. So right now rates are maybe a little high (around 1.5% over inflation) but not by much. Even if inflation drops to the Fed's 2% target, that means a Fed Funds of around 3%. Most people complaining about high rates want a return to ZIRP. That's just not happening. It was a total historical anomaly and the Fed held onto it way too long after the GFC ended. If your business depends on money being free, it should cease to exist.
Just curious how are you defining “mid career partner” and why does the current environment hit differently?
Mentor
If they are like me, they have accumulated enough wealth that a two year break isn’t an issue financially but they are young enough to not be “retired”. I’m in that boat. Resigned in January, will have a year of garden leave. Will try being “retired” but also look for something I am truly interested in.
OP: what is making it hard right now? (Asking, not critiquing)
Yeah I know. You would need many irons in the fire because many projects fail to launch
I’m not sure taking an academic role keeps one relevant in most areas of consulting.
If you’re a mid tenure MBB partner, you should be making 1m+. How is that not worth the money?
When you’re in Low $1s you only care when you’re in the $3-5m range
Well, a Partner I looked up to while growing up in B4 used to say: one needs to stay relevant. Can’t sell same stuff you did X years ago…
If you figure out a way to keep relationships warm and stay relevant, I think it sounds like a great idea