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Mentor
How do I think like an investor
Accenture does it again!
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If you're wondering if it's the right path, it's probably not the right path. It's not an easy road by any means, so you really have to have that deep-seeded passion to really make it. If not, you'll burn out quick. Don't mean to be harsh, just keeping it real.
Bit extreme. I had doubts along the way. I deviated from the path once and spent 7 years in industry between M and SM.
Consulting Partner is one of the more flexible jobs you’ll find at this level of comp. The biggest sacrifice used to be nights away from family, but that’s much more manageable now (tbd what the future holds). The real challenges for me have not been the hours so much as 1) managing the stress and not letting it carryover and impact my family time, and (2) the timing of the push to Partner and early Partner years coinciding with precious & challenging years with a young family.
Same boat. Will hang in there 🫡
It’s a complete no brainer if you like consulting. Being an equity partner in a privately held partnership is an amazing opportunity with way more rewards than sacrifices. I consider myself one of the luckiest people on earth to have a job like this.
Mentor
Any high paying job is going to require a sacrifice. Whether it is an MD at an investment bank, a partner at a consultancy, a VP or SVP+ at F100, PE/VC, etc. In most cases, these are difficult, revenue/margin generating roles with a significant amount of responsibility. On top of the responsibility, there is a lot of competition for a limited number of slots. How much of a sacrifice depends on the individual and tolerance at whatever point he or she is in life. Many enjoy the work and are passionate about what they do, thus are willing to make the sacrifice.
To save the suspense, it is a lot of sacrifice. So are anything difficult to attain in the professional world. Many long nights, uncertainties, disappointments, and self-doubts. But it is all worth it - Now I can provide for my family with abundance, work on interesting problems, and keep myself challenged everyday. Don’t stress yourself with it though, focus on being a good Associate and just plan for the next 1-2 roles first. Good luck 🍀
Also to add - “making partner” is not like the end game. Once you “make it” you once again start to move across the ladder as the most “junior” partner / MD. So you really have to like this kind of work.
I’m a Director in the process for this year’s partnership, and FWIW, the aspect I enjoy the most is selling work, delivering interesting engagements, building a practice of awesome people, and shaping my niche in the market. The partnership, if I get it, is more like the icing on the cake.
I didn’t think I was cut out to be partner earlier in my career, had severe imposter system and even just accidentally fell into consulting. But you quickly figure out what you’re strong at and lead into that. And tbh making partner wasn’t even on my agenda until I was well into being a Director.
I am worried about the WLB aspect especially as a dad of two young kids and being primary breadwinner. But I think partnership, and consulting in general, gives me a lot more flexibility to manage my time - plus resources to throw at it.
Coach
D2. Your family will be your biggest source of support, and do not be afraid to say no to things to prioritize things. There’s only ever one holiday play to see, one graduation etc. miss those and you will never forget it.
My wife and I have a set agreement that if we are both home then we have dinner riveter every night at 7pm. I tell my team this and I am off line. Phone done and in the moment with her. It’s the little things that make the win. Decide what yours are.
Turn the question around - what would you be willing to sacrifice for $1M a year, exciting and challenging work, and being the owner of your own business
Big 4 new partners don’t make a million
Coach
I have been an MD at an investment bank and now for the final 15 years of my career I am a partner at a big4.
I feel lucky as I made my sacrifice at the IB and now feel I have a great work life balance and I can be choosy about clients etc. I get paid exceptionally well. I stay above the politics and do not want leadership roles etc. just want to plow my own furough with an amazing team.
Love this. Former banker here, too. Can agree that consulting provides a way better WLB than IB. I am very pleased with it. I’m at Director level now and am really looking forward to the next stage of my career. It’s all about perspective! Best of luck to you.
I was able to get away with a goat. Not a huge deal but it was a little messy.
Mentor
Better than a lamb
It's a lot, but it could be worse! It also depends on where you are. Some places with toxic cultures will drain you much quicker than others.
I have to agree with this. It really depends on the work environment and the culture that they foster. Also partially depends on the wlb and what is expected of you overall.
Coach
I joined consulting to make partner . Making it was harder than I imagined . But looking back - no regrets . We just find a way to integrate work and life .
I can tell you that partners have no idea of the easier life outside consulting. When I was in product sales, i shut shop at 5 pm and opened it only next day at 8 am. There were quarter end - which were stressful. But since there wasn't any delivery - daily life was blissful.
P3 I feel seen. Especially when you enjoy and excel at the sales more. Now I don’t even have time for that part of the job.
I made partner 4 years ago. I believe the game is the same. Our attitude towards work (sacrifices) has changed. Also the opportunities in tech have provided real alternatives to a Partner position.
In general, there are more opportunities paying 500 to 800K and with less pain than P/MD. Most find this pay to be comfortable enough to not make the sacrifices.
500-800K in the industry or even Big Tech is pretty rare though (or may be the market changed which is awesome 😎). But from my exploratory conversations and experiences from my friends is that 1) those roles are very few and 2) arguably more competition in the industry. Once again, would love to hear more perspectives on this
If you are on this forum whining about how hard it is you have your answer, you shouldn’t be a partner. Go work in a non-profit. Try explaining how hard your life is to a server at a restaurant that works 6 days a week and makes in a year less than what you make in a month. Or a construction worker who works outside in nasty weather resurfacing roads, etc.
The choice could come down to doing a lower paid work with same amount of sacrifices. Why take that risk. After you have made some money - you can decide if you want to continue as a partner.
It’s typically not a choice. It’s your personality.
There is absolutely sacrifice in everything you choose and always trades. All I can tell you is that I've been blessed career wise and have had a wonderful partnership... and could only wish that others have the kind of experience that I have. It's not for everyone, but if you can manage thru the challenges there is no better role
Giving up everything for that milestone is what it takes. Many do leave after they get it, once they realize the carrot wasn’t even worth it.
Mentor
Good communication with the people in your life the job affects can make it easier, but you obviously have to work hard. They pay you for that as you go, by the way.
Also interested to hear what support systems folks had in place / put in place to make it all possible. Everything from therapy, to nanny, to family, to food delivery, etc.
Many male partners I met that had kids, often had a SAHM wife / remote / lower stress career wife. While the one female partner I met in my consulting time, had an equally / more successful C-suite hubby, full time live in nanny, and mom and sister nearby for support. Another was divorced, but surrounded by family support, and had one kid who was all grown up (college /20s) by the time she hit was partner.