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Consulting has sucked the life out of a lot of people i know, myself included. I would say enter at your own peril but keep an eye for non consulting roles too if you want to keep other things in your life at some level of priority
FWIW my parents grew up in poverty living in low income housing… so I’m not speaking from a place of no empathy for people with brutal jobs.
You should value the mba independently of getting into consulting.
If the only reason you’re doing an mba is to go into consulting, that may not be the best move, you may also just be able to lateral giving the hiring frenzy that is going on right now.
If a lateral was ever going to work it would be now
I think before regretting about this you need to consider that you may not end up in consulting despite shelling out 200k for your MBA.
A harsh truth many people do not consider for some reason.
very valid. I wouldn't think MBB is anywhere near guaranteed, but currently am in a profession which I don't find interesting at all (law)
I Used an MBA to go from tech to McK. Regret it every day. Should be promoted soon and then out the door.
I’ve had less impact, progressed slower, worked more, and been paid less than if I had gone back to tech. Plus honestly this job bores me to death.
I know some people love it and that’s great. Incredible career mistake for me.
You should’ve done a PhD in ML instead.
Chief
I spent 200k and didn’t make it into MBB. Got a few final rounds, but tripped myself up. So it’s no guarantee.
Yup me neither. The good news is, there are other paths to making the big bucks!
Not at all. You get to learn a lot and get paid pretty high TC. Downside is working long hours, but it’s not a surprise. Do what will make you happy though! Also, consulting is not the only path post MBA!
I took a $200k loan and got into consulting five years ago. Do i regret this overall, no. Compensation has been great, found mentors to teach me the ways, and worked with smart people. Also projects were quite interesting in nature, but also demanding.
It is important to recognize how difficult it is to get high ratings and bonus in top tier consulting. Your peers are all hard working and smart, and all my work and effort usually turns me into an average case because there are others who literally only work and eat outside of sleep. So the maximum possible compensation may be attractive but the reality is often lower. For example my TC can be up to 370k but this is reserved for top 10% of my level. My average performance means my TC is closer to 270k.
This is a great point and I wholeheartedly agree as a former S&er. I would always wonder why people around me were willing to sell their souls and work those crazy hours. I was so miserable.
Do you want to work in a culture with a 200k buy-in? Or do you want to have a choice in what you study, or whether to study at all, and still have a shot at a high salary in a job where you may be happier? In general, the value of an MBA is declining in favor of more specialized education, skills and experience. Seems like it could possibly be a short-sighted play that might cost you more in the long run.
OP research and informational interviews are always helpful in this scenario. You’ll get people on both sides of the aisle. With a lot of MBAs in the consulting world, you’ll find some inherent defensiveness of that choice. It might be helpful to talk to a few people at or a level above where you would enter an organization, and at multiple organizations. Remember that schools will always try to sell you on the value and will show you inflated enrollment numbers from recent years, which make it seem like growth, as will people with MBAs - both new and experienced. It’s a big decision and ultimately you’re a business, creating and executing a business strategy, and only you can know your financial risk tolerance and assess ROI. In the end, whatever choice you make will be the right one.
Don’t assume you will make it to MBB? About 10% of applicants from my M7 got in. I was lucky enough to be part of the ~20% or so that made it to either MBB or a T2.
Things could be different now and different M7 schools have different yields for sure.
Look into the career outcomes of JDMBA programs. Maybe you can find someone who can give you insights into leveraging your JD to get mba-like jobs.
I don't regret my mba or consulting, but I would certainly do things differently. I was a consultant at a boutique, and wanted to switch to banking via an MBA. Interned in it and hated it. Went to consulting as a plan b. I missed the boat on the good consulting jobs (1 year late on networking, case prep), so 5 years out I make 180k as a manager at a non prestigious firm. I didn't need to get an MBA to wind up here. I hope I can use the MBA network to get a great exit at FAANG.
If I knew better what I wanted to focus on based on prior experience, I would never have targeted consulting to begin with - my peers are happier, have better WLB, do not answer to 5 fathers, do not have to do +1s or proposals through take them into the weekends and nights, and have long-term more money due to RSUs/equity investments. However, it has appeared to me that people who do consulting first tend to show a greater ability at climbing the career ladder faster as well as build a more diversified portfolio of network and skills overall not limited to one area.
If blowing $200k in some fancy mba then make $200k++ getting drained in 100 hours weeks for life float your boat go for it
Nobody in MBB works 100 hours, this is a one in a blue moon thing.
Many people average 60-70.
Just keeping the facts straight.
No regrets overall. However seeing my former colleagues make partner before me is tough. I feel like I’m two years “behind.”
I feel the same. But i am only looking at my cohorts who made the fastest promotions allowed, and i am about two years behind. I often forget but many of my cohort friends got let go in the same duration