Does it make sense to move from consulting to product management at a high-tech firm?

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Personally it's a personal preference. Though both industries have their own styles and merits-demerits. Choose as per your agenda towards your future based on choice of work and confidence in likings.

Hope it helps you get a clear idea of what you want.
Tip: start thinking like what you'd like to be or work for in next 3-5 years. Hope This will help you.

What do you think are the merits and demerits of product mgmt?

Absolutely, yes. You can always come back to consulting. Your demand will be higher.

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