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Controversial: Work-Life Balance Is Overrated.
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That is a great question. I worked in industry before I joined Bain. The pro is obviously work life balance. But there are several cons: compensation (both actual and growth expectation), coaching and feedback structure (which diminishes your learning), the fact that most of your time will be dedicated to routine activities (this changes when you get more senior, but you will be restricted to strategy issues linked to that industry and that company), the intellectual level of your coworkers will not be the same as in a consulting firm, and what I think is the worse - you may find people willing to prejudice you in order to grow, because lots of companies have an anti-collaborative culture.
This is my point of view based in only one year working in industry (plus what I've seen in my clients). I may be totally biased in my sample (which is 100% in Brazil) so it would be good to see what other people think about it!
I work in Healthcare PE, left PwC about 4 years ago, had a short stint at a healthcare provider (which was an absolute nightmare), and then came here. Everything B2, F1, and D2 are on point. I make quite a bit but the culture, processes, and my satisfaction are absolute 0. To date, I’ve had 5 different jobs (over 12 years) in various fields and consulting was the best.
My current firm doesn’t prioritize learning/development, I’m doing shit work, I’m rarely challenged, the leaders aren’t really leaders more like fire captains: pointing us in the direction of which fire to put out next, there’s no defined hierarchy, no processes, no vision/mission statement, we exist because our CEO is a genius investment banker, has the luck of a leprechaun spawned out of an Irish rainbow, and has somehow been able to progress his company by leveraging the right people.
My last job, again, no clear strategy or vision, putting out fires, no learning/development, not challenging work, more bureaucratic than anything else, too much for its own good.
So I’ve learned my lesson and am once again pursuing a path back to consulting. Do yourself a favor, if you are going to leave consulting, know what you are getting yourself into... like really take the time to understand and speak to people about your role and understand how the company works. I’ve been conned twice now, never again
EY1 there are plenty of people here that moved to industry and then came back, or are still there but retained access to their FB account
E V E R Y T H I N G Bain2 said is 100% on point; it's why I left industry and why I cannot foresee returning.
I left for industry about 9 months ago. Agree with a lot of what B2 said but a few differences in my case. My comp is much higher now for way way way fewer hours. I was at $155k base when I left and starting Jan 1 at my new job I am at $191k with a significantly better bonus potential plus a guaranteed equity grant. My comp is so high partially bc I just got promoted which happened so quickly bc the consulting skill set and ability to get shit done is virtually nonexistent among employees at this company. Dealing with burdensome internal processes, lack of talent/critical thinking skills among coworkers (people have jobs with very narrow scopes and have been in them for years), and a general feeling of things moving in slow motion are big cons. Oh and obsessive focus on making monthly/quarterly numbers leads to a lot of decisions that are not strategically sound and/or do not set the company up for long term success.
Well now they wouldn't be here would they
But but every consultant wants to go into Corp strategy or product management since consulting sucks so much...
More consultants need to read this thread. Everyone thinks industry is the best, but don’t realize how good we have it. Maybe it’s just the 20 something’s?
I agree, DD1. I see a lot of complaining on here about how consulting sucks, it’s pointless, etc. I consider what I do to be a privilege but I believe I have that perspective partly because I started out in industry and quickly realized I am not suited for “same shit, same people, day after day after day...". If you’ve never experienced it, then yeah, the industry grass looks pretty green. I found it to be a barren wasteland.
A terrific thread. Started at D, held leadership roles in industry and PE and a partner now at KPMG. I needed the WL balance when my kids were younger. I would only leave for PE or Tech/SaaS exec leadership.
I coached many that consulting is not a “speak now and forever hold your piece” endeavor. There are benefits to having stints in industry.
Great point DD1, btw
I left for industry a few months ago. Now I can have a cat, and she's the cutest. It was all worth it!
I started out in industry and worked there for 8 years before joining consulting. Maybe my experience was an anomaly but I learned far more, was challenged regularly, and had opportunities to really own my metrics and goals. I loved industry.
In consulting I’ve learned a lot about sales, presenting myself more effectively, and about “playing the game” so to speak. I also work with colleagues who are much more capable/smart on average in consulting.
Overall though, I loved industry. I think it’s really important to look at culture and the job fit if you’re moving to industry. The biggest difference is that you won’t change clients/projects if you get a dud, where as in consulting things may suck for a while but there’s always something new around the corner that could be better...
The main reason , some ppl I know regret it , is that in industry ..there is no delegation culture and a bold hierarchy - basically you need to do everything yourself , you usually don’t get to easily manage big teams and need to be petty much hands on most of time - need to execute the decks you get from MCs
I put in my two weeks the day I was promoted to M at D. Took a M role in Corp Strat and was just promoted to a Director role. Industrials industry in the southeast.
Moved to tech industry in December after 7 years in consulting. Pros...amazing work life balance. 9-5, hour for lunch, low stress environment. Cons...low stress environment, taking forever to obtain any sort of decisions/resolutions, etc. Type As will go nuts
I left about two years ago for what ended up being 30% fewer hours & 45% more TC. Consulting is great until the right exit opp comes along. Agree with others - don’t pull the trigger too soon. Consulting has a clear path for growth and you’ll know the right exit when you’re looking at the term sheet.
I left to start my own menswear company, so I can give you the gritty view from a founders perspective.
B2, F1, And D1 hit most of the points on the head. Their points on company/career direction, anti-collaborative effort, and working with people who are lazier and aren’t go-getters are all true.
I used to think consulting was a boring, decently paying job where the people I worked with were smart, but doing work in areas I didn’t care for. So I left.
But even though I mentally and financially prepared for my exodus, the mentality shift from having stable income vs. realizing you’re burning through money until your product comes out is a hard pill to swallow. And you literally have to do everything yourself. I do mean everything you can possibly think of, and a bit more. Branding, supply chain, logistics, marketing, accounting, admin, PR, incentivizing workers, fundraising. It’s a one-man show and you have to keep juggling those pins in the air.
But to answer your question, it’s been worth it. Only because I knew I would one day want to get back to this type of struggle. I love and hate the grind. But I love it more than anything in the world. It’s what keeps me going. Consulting was too passive in a sense, even with deadlines. Before any of you want to leave to start your own thing, know who you are as a person, and figure out if the road of entrepreneurship is really for you. Otherwise, stick to a job, because the grass will always look greener on the other side. Just don’t fall for the facade of instant riches and glory.
VP1 🙌🏻🙌🏻🙌🏻
Well when I was recruited, I was told consulting would provide more business skills (finance, accounting, etc. as well as about specific areas like M&A, Corp Strategy) and now that I’m in consulting, more skills like business process design/analysis. I was told by ex-consultants and recruiters that you’d be exposed to all areas and all industries. However, I’m finding that’s not the case at all.
As someone who left and came back, I would recommend to make sure you leave for the right role. Seems intuitive but I was so desperate to leave my prior firm that I took the first job that fell into my lap. I was working 9-5 with 1.5 hr lunches, making slightly more money but was bored out of my mind and was worried about career progression.