Very close to making principal with a top tier consulting firm (6-8 months). Have received a good offer from industry in their strategy team. It's definitely a bit of a step down in terms of where I am today and future revenues. I really liked the role and people though. I want a more balanced life (family, social, sports) and know enough that it's not possible in our profession.

Is the exit worth it or I should just suck it up and make principal?

Any personal experiences in such a situation

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I would take it if 1) compensation is on par 2) provides strong growth opportunities. And if you are able to reach or come very close to principal level, that means you are smart and should wait for better options in general. Other question is would you like or enjoy the work being a principal? If not, then you would leave consulting any way so why not now.

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Ask yourself the question “how quick do I want/need a balanced life”.
If this is the first exit opportunity for you, maybe be pro active about it. Reach out and see what’s on the market.

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I would take the exit. Clearly something has been on your mind that made you explore exits in the first place, even if you don’t, you’ll be back on the job market in a year.

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Thanks EY1. I tend to agree with your assessment.

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A lot of times companies treat senior EMs and junior Principals the same way (as you wouldn’t have proven yourself as a Principal). So you’ll have to wait at least a year before you can get PR equivalent offers. Eventually, it comes down to your personal preferences and the comp offered in the new position. I was in a similar situation and decided to switch.

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How are you so sure that you will make principal? Is it pretty much a sure deal or are you just expecting it?

I’m not a huge fan of the “just a few more months until greener pastures” mentality because there always seems to be an excuse to stay longer. If you make principal, what happens then? Do you stay for another year or two because you need experience at level? What happens if you don’t get the promo, do you stay for another year?

You can never be 100% sure - it's an expectation based on my past assessments and the equity I believe I have within the unit. (Folks in management consulting would get it, but explaining for your benefit)

Agree, doesn't make sense to stay longer only to get the next rank. But the the response I was trying to get was how exit opportunities would change if I get the title of a principal.

Do you believe that making principal will open up the types of doors (career-wise) that are not open now and won't be open in a few years? If so, stick it out for a year. If you think the difference won't matter then you answered your own question- consulting is not the right place for you long-term, might as well get out now.

OP that’s exactly the mentality I just used to accept an industry offer. I didn’t want to keep getting boxed into the work of the practice I’m aligned to.

And don’t put it past your company to dangle a promotion in front of you with no real intention of giving it soon. Take the sure thing.

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