The most popular career paths after consulting

Leaving consulting for other industries is more common than staying. There are numerous reasons for this, most notably according to our discussions with movemeon users and the data from the movemeon jobs board:

1. The pyramid structure at most consulting firms means there is an in-built bias towards leaving - often referred to as the "up or out" model.
2. Many people start consulting with every intention of leaving after a few years. It's a conscious means to an end (after building skills and network).
3. The lifestyle can be uncompromising. The long working hours and regular travel can be too much in the long term for many people.
4. The skill set developed in a consulting firm is extremely transferable and highly sought after by all organisations (from startups to multinationals to Private Equity to the 3rd sector). There are numerous classic "post consulting" roles/teams from in-house strategy & transformation, to Chief of Staff to revenue operations.
5. Many people want to "do" rather than "advise". The arms-length nature of consulting can become frustrating for many who prefer to own something and see their impact.

Which are the best career paths for alumni? Based on over 20,000 applications made on the movemeon platform, these are the top industries ex-consultants move to.

BIG CORPORATES

Big corporates are always looking for alumni. Experience in consulting will usually translate into you entering the company at a higher level compared with other people with your years of professional, but not consulting experience. The most typical function for consulting alumni is obviously strategy. However, our analysis of people hired through Movemeon indicates there are other interesting functions for ex-consultants, including operations and product management.

START-UPS

The world of start-ups is an interesting realm for consulting alumni. Compared to consulting firms, they have a very different environment and approach to work. However, the skills acquired in years of projects, data analysis and problem-solving make consultants perfect candidates for founding new start-ups or managing existing ones. This article offers some useful information for consultants who want to start a career in a start-up.

FREELANCE OR BOUTIQUE CONSULTING

After working for years in a consulting firm, even die-hard consultants, the ones who love every aspect of consultancy, might need a bit of a breather. They might also simply wish to be the commanders of their fortune. This is a prime reason why a lot of them decide to open boutique consulting firms or work as freelancers.

PRIVATE EQUITY OR VENTURE CAPITAL

Many consultants develop very strong financial skills during their years in consultancy. These skills prepare them very well and make them very sought after, by financially-minded institutions like private equity or venture capital firms. Consultants’ financial skills, matched with their strong strategic outlook and consulting ‘toolbox’, make these individuals the perfect candidates for PE & VC funds.

FAQs

1. What are the common challenges faced by consultants when transitioning to roles in industry?
   
   Consultants encounter challenges transitioning to roles like big corporates (hierarchy, risk aversion), startups (flexibility, autonomy), freelance (independence, client acquisition), and private equity (due diligence, relationship building). Navigating skill set shifts, adapting to cultures, and managing work-life balance are common hurdles, demanding adaptability and industry-specific expertise for success.
   
   
2. Are there specific industries or sectors within big corporates that tend to attract ex-consultants more than others, and what factors influence their choices in joining a particular function, such as operations or product management?
   
   Ex-consultants often pursue roles in internal strategy or corporate development in large corporations. Decisions are driven by personal interests, skills alignment, industry trends, and networking. Roles in operations, supply chain management, corporate finance, and technology-driven transformations are also popular.
   
   
3. Is there a gap or difference in work culture between consulting firms and start-ups? Are there any specific tips or insights for consultants looking to make a successful transition to the start-up environment?
   
   Consulting and start-ups vary in culture, with consultancies being structured and risk-averse, while start-ups are dynamic and flexible. Transitioning consultants should adapt by being hands-on, entrepreneurial, and developing technical skills. Networking, assessing cultural fit, and embracing ambiguity are vital. Successful transitions require comfort with risk and a genuine passion for the start-up's product or service.

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Take a look at another popular article: Which pays best, staying in consulting or leaving?