Advantages and Disadvantages of Leaving Management Consulting for Industry

Transitioning from management consulting to a role within a specific industry can present a myriad of opportunities and challenges. In this article, we explore the advantages and disadvantages of making this switch, providing actionable insights and personal anecdotes for those considering such a change.

Advantages of Leaving for Industry

1. Reduced Intensity of Workload

One of the primary benefits of leaving management consulting for industry is the potential for a more relaxed workload. While consulting often demands long hours and intense problem-solving, corporate roles in a specific industry can offer a more balanced and family-friendly environment. This can significantly improve job satisfaction and personal well-being.

2. Opportunity to Reconnect with Friends and Family

Industry jobs often provide a more flexible schedule, allowing professionals to spend more quality time with family and friends. This can be particularly beneficial for those who value personal relationships and want to integrate work and life more harmoniously.

3. Improved Health and Well-being

The high-pressure environment of consulting can take a toll on both physical and mental health. Transitioning to a corporate role within a specific industry can offer a more conducive environment for maintaining a healthier lifestyle, both physically and mentally.

4. Leadership and Project Management

After several years in corporate development or strategy, most companies will eventually move employees into line management positions. While this transition can be challenging, it provides a wealth of valuable experience. Developing leadership skills, managing projects, and leading teams can significantly enhance career opportunities, potentially leading to more senior roles within the industry.

5. Specialization and Industry Focus

Management consulting often requires versatility and a broad skill set. In contrast, moving to a specific industry allows for specialization, which can make the work more engaging and enjoyable. Focusing on a particular field for a while can provide a deeper understanding and appreciation of industry-specific challenges and opportunities.

Disadvantages of Leaving for Industry

1. Differences in Coworker Quality

One of the significant disadvantages of making the transition to industry is the caliber of colleagues. Consultant colleagues are generally highly skilled, driven, and collaborative. However, in industry, teamwork may be less evident, and office politics can play a more prominent role. Less emphasis is placed on problem-solving and content, and more on achieving company goals and reputation.

2. Reduced Job Variety and Stimulation

Consulting offers a diverse range of problems and tasks with varying levels of complexity. This variety can be highly stimulating and engaging. In contrast, moving to a specific industry may offer less variety in tasks, which can be tedious for some professionals. This can be particularly true for those who thrive on the dynamic and complex challenges presented by consulting.

Perspectives from Industry Experience

Personal Reflection

As a former manager at EY, I transitioned to a CFO position at two Western Pennsylvania hospitals in the early 1970s. While I found the variety and remuneration in consulting to be incomparable, I returned to management consulting in 1979 and eventually rejoined in 1984, rising to the position of partner by 1984 and retiring in 2000. Despite the challenges, I sincerely believe that the experience I gained in industry was invaluable. If given the chance to do it all over again, I would make the same decision.

My last five years at EY as a partner were highly remunerative, with an average income that surpassed the seven-figure mark. There is simply no comparison to the financial and professional rewards of working in the consulting industry.

Conclusion

The decision to transition from management consulting to an industry role is a personal one that requires careful consideration. While industry offers unique advantages such as reduced workload and opportunity for specialization, it also comes with challenges such as a less collaborative work environment and reduced job variety. Consulting, on the other hand, provides a dynamic and engaging work environment but often at a higher intensity.

Ultimately, the choice between these career paths should be based on individual preferences and career goals. Whether you stay in consulting or make the switch to industry, the transition will offer valuable experiences and opportunities for growth.