Breaking Out of Consulting

The hardest breakup of my life.

TL;DR: This is Part 2 out of three-part series on Entering, Exiting & Leveraging Consulting. This post is for anyone who's ready to leave consulting and wondering what could be next. I detail my journey extensively in How I Transitioned Into Climate After Consulting, but here I'm zooming out, summarizing some of the trends and exit pathways I've seen from my network and the industry.

"You're always two cases away from quitting." It was a common phrase that would come up in private conversations, often coupled with the latest story of a colleague who'd just burned out and walked away from the firm. To me, it always felt like a quiet promise that my tenure in consulting was always limited.

I've also heard the phrase, "I want to feel like I'm moving towards something with purpose", which I both incredibly relate to but also find a bit unfair. Things only make sense in hindsight, so whether you take months to plan out your post-consulting role or quit in a blur of burnout and land somewhere new, it'll work out.

I write this as someone who hopes to provide some guidance to the risk-averse, type A personality type baked into most consultants. Choosing the right next step can feel incredibly daunting. But I don't claim things will be okay because life is some rosy utopia, but rather that I have confidence that if you made it to MBB or any other high-stakes role, you already have the skills to navigate uncertainty and play the hand you're dealt with.

Back to school

Consulting > Grad School > TBD (figure it out at school!)

• If you joined consulting straight out of college, three years in, MBB offers a full-ride for an MBA degree. If you take the offer, you'll need to return to the firm for the same length of the program for the full-ride to apply. I've heard of exceptions to this–both in terms of full-rides to other graduate degrees and reduced return commitments (i.e. if you can leave earlier)–but these are incredibly rare and handled case-by-case.
• Even without sponsorship, school becomes a compelling option to explore a pivot in your career. The three pivots I think an MBA can offer are: geographic, industry, or function. Be it one or all three, you need to ask yourself what you hope to achieve out of the program and whether it's worth the investment.

Leverage your externship/secondment

Consulting > Back to secondment firm

• By the second year of your consulting tenure, MBB typically offers a several-month-long secondment or the option to work abroad in another office (oftentimes with the added benefit of housing being set up and covered if you choose the latter).
• Both have perks, but if you're looking to explore another role outside of consulting, the secondment is a great, risk-free way to test out a new industry, function, and even geography. It's uncommon–but not impossible–to see folks convert their externship into a full-time offer. That said, this needs to be tread delicately, since firms may get blacklisted from future extern placements.
• Nevertheless, the ties you build during your externship can be incredibly valuable–whether it turns into a future role, a helpful connection, or simply clarity about your next move.

Private Equity

Consulting > PE

• Out of all MBB, Bain has the largest private equity practice (approximately 1/3 of their business cases). If you've worked at Bain, you'll likely have been involved in some private equity case (either on a full rotation as a part of their Private Equity Group, PEG, or staffed on a pop-up PEG deal known as "Surge" PEG, which usually occurs if there's too much volume for the regular PEG teams to handle). PE is a great path if you've enjoyed these deals during your tenure in consulting, and are ready to commit to it full-time.

Startup

Consulting > Startup

• After advising companies, many consultants feel frustrated about the lack of ownership in their role, and not having any "skin in the game". A startup changes that and whether you become a founder or join an existing company, the experience is radically different.
• You're not just recommending strategy – you're building it and responsible for what happens next.
• Common roles in startups for former consultants include Chief of Staff, Business Development, and Operations roles. Note that titles at startups can be incredibly ambiguous (especially for early-stage firms), so focus less on the specific title and more on the responsibilities and opportunities the role provides.

Social impact or Nonprofit

Consulting > Nonprofit or Philanthropy

• Some consultants pivot into philanthropy, NGOs, or foundations often in strategy, grantmaking or operations roles. I've also seen pathways into nonprofits where you can apply the consulting/strategy toolkit to mission-driven work.

... and a long list of more

I've also seen people transition into VC, corporate strategy, and government roles. Disclaimer: this isn't an exhaustive list.

The point is, there's no one right next step.

It so happens that consulting oftentimes attracts a certain risk-averse archetype that likes to have as many doors opened as possible. As such, when they find themselves ready to leave, they're caught both in a golden handcuffs scenario and a paradox of choice.

Step one is to start sending out applications—which can be tough while juggling consulting—but set a weekly target and stick to it.

Don't over-optimize at the start, just start moving. You'll refine your pitch and priorities along the way. Best of luck and remind yourself that things always make sense in hindsight.