Management Consulting Advantages and Disadvantages
Getting into management consulting means carrying a balance scale; one filled with advantages and the other with disadvantages. Read this article, discern which side has a heavier weight and decide if this industry is worth going after.
Many people are impressed if someone says that they work as a management consultant for a firm like Booz, Bain or McKinsey. The label simply connotes levelheaded people wearing a suit, bright people and people knowing how to apply their intelligence and knowledge in real business situations. This facade has truth in it; it’s just that when you dig deeper, you learn more about the good and bad sides of the job.
To simplify things for you, here are some advantages and disadvantages for a management consulting career. The list is useful for consultants working for either top tier management consulting firms or boutique management consulting firms.
Advantage: Management Consulting Brings Fulfillment
Providing direction to organizations is the main target of management consultants. This challenging responsibility, when done effectively, is a great source of fulfillment. Clients don’t hire you for trivial reasons; they hire you for something they can’t fully manage. They need your skills to analyze valuable information, your expertise to help them decide, your objective opinion to push them to the top. Your recommendations will be part of their strategic planning, and you will certainly be proud of that.
Advantage: Management Consulting Is Rewarding
Firms reinforce work performance of employees with a promising compensation and benefit package. The annual base salary for fresh graduates considered for the job is very high compared to alternatives. Apart from this, they get performance bonus, relocation allowance, signing incentives and other lavish benefits. For those who love to explore new places, a consulting career can be your ticket to your dream cities or countries (that is, when you have some spare time in your 60-80 hours workweek).
Disadvantage: Management Consulting Is a Source of Distress
Consultants work a lot. A week with 60-80 working hours is not uncommon. The long, required number of hours, if not handled properly, can be a cause of stress, fatigue and poor health. As we observe, people who are too absorbed in their job tend to be short-tempered because they lack the time to sleep, unwind and take care of their personal needs. Health.com even says that employees who work more than 10 hours per day will more likely develop a heart disease or have a heart attack.
Disadvantage: Management Consulting Is Also Criticized
Not all employees are impressed by consultants. They also get disapproval from the people around them due to role confusion or misunderstandings. Some employees are apprehensive in giving them access to company data and insights because they feat that it might hurt themselves (for example due to changes in organisation proposed by consultants). Their presence can also cause anxiety to employees. Many companies hire consultants for retrenchment and this reason has stuck in everyone’s minds.
The aforementioned management consulting pros and cons should somehow give you a clue on whether or not this is the career you want to pursue. If you’re still interested in the job, conduct your own research and take a step further in knowing what consultants really do on a daily basis.