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As our latest Market Moves list showed, we are seeing a marked increase in the number of former consultants moving back to consulting - the so-called “boomerang” consultant.
We spoke to four MBB Alumni who have recently returned to consulting, after spending some time in industry. This is their experience and perspective.
In general, the same ‘push’ reasons came up as to why these individuals left consulting first time around: a desire to own more, to deliver something, to get their hands dirty rather than just advising, and, better work-life balance (with travel, hours and intensity being commonly stated - and simply no way to improve these). In addition, there was also the ‘pull’: time in industry will make you a better consultant - as one person put it, “as you move through consulting you need more perspective, and it’s hard to build that with just a vanilla consulting background - and my firm were happy for me to go and try it out!”.
So did the move to industry deliver on its promise? Of those we spoke with, the unanimous answer was yes, initially at least - individuals found they were building, executing, delivering and implementing, they enjoyed leading bigger teams, getting to know the business operating rhythm and cycles, being around “for the long haul”, learning lots and, in some cases, gaining the much-requested P&L ownership.
“The downside of industry is that you own part of the problem and part of the answer.”
All seems well then. But, after a while (for most this was a few years, and, for some, multiple roles later), individuals found that the roles they occupied actually lacked impact, variety, challenge and, something consulting talent needs more than most, continued career progression. There was a general feeling that things were no longer a ‘stretch’. Finally, individuals found that actually very few people in industry make big strategic decisions all of the time and that getting things done was in reality really hard, with limited spans of control through too much hierarchy and, unless you are at a very senior level and owning a P&L with a large team, you don’t really have a platform for significant impact.
Upon reflection, these individuals, who in consulting were used to variety and continual learning - working with different industries, clients, problems, people and relationships - found the business-as-usual of industry frustrating, and that roles tended to become the same year after year. Also, with industry career path trajectories unlike those in consulting (less structure, less room for growth, and lateral moves not eventuating fast enough) individuals found roles to be too specialised, too narrow, too deep. One individual described that, after 4 years in industry, the straw that broke the camels back was “the lack of urgency” and “ how do you cut through as one small cog in the wheel? In consulting, when a project costs millions of dollars, it’s important.”
“The pace, variety and quality of people in consulting, it becomes very addictive, and you miss it.”
With learning plateauing, frustration rising, and internal options not being as attractive, individuals started to wonder what was next. As is often the case, a catalyst fires, and for these individuals, the triggers for moving back into consulting were fivefold:
(1) to seek out a return to the variety and challenge of consulting
(2) an urge to get things done
(3) a longing (yes, including travel!) for the consulting cadence and lifestyle
(4) very attractive salary and benefits packages being offered
(5) the chance to learn new capabilities
Some have chosen to return to Tier 1 firms, others to boutique firms in order to deepen their experience in a particular industry sector or functional area. Each individual has found it refreshing and are enjoying working with some of the best and brightest people from all over the world on meaningful projects that directly impact the bottom line and people. Furthermore, individuals find they have a new level of credibility with clients that they just didn’t have before, with operational experience and real-life examples to share.
Each individual acknowledged that consulting has evolved since they were there before, with firms spending more time with clients and getting more involved in the implementation of projects, together with leading the way, and investing in, new capabilities such as digital, analytics and ESG. Furthermore, there is also a recognition that, on a global scale, industry is expecting more help from consulting firms as new challenges emerge. All of this means the individuals we spoke with are finding consulting more hands-on, with more scope to learn and grow than ever before, and, while they needed to relearn a lot of things that are unlearned in order to work in industry, returning to consulting has been “like riding a bike”.
