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In 2021 and 2022, Consulting firms fought hard to retain talent as a direct response to the strong, often technology sector-driven, job market - a fight won through early promotions and significant pay rises
This has been great for individuals in the short term but has created a problem for the market of 2023 - we now see some individuals finding themselves too expensive too soon.
Let's look at two profiles as an example:
Individual 1
2015 - Finishes Engineering at Uni, aged 23
2016 - Joins McKinsey as Business Analyst, aged 24
2018 - Promoted to Senior Business Analyst, aged 26
2019 - Promoted to Associate, aged 27
2021 - Promoted to Engagement Manager, aged 29
2023 - Targets $250k+ roles in industry, aged 31
Individual 2
2012 - Finishes Engineering at Uni, aged 23
2013 - Starts as a Mining Engineer, aged 24
2015 - Promoted to Senior Mining Engineer, aged 26
2017 - Complete a full-time two-year MBA, aged 28
2019 - Joins McKinsey as Associate, aged 30
2021 - Promoted to Engagement Manager, aged 32
2023 - Targets $250k+ roles in industry, aged 34
Both individuals come to market in 2023 targeting a role in industry, on paper as the same product: second-year Engagement Managers. However, with three years more maturity, a globally recognised MBA, and experience in industry before consulting (possibly including some additional leadership skills), in our experience, the second individual may find themselves the preferred profile.
Of course, this is a hypothetical scenario, but what if you find yourself as individual 1, as in too expensive too soon? Here are some thoughts on how to face this challenge:
Pitch at a lower price point. Outdo your competition, who may be older and need to earn more money, by simply being a cheaper hire. This may hurt in the short term, but it's better to get a seat on the bus than miss the bus altogether.
Slow your trajectory by undertaking a secondment or an office exchange - this will give you extra experience that your competition may not have, plus global experience will add additional depth and networks to your profile.
Take a year or two to experiment - try building a business or travel between undertaking contract roles. Both will give you valuable non-consulting/life experience. As much as people worry about this option, it is a scenario that, in our experience, companies do like.
Of course, each of these options comes with risk - and you should choose the path that works best for you based on your personal situation. However, one thing to highlight is that if you are individual 1 who wants to move to a role in industry, staying in consulting for longer, (which may lead to getting promoted to the next level, in this case Associate Partner), will probably make this transition even harder.
