Why you should NOT join Consulting (horror stories, mental health)
Вставка
- Опубліковано 16 лип 2024
- Are there reasons why you should not join consulting? In this video I am sharing horror stories and mental health issues that you might face in consulting. Do not get me wrong - overall I truly believe that consulting is a great career choice for many graduates out there. Though working in consulting has downsides as well, and I do want to give you the full picture on my channel. The consulting business model relies on consultants working a lot. Based on my experiences in IT consulting and MBB consulting, as well as friends working in MBB (e.g. BCG or Bain) and Big 4 firms (PwC, EY, KPMG, Deloitte), I am sharing the downsides of working in consulting. Mental health in consulting is important and you need to build resilience strategies. Do not work in consulting without understanding these challenges. May was mental health awareness month so let's take this seriously!
Chapters
00:00 Introduction
02:51 Pressure and mental health
09:25 Consulting lifestyle
13:21 Learning curve
19:02 Additional thoughts
🎓 COMMUNICATIONS AND SLIDE WRITING ACADEMY*
Learn to communicate and create slide presentations like consultants at McKinsey, BCG or Bain. This is the Firm Learning flagship program:
link.firmlearning.com/slides
📄 CV AND COVER LETTER TEMPLATE*
Get a CV and cover letter template based on my own documents. With earlier versions of this CV and cover letter, I successfully applied to McKinsey as consultant:
link.firmlearning.com/learning
✅ THINK-CELL - EXTENDED TRIAL AND SINGLE LICENSES*
think-cell is the leading PowerPoint tool to create professional slides. It is used by 8 of the top 10 consulting firms and the entire DAX 40. Get access to an extended free trial and single licenses:
link.firmlearning.com/think-c...
👍 CHANNEL MEMBERSHIP
Become a member of Firm Learning to support my work and get access to perks:
link.firmlearning.com/join
📩 NEWSLETTER
Sign-up to the Firm Learning e-mail newsletter for more regular content:
link.firmlearning.com/e-mail
☑️ RECOMMENDATIONS*
Book recommendations: link.firmlearning.com/books
Travel like a consultant: link.firmlearning.com/travel
GMAT study material: link.firmlearning.com/gmatstudy
My video equipment: link.firmlearning.com/myequip...
💬 SOCIAL MEDIA
Instagram: link.firmlearning.com/instagram
TikTok: link.firmlearning.com/tiktok
LinkedIn: link.firmlearning.com/linkedin
Discord: link.firmlearning.com/discord
Twitch: link.firmlearning.com/twitch
Facebook: link.firmlearning.com/facebook
* Links are Affiliate or Sponsored links. I receive a fixed fee or revenue share whenever a purchase is made. The price for you stays the same. Thanks for your support!
All views expressed on this channel are private opinions of this channel's creator Heinrich. This is NOT an official channel of any consulting firm.
Can you create Consulting-style slide presentations? This is my complete Slide Writing course:
link.firmlearning.com/slides
Hi Heinrich, I just found your channel! It's fantastic, well done. I really hope you reply and I can maybe chat with you. I have my PhD in Engineering and I am moving into one of the big four firms as an assistant manager in Strategy and Transactions. I need some guidance/advice. Pls, reply! I am excited about the new role but I also want to be prepared as much as possible!!
Real issue is burnout. Consulting is a young person's game. Get in make money and get out asap with your well-being.
Hi Hassy, agree that burnout can become an issue, though this will very much depend on the personality / resilience of the individual people.. Best, Heinrich
I agree you have a point Hassy. A move into consulting would probably accelerate my career and open up possibilities but I earn enough working 35 hours a week for a comfortable lifestyle so it’s hard to take the plunge.
lol, make money??? as if you make money there! only managers and above make money.
Working in a consultanting firm as a junior is just useful to build your resume... Money is not really there, at least in my experience.
wow, perspective on point !
I appreciate this "real talk" session. A lot of people that recommend such things never bring up the bad sides or offer insight into why certain people should not pursue it. It's like how a few people think that the military is for everybody. Great video like always.
Thank you for watching, appreciate it! Best, Heinrich
It's the passive-aggressive client/colleagues you have to endure makes it a challenge, a great video...thk you
Hi Paul, yes this can indeed happen, especially from the clients. Over time most people just get used to it.. ;) Best, Heinrich
Humans are mostly evil cancer that's why there should be no public cures for cancer lol
@@Bambotb u sound like that guy from hell is other people
I think many consulting veterans pride themselves into being part of this "harsh" work environment. And thats why the negative mental impact remains so present, it is driven from the top. I think any job should be within reasonnable limits a 9 to 5 job. Sacrificing private life or health is not acceptable in my opinion and shouldn't be a filter for almost any job.
great video btw.
Thanks for this comment and sharing your perspective Piotr - much appreciated! Best, Heinrich
Tbh the cut-throat mentality exists in every corporate setting not just in the consulting world. With that said, you need to have the right traits to thrive in consulting that's often the opposite of people who work in a regular 9 to 5 job as they crave stability and hate changes. I've been a consultant for over 10 years now, done the travel and also working remotely now due to the pandemic, I haven't feel as though I'm overworked or sacrificing my personal life for work. Sometimes it's the matter of how you choose to balance life instead of blaming your job for your poor decisions.
@@rubiirae A lot of the people I know working in big consulting firms usually exit to something else after a few years. If you don't mind me asking, as a consultant of 10 years, have you seen your pay increase/workload decrease over the years? The reason I'm asking is because I'm currently considering consulting as a career and wouldn't mind a few rough years at the start, but if it continues that way for the entirety of the career then I probably wouldn't pursue it
I disagree, any job that pays very well ( above and beyond others) will require their employees to go above and beyond what other companies expect of employees. In order to be financially successful in life you will need to make sacrifices, which will definitely include working long hours.
Bravo. This is the 'real side' of consulting. I was in big 4 for almost 6 years. The learn, unlearn, relearn cycle is endless and very quick.
Hi Rich, thanks for your comment and adding your experiences. Much appreciated! Best, Heinrich
Truly refreshing to hear you talking about this. Consulting gets too over-glamorized when you`re a student that you simply forget about whether or not this truly is something for you and that you can live with the downsides as well. Thank you for your honesty!
Hi Ash, thanks for your comment. Agree, you sure need to understand what you are getting yourself into :) Still believe that consulting is a great learning opportunity though! Best, Heinrich
Really appreciate the change of pace and an unedit, candid style in this video - it was important for this video, and to offer a constructive but transparent perspective to this very key question. Well done!
Hi Pedro, thanks for your kind comment. Great to hear the video was interesting. Best! Heinrich
I think I finally understand why consulting firms appreciate PhD candidates, because we go through many of the similar harsh realities your talked about. A lot of my PhD friends told me they want to go into consulting because they are used to being worked like a horse and being unappreciated, victims of politics between professors, departments or universities etc., but at least this way, they will get paid for it (most PhDs earn less than minimum wage if you factor in the hours you put in). So many don't mind working consulting for a year or two and further endure this lifestyle.
Thanks Heinrich for this video. It really struck a chord when you talked about pressure and how someone like you reacted to it on occasion - the bathroom story in particular. I used to blame it on myself for the way I felt and thought I was all alone. Another mental state that I was able to relate to the most is the thoughts of Monday morning and it used to consume the weekend time with family. Though I wasn’t an MBB consultant, I felt the pressure to deliver at all times and it’s doesn’t get easy when you felt like your neck was constantly on the chopping block. The last thing a consultant wants is abuse in the name of constructive criticism from within your own organization, especially if it comes from people who thought were your mentors. This would leave a deep scar in ones self confidence and may take years to recover from.
Hi Praveen, thanks for your thoughtful comment and also sharing your experiences. Appreciate it very much! All the best - Heinrich
This video structure really provides value, having in mind you've already covered so much in the more organized and straight to the point videos. Keep up the amazing work Heinrich!
Thanks for the feedback António, appreciate it and great to hear it is helpful! Best, Heinrich
thank you for the honesty ! I feel the same way with banking sometimes, you cannot have a clear head over the weekend. You're constantly on the move mentally.
Thanks for sharing your experience in banking as well, appreciate it! Best, Heinrich
Your facial expressions while giving the messages said it all. Thanks for brutally honest comments from heart! Love your video as always.
Tried to be honest for sure :) Thanks for watching Joshua! Best, Heinrich
Thanks for amazing content! Together with the stress-handeling video, this is the type of grooming and on-boarding and mental support I never had from my own consulting firm. I will totally recommend your channel to my colleagues!
Thanks! Great to hear you have found it helpful!
Thank you for your honesty. Honesty, heart to heart, real talk is a lost treasure. This is real advice, thank you again, and i hope good comes to you
Thanks for your kind comment, much appreciated! Best, Heinrich
Thanks a lot for sharing this. As an industry hire who just moved to consulting after 5 years, and across continents, the pressure is really on me to deliver. I am dealing with a very passive-aggressive client to the point that I have questioned my own intelligence. Your vulnerability here really helps me understand it's normal to experience this. And I will bounce back.
Love the variety of the channel. Really gives a good, holistic feel to the career. Really, really interesting to a (still) aspiring consultant. Love the honesty as well, Heinrich.
Thank you Samuel, appreciate it. Great to hear the videos are helpful :) Best! Heinrich
Thank you for being you! Good channel full of Wisdom and knowledge. You delivered humbly and credibly. Thanks again!
Thanks for your kind comment. Happy to hear the video was helpful! All the best, Heinrich
Great video! Thank you for the real talk...wish you great success in your life.
Thanks for watching Nazeer! All the best to you as well!! Best, Heinrich
Thank you so much for this video. I've been in the industry for almost 6 years and this kind of content is very helpful to feel supported in my decision to leave. I find it very hard to find people to share these experiences within my firm... And reading the comments here I see I'm not alone in challenging the status quo!! ♥️
Thanks for your comment! Yes, you are definitely not alone. Seems fair to me that everyone regularly evaluates whether he / she is still on the right path. All the best to you! Heinrich
Heinrich thank you for such an honest video. Really appreciate you sharing your experiences with us.
Thanks for your kind comment Damien! Sure thing :) Best, Heinrich
Hello, this is the content I wish I knew before starting my career in consulting almost 15 years ago. Thank you for this.
Having made Managing Director / Partner in one of the biggest consulting firms I cannot stress enough how true the first point about mental resilience is. One point I would like also to add is that while certainly everybody has a different starting level of resilience it is possible to improve on it and the lessons learned at work where you are exposed to stress and pressure can then translate in tools and techniques that you can apply in your life outside of work
Hi Fabio, thank you for your valuable commentary from someone who has experienced consulting much longer that I have. Happy to hear the points resonated. Thanks for sharing your perspective! Best, Heinrich
Thank you for letting us know these not so glamorous parts of consulting. As a support for our consulting teams, I confirm that these experiences does happen. Our consulting and Business development team (me included) also travel to not so touristy places in developing countries (with different languages and cultures) where infrastructure is missing... I will still go through my MBA in Consulting despite all of the points you mentioned. Thank you nevertheless for being realistic about the consulting career path.
Thank you for your honest opinion & sharing of real experiences!
Of course, thanks for watching Paul! Best, Heinrich
Very interesting video. I recently joined consulting (6months ago) as a SME but moved from the industry (prior 7years experience). Another point, I found significantly interesting is that solutions you are offering to clients may sometimes be not the optimal solution for the company but is the best solution fitting the hidden agenda at working level. This means that what you are delivering will help someone benefiting a promotion in the short term but may be detrimental for the client's company in the longer term. Sometimes can be frustrating, but you have to please the person signing the contract (who has the power)...
Thanks for your comment and sharing your experiences. Much appreciated! Best, Heinrich
One of the realest contents out there. Thanks!
Happy to hear that, thank you for watching Mint! Best, Heinrich
This is a quite thoughtful advice that you shared with us here Heinrich. Thank you very much!
Happy to hear that Elias! All the best to you! Heinrich
Summary:
1. Pushy or even asshole clients.
3. long hours.
4. business trip to miserable environments.
5. work gets repetitive and detached from reality.
Thanks for the summary ;) Best, Heinrich
Hello Heinrich! I never comment but I've seen almost all your videos. I have to say this one has been your best one yet. It's just more raw and honest than others, and feels like a genuine you to you, so thank you. Consulting is cool and hard, and rewarding, but not always easy, and it should be talked about more. There is room to keep up the quality of work while managing pressure better. It's also better for the firm because workers will stay longer. Another interesting topic you could talk about is how to manage or how to navigate the corporate world after consulting where deadlines aren necessarily met, coworkers can be less than cooperative, and when there just isn't an incentive or ability to produce at a high level. Would love to hear about that! Thanks for everything!
Hi Alberto, thanks for your kind comment! Great to hear the video was helpful. Also interesting topics you touch on, might indeed pick this up in future videos! Best, Heinrich
This is one of my favorite people and I’ll def be forking over my $$ buying his templates and paid products in the future. Thanks my guy.
Super kind of you thanks for your support Uri! No need to though, videos here are for free on purpose ;) Best, Heinrich
Very moving video, it's great that you managed to talk that openly about the bad aspects of consulting. Thank you for that.
I've signed to start a consulting job in tech from September and it makes me realise that I'll have to face tough situations but I'm ready for it, you helped me getting mentally prepared for this, thank you so much !
And damn, what happened to your hand ???
Thank you, much appreciated! Trust you will have a great time :)
With my hand, little accident when moving things in my apartment. Got some stitches in my finger, but already looks much better :)
Best! Heinrich
Very candid and honest video... Absolutely enjoy watching them...I've worked for Big 4s and Property Consultants for nearly 10 years now. I've realised one thing that as consultants since most of our work is theoretical in nature, it's at times very hard to convince the Client of the value add. Moreover, you're often expected to act smart and knowledgeable when you're totally new to a subject. There are many team members and managers who I've felt often hide behind you and make you look like the culprit. The fast paced environment of the industry at times just breaks you psychologically....But you emerge as a far better version of yourself and often develop this confidence that nothing is too difficult to handle
Hi Anirban, thanks for sharing your experiences and insights. Trust this will be interesting to others reading this as well. Appreciate it! Best, Heinrich
Heinrich you are doing a tremendous job! What you say is really interesting. I learned a lot of things through your presentations.
Hi Mohamed, super happy to hear that - thank you so much! Best, Heinrich
good and genuine sharing and probably save not just fresh grad but also professional who intend to make the switch to consulting from industry
Great content! Been following your videos for the past few years. Would love to see a video about the "exiting consulting" experience and how that process usually goes
Thank you for your video Heinrich, very interesting!
Happy to hear that - thank you!
definitely something from the heart that you just shared there
From the heart indeed :) Thank you for watching and being a loyal supporter of the channel Long Hoang!! Best, Heinrich
Loved the honest no nonsense talk and speaking from the heart really has an effect. Thanks for this :)
Sure thing, thank YOU for watching! Best, Heinrich
I love your videos Heinrich, thank you very much all the insightful remarks you make here. I couldn't find a video you explaining about power struggle in the workplace, for instance what to do if your manager is blocking your way to climb corporate ladder even if you are a high performer and have high visibility?
Hi Yasemin, thanks for your comment! Great to hear the video is helpful. Interesting suggestion indeed. Will likely talk more about these "politics" in future videos. All the best! Heinrich
Great Video Heinrich, enjoy the open and heart to heart style.
Thank you Jayden, appreciate it :) Best, Heinrich
Keep up the excellent work! I just got into my dream B-School, and your channel helped!
Hi Benjamin, congratulations, this is great to hear! All the best to you! Heinrich
@@FirmLearning Thank you Heinrich!
Even though I don't plan to work in consulting I still watch your videos since they're really interesting and you present them quite nicely
Happy to hear there is some value in the videos. Best! Heinrich
Same it applies to management and growing in a career in general
thanks for the honest comments! this is an excellent video!!
Great to hear that - thanks for watching this Gabriel! Best, Heinrich
Love your videos! Always looking out for you when running in the english Garden in Munich. Hope to see you there one day :D
Hi Luis, thanks for your kind comment! To be honest I am mostly running at the Isar, you will only very rarely see me running at English garden :) Best! Heinrich
Can you do a video on resilience building strategies or some other approaches towards dealing with some of these cons?
Interesting video suggestion, might pick this up in the future :) Thanks for your comment! Best, Heinrich
@@FirmLearning this is a great suggestion. i would greatly benefit from some insights in this
I really like your videos and they are very helpful for my career. I did consider a a job opportunity as senior management consultant at "big five". After a long and intense recruitment process I got an offer from them. I did eventually turn down the offer, since I had a feeling that I would be working, more or less, 24/7. However there always was a feeling of remorse but this video does really validate that I made the correct choice. Thank you very much for the super honest video!
Your mental health Thanks you
Good for you! Im proud of you!
Thanks for sharing! Trust that everyone needs to weigh the Pros and Cons of such a career for him/herself. Glad to hear you made your choice! Best, Heinrich
You are a legend for these videos.
Hi Josh, thanks for your kind comment! No need to give me legend status, but appreciate to hear the videos are helpful :) Best! Heinrich
After the very first project in McK I was diagnosed with depression, and the main reason is passive aggression that is very common in consulting
Also, there are no good managers in consulting, because there are no internal mechanisms to grow good managers: for 4-6 years you just crunch numbers and make slides, and then at some point, you have to develop and motivate other people - how would you do that without any preparation and relevant experience? 99% of managers in mck just want you to work as much as these managers used to work when they were juniors, so they don’t have any idea of how to be a manager. If an employee performs not so good - in 99% of the cases it’s manager’s fault, but consulting managers don’t understand that
Hi Eddie, very sorry to hear you made this experience. Must say that this is not my experience though, had the privilege to work together with many great leaders and project leads. Though trust that everyone's experience is different. Best, Heinrich
This is from other fields too.
I relate to that. I used to work in consulting for 5 years and made the switch to a car manufacturer 5 years ago and I would never again think about going back. Traveling sucks after the 5th client, working hours and amount of paid vacation in comparison is much worse and also how you are evaluated as an employee (hard facts KPIs vs. "soft" target agreements - this is where all the pressure comes from). Id also say, pay and bonuses are worse in consulting (especially long term) unless you are willing to switch every couple of years in between consulting companies to get pay raises. In a big company you have unions, more time for personal development, friends/family/own ideas etc. The often promoted "perks" of Consulting, e.g company car, festivals are not worth it at all
Hi Philly, thank you for your open and honest comment, appreciate it. Trust this is insightful for others reading as well! Best, Heinrich
Thank you for your honest insights, Philly. What position do you hold now at the car manufacturer?
I love the natural if video n thanks for sharing with us all you’re firsthand experience
Sure thing, thank YOU for watching Angela! Best, Heinrich
The heart to heart conversation was quite engrossing - best consulting video, yet.
On a side note, would like to know how is work managed, if someone falls sick? this question has been bugging me for quite a while
Great to hear that, Aditya, appreciate it! If you are sick for short amounts of time, you will usually stay in your hotel room during the day. The team will of course try to cover for you, though especially in the case of "milder" conditions if the team is in a heavy crunch you might be expected to still help with some highly critical tasks from the hotel. Though overall I did always consider this fair and felt that my teams were always very understanding if someone was seriously sick. In the case of more extended conditions that will take longer time for you to heal, you will rotate off the project and they will staff a new person to replace you. Best! Heinrich
Appreciate the candor. Keep it up!
Maybe even source content from people from other firms/locations
Wow! I already thought you are a great guy, but this video honesty took it on another level. Thank you for sharing your experiences and being fair about consulting. MUCH respect and kudos!
Thank you for your kind comment! Great to hear the video resonated. Best, Heinrich
Great video as always!
Appreciate it, thanks for watching Paylo! Best, Heinrich
Love your vids, especially the one about visibility! Unfortunately I missed my first chance on "stage" with a very unprepared presentation.
Now I feel like I sealed my future at this company. For sure I'll improve my skills every day, but I feel like this one could overshadow any future chance.
Have you experienced similar situations and got any tips for someone who embarrassed himself in front of top managers?
Hi Marty, sorry to hear that! While this will not be helpful, I do think that you can recover from things like this. Just continue doing a great job and your next chance will come to shine :) Best! Heinrich
Sincerely talk, thx for sharing
Thank YOU for watching Neal, appreciate it! Best, Heinrich
That client restroom moment, I just want to shout out...me too!!
Great to hear I was not alone :) Best! Heinrich
I feel you my Brother. i have been in similar situation before and it led to my transfer to different project. After my transfer, new person came and my old manager was constantly convincing me to come back at any opportunity he got.
Super happy to hear that it turned out well for you Bernard! That is great :) Indeed trust that situations like these unfortunately happen quite regularly. Best, Heinrich
Thanks for honest advice
Great content! Love your accent also. Excellent video
Thank you Chi-Yang :) Super happy to hear the video was helpful. Thanks for watching! Best, Heinrich
Dank u wel voor uw eerlijke mening!
Sure thing, thank you for watching Ariel! :) Best, Heinrich
@@FirmLearning Congrats you just passed the test for a German reading Dutch ^_^
@@arielleung3917 yeah was roughly able to understand the key message ;)
@@arielleung3917 you chinese cantonese!
Someone can simply tell these downsides, however, you made them actually so concrete, almost tangible. This made me realize that commercial consulting is not for me. Thank you.
Happy to hear the video was helpful! Best, H
thank you for your honest sharing
Sure thing, thanks for watching Kenneth! Best, Heinrich
That’s true , Not only in big consulting companies but also in IT consulting firms as well.
Hi Jan, thanks - yes, trust this is true in IT consulting as well. All the best to you! Heinrich
@@FirmLearning - thank you . We can run our own business (product/services/consulting)after working in consulting roles ... it’s advantage I experienced .
Thaaanks i like this tipe of videos showing the reality of consulting
Great to hear - thanks for watching Fatima! Best, Heinrich
Could you make a video on the political chess game that you can encounter in meeting rooms? You touched on it briefly in the first section. Would be very interessting, especially since this is not a topic that you can just google or look up in a book ...
Hi Radon, thanks for your comment and your suggestion! Indeed a very interesting and relevant topic. Will need a bit more time to structure my thoughts as it is difficult to give general advice on this.. but stay tuned for future videos :) Best! Heinrich
hahaha, the third share is super resonated. i felt it strongly on the part in regarding to how u facing the client and all the procedure, so true doesnt feel like the first time anymore ofc hehehe.
Can see where you are coming from :) Thanks for watching Linda! Best, Heinrich
@@FirmLearning haha yes :-P
After uni, I decided to start in Industry and enjoy a relaxed life while young. Now, after 8y xp, I started as a strategy consulting manager and I’m having what they call a flying start..
Oh boy… I feel the mental pressure you speak about from day 1 and, I’m already wondering if I made the right choice. It’s harder than I thought and definitely less glamorous.
My aim is to gain consultancy xp for 2 or 3 years and exit. Do you think it is a good strategy?
I have been watching all your videos and I can’t thank you enough for all the tips and tricks!
Hi, thanks for your comment and sharing your experience! Yes, working 2-3 years in consulting and then leaving is definitely a plan that many people have, and it sounds reasonable. If you then end up liking it and want to continue, you can do this as well :) Would not worry too much about the long-term plan and just take it as it comes. Best, Heinrich
Perfectly said bro all are correct
This is why I like this channel,... Heinrich is honest and real!!! Keep up the great work. Consultanting is a great career, but the implementation part is the point why I would never work for MBB. In the end you make slides and excel and leave (which is fair as that's what an MBB company gets paid for)... However implementation of a new ERP or other IT system is so complex. Maybe that's the reason a mixture of strategy and (for example) IT get more and more common. Many companies want someone who has strategy knowledge + can implement operationally. Anyhow very very good video once again!!
Thanks for your comment, appreciate it! Agree that as a strategy consultant you usually do not see much from the implementation part.. Best! Heinrich
I work as a consultant and have been in consulting for about 4 years now and I can attest to everything you said. Absolutely true, it is very difficult to cope with things alone and sometimes it felt like I was brought into the project just to take the blame on behalf of the whole team.
Hi Adam, thanks for your comment and sharing. Great to hear I am not the only one :) Best, Heinrich
From the heart - tough viewing but a great video. Do you think you could be an MBB consultant now that you have started a family? Do firms try to accommodate people in that situation?
Thanks Alistair! Well of course you will find some time in the evenings to video call your family etc. but from Monday to Thursday the reality is just that you will not have much time for family. Best, Heinrich
Excellent video!
Thank you Kevin! Best, Heinrich
Thanks for the video, great insights indeed. Quick question, at 5:18, you mentioned that "some clients might be working against you, just to make you fail as a consultant". Wouldn't you consider this as being counterintuitive? It costs a lot to hire a Consulting Firm by a client, why would a client shoot him/herself in the leg like that?
Hi Sindiso, the problem is that the clients that "sponsored" the projects are not necessarily the clients that you work with on a regular basis. This is what creates this disconnect. Best! Heinrich
Great video! Thanks for making it :)
My one request would be to please say the "s" in consulting as a "s" XD.
Also, I would like to apologize for our British food lol. We are definitely not known for our great cuisine
thanks for your comment! well, lots of great restaurants in UK in some places :) Best! H
Very informative. Please share couple of examples from IT consulting.
Hi Anil, thanks great to hear that! Recently did a video on IT vs. strategy consulting, hope there are some good points in it :) Best, H
Very interesting video. I intend to apply for some intern process in consulting but the fear of being in a non-mental healthy environment frights me. In this sense, is it common to work for some period as a consultant and then switch to a less exhaustive career taking advantage of the past company brand?
Hi Gilson, yes absolutely :) Many consultants leave after 2-3 years, this is absolutely common and also not looked at negatively by the consulting firm. Best, Heinrich
When I entered consulting I definitely knew that the price to learn faster was the long hours and the pressure of high responsibilities. Daily routines showed me this correlation is indeed strong. I don't know why but often juniors don't realize that. Maybe they are a bit innocent.
The political game was one thing I wasn't aware of, though. Mid and senior leaders indeed have their own agenda, trying to influence people to move in the direction they want - sometimes for a greater common good, sometimes not. This is incredible learning from consulting as we're often listening to both sides and playing a conciliatory role.
I haven't experienced the travel cons yet. But also agree with the third point, after you learn and absorb the frameworks it might indeed sound repetitive.
Hi Matheus, thanks for sharing your experiences as well. Trust this will be helpful to others watching. Best, Heinrich
You are my mentor now !
I am so glad you find the channel helpful! :)
i was working in research in a top tier university and in a hospoital as a physician. I experienced the same pressure like you but got half of the salary and only a 1 or 2 year contract.. so... MBB is still a good bundle
Thanks for sharing! Agree, the salary is definitely compelling and there is for sure pressure in lots of other jobs as well! Best, Heinrich
I have worked in both IT Consulting and Business Consulting. I would any day prefer Business Consulting over IT Consulting.
Reason :- Even in Green Field IT Consulting, the focus is on implementing standard Best Practices that the IT Product brings along. Whereas,
In Business Consulting, you look at the entire Value Drivers in a process and optimize the variables.
Hi Maik, thanks for sharing. Agree that strategy / business consulting is often a bit more holistic and therefore potentially also more interesting. Best, Heinrich
I think the work is highly interesting, but the hours are just too long. Is there an alternative with less hours? Project Management maybe?
with project management, where i work, designations are very important (e.g. PMP), which you need to study and pass an exam for.
Actually currently I am searching for the same (in my opinion non-existent) alternative. Maybe corporate strategy management positions are comparable, but I get rejected for those, as these jobs usually require consulting experience 🙄
Big plus for consulting is that the learnings and career development is quite predictable. Trust there are many other opportunities where you can learn a lot, though harder to plan as it will very much depend on the individual projects and leaders you work with. Lots of success to you!! Heinrich
Product Management and Customer Success Manager roles in recent years are what consultants have started to transition into after consulting as it’s transferrable skills applicable, has the client side element but not the long hours / pressure.
Also business analyst roles as it’s the stakeholder piece, problem solving / solution generating element that are similar to consulting.
love the video! consulting not conzighting
I have spent 6 yrs in an MBB firm, if i will leave from here, top reason would be burnout and a lot of travel (even in big cities, taking 3-4 flights every week takes a toll on health) plus people with family, it can become hard staying away 4 days a week
I agree have work also for have experience, I prefer company with some objective them just server many missions
Great video.
is it difficult to get into consulting without a bachelors but with extensive work experience? I have a 3 year diploma in engineering technology in PLC/robotics programming but I would like to get into some sort of tech/manufacturing consulting. I am going back to school this fall to get my bachelors which will open up more doors I hope
Hi Lucas, at least for MBB firms, this will usually not be possible (for client-facing roles). Exception might be if you have super deep domain expertise in a rare, highly requested area. Lots of success to you! Heinrich
Thankyou for this much needed real talk. I wanted to know what do you now do for a living?
Glad you enjoyed it! I am currently working as Chief Revenue Officer for a startup :)
@@FirmLearning that’s more inspiring 🥰
You are absolutely right
Thanks for sharing Pawan, much appreciated! Best, Heinrich
biggest challenge that I faced was senior members being too stuck-up. I've personally solved that problem prior to joining the firm and I knew all the pitfalls.. but no, he was 3 levels up and 10 years older... so my words meant nothing. Guess what... rework after 3 months in.. client was still receptive because the partner and the CEO have long relationship.
Hi Vincent, thanks for sharing and sorry to hear you made these experiences. While I can confirm that discussions can sometimes be quite hierarchical, my experience was that in consulting it was still much better than in many other firms. But agree that it very much depends on the individuals you work with. Best, Heinrich
nice and honest video
Thank YOU for watching! Best, Heinrich
Love all things n people authentic including this sharing! Thanks very much! 👍🏻👍🏻 And ‘clearly this is not a job that you have an empty head’ 😂
Yeah! Sum it all = no work life balance.
Is it true McKinsey do rotate team every 6 months in a project such that client get to interact with different people?
Hi Manli, thanks for watching! Yes indeed, after 6 months or so the team will often change (this is usually rather a plus for the consultants than for the clients, the clients usually do not like it if consultants change as they also lose the knowledge they built while being there). Best! Heinrich
I’ve seen people worked with consultants purposely to sabotage their work to keep their jobs. It’s a difficult situation for both sides. Company often hire consulting firms to do the dirty work.
sabotage their work to keep their jobs? sounds contradictory
Hi Louise, thanks for your comments and your experiences. Indeed you will face some difficult situations. Appreciate it! Best, Heinrich
Luckily McKinsey sent rejection after their Solve game. Such and unintelligent way for selection, similar to math games by PWC.
1. stress from early on can be immense and unbearable, even crushes you.
2. travel aspect
3. repetitive work all over.
0:55 a real talk from personal experience. more as a one-to-one talk. it's fair to get an overall view for what you aim for.
3:40 team size is very small. be very early on responsible for a work stream when you just onboard. unlike other companies, people can help you out and do your work when necessary. of course, the project lead can develop you and be aside with you in difficult meetings.
but often, you're with alone sit with many senior clients there, and they didn't like you and complain about you to your partner and project lead.
5:20 also might be political reasons that the clients are incentivized to make you fail.
6:20 as junior, you lacks the political agility and play in the right way.
9:40 travel aspects: sometimes will be places in nowhere in a country.
13:40 learning curve: working with senior clients and political games.
be with many industries and functions at the same time.
IT consulting vs. Strategy consulting.
16:00 do the iteration loop: and the tasks are repetitive. --> see work week schedule.
16:40 when as a partner, you're for acquiring new business and doing sales.
Scratched the surface. Think "sweatshop". Massive quantitative analysis (not glamorous) then a partner enters and says that's interesting, but here's the answer. Yes, I don't regret my consulting years - you get first-hand exposure to the c-suite - things I saw first-hand as my peers in industry languished away to divine what was happening at the top of the organization. When I see McKinsey resumes I think about Enron, insider trading, and corruption.
Hi David, thanks for your comment and sharing your experiences. Not sure I would agree with every single point, but appreciate the candor. Best, Heinrich
Honestly same as audit. In audit the skills you learn are not exactly relevant to inductry because you are more theroy based rather than practical-based.
Thanks for sharing your experience Utkarsh! Best, Heinrich
What do you think how the travel situation will change after pandamic? Currently I know friends in consulting who do not need to travel at all at the moment.
Hi Aussie, thanks for your comment! Very hard to make predictions on that. It is likely that travel will be reduced in the future, but hard to tell. Thanks for watching! Best, Heinrich
it really seems like the hourly wages in consulting aren't actually that great. especially if you treat overtime hours as more valuable to your personal life.
There certainly are long hours in consulting and it is important for everyone to make a decision based off of what is important to them!