The consulting lifestyle can be a difficult one, with long hours, frequent travel, and a lot of pressure. In fact, consulting was recently ranked sixth in a list of the most stressful jobs in financial services. But it's important to note that almost all of the positions that were considered most stressful had an income-generating component. Risk management was the only outlier.
Adding business development responsibilities can significantly increase a consultant's maximum compensation, but it can also add to their stress levels, especially when starting a new job. Many consultants also struggle with work-life balance due to the demanding nature of their job. When so much money is at stake, unhealthy political dynamics can arise within the consulting organization. With 25 years of experience as a consultant, I can tell you that it's not what you think it is. One consultant even uses the slogan “I prefer to work like a slave and get paid like a king” rather than working for someone else and getting paid even worse.
It's not uncommon for consultants to be too exhausted or busy to make it to the gym on weekends. If I had to summarize some of the challenges that consultants face, many of them are political in nature, especially for larger consulting firms such as Deloitte, Accenture, KPMG, and Capgemini. It's not because consultants don't know how to implement the technology, but because there are internal political struggles and an unhealthy culture. Consulting can be a challenging career path; however, if you have the right skills and attitude, it can be a lucrative option and an opportunity to work with some of the world's largest firms. Working in a top-tier consulting firm can offer almost limitless exit opportunities for those who don't want to stay in the industry forever. The fact that around 26% of consultants are self-employed adds an extra layer of pressure as each project's success or failure has a direct impact on their income. And yes, consultants may have to travel frequently, but as one former McKinsey worker said “at some point I got upset”.So is consulting worth it? Ultimately, it depends on your goals and preferences.
If you're looking for an exciting career with plenty of opportunities for growth and development, then consulting could be the right choice for you. But if you're looking for something less stressful and more stable, then you may want to look elsewhere.
