Fifteen

Issue date: 10/11/06 Section: Opinion

To be... [Click to enlarge]

...not to be [Click to enlarge]

To consult or not to consult, that is the question. Two Sloanies write about their thoughts on the issue.



To consult (Murali Krishnan '07, Summer at Bain and Company, Boston)



For me, the answer is simple: to consult. I say this without hesitation. I had a phenomenal experience this summer and everyone should have the same phenomenal experience that I did.

There are several myths about consulting. Although they are firm-dependent, I feel they are just not true.



Myth #1: You travel all the time

Not true. At my firm's Boston office, the average travel is one to two nights every other week. In the New York office, their idea of "travel" is getting on the subway. While some travel more, even "heavy travel cases" only involved one to two nights of travel each week. Even other firms who have a heavier travel model also have their share of local clients.



Myth #2: The hours are unbearable

Not true. The typical consultant at my firm worked from around 8:30-9:00 AM until around 7:00-7:30 PM. Because it is a client service industry, there may be times when you have to work late to meet a deadline. However, there are also times when you are unstaffed and don't need to come into work for days to weeks at a time.



Myth #3: Consulting is cutthroat

Not true. I liken the people that I met to the folks at MIT Sloan: everyone is sharp and driven, but willing to make sacrifices to help others. Consulting is about adding value to your client, so performance is often measured by what the team can deliver, rather than how the individual performs. The only instances of real competition I saw were during games of Hungry Hippo or the occasional foosball tournament.



Dispelled myths aside, consulting can also offer experiences you can't get working in industry. First, consulting will expose you to a variety of industries, as opposed to just one. The job requires you to immerse yourself in the business of your client. As a result, at the end of an engagement, you will become an authority on whatever industry you were working. This knowledge will be particularly helpful if you aren't exactly sure in which industry you want to end up.

Second, throughout your engagements, you will meet with high level clients - often C-level positions. These contacts can prove valuable in the future and may even lead to job offers at the end of a case.

Third, the scope of work will be wider than in industry. Top- or second-tier consulting companies typically deal with high-level strategy or big picture operations. Those that take industry jobs will typically deal with specific products or accounts not delving too deeply into how those products or accounts affect the company as a whole. The experience of working on high-level issues while still understanding the details will be invaluable if you choose to enter industry jobs in the future.

This last benefit leads to another point: just because you start out in consulting does not mean that you can't go into industry in the future. In fact, if you spend a few years in consulting then go into industry, because of the experience I just mentioned, you will typically end up at a higher position than someone who went straight into industry. Furthermore, firms have extensive alumni networks to provide ample opportunities to find a great industry job post-consulting.

Oh, another thing: the pay is really good.

While experiences in consulting are firm-dependent, there are good jobs and great experiences to be had. I was lucky enough to have found both.



Not to consult (Arun Prakash '07, Summer at The Boston Consulting Group, Los Angeles)



For me, the answer is not so easy.

I agree with most of the points made by my colleague, Murali. Consulting is a great way to build a strong set of analytical and structured approaches to business problems. Consulting is usually done at firms that are full of talented individuals, who create a dynamic environment for growth. Consulting also exposes you to a variety of industries and issues, from which a wealth of knowledge can be attained.

So what's wrong with it? The fact is that consultants consult. In the end, the client must be the one to execute. And yes, while you can always do consulting for a couple years and jump ship to industry, if you are passionate about an area and know what you want to do, then it is better to get the operational experience sooner rather than later, whereas consulting will only get in the way of what you really want.

When a consulting engagement ends, you move on to the next one. Meanwhile, the client, for example, is going to market with the product portfolio you suggested. The client must have the tough conversations with employees who were laid off due to your cost cutting analysis. The client must relieve the tension in the room between executives from two merged companies, whose positions were outlined by your recommendations.

Consultants learn how to find value quickly, which is a great skill to have, and I would often hear my colleagues speak about finding "the answer." That is the right way to start, but in the end, there is no one answer, and each answer has multiple dimensions along which it must be viewed in order to make an impact. This rich experience can be had more effectively by living through a process or project and seeing it through.

For those who have no idea what they want to do, consulting is a great staging area to find that out and develop a strong skill set in the meantime. But, if you can't get equally excited about the entire spectrum of projects, such as nine months developing a digital media product strategy for a tech company from your office on the west side of Los Angeles to nine months at the client's Topeka, Kansas headquarters talking to factory workers to find cost savings, you should do some more homework.

For those who are truly passionate about an industry or function, from biotech to retail, from sales to operations, there is nothing better to do than get into that field now, so you can build your credibility, learn the industry, develop long lasting relationships, and, most importantly, learn how to execute and lead in a challenging environment.

Ultimately, I think we are both right. If you don't know what you want to do or what industry to be in, consulting is a great starting point. If you know what you want to do, forget consulting and go after whatever lights the fire within.

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