How to plan a long-term career?

Question

I am currently working at Big Four's Deal Strategy Group, doing a mix of finance & strategy work related to M&A. My original motivation to switch to consulting was due to the “MBB prestige” and being more specialized in pure strategy.

After failing to get to MBB, I'm facing a dilemma: should I stay at my current firm, or should I continue to apply to tier 2 or boutique firms. I think the core issue is that I am not certain about where I want to be in the “long run”. Part of the reason is because my current position is a mix of strategy and finance/M&A works without specializing in specific industry.

I feel that my current position, or a strategy house position, could open doors to 1) corporate strategy 2) investment roles - PE, VC 3) corporate development roles. The upside of staying at my position would be to further develop the “cross skill set” of finance & strategy. However, on the other hand I feel that Big Four's brand is not well perceived, and I am not specializing in either strategy or finance/M&A, which might be a disadvantage.

Could you share some thoughts or experience? Keen to listen to your thoughts on how to successfully plan a long term career. Thanks.

Answer 1

I'm with Francesco on this one - try to be outcome-oriented when thinking about your career plan.

First, would be good to have clarity on your goals / ambition and then you can tailor desired career path around it. Then, network and speak to people who are already where you would like to be and seek for advice on how to best get ther.

If the ambition remains unclear (which is also not uncommon, don't worry!), switching to consulting for 2-3 years can be a great option, as the skills you develop paired with most firms' generalist approach & the reputation that comes with it make a profile more versatile and attractive to a greater variety of roles / general management positions.

Answer 2

Hi there,

I'm confused as to why you think Big Four's brand is lesser than the brand of Tier 2s or boutiques? Big Four is in the Tier 2. (Of course, it depends which Big 4 you're in).

That said, it sounds like you're doing well in your role.

1) It doesn't hurt to apply to Tier 2s and boutiques - just see what happens and what offers come your way

2) Build up your experiences (i.e. get a promotion) and then re-apply to MBB a year from now! Make sure to network extensively and get a professional review of your resume to improve your chances

Good luck!

Answer 3

Hi there,

I think it is key that you clarify first what are your goals. There are multiple ways to do so, but a very efficient one is that you talk with people who are already in the fields you are considering to find which one fits you best. This could also be useful to leverage a referral in case you need it.

Once you have clarified that, you can do the following to understand which option is the best between your company and a Tier 2/boutique:

Look for alumni of your company and Tier 2 on LinkedIn
Check how many moved to your target jobs in your region
Normalize for the size of your company and the Tier 2 in your region

Also, be sure to choose a job that you like rather than just a good one for an exit. Even if your company is good in terms of exits, there is no reason to join and work there for a few years if you don’t like the job.

Before you apply, I would also look for referrals. You can find some tips here:

▶ https://www.preplounge.com/en/articles/networking-as-part-of-the-management-consulting-preparation-process

Hope this helps,

Francesco

Answer 4

I think its important you move away from this Tier 1, Tier 2 etc naming culture. You may work for firm X and if that's a great mutual fit, you will fly in your career. You may work for firm Y ( Say McK) and if its not a fit, you will be miserable.

Please have a look at this article for guidance & tips on your question-https://www.preplounge.com/en/articles/how-do-i-know-which-career-is-right-for-me

Answer 5

Dear candidate,

if you like your current role than that is already great. The reputation of big 4 is very good. Do not worry about the reputation so much. It is great you are thinking about your career. For career tips I would always advice to network with colleagues who are in the various fields you are considering and with some of them who have been in these roles for long- is there enough learning and variety in the longterm? Are there opporuntunities to switch between firms? Of course if you definitely want to do consulting, tier 2 firms are great.

Best regards