Freelancing after consulting

Hi,

Here's my take on your questions, with more of a slant towards SEA (where i'm based).

How common is the freelancing exit after 3-4 years at MBB? Do you really earn more as a freelancer than SC/M at MBB?

• Of course, geography and role specific
• In SEA, freelancing is not as common as the market is still not very mature
• Quite often freelance/contract work can be very specific, and if you don't have that expertise you really dont qualify at all
• If you freelance and go back as a contractor for MBB, then yes you earn more as a freelancer than SC/M on a per-day basis (and with less effort)
  • e.g. if you look at some of the freelancing platforms, tier 1 firms have recently been requesting for 6-12months PMs for transformations etc

What are some of the common exits after doing 3-4 years of CDD at MBB?

• I worked in BCG PIPE, so speaking from first hand knowledge and experience also applying for some of these
• Firstly, many of the ‘general’ exits are also applicable to you even if you have only focused on CDD
  • e.g. Corp strategy, Tech, Startups
  • I was approached by headhunters for Corp strategy, Tech, and growth/late-stage startups
• There are a few exits more specific to CDD, but the big caveat is that the absolute number/openings varies significantly by market and the players operating in it
  • PE deal team (difficult to get into, more rare)
  • PE value creation / ops team (typically easier than deal team)
  • VC deal team (easier to get in than PE deal team imo)
  • VC value creation (very rare as most don't really have dedicated roles at the junior level for this)
  • Corporate M&A
  • Sovereign Wealth Funds (most portfolio/value creation teams)

Happy to chat more in detail - drop me a pm

All the best!

Hi there,

Short answer: Yes!

I personally freelanced after MBB and the rate was very nice. I was earning approx. double what I was earning at MBB….with half as many hours. That said, the work is more variable, you eat what you kill, and the upward trajectory is less (you “cash in” now as the cost of having a higher total possible compensation later).

As in, if you're a consultant, you can 2x your income…but then 5 years later it might rise 20-30%.

If you stay at BCG for those 5 years you could make Principal/Partner and 4x your income. Then, if you leave at that point you can double that 4x. 

Make sense?

^Note: very very lose/illustrative numbers just to make a point.

Hi there, 

Actually, freelancing is not that common. 

Most people move into corporate jobs where they get a similar salary and a much better lifestyle. 

Freelancing can offer better compensation but it's wilder and your success really becomes dependent on how good you are at what you do. 

Best,
Cristian

Hello,

I worked at McKinsey SF and we did not have too many people exiting to go freelance (though it's definitely possible, and possible to earn a decent income too!). Most people exited to managerial positions at other firms. Many who focused on and enjoyed DDs exited to PE firms. Other common exits included startups and VC.