Hi there,
below my short perspective. The topic is very broad and would warrant a lot of more discussion.
I have (and I am) through this process myself - so feel free to DM to chat more
Would appreciate your thoughts on how to pick suitable industry exit opportunities for consultants. What are important factors to take into mind?
I would use the following angles to reason about this
1) Clarify your long-term plan (10 years) - What is your goal in term of type of industry (e.g. industry and which one vs. PE vs. VC vs. …), Total Compensation, Ideal position, Ideal setting (E.g. type of culture of the firm)?
- What type of work/industry/setting did you enjoy in consulting?
- In which industries you have a track record before consulting and thus a “leg-up” vs. other people?
- Which type of setting do you prefer (e.g. slow vs. fast, pressure-oriented vs. laid-back, …)?
- What is your Target Total Compensation you want to reach? Does the industry I am chosing allow me to get there?
….
2) Reason backwards on how to get there and determine best “unconstrained” 1st step out of consulting
- Create relationship and talk to people (they should become your own “steering committee” ) that have what you want in terms of ideal position, TC… about what is the best trajectory/first step out of consulting to get there
- Create a list of your target firms and aggressively network to get positions there (alumni network can be very useful)
3) Assess each exit opportunity ("constrained" choice set) based on above plan + backward reasoning weighting most important factors to you (rational part) + correct assessment for feeling (emotional / deep part)
E.g. to me most important factors to weight are → Growth Potential of position, TC growth potential of exit opportunities over 5-10 years (NPV), enjoying team and day-to-day work
Should I consider the firms that do not typically hire strategy consultants?
Hard to answer - should be a case-by-case holistic evaluation on your side based on above (e.g. does it fit vs. long-term plan and my preferences …).
For sure starting in a Strat team w/ peers from consulting firms or ideally your consulting company help ease the transition to industry
Hope it helps