Switch into consulting driven by the pay

DACH
New answer on Dec 08, 2021
5 Answers
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Anonymous A asked on Dec 03, 2021

Dear Community, 

I am a professional with 4 ys of working experience. I am very passionate about the industry I work in (fashion) and have a role with high responsibility, however I am struggling to have a good life quality given the company's low pay level. My working hours are long, private life limited and despite many attempts, the company does not agree to increase my salary to afford decent housing (I live in a western Europe DACH City) and pursuing my passions in the limited free time I have (travel, courses, sports).

For this very reason, I have recently interviewed with a consulting firm and landed an offer. I am sure it would be a great learning too, but frankly speaking I feel that consulting is not where my heart is (given my personality and values). 

Do you believe it makes sense to switch into consulting for a few ys purely because of the pay? (decision would be 80% pay-driven and 20% learning driven).

I fear this could be a recipe for misery :)

Thank You!

(edited)

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Ian
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replied on Dec 03, 2021
#1 BCG coach | MBB | Tier 2 | Digital, Tech, Platinion | 100% personal success rate (8/8) | 95% candidate success rate

Hi there,

I do generally try to steer away from advice like this without understanding the individual. That said, my gut tells me the current situation is unsustainable for you. What I say next, please take with a grain of salt (and ultimately decide for yourself). 

I think you would be well served to leave the current role (My assumption: You are unhappy there) and switch into the consulting role (My assumption: the pay is a massive bump). If you hate it, you can leave after 2 years and find a better job than the first one with much better pay (you have leverage).

I was personally “miserable” in consulting as well BUT I would do it all over again for the opportunities it provided, the network and friends it gave me, and the invaluable skills it taught me (but, I will never do it again, if that makes sense).

In my view, 2 years sacrifice is totally worth it if it leads to decades of future happiness! Hope this helps :)

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Pedro
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replied on Dec 04, 2021
30% off in March 2024 | Bain | EY-Parthenon | Roland Berger | Market Sizing | DARDEN MBA

I stand by Ian's advice, and let me add a few things. On the short term it is not exactly the job you really want, but it will fix your short term financial problems. This is how you are looking at it. 

I suggest you look at it from different lenses. Not from the short term point of view, but based on long term outcomes

On the long run, this should open a lot of doors to you. You will have a much better understanding of business, a more valuable resume, and hopefully a better network (or at least a more diversed one) that can help you return to Fashion in a much better position. One where you won't face the same financial limitations you face right now. 

I would even say that right now, if you can't find a job that pays you more, or you are not experiencing salary progression… you have reached a dead end. Your current path will not take you where you need to be. 

I will only add one watch-out. Don't go to consulting with the mindset that tells you that you will be miserable for a few years and that you have to “hang on” until you leave. It's a self-fulfilling profecy. Go with the mindset that you are having a once in a lifetime opportunity to learn a lot (and have an experience that is different than what you would have on the fashion industry). That of course you won't have to stay for long, so the negatives are just temporary. But make the most (and give your best) while you are there. That's how you extract maximum value from this opportunity in all the aspects that I mentioned. 

Hope this helps, and feel free to reach out if you want to further discuss.

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Adi
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replied on Dec 03, 2021
Accenture, Deloitte | Precision Case Prep | Experienced Interviewer & Career Coach | 15 years professional experience

Hey, 

You got through the interview process, so clearly you have got what it takes! One way to look at this would be to take a risk, plunge in and try it out. It may not work out but at least you tried & learnt a lot in the process.

However, if you genuinely know that you are getting into it purely for $$ then misery is inevitable. You will struggle to enjoy the work if the mutual FIT isn't there.

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

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Hagen
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replied on Dec 04, 2021
#1 Bain coach | >95% success rate | interviewer for 8+ years | mentor and coach for 7+ years

Hi there,

First of all, congratulations on the offer!

This is indeed an interesting question which is probably relevant for quite a lot of users, so I am happy to provide my perspective on it:

  • First of all, I am sorry to hear about your unfortunate situation. For personal reasons, I can very well understand that the fashion industry might become tiring no matter the passion for this field. Overall, working hours are mostly rather long, pay is mostly rather poor and corporate cultures are sometimes very toxic.
  • As such, even if I do not know you very well, I would advise you to rethink your current professional situation given your description.
  • Still, given that you feel your personality and values might not be aligned with consulting in general, I would advise you to rethink whether this might be a meaningful career step. While I do not consider accepting the offer (mostly) for the money and for a rather short period of time a bad decision, your values should at least be fundamentally aligned.

In case you want a more detailed discussion on how to best decide on your next career steps, please feel free to contact me directly.

I hope this helps,

Hagen

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Anonymous replied on Dec 08, 2021

Hello,

I will answer this question as honestly as you have asked it. I have two considerations to make:

1. Double check what the salary is, it might not be that spectacular. I work in Italy, and frankly I was shocked when I got my offer by how low the pay was. 

2. It's extremely difficult to maintain your motivation to work hard (and you will have to work proactively hard if you want to maintain your position in consulting), when you are motivated purely by pay, because when you calculate the pay per hour, considering consulting hours, it is extremely, extremely low (less than minimum wage in France, and here in Italywe have comparable price levels)

So. I would give it a second thought. 

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Ian gave the best answer

Ian

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