There are many good reasons to become a management consultant including the promise of interesting work and good remuneration.
However one of the best things about working as a management consultant is that it opens a huge number of doors for the future because the:
Management consulting is competitive. Top consulting firms receive many thousands of applications each year. As a result, the consulting recruiting process (outlined here) is lengthy and very thorough.
On average, top firms receive about 200 applications for every one offer they make. The diagram below summarises your odds of getting through each stage of the process- it's based on talking to people involved in the recruiting process at different firms and my own experience in interviewing.
Management consultants at all levels are paid well. As a consultant, you'll be able to lead a very comfortable life and provide comfortably for your family.
However, until you reach senior levels, consulting is not extravagantly paid. Consultants at all levels are paid less than their equivalents in financial services (e.g., banking), despite also working very long hours and travelling more.
What does this mean for you? If you’re primary aim is to become as rich as possible as quickly as possible, consulting is not be the right career for you. Go and become an investment banker or work at a hedge fund instead. If however, you’re not solely money orientated, there are plenty of good reasons to become a consultant instead of a banker.
What does this mean in number terms? Below are my estimates for what you can expect to be paid as both a junior and senior consultant in 2014:
I'm a ex-McKinsey London EM who recently left the Firm