Traditionally, company loyalty has always been considered a vital part of progressing one’s career, with some people remaining in the same business for over a decade. Of course, company loyalty is still important in the modern workplace (even if not to the same extent)- we consistently see individuals progress up the management consulting hierarchy through their hard work, dedication, performance and loyalty. However, it’s important to consider that there may be greater opportunity elsewhere, to aid the progression of your career and offer other benefits too. So, should you change jobs and move to a new management consulting firm? Here’s a few points to consider…
In many management consultancy firms, particularly large ones, more senior positions are often saturated, and it can take months or even years before the opportunity for promotion is even available. If limited vacancies are restricting your professional development, moving to another management consultancy firm - with greater opportunity or an already available, more senior position – could be the right option to advance your career and leave you feeling more fulfilled in your role.
If your next major salary review isn’t for a few years and you don’t feel you’re being paid proportionally to the value that you are delivering your firm, then it might be time to move on. Salary increases often go hand in hand with a new role, especially if you are moving diagonally up the hierarchy. Nobody wants to be undervalued, especially when there’s a chance for a more reasonable paycheque elsewhere.
Your strengths and passions can change and develop over the course of a career, and it’s important to recognise this to get the most out of your job and be successful. Switching to another firm might be the right option if your current role doesn’t offer enough specialist focus and/or learning opportunities in the sector or function you’re most interested in. Besides, your best results are often achieved when working something you really care about.
A comfortable work/life balance is something most of us strive for, particularly in the fast-paced world of management consulting, so it’s an important factor to think about when considering your career path. Moving to another firm could reduce your commute or offer the chance to live in a more rural setting, while some consultancies also offer more flexible working hours or even the option to work from home.
Sometimes there’s other factors that come into a decision about moving. If you’re struggling with a toxic company culture, a malicious colleague, or a consistently unreasonable workload, then there’s no shame in looking for a new opportunity- especially if you’ve already tried to resolve the issue.
Both large firms and smaller boutiques have their benefits, but whether you choose to work for a big or small firm will depending on your situation and what you’re looking for in a new role.
The benefits of large firms often go without saying. They can offer some of the best opportunities to learn quickly, as well as a great deal of challenge and responsibility. Success at one of the Big 4 can be one of the best way to start of your career in consultancy (including a stamp of approval for your CV), as well as providing world-leading opportunities and access to some of the smartest and most successful people in the industry.
However, the advantages of smaller management consultancy firms shouldn’t be underrated. They can offer accelerated development (particularly in the route to partner) and merit-based promotion opportunities; more collaboration and responsibility within smaller teams; a greater degree of specialism within a specific sector; and (depending on the firm) a more relaxed company culture.
Based on this, it’s important to recognise the differences between big and small firms, so you can get the most out of your next career move.
While it can be beneficial to move to a new firm, sometimes the right decision is to remain in your current role. Although it can be tempting to move around a lot to get the best offer or escape challenging roles, loyalty can provide numerous benefits in the long run for both your career and personal development. Besides, nobody wants to be “that” person who hasn’t held the same job for more than a year at a time.
So, are you considering a move to another management consultancy firm? Before going any further, it’s critical to understand exactly why you want to move and what you’re looking for in a new role- otherwise, you might make a decision that you will regret later on.
At Ascent Professional Services, we focus on moving candidates from big consultancies to small firms or to another big firm. For more advice about changing jobs, just get in touch. Or, if you’re ready for your new opportunity, send us your CV today.
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With years of experience in helping candidates find their ideal consultancy job, we can help you through the process- from a successful CV to excelling in the interview. Visit our career advice information hub today.Read more