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Post-Consulting / Post-Finance careers

post #1 of 32
4/23/10 at 6:59pm
Thread Starter 
Hey guys,

Would be interested to hear your thoughts and experiences on careers after consulting or finance. What kind of positions leverage the "skills" picked up over the time? From what I understand from peers and headhunters, these positions are generally:

- Corporate Strategy at financial institutions (would rather not, but maybe could stomach it)
- Corporate Strategy at non-financial institutions (warmer...)
- Various risk management positions at corporations (barf)
- Blah

I am looking for something that requires quantitative ability but does not FOCUS on it. I hate doing math or modeling or working with thinks like hedging or derivatives or risk all day or poring through models, though I can if I am forced to. I would rather think about high-level concepts than be down in the weeds.

What kind of careers do not necessitate a massive pay reduction but can at least leverage some of this kind of background? Note that one of the biggest selling points in my skill set will be something like "managing a team", "getting shit done, and well", and "process and content management".

- Marketing?
- Consulting in a less quantitative field?
- Business strategy at a start-up
- Entrepreneurship (perfect fit, but I am too risk averse maybe)
- Working at a finance-related nonprofit (microfinance for example)
- Working in the finance/marketing/strategy department of a sports league (is this a dead end job? Any ability to transfer laterally into strategy/commish office?)

I don't want to start from from zero. I don't want to be making <65K (fuck, that alone is going to demolish my standard of living). Would prefer to be at >130K but willing to take a hit for a fun job, really. I'm in NY so generally salaries are inflated, if that helps put things in perspective.

So - have there been any success stories at all of people escaping consulting or finance and getting into a less quanty career path? I am trying to avoid an MBA, but please put me in my place if I am assuming incorrectly that that is doable.

Thanks.

- Unhappy at work
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post #2 of 32
4/23/10 at 7:10pm
Quote:
Originally Posted by MetroStyles View Post
Hey guys,

Would be interested to hear your thoughts and experiences on careers after consulting or finance. What kind of positions leverage the "skills" picked up over the time? From what I understand from peers and headhunters, these positions are generally:

- Corporate Strategy at financial institutions (would rather not, but maybe could stomach it)
- Corporate Strategy at non-financial institutions (warmer...)
- Various risk management positions at corporations (barf)
- Blah

I am looking for something that requires quantitative ability but does not FOCUS on it. I hate doing math or modeling or working with thinks like hedging or derivatives or risk all day or poring through models, though I can if I am forced to. I would rather think about high-level concepts than be down in the weeds.

What kind of careers do not necessitate a massive pay reduction but can at least leverage some of this kind of background? Note that one of the biggest selling points in my skill set will be something like "managing a team", "getting shit done, and well", and "process and content management".

- Marketing?
- Consulting in a less quantitative field?
- Business strategy at a start-up
- Entrepreneurship (perfect fit, but I am too risk averse maybe)
- Working at a finance-related nonprofit (microfinance for example)
- Working in the finance/marketing/strategy department of a sports league (is this a dead end job? Any ability to transfer laterally into strategy/commish office?)

I don't want to start from from zero. I don't want to be making <65K (fuck, that alone is going to demolish my standard of living). Would prefer to be at >130K but willing to take a hit for a fun job, really. I'm in NY so generally salaries are inflated, if that helps put things in perspective.

So - have there been any success stories at all of people escaping consulting or finance and getting into a less quanty career path? I am trying to avoid an MBA, but please put me in my place if I am assuming incorrectly that that is doable.

Thanks.

- Unhappy at work

Why would you want to be poor?
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post #3 of 32
4/23/10 at 7:55pm
I know a couple, that post-consulting, sold ties on the NetWebs. They seemed to have a pretty efficient business model that really kept costs down.
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post #4 of 32
4/24/10 at 1:32am
I started my career in strategy consulting, then moved to investment banking. (So saved some cash). Now, for the past decade, I have retained my own clients and provide consulting services to them on a contract basis (on everything from marketing, new product strategy, financial strategies and alternatives, to organizational strategy and business process optimization). It gives me enormous flexibility and very interesting work. But you have to have the stomach for the ups and downs of going out on your own. It can be boom-bust especially in the beginning. As you progress, though, if you're building your pipeline, things begin to get more stable.
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post #5 of 32
4/24/10 at 1:37am
Don't want to be partner? I always thought that consultants lateraled into management positions at clients.
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post #6 of 32
4/24/10 at 1:38am
Thread Starter 
Thanks EBugatti. Sounds like an interesting and rewarding career path you've taken.

I should have been clearer though:

a) I really want to leave the strict financial-services industry
b) I am only about 4 years in, so creating my own freelance consulting business is not a realistic possibility. Even if it was, (a) above means that I would prefer to find something tangential rather than directly in line with what I've done in the past.
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post #7 of 32
4/24/10 at 1:40am
Don't most of these guys move to Atlanta?
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post #8 of 32
4/24/10 at 3:11pm
I would say you need to go get your MBA.
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post #9 of 32
4/24/10 at 3:12pm
Thread Starter 
Quote:
Originally Posted by Flambeur View Post
I would say you need to go get your MBA.

That's such a cop out. Ok let's flash forward 2 years.

Same question, but now I have an MBA. Now what?
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post #10 of 32
4/24/10 at 3:14pm
Quote:
Originally Posted by MetroStyles View Post
That's such a cop out. Ok let's flash forward 2 years.

Same question, but now I have an MBA. Now what?

You realize that banking or consulting is the only way to recoup your investment so you go back in to banking or consulting.
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post #11 of 32
4/24/10 at 3:27pm
Thread Starter 
Quote:
Originally Posted by GQgeek View Post
You realize that banking or consulting is the only way to recoup your investment so you go back in to banking or consulting.

Hahahah, that's absolutely right on the money. =D

Exactly why I'm trying to avoid it. All my peers are heading to MBA or JD programs. The JD's I understand - they are delusional. But the MBAs are just putting off making a career decision for 2 years. Nothing wrong with that in itself - I just don't want to take a net ~$500K hit in two years if I don't know EXACTLY why I am getting that education.
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post #12 of 32
4/24/10 at 3:32pm
If you can stomach another 6 months to a year at your firm, I'd advise doing so. Now is a really shitty time to be looking for work.

I recommend sticking with it for a little bit longer, "passively" looking around via LinkedIn, client relationships, friends, contacts, etc., and seeing what's out there.

DO NOT:

- Announce your departure before securing another job
- Blindly throw a bunch of resumes out to job listings for which you have no entry points or contacts
- Apply or be considered for jobs you will not end up wanting to take

Think about your escape plan very carefully, because once you jump into another job, your opportunities to keep "writing your own ticket" and tranfering between industries or functions will be very limited. Consulting is fantastic, in that you can realistically apply to any job you want and stand a good chance of looking attractive on paper. But the further down a single industry or functional rabbit hole you go, the harder it is to get out. So think very carefully not just about what jobs are out there, but about what you really want to end up doing. Go from there.

One thing you shouldn't have to worry about is whether a financial consulting background will prevent you from getting into certain industries or functions. Just the opposite. Pretty much every company in every industry in the world -- with the sole exception of tech startups -- has a raging hardon for financial consultants. You're seen as some sort of mystical jedi master of business. Especially if you are coming from a McKinsey or Bain or BCG, but even if you're not. Whether that jedi mastery is true or not, know that a lot of folks will see you that way.
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post #13 of 32
4/24/10 at 3:38pm
Thread Starter 
Quote:
Originally Posted by Arrogant Bastard View Post
If you can stomach another 6 months to a year at your firm, I'd advise doing so. Now is a really shitty time to be looking for work. I recommend sticking with it for a little bit longer, "passively" looking around via LinkedIn, client relationships, friends, contacts, etc., and seeing what's out there. DO NOT: - Announce your departure before securing another job - Blindly throw a bunch of resumes out to job listings for which you have no entry points or contacts - Apply or be considered for jobs you will not end up wanting to take Think about your escape plan very carefully, because once you jump into another job, your opportunities to keep "writing your own ticket" and tranfering between industries or functions will be very limited. Consulting is fantastic, in that you can realistically apply to any job you want and stand a good chance of looking attractive on paper. But the further down a single industry or functional rabbit hole you go, the harder it is to get out. So think very carefully not just about what jobs are out there, but about what you really want to end up doing. Go from there.
Thanks for the helpful reply, AB. I actually would not leave my job until I found something I really liked. Currently I am getting lots of calls for headhunters for finance-y/corporate strat jobs. I'm not going to find my dream job, which would make me no money and have nothing to do with my background, but realistically I want to keep 60-80% of my salary and still be able to apply my skills somehow. I think that what I would like to do most is some kind of position in a strategy group in a company NOT in the financial services industry. Telecom, tech, media, ad, sports, entertainment. Those areas are much more captivating for me. I want to be able to use qualitative skills more, and get away from the nitty-gritty stochastic/risk/heavy analytics aspect of things. I hate statistical analysis and any kind of coding work. I do not plan on announcing my departure or applying for silly jobs. I have only applied for one other job in the last 4 years so I am very picky about interviews (which makes sense since I am not desperately in need of employment). The hard part is that my "network" is mostly in financial services (want out), journalism (need school and dying industry), and advertising (but no one high-level). Any more thoughts?
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post #14 of 32
4/24/10 at 3:40pm
After the MBA? Consulting, i-banking, or if you hate those then a good rotational/development program.
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post #15 of 32
4/24/10 at 3:45pm
"Telecom, tech, media, sports" is a very broad array. Try narrowing that down further. Of those industries, which one appeals to you the most? Success in an industry vertical is highly correlated with a burning desire to be in that vertical and that vertical only. Especially in verticals like sports or media. You'll be surrounded by people who get up every day and think to themselves "Holy shit, I am the luckiest sonofabitch on God's green earth to be working in sports," or media, or what have you.

The hard part for you right now is narrowing it all down and deciding what you really want to do. Take some time to think about that before starting the search process. Also, don't take headhunter offers for the sole purpose of escape. That's the wrong move. Same thing with the MBA. Don't go there to put off your decision for another 2 years. Take the time to figure out the dream plan now. Then work on tactics after that.

Try this exercise: in your wildest and greatest dreams, what are you doing for living? Just answer that question in under a second. Don't think about it. Just pick the first thing that comes to mind. Often, there's quite a bit to be learned from what your brain lands on. It's telling you something about your ultimate passion. Don't ignore that instinct and don't try to rationalize it away. It may be completely unrealistic, but then ask yourself: why is it unrealistic? Is it actually possible? And what steps would you need to take to get there?
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