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Strategy consulting firms offer high exposure and excellent training for consultants. After a few years with McKinsey, BCG, Bain and other firms, you'll be in high demand on the job market and can go pretty much wherever you want. So, what do consultants do after they've started their careers with a firm? Business, entrepreneurship, finance - the options are endless. And why not continue your career in consulting?

In this article, find out about the main exit routes for consultants in strategy consulting firms.

The hunt for consultants in strategy consulting firms

When should you leave a strategy consulting firm?

On average, consultants stay with strategy consulting firms for between 2 and 4 years before moving on to new horizons. Consulting is a sector with a fairly high turnover rate. However, this is not as true as it used to be, especially when business slows down as it did after the post-Covid euphoria. Consultants are now staying longer, at around 4 years. The decline in activity in an uncertain economic environment mechanically leads to a drop in opportunities for consultants, as companies recruit less. What's more, consultants don't necessarily want to leave early, as the covid crisis has shown how important it is to be able to count on a reliable, well-paid job with little job insecurity, as is the case in strategy consulting. The fact remains, however, that consultants are leaving at various grades.

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Junior consultants (with less than 2 years' experience): these are trained consultants who do not wish to continue in consulting, either because they are not good at it and are asked to leave, or because they don't like it, or because they have an opportunity very early on in their consulting career.
Senior consultants (2 to 4 years' experience): these are consultants who have generally come to strategy consulting to gain experience, such as a 3rd cycle of training, and who now wish to work on the customer side or set up their own company.
Managers (more than 4 years' experience): these are consultants who often have good opportunities in the corporate world, but who do not wish to make a longer-term commitment to the firm, particularly in terms of leadership grades, and who therefore prefer to leave before being confronted with them.

Regardless of when consultants leave the company, once they are on the job market, their profiles are highly valued and in great demand.

Why are strategy consultants so much in demand?

Throughout their consulting years, consultants develop intellectual and managerial skills that make them rare profiles on the market. The training they receive from consulting firms, sometimes supplemented by MBA training, is one of the best available.

The intellectual skills of our consultants are such that they are able to work on a multitude of different subjects, which they know nothing about, with the same rigor and the same degree of excellence.

The consultants' approach: analytical rigor, structured MECE approach, hypothesis-driven, top-down reasoning. In short, all our consultants have one thing in common: they've all been trained at the same school to apply the best standards. It is these standards that enable them to crack any subject and deal with any problem.
Developed hardskills: consultants quickly become experts in Powerpoint and Excel tools, capable of modeling hypotheses and rendering their results in presentation form. These are ultra-important skills that make consultants masters of efficiency and productivity.
Diversity of assignments: one, if not the most important, of consultants' assets is to have worked on several different assignments. An assignment can be categorized by sector and function, and firms often have a matrix organization with these two variables. For example, a consultant might work on digital strategy in the banking sector, then on a cost-cutting strategy in the food sector. These are two completely different functions and sectors, but the consultant will address them using the same methods and standards.

The managerial skills developed by consultants are also very much in demand, especially by companies and start-ups that are just starting up.

Learning to manage right from the start: consultants work as part of a team, and very quickly, when you become a senior consultant, you are called upon to support and sometimes manage more junior consultants or trainees. Similarly, working for a customer requires you to quickly develop a managerial and human approach to your day-to-day work.
International experience: most consultants, especially in top-ranking firms, have extensive international experience, with assignments for clients abroad. Working in such a context enables consultants to learn to step out of their comfort zone and work in multicultural environments rich in differences.
Exposure to top management: the consultant works closely with decision-makers in the company's executive management. Very quickly, a consultant can be exposed to the CEOs of major international groups.

The main strategy consulting exits: companies, entrepreneurship and start-ups in the spotlight

A customer-focused approach to corporate executive management

Throughout their careers, strategy consultants work for clients, many of whom are companies. Most of these companies are large CAC 40 groups. Within these large groups, consultants often find good outlets in the various executive departments. The most recurrent of these executive departments for strategy consultants is the strategic management of major groups.

Their in-depth knowledge of corporate strategies and their ability to solve complex problems make them ideal candidates for high-level roles. They can be recruited as strategic directors, managing directors or board members, where they help define the company's vision and objectives.

One of the main reasons why consultants leave for the corporate world is to take on a more operational role, professionally speaking, and also to achieve a better work/life balance. The pace will be slower in large groups than in consulting firms. What's more, if you have a certain level of expertise when you leave the consultancy, this may enable you to move into a large group and start climbing the ladder towards general management.

Entrepreneurship: more and more former consultants are setting up their own companies or joining startups

Many strategy consultants choose to become entrepreneurs after gaining solid experience in strategy consulting firms. Their in-depth understanding of markets, growth strategies and operations management gives them a competitive edge in setting up and developing their own businesses. In addition to the skills they develop in the firms during their assignments, consultants also build up an important network within the firms.

A network of alumni is very important when setting up a business, to benefit from expert advice and support in defining the main steps involved in creating a company. What's more, a strategy consulting firm offers a certain legitimacy to the founder of a new entrepreneurial project. This is particularly true of MBBs (McKinsey, BCG, Bain). As an example, in 2019, there were a total of 19 unicorn founders who were McKinsey alumni. As a reminder, a unicorn is a start-up or young company with a valuation in excess of €1 billion.

Another way out for strategy consultants is to join a start-up. In the same way as creating your own company, joining a start-up offers the advantage of participating in the development of a new project. Consultants are in demand for their speed in executing projects efficiently and structuring them. On the other hand, consultants like the idea of being able to develop a long-term project with a holistic vision.

The tech world: an Eldorado for strategy consultants

Strategy consultants are highly sought after by tech companies because of their ability to solve complex problems and develop strategies for growth. Tech companies often face unique challenges related to innovation, competition and rapid market change. Strategy consultants bring valuable expertise in these areas, making them attractive candidates for tech companies. They can occupy executive or project management positions, where they help shape corporate strategy, identify new growth opportunities and address the specific challenges of the tech sector.

Tech companies such as GAFAM (Google, Apple, Facebook, Amazon, Microsoft) offer many advantages for employees: high remuneration, work/life balance, employee benefits, flexible working arrangements. Other companies, such as the French unicorns, also offer great opportunities for former consultants. Many consultants, notably from McKinsey, BCG and Bain, are now working for ContentSquare, Blablacar, Docotlib and others.

Private equity: rarer for strategy consultants

Strategy consultants from consulting firms such as McKinsey, BCG, Bain, Roland Berger, Oliver Wyman, LEK and Advancy are often highly sought-after by private equity investment funds. These consultants possess in-depth expertise in strategic analysis, due diligence and operations management, making them attractive candidates for investment funds looking to make informed investment decisions.

When joining private equity investment funds, these strategy consultants can bring significant value by using their analytical skills and consulting experience to evaluate investment opportunities, identify potential risks and formulate growth strategies for target companies. Their in-depth knowledge of industries and markets, and their ability to solve complex problems, are valuable assets in the investment process.

In addition, strategy consultants who move into private equity can also benefit from direct exposure to operations management and value creation within their portfolio companies. They can work closely with management teams to implement strategic initiatives, improve operational efficiency and maximize return on investment.

The main advantage for consultants of switching from strategy consulting to investment funds is that they can considerably increase their remuneration.

Continue in consulting to become a Partner

Strategy consulting offers prestigious opportunities which are not exhaustive in this article, but consultants can also stay on until they become Partners.

Profile of a partner in a strategy consulting firm

Let's take the example of the MBBs (McKinsey, BCG, Bain) to draw up a composite portrait of a Partner. The vast majority are consultants who have spent their entire careers with the firm. They are experienced and have completed a large number of assignments, initially in all sectors, then in their area of expertise. Partners generally have 10 to 15 years' experience in strategy consulting. If they've been with the same firm all their lives, they generally have international experience, particularly in the major firms with several foreign offices. If they didn't start out with the firm, they may have started their career with another firm and worked their way up to Manager or directly to Partner in an MBB.

Partners have recognized expertise in a sector, in other words an industry, or in a function, in other words a business. As a reminder, firms are organized in a matrix between sectors and functions. It should also be noted that in larger firms, such as MBB, there are two types of Partners: those who own shares in the firm and those who do not.

The advantages of staying on until you become a Partner

There are many advantages to being a Partner, particularly with an MBB, but also with other firms (Roland Berger, Oliver Wyman, etc.).

Firstly, for Partners in the true sense of the word, they own shares in the firm. As such, they share in the profits of the business and are directly responsible for the firm's performance. If they own the firm, they are also responsible for important decisions. For example, in 2024, McKinsey's 750 Partners voted to elect the Managing Partner, i.e. the person who would take over the firm's presidency/management for a 3-year term.

As mentioned above, they share in the profits and have a very high fixed salary. Typically, Partners in major firms earn in excess of 300K€ per annum, and their salaries can reach very high levels.

Finally, the Partners are in direct contact with the CEOs and heads of government of the world's major economic regions, especially for MBBs. In fact, they are in touch with some very important economic and political figures.

The disadvantages of becoming a Partner

However, there are also disadvantages to staying on until you become a Partner. Firstly, the promotion process is highly competitive and demanding, and it can be difficult to maintain a work-life balance. In addition, Partners are often under enormous pressure to meet sales and profitability targets, which can be stressful and demanding. They are often called upon to work long hours and travel frequently, which can be difficult for those seeking to maintain a work-life balance.

Finally, and this is perhaps one of the less obvious disadvantages, when you join the firm as a junior consultant and you have to Partner, this means that you've only known consulting in your life. You've never been on the customer side, in the corporate world, and you don't have any more operational experience. And this can sometimes be difficult to bridge, especially if a Partner wants to leave the firm for a company, he or she may feel trapped and condemned to stay in consulting until retirement.

Strategy consulting is a springboard for your career, so you can do whatever you want.

Strategy consulting in general is a real springboard for a professional career. If you want to leave the firm, you'll be in great demand on the job market. You'll have the opportunity to sell yourself to a company, and I sometimes have former clients for whom you've worked. Alternatively, you can set up your own business or join a start-up. Finally, the world of tech and finance, with private equity, can give you the chance to try out new things. On the other hand, if you're more of a careerist and want to make your mark in strategy consulting, then you can stay on until you become a Partner and hold shares in the firm you joined or in which you started your career.

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