Consulting’s Ups and Downs

As I approach my one year anniversary of working as a financial risk management consulting for a Big four accounting firm, I reflected on the good, bad and the ugly or working in consulting.

As a consultant, I have travelled more in the last than I during my five-year stint as a banking analyst.  I have been to some exciting cities such as Los Angeles and Chicago, but I have also been to many smaller cities where the local attractions include a crab shack and Ferris wheel.  Nonetheless, with my current role, I have seen much of the country that I might not have seen otherwise.  Another perk to traveling are the travel reward programs and frequent flier miles.  At many firms, consultants can use reward program points for personal use. I have known consultants that have taken free personal vacations because of all of their accumulated points from work travel. Frequent flier miles and reward points are like gold, and like in the movie, "Up in the Air", many consultant dream of achieving royal status because of all the points.

While many industries are centered in a particular geographic area, such as L.A for media, and NYC for finance, consulting doesn't have a defined center.  Consulting doesn't compel one to live in a particular city, which allows for more flexibility in deciding where you want to live.  While business jet-setting comes with many benefits I know countless consultants that don't like the constant travel.  Their main gripes are that they don't spend enough time with their families, their social lives are dying, and that they are generally exhausted and worn out from travelling. While it would be ideal for a consultant's work to include a good mix of working at the home office and being on the road,  it's not always easy to plan work schedules in this way.

Consulting offers variability, which helps consultants build new technical skills, but it also develops key business skills, such as facilitation, communication and project management.  At times projects are more fast-paced and have tight deadlines, while others can be longer term in nature.  In addition, consultants may report to different managers, and work with different peers on a given project, so a consultant's adaptability is highly valued.  Depending on the project, consultants usually work at the client site, but there are times where work is done at the home office, in which you have to request a cubicle.  When I first joined the firm, the concept of ‘hoteling' was uncomfortable at first.  Many people have also trouble embracing the unpredictability of scheduling, facing one steep learning curve after another, and not having the information needed at the onset of a project to complete it.  Also, there can be uncertainty around what project you will be on next.  The classic mantra of consulting is "Be Chargeable." A consultant that has been "on the beach" for a little while might be compelled to source projects just to meet utilization goals but that don't necessarily leverage his or her core skill sets.

Working in consulting has provided me with many opportunities to meet many people from across the country.  These opportunities arise partly because of the nature of professional services involves meeting people and building relationships.  They also arise because consultants staffed on different projects in various parts of country.  With consulting, I have had many more opportunities to network than in any other job I've had.  It's important to make a good impression with each persona because he or she could be working with you on your next engagement.

Overall, my experience as a consultant has been a great one so far, but like any job, there are always ups and downs.