Consulting is a high-challenge, high-reward career that attracts a motivated and engaged workforce. In a notoriously intense work environment, consulting demands a lot of time and intellectual energy from consultants, which can make it difficult to achieve a positive work-life balance. The consulting myth about work-life balance is that you have to work all the time, and it's the kind of field you work in to create a sustainable lifestyle. In reality, in management consulting, there is a cyclical balance between work and private life.
It's better than banking, it doesn't happen every day of the week or every month of the year. But, in general, this is a lifestyle in which, if you are able to manage it, from time to time you can work hard and rest very well when you are not there, you can sustain yourself for some time. The practice of working long hours in the management consulting industry can undoubtedly make it difficult for consultants from firms such as McKinsey, BCG, and Bain to achieve a healthy work-life balance. Here are some of the lesser-known realities about work-life balance for management consultants.
One of the common problems in management consulting is achieving the right work-life balance. Most consultants have to work 60 to 80 hours a week due to the nature of the work. Meetings with customers and the team consume regular work hours; hence the need to spend more hours organizing ideas, reviewing the day, and organizing things while preparing the devices for the next day. According to a new report on the consulting industry published by Wall Street Oasis, a career website, the company with the best work-life balance is Booz Allen Hamilton.
The firm specializes in strategy, technology and engineering projects. In second place is IBM, followed by Deloitte in third place. This poses a problem for consulting firms, which together hire thousands of MBAs at top business schools every year. Jenny Rae gives you an inside look at the work-life balance you can expect when working at McKinsey, Bain, BCG, Deloitte, and other management consulting firms.
As members of the project team, consultants can set project milestones, anticipate large meetings, and make plans, while controlling and managing their own workflows. On the contrary, thanks to the “up or down” policy of major consulting firms, such as McKinsey, BCG and Bain, consultants who are in the lowest performance category after a performance evaluation are often asked to leave if there are no signs that they will be able to change things. In fact, it's frowned upon for consultants to work on weekends, and teams of consultants actively avoid working on weekends whenever possible. You've probably heard that a career in management consulting at a major firm isn't easy, and that it can be difficult to balance the demands of an exhausting workload and long hours with a healthy personal life.
Work-life balance, or lack of balance, is a constant criticism of consulting firms, and consultants are expected to travel relentlessly. Companies closely monitor the hours consultants work and penalize managers and partners who work too much on their teams, intervening when necessary. Both the prospect of progress and the consequences of poor performance influence the culture of working long hours at leading consulting firms, since they ensure that consultants dedicate as many hours as necessary to achieve success.