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A little while ago, I had received an offer but since there were potential red flags, I ended up declining that offer. So I'm in a conundrum here and I need some advice. I am 32, a materials engineer by trade and have been working in the industry for 6+ years. But, now I have two offers in hand that I need some advice / help on.
Option 1:
- Keeps me in the materials engineering area; role is similar to what I had in Pac NW
- $110k base + 20% annual bonus + 20 paid vacation days + $5000 annual allowance for Stock purchase + 401(k) match, medical etc.
- 60-70% travel
- Negative part: Relocation to midwest
- One of the biggest companies in the world (~$33 billion)
Option 2:
- Industry change to a consultant role
- $90k base + $7k annual bonus + 10 paid vacation days + medical + 401k match
- Almost 100% travel (if project is not local)
- Get to stay in the Pac NW
- Negative part: It would be a $10k paycut (if I was still employed)
- Small company (~3000 employees worldwide; ~$330 million revenue)
My question(s) for consultants is:
Has anyone ever made the transition from a specialized engineer to a consultant? What has been the career outlook been?
Is it worth taking a paycut for the preferred location?
I was at a Senior lever and would essentially be going to a consultant level. Has anyone ever done that and is it wise to do that?
Are there any benefits of being a consultant that I am missing? In the long run, would consulting provide a better career growth? The way it's set up is, Consultant -> Senior Consultant -> Manager -> Senior Manager etc. It's not a big 4 consulting company.
I know ultimately the decision is mine; however it would be great to hear some of the thought process from individuals who may have been in a similar situation.
I can't help much here since you're in such a specialized area. I had an ex who was a consultant and he loved it because of the variety. I've done some consulting work but it was on the side.
As for the location, is that really a concern given that you could be travelling 100% of the time? Option 1 seems like the best all around choice.
I am an environmental consultant. Likely the biggest shock for you will be having to be billable and doing a time sheet rather than just punching in and out. You want to make sure they have enough work for you. Consulting firms can turn nasty when they're slow. Can you negotiate the offer to be higher? But if it was me, I'd take the offer since it's better than being unemployed. It will introduce you to consulting and open you up to other consulting jobs. I would stay small with consulting firms - they're more nimble and more of the market is open to them.
I was FTE analyst--->consultant--->FTE Senior Analyst/Team lead, but employee level benefits--->Senior Consultant--->FTE Analyst, but in title only--I have Director benefits/salary/bonus.
As a consultant, are you paid hourly? Is it through a consulting firm who places you to different roles? And that is how you are estimating your base? Realistically, most consultants work more than 40 hours a week--it's usually more like 50 hours billable.
What are your overall career goals? I was close to 31 when I started my current (and final) career path, that I stated above...my ultimate goal was to be in the top 5% analyst pool in the country for what I do...and I succeeded. I took a monetary pay cut on this last move...but my work/life balance is amazing and I'm still sitting very pretty financially and for my future.
Basically--look at it long term, not short term.
Personally, one of the few things I always said no to was the midwest. The Mayo Clinic could want to hire me and I would say no. That's just a personal preference, however.
I can't help much here since you're in such a specialized area. I had an ex who was a consultant and he loved it because of the variety. I've done some consulting work but it was on the side.
As for the location, is that really a concern given that you could be travelling 100% of the time? Option 1 seems like the best all around choice.
You are right. The location doesn't really matter with the consulting gig, but they will have me base out of my current city and not relocate to anywhere else. Option 1 will require me to relocate to the midwest.
I was FTE analyst--->consultant--->FTE Senior Analyst/Team lead, but employee level benefits--->Senior Consultant--->FTE Analyst, but in title only--I have Director benefits/salary/bonus.
As a consultant, are you paid hourly? Is it through a consulting firm who places you to different roles? And that is how you are estimating your base? Realistically, most consultants work more than 40 hours a week--it's usually more like 50 hours billable.
What are your overall career goals? I was close to 31 when I started my current (and final) career path, that I stated above...my ultimate goal was to be in the top 5% analyst pool in the country for what I do...and I succeeded. I took a monetary pay cut on this last move...but my work/life balance is amazing and I'm still sitting very pretty financially and for my future.
Basically--look at it long term, not short term.
Personally, one of the few things I always said no to was the midwest. The Mayo Clinic could want to hire me and I would say no. That's just a personal preference, however.
I wouldn't be paid hourly. It's set up similar to Deloitte and others where you are employed by the consulting company, but then go to client sites on different projects. The base is what they have offered me and it is not an estimate on my end.
As far as the midwest goes, I used to live there and did not really enjoy living there at all. It comes down to this: if I want to stay in the materials side, then this role takes me a step closer to the upper echelons of the industry.
If I do not want to stay in materials and move into Consulting, and hope to get into the big 4, then this opportunity is nice and something completely different.
Your traveling for both so who knows where you will be day in and day out.
It is more than likely cheaper to live in the mid west and since you don't like it I would call it temporary, lets say 5 to 6 years tops. If you already own a home and like your home then rent it out with an agency. Some people think we are in a bubble again, If you think the same you could consider selling your home and cashing out. In 5 years buy back cheaper. I am not advocating that I know where the market is as I don't. I think it is not all the way where it had been in 2007. So I would not sell at this time. You might think differently on this.
Either way I am betting you could find a much cheaper place to live in the mid-west.
Your traveling for both so who knows where you will be day in and day out.
It is more than likely cheaper to live in the mid west and since you don't like it I would call it temporary, lets say 5 to 6 years tops. If you already own a home and like your home then rent it out with an agency. Some people think we are in a bubble again, If you think the same you could consider selling your home and cashing out. In 5 years buy back cheaper. I am not advocating that I know where the market is as I don't. I think it is not all the way where it had been in 2007. So I would not sell at this time. You might think differently on this.
Either way I am betting you could find a much cheaper place to live in the mid-west.
I'm single and not married and a renter. So do not really own a home at all. I actually moved here from TX and have enjoyed living here.
I've been looking at rental prices and for 1 BR apartments, the costs are approaching similar levels as here unless I want to live in the burbs.
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Also, a quick question that popped up, does brand matter on your resume? For example a small company vs a larger known brand in the world?
Yes, and no. What matters in Consulting are exit opportunities. That is, which one of these gigs will get you to the desired position in Industry?
Also, Midwest is a big place. There's a bit of a difference between Chicago and Indianapolis.
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