Why would a company pay top dollar for consultants who have no experience? Again I can only speak for what I've seen, but it's because you can teach whatever is necessary, you're changing industries internally every few months so knowledge in one area isn't needed - you do a deep dive when you need to learn (and you have world experts as co-workers and on retainer), and putting your keen mind to the grindstone is what makes the firms money. Don't need expertise for that. (Ideally you don't hire idiots like this.) Similar problems exist in many industries, and more senior consultants crack the whip and see that the smaller pieces are done while they execute on the vision.
From my experience working alongside Big 3 consultants in finance;
they do all the grunt work. They don’t have any business intelligence yet which you’re correct. Think of them as an overpaid apprentice. They aren’t welding or building frameworks, they’re hauling concrete up staircases and other shit work needed to ensure the qualified expert doesn’t encounter delays.
they don’t make that much money. Since they almost always live in major cities a large chunk goes to rent for a place they barely live it and they’ve got massive student loans to pay as well
They’re horrible jobs and I have no idea why anyone would want one. They typically work 50-60+ hours and pay for apartments they can’t even live on bc they’re on the client site 5 days a week.
They eat endless junk food, are harassed constantly for fun by client FTEs, and have no social life. Most of them will burn out and leave long before they become a qualified manager or director.
They work their ass off until they’re 30 and realize they have no relationships, few friends, and are never home. Then they quit for a normal job and try to start their life.
Not 30... you get hired out of university/college so you're around 22-24, then you work for 2 years before you either go elsewhere or do an MBA. Great on your resume. Good networking. Not a bad trade-off. And 50 hours would be a slow week. And yes, finance pays much more.
Why would a company pay top dollar for consultants who have no experience? Again I can only speak for what I've seen, but it's because you can teach whatever is necessary, you're changing industries internally every few months so knowledge in one area isn't needed - you do a deep dive when you need to learn (and you have world experts as co-workers and on retainer), and putting your keen mind to the grindstone is what makes the firms money. Don't need expertise for that. (Ideally you don't hire idiots like this.) Similar problems exist in many industries, and more senior consultants crack the whip and see that the smaller pieces are done while they execute on the vision.
From my experience working alongside Big 3 consultants in finance;
they do all the grunt work. They don’t have any business intelligence yet which you’re correct. Think of them as an overpaid apprentice. They aren’t welding or building frameworks, they’re hauling concrete up staircases and other shit work needed to ensure the qualified expert doesn’t encounter delays.
they don’t make that much money. Since they almost always live in major cities a large chunk goes to rent for a place they barely live it and they’ve got massive student loans to pay as well
They’re horrible jobs and I have no idea why anyone would want one. They typically work 50-60+ hours and pay for apartments they can’t even live on bc they’re on the client site 5 days a week.
They eat endless junk food, are harassed constantly for fun by client FTEs, and have no social life. Most of them will burn out and leave long before they become a qualified manager or director.
They work their ass off until they’re 30 and realize they have no relationships, few friends, and are never home. Then they quit for a normal job and try to start their life.
Not 30... you get hired out of university/college so you're around 22-24, then you work for 2 years before you either go elsewhere or do an MBA. Great on your resume. Good networking. Not a bad trade-off. And 50 hours would be a slow week. And yes, finance pays much more.