There might be a better life/work balance in consultancy outside of FS but unless you’re very lucky, FS consultancy can be even worse for long hours than working directly in FS. Obviously it depends on the level you are and grads tend it get it easier than consultants with actual experience. It very much depends on your clients. For example, the attitude of some of the banks (or at least the people who work for the banks) is getting consultants in means you can beast (i.e. demand more from) the consultants way more than you can your own staff as your own staff can escalate to HR whereas the consultancies want the fees so badly that it’s an accepted way of behaving. Sad but true. The client always comes first.
Actually, just thinking about it. I started out as a grad in the Big 4 working with non-FS clients and the joke (except it wasn’t a joke!) with one of our multinational clients was that the only person who gets Saturdays off is the manager because he’s Jewish. I kid you not.
There’s a different kind of pressure within consultancy but when starting out it’s a great learning experience and there’s a lot of exposure to different types of clients whilst being supported by those above you in your own organisation. And you will learn ways of working that will stand you in good stead throughout your career.
It’s important to understand that there’s an expectation that you will go wherever and do whatever the client is paying for regardless of your own career aspirations / personal circumstances (e.g. family at home). It’s considered to be part of ‘proving yourself’ and is often what prevents more senior consultants from switching firms because they’ve done all the travel and crazy hours to prove themselves and they don’t want to have to go through it all again but at a more senior level somewhere else.
It’s also very competitive. Not just to enter but also to stay (same as banks). Job security is low. Unless it’s a bumper year for business, most of the big consultancies will cut their bottom 5-10% of performers every year. None of these are bad performers, they’re just not the best of the best. And in bad years, cuts can be brutal. As long as you understand that’s the nature of the game, and that you are competing against all your peers all the time, and you’re just a source of income in the shape of a human, it’s fine. It gets more complex as you gain seniority as then you get into the world of sales targets as well as practice development / thought leadership in addition to actually delivering client work.
Realistically there are very few, if any, “easy” jobs that pay a reasonable salary. It’s more a case of understanding the pitfalls as well as the positives and choosing a role / industry / employer where you can play to your strengths and that doesn’t compromise (too much!) the things that matter most to you. Sounds easy but it isn’t. Failing that, be willing to make lateral or even unconventional moves to get to where you want to end up eventually (by which point you may decide you want to end up somewhere completely different - which is all part of the fun).