Management Consulting vs. Law: An Overview

Management consulting and law are both high-profile and potentially high-income careers. Both carry a healthy dose of prestige and have high barriers t💜o entry, including post-secondary education and fierce competition.

Management consulting has no hard and fast rules about education, but most big firms that pay top salaries prefer candidates with MBA degrees from reputable programs or a resume to match. The educational and licensing requirements for law, though, are much more rigid: four years of college and three years of law school, followed by passing the bar for the sta⭕te in which one w𝓰ishes to practice.

Management Consulting

A management consultant analyzes a company's operations and determines to identify where inefficiencies exist. They also offer solutions on how processes can be streamlined or eliminated. Management consultants have to solve problems and present their findings persuasively to the client. As such, it is not a career for the timid or misanthropes.

Some of the norm༺al duties of a ♛management consultant include:

• Researching companies and their histories
• Reviewing financial statements, analyzing data, and drafting reports
• Project management
• Meeting with company management and employees to discuss inefficiencies and strategies

These professionals commonly work for major corporations, 澳洲幸运5开奖号码历史查询:nonprofit organizations (NPOs), and governments. They may work full-time or in advisory roles as independent contractors.

Education, Skills, and Salary

Management consultants require at least an undergraduate degree in a related field, such as accounting, business, finance, or another related field. Most individuals may also pursue graduate studies to increase their chances of being hired and further their careers

While having good people skills confers a significant advantage in either career, it is an absolute must for management consulting. They must also possess great interpersonal s𝓡kills, analytical skills, and communication skills. Being able to plan and prepare is also a must.

The first-year salary at most large consulting firms depends on whether the employee enters with a bachelor's degree or a 澳洲幸运5开奖号码历史查询:m𒅌aster of business administration (MBA) degree. For undergraduates, the big firms pay between $59,000 and $99,000 the first year. For MBAs, the pay can be $200,000 or higher.

Work/Life Balance

Management consultants typically work anywhere between 50 to 80 hours per week. But, this can increase if and when there are critical projects that need to be addressed. Frequent travel can also eat away at their 澳洲幸运5开奖号码历史查询:work/life balance. While some may land gigs in which they exclusively service local clients (or at least travel infrequently), most management🐟 consultants are often away for weeks at a time. Firms expect new associates to be flexible with travel, and when local clients become available, senior employees receive first pick.

That said, many recent college and MBA grads who are unencumbered by kids or family obligations may consider such work travel to be a bonus—not an imposition. In addition to a generous salary, big consulting firms pay for their employees' airfare, hotel accommodations, and food while the employees are on the road.

Law

There are many career options for people who want to work in law. For the sake of this article, we'll focus on lawyers. Lawyers represent clients and advise them on legal matters in civil and criminal law. They also review legal documents, research legal matters, and negotiate settlements with other parties for their clients.

Professionals can find work in diff🌸erent fields, including﷽ (but not limited to):

• Civil and criminal law
• Environmental law
• Family law
• Corporate law
• Bankruptcy law
• Property and personal injury law
• Immigration law

They may work for major law firms, in private practice, as in-house counsel for 澳洲幸运5开奖号码历史查询:corporations and organizations, or for governments. Depending on the nature of their work, they may spend a great deal of time in courthouses.

Education, Skills, and Salary

Becoming a lawyer takes about seven years of education, which includes four years of undergraduate study followed by three years of 澳洲幸运5开奖号码历史查询:law school. Part-time jobs and internships help students get the experience they need to move ahead in their careers. Graduates must be licensed in their state to practice law, which means writing the bar exam.

Lawyers need good problem-solving and communication skills. They may spend a lot of time poring over legal documents, which means they need to have great research skills. Attorneys are frequently required to extract tiny needles from massive proverbial haystacks𓂃 of legalese to win favorable outcomes for their clients.

An attorney's first-year salary out of law school largely depends on the size of the firm. A starting salary of $160,000 to $190,000 is common at large firms in huge metropolitan areas, such as New York, Los Angeles, and Chicago, though some firms scaled that number down in response to the 澳洲幸运5开奖号码历史查询:Great Recession. The median first-year salary that takes into account firms of all sizes in cities of all sizes is $179,000.

Work/Life Balance

Sixty-hour weeks are the norm for first- and second-year associates at big New York law firms, while many young attorneys report pulling as many as 80 to 90 hours per week in the office. 澳洲幸运5开奖号码历史查询:Work-life balance is a little better on the West Coast and in the Midwest, but very few rookie lawyers at big firms—making over $100,000+ per year right out of law school—work a typical nine-to-five.

Key Differences

The Bottom Line

Whether someone chooses to pursue a career in management consulting or as a lawyer, they can expect to work a lot of hours for the first few years. If you don't mind the travel and lower starting salary, management consulting might be the right choice. People who would rather stay in one city and work more hours but have generally higher starting pay rates would do better to consider a career in law. Both career paths offer excellent potential for substantial earnings and future ownership opportunities.