Over the past decade, a growing number of successful executives have made the transition from management consulting to CEO. This trend, which is now more common than ever, is often viewed as a positive move for executives who are interested in taking their careers to the next level. Becoming a CEO requires a unique set of skills, and the experience gained from working as a management consultant can provide the necessary foundation. However, this transition can also present a number of challenges, and often comes with higher levels of risk and responsibility. In this blog post, we’ll explore the advantages and disadvantages of making the switch from management consulting to CEO, and discuss the key considerations to keep in mind when taking this career path. From the CEO’s perspective, we’ll also look at the benefits of hiring a consultant-turned-CEO and the challenges they may face when taking on this role. We hope this post provides a helpful overview of the transition from management consulting to CEO, and helps those considering
What is a CEO?
The highest-ranking employee in a business or organization is a CEO, or chief executive officer. The CEO typically serves as the company’s public face and makes decisions that affect the entire organization in order to guide it toward success. CEOs frequently oversee all operational, financial, and analytical aspects of a business, as well as setting the company’s corporate goals for the rest of the staff to work toward. To facilitate organizational change, these experts may speak with other executives and the board of directors.
What is management consulting?
In order to facilitate overall organizational change, management consulting focuses on the leadership and executives of an organization. To identify and offer solutions to complicated business problems, these consultants frequently collaborate with clients in local and international settings. They address problems with the structure, management, or finances of their clients’ businesses. The goal of management consultants is to offer advice to help their clients advance.
How to transition from management consulting to a CEO
Take into account the following actions to move from management consulting to CEO:
1. Make a strategic plan
You can create a thorough strategy before making any career decisions. This could include potential career paths that could lead you to the position of CEO. To improve your resume, you could include information about going back to school or obtaining a professional certification. You could also include a timeline for when you want to leave your position as a management consultant.
2. Build relationships
You may find that maintaining and establishing professional connections is very helpful in your search for a CEO position. Employers seeking to fill executive positions frequently rely on recommendations or references from experts they know. Creating a network of former professors, coworkers, and managers may improve your chances of being offered a CEO job. Try to establish numerous professional connections before rising to the C-suite executive level to continue expanding your network.
3. Develop your skills
Developing your hard and soft skills is a crucial step on the path to becoming a CEO. CEOs must have experience using a variety of skills because they are used frequently. Consider developing your skills through experience, certification or more education. Some skills that may be beneficial for CEOs include:
4. Become more flexible
You might try to be adaptable as you move from consultant to chief executive officer. This includes being prepared to take on difficult or complex projects. Think twice before accepting a job that requires you to move or travel. A potential employer may see your adaptability and willingness to take the initiative and accept challenges as evidence that you have the skills and desire to advance your career. However, it’s crucial to think about accepting jobs that will help you advance your career, gain team-leading and management experience, or sharpen your technical skills
5. Define your leadership style
It’s crucial to identify your unique leadership style as you continue to gain leadership experience. Each person has their own natural talents, so your leadership style may be distinct. Think about how you can explain your style to others in a professional setting, such as a job interview. Some common leadership styles include:
6. Find a mentor
Finding a mentor is another way to ease the transition from management consulting to an executive-level position. A mentor could offer valuable professional and personal advice to help you develop. They might introduce you to other experts who can offer perception and guidance on a CEO career You could locate a mentor who has worked in the same field or sector as the one you want to go into.
Tips for a career transition
Here are some additional pointers you might use to make the transition to a career as a CEO:
What CEOs want from consultants (2019)
FAQ
Do management consultants make good CEOs?
About 5% of CEOs over the last 10 years used to be management consultants Even though this represents an unconventional career trajectory, one 10-year study shows that companies run by a consultant-turned-CEO perform 20% to 30% better compared to their counterparts
Do consultants become CEO?
Similar to the general executive population, not every consultant is a suitable CEO-level leader. The nature of consulting suggests some particular factors to consider. And it is undoubtedly possible for someone to be a very successful consultant but fail in a CEO position.
How many CEOs are former consultants?
Only about 5% of CEO changes over the past ten years have involved former management consultants globally, but a recent study by Spencer Stuart suggests that consultants are more than deserving of consideration for the top position.
How many CEOs come from McKinsey?
Many executives have consulting backgrounds themselves. 70 Fortune 500 CEOs, including the current CEOs or COOs of Google, Facebook, and Morgan Stanley, are alumni of McKinsey alone. In fact, more McKinsey employees than any other company in the world go on to become CEOs.
