Protecting Time for Relationships
It requires conscious efforts to protect time for relationships, and most people manage to do it well.
When consultants engage in multiple projects with a client, they build a continuity of knowledge about the company. This enables them to act as trusted advisors.
Understanding Partners’ Workload
Work Hours and Commitments
How many hours do partners at consulting firms work? Partners at Big 4 firms average 40-50 hours per week, while MBB firms see an average closer to 60 hours per week. Overall, partners bill around 1,100 hours annually. The track to becoming a partner usually spans 10–15 years in Big Four or national firms.
The Role of a Partner
As an owner and partner at a CPA firm, an individual can influence success through leadership and operational control.
Consultants and partners alike work with clients to provide advice on various topics, which may involve developing new products, improving efficiency, or addressing specific issues.
Billable Hours
Consultants track billable hours for engagements, which reflect the level of job and experience. Typical work includes data gathering, analysis, creating presentations, and client pitches.
Career Path and Progression at Consulting Firms
McKinsey’s Career Path
McKinsey’s career trajectory consists of the following stages: associate, manager, associate partner, partner, and senior partner, with transitions happening every 1-3 years. Despite McKinsey’s reputation and a 4.1 work culture rating, the average tenure at top firms is 2-4 years, with 2.7 years being the average.
Partner Compensation and Structure
The position of a partner indicates co-ownership and a share of the profits. Becoming a partner generally requires over 6 years of experience, with the role being either equity or non-equity based.
Salary structures at firms like Deloitte are fixed, but negotiation is possible for signing or performance bonuses.
Clarification on Consultant Work Hours
Contrary to some beliefs, no one at major firms works solely within a 40-50 hour frame on average. A substantial number work about 50 hours, while fewer work either 40 hours or exceed 60 hours weekly.