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	<title>Comments on: Considering a career in consulting?  Avoid these 5 stupid mistakes</title>
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	<link>http://www.iwillteachyoutoberich.com/blog/considering-a-career-in-consulting-avoid-these-5-stupid-mistakes/</link>
	<description>Personal finance blog for college students, recent graduates and everyone else -- including entrepreneurship -- for getting rich. Featured in the Wall Street Journal and New York Times.</description>
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		<title>By: The Secrets of Consulting</title>
		<link>http://www.iwillteachyoutoberich.com/blog/considering-a-career-in-consulting-avoid-these-5-stupid-mistakes/#comment-120105</link>
		<dc:creator>The Secrets of Consulting</dc:creator>
		<pubDate>Sat, 12 Dec 2009 23:47:45 +0000</pubDate>
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		<description>[...] have been revealed. Well, sorta (hat tip: A. [...]</description>
		<content:encoded><![CDATA[<p>[...] have been revealed. Well, sorta (hat tip: A. [...]</p>
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		<title>By: Good reads from the consulting blogosphere, plus a great site for case interview preparation — Management Consulted</title>
		<link>http://www.iwillteachyoutoberich.com/blog/considering-a-career-in-consulting-avoid-these-5-stupid-mistakes/#comment-87609</link>
		<dc:creator>Good reads from the consulting blogosphere, plus a great site for case interview preparation — Management Consulted</dc:creator>
		<pubDate>Mon, 26 Jan 2009 02:49:05 +0000</pubDate>
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		<description>[...] Considering a career in consulting? Avoid these 5 stupid mistakes - from Ramit&#8217;s blog. A few factual errors but points well made [...]</description>
		<content:encoded><![CDATA[<p>[...] Considering a career in consulting? Avoid these 5 stupid mistakes &#8211; from Ramit&#8217;s blog. A few factual errors but points well made [...]</p>
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		<title>By: Rich B.</title>
		<link>http://www.iwillteachyoutoberich.com/blog/considering-a-career-in-consulting-avoid-these-5-stupid-mistakes/#comment-86540</link>
		<dc:creator>Rich B.</dc:creator>
		<pubDate>Wed, 14 Jan 2009 21:41:43 +0000</pubDate>
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		<description>As long as you&#039;re working for someone ELSE...you&#039;ll always be in the discontent.  I can&#039;t wait to kiss IBM consulting GOOD BYE!  The hours are ridiculously long (sbsolutely NO work/life balance) and the pay is GARBAGE.  I can thank IBM for reinforcing the fact that I CANNOT spend the rest of my working life stuck in the rat race!  I&#039;m starting my own business.</description>
		<content:encoded><![CDATA[<p>As long as you&#8217;re working for someone ELSE&#8230;you&#8217;ll always be in the discontent.  I can&#8217;t wait to kiss IBM consulting GOOD BYE!  The hours are ridiculously long (sbsolutely NO work/life balance) and the pay is GARBAGE.  I can thank IBM for reinforcing the fact that I CANNOT spend the rest of my working life stuck in the rat race!  I&#8217;m starting my own business.</p>
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		<title>By: links for 2008-08-06 [delicious.com] &#124; Michael Koby (mkoby.com)</title>
		<link>http://www.iwillteachyoutoberich.com/blog/considering-a-career-in-consulting-avoid-these-5-stupid-mistakes/#comment-69072</link>
		<dc:creator>links for 2008-08-06 [delicious.com] &#124; Michael Koby (mkoby.com)</dc:creator>
		<pubDate>Wed, 06 Aug 2008 19:00:45 +0000</pubDate>
		<guid isPermaLink="false">http://www.iwillteachyoutoberich.com/blog/considering-a-career-in-consulting-avoid-these-5-stupid-mistakes#comment-69072</guid>
		<description>[...] Considering a career in consulting? Avoid these 5 stupid mistakes &#124; I Will Teach You To Be Rich (tags: toread work consulting advice career) [...]</description>
		<content:encoded><![CDATA[<p>[...] Considering a career in consulting? Avoid these 5 stupid mistakes | I Will Teach You To Be Rich (tags: toread work consulting advice career) [...]</p>
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		<title>By: Barbara Saunders</title>
		<link>http://www.iwillteachyoutoberich.com/blog/considering-a-career-in-consulting-avoid-these-5-stupid-mistakes/#comment-57256</link>
		<dc:creator>Barbara Saunders</dc:creator>
		<pubDate>Tue, 25 Mar 2008 21:57:49 +0000</pubDate>
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		<description>This article leaves out one kind of consulting that can be lucrative and satisfying for the right person -- consulting to nonprofits, especially community-based organizations. A dirty little secret I&#039;ve learned about this niche: Many NPOs have never created the independent contributor track. Positions that (in my opinion) should be staff positions are given to consultants.
An example: a good friend of mine is a consultant for a nonprofit agency that matches volunteers who give support to women fighting life-threatening illnesses. Her job is screening, training, and assigning volunteers. It would seem that the best solution for this responsibility would be a full-time employee called something like Volunteer Manager and who gets paid a salary of, say, $50-60K plus benefits. Instead, she is paid $200 per hour for 20 hours a week to develop and deliver trainings! Yes - you read that right. Although her contract is not for 20 hours every week, this organization pays her close to $100K per year all told -- more than a similar job would pay for part-time work.
Most people I know who do work like this didn&#039;t actually get into it for the money. They are usually people who, as employees, got tired of being stuck in quasi-support positions and/or put into management jobs with no professional workers (such as themselves!) to whom they could delegate. So, they did the only thing these cultures would accept -- created professional independent contributor jobs for themselves under the guise of &quot;consulting.&quot;
If you have thought of working with a nonprofit but feared low pay, look into marketing your business skills as this sort of consultant! The biggest frustration I hear from people who have done this -- this really is an inefficient way to work; what they say they really want to tell some of their clients is, &quot;This should be a staff position!&quot;</description>
		<content:encoded><![CDATA[<p>This article leaves out one kind of consulting that can be lucrative and satisfying for the right person &#8212; consulting to nonprofits, especially community-based organizations. A dirty little secret I&#8217;ve learned about this niche: Many NPOs have never created the independent contributor track. Positions that (in my opinion) should be staff positions are given to consultants.</p>
<p>An example: a good friend of mine is a consultant for a nonprofit agency that matches volunteers who give support to women fighting life-threatening illnesses. Her job is screening, training, and assigning volunteers. It would seem that the best solution for this responsibility would be a full-time employee called something like Volunteer Manager and who gets paid a salary of, say, $50-60K plus benefits. Instead, she is paid $200 per hour for 20 hours a week to develop and deliver trainings! Yes &#8211; you read that right. Although her contract is not for 20 hours every week, this organization pays her close to $100K per year all told &#8212; more than a similar job would pay for part-time work.</p>
<p>Most people I know who do work like this didn&#8217;t actually get into it for the money. They are usually people who, as employees, got tired of being stuck in quasi-support positions and/or put into management jobs with no professional workers (such as themselves!) to whom they could delegate. So, they did the only thing these cultures would accept &#8212; created professional independent contributor jobs for themselves under the guise of &#8220;consulting.&#8221;</p>
<p>If you have thought of working with a nonprofit but feared low pay, look into marketing your business skills as this sort of consultant! The biggest frustration I hear from people who have done this &#8212; this really is an inefficient way to work; what they say they really want to tell some of their clients is, &#8220;This should be a staff position!&#8221;</p>
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		<title>By: Pamela Slim</title>
		<link>http://www.iwillteachyoutoberich.com/blog/considering-a-career-in-consulting-avoid-these-5-stupid-mistakes/#comment-56071</link>
		<dc:creator>Pamela Slim</dc:creator>
		<pubDate>Tue, 18 Mar 2008 05:47:07 +0000</pubDate>
		<guid isPermaLink="false">http://www.iwillteachyoutoberich.com/blog/considering-a-career-in-consulting-avoid-these-5-stupid-mistakes#comment-56071</guid>
		<description>A couple of thoughts Rana ... I would keep tight with former colleagues and bosses and see if anyone can open a door for you at their place of employment.  My first consulting gig was for my former boss, who went to a new company.
I would also try to connect and network with existing successful healthcare consultants.  Perhaps there is someone really busy who could use some help on a project.  That is a great way to get exposure to the market without having to do all the sales and marketing yourself.  Just make sure you don&#039;t elbow in and steal their clients ... you will burn your reputation right away!
And Brip Blap, I would agree with you on the pressure to search for problems for young consultants... although it is common, it still doesn&#039;t make it a very good practice.  I had a lot of fun, flexibility and success in my own niche, so I agree that is a good way to go if you can make it work.</description>
		<content:encoded><![CDATA[<p>A couple of thoughts Rana &#8230; I would keep tight with former colleagues and bosses and see if anyone can open a door for you at their place of employment.  My first consulting gig was for my former boss, who went to a new company.</p>
<p>I would also try to connect and network with existing successful healthcare consultants.  Perhaps there is someone really busy who could use some help on a project.  That is a great way to get exposure to the market without having to do all the sales and marketing yourself.  Just make sure you don&#8217;t elbow in and steal their clients &#8230; you will burn your reputation right away!</p>
<p>And Brip Blap, I would agree with you on the pressure to search for problems for young consultants&#8230; although it is common, it still doesn&#8217;t make it a very good practice.  I had a lot of fun, flexibility and success in my own niche, so I agree that is a good way to go if you can make it work.</p>
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		<title>By: Rana</title>
		<link>http://www.iwillteachyoutoberich.com/blog/considering-a-career-in-consulting-avoid-these-5-stupid-mistakes/#comment-55736</link>
		<dc:creator>Rana</dc:creator>
		<pubDate>Fri, 14 Mar 2008 20:32:58 +0000</pubDate>
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		<description>Great article!!  I have been a nurse for 14 years and am now considering going into healthcare consulting.  I will finish my MBA in a couple of months.  Any advice for just how to get a foot in the door?</description>
		<content:encoded><![CDATA[<p>Great article!!  I have been a nurse for 14 years and am now considering going into healthcare consulting.  I will finish my MBA in a couple of months.  Any advice for just how to get a foot in the door?</p>
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		<title>By: VBM105</title>
		<link>http://www.iwillteachyoutoberich.com/blog/considering-a-career-in-consulting-avoid-these-5-stupid-mistakes/#comment-55702</link>
		<dc:creator>VBM105</dc:creator>
		<pubDate>Fri, 14 Mar 2008 11:59:20 +0000</pubDate>
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		<description>Consultant,
Thanks a lot.  I really appreciate the input.  I will definitely keep all of this in mind.
VBM</description>
		<content:encoded><![CDATA[<p>Consultant,</p>
<p>Thanks a lot.  I really appreciate the input.  I will definitely keep all of this in mind.</p>
<p>VBM</p>
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		<title>By: jeffkuo</title>
		<link>http://www.iwillteachyoutoberich.com/blog/considering-a-career-in-consulting-avoid-these-5-stupid-mistakes/#comment-55691</link>
		<dc:creator>jeffkuo</dc:creator>
		<pubDate>Fri, 14 Mar 2008 04:58:54 +0000</pubDate>
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		<description>No problem Pam, it&#039;s fixed.</description>
		<content:encoded><![CDATA[<p>No problem Pam, it&#8217;s fixed.</p>
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		<title>By: Brip Blap</title>
		<link>http://www.iwillteachyoutoberich.com/blog/considering-a-career-in-consulting-avoid-these-5-stupid-mistakes/#comment-55687</link>
		<dc:creator>Brip Blap</dc:creator>
		<pubDate>Fri, 14 Mar 2008 03:19:06 +0000</pubDate>
		<guid isPermaLink="false">http://www.iwillteachyoutoberich.com/blog/considering-a-career-in-consulting-avoid-these-5-stupid-mistakes#comment-55687</guid>
		<description>Interesting article - I was actually drawn in by the &quot;boo-boo&quot; on the Big 5 that Kevin Gao mentioned - I was going to comment on that, being a former Big-6-er pre PW-Coopers merger and pre-AA implosion.  I&#039;m a former PwC and Deloitte alum, and I can tell anyone that the hours are horrendous, the stress is impossible, the pay sucks until you hit partner and the experience is tremendous.  I soaked all I could out of the experience and then jumped ship and haven&#039;t looked back.  If you go into consulting hoping to be rich chances are good you will be disappointed.  True mega-riches for consultants are few and far between.  The competition and hours are so intense for the first 10 or so years that most people just burn out.  If you can make it through, you&#039;ll earn a few hundred thou per year - not ultra wealthy but comfortable.
Your only real hope for big money and - in my opinion more importantly - a human lifestyle is to strike out on your own (or with a smaller firm).  Establishing a niche is key.  Make sure you have some obscure speciality and you&#039;ll do OK.  Generalists struggle.
And I know it wasn&#039;t meant that way, but the 5 stupid mistakes aren&#039;t always the mistake of the consultant.  If I told my partner the client was doing OK, I&#039;d be told to go back and keep digging until I found problems, no matter how inconsequential.  The juniors often have a good understanding of how much crap they&#039;re shoveling, but they can&#039;t get around their bosses.  So it&#039;s not always a stupid mistake - sometimes it&#039;s just kowtowing to authority.</description>
		<content:encoded><![CDATA[<p>Interesting article &#8211; I was actually drawn in by the &#8220;boo-boo&#8221; on the Big 5 that Kevin Gao mentioned &#8211; I was going to comment on that, being a former Big-6-er pre PW-Coopers merger and pre-AA implosion.  I&#8217;m a former PwC and Deloitte alum, and I can tell anyone that the hours are horrendous, the stress is impossible, the pay sucks until you hit partner and the experience is tremendous.  I soaked all I could out of the experience and then jumped ship and haven&#8217;t looked back.  If you go into consulting hoping to be rich chances are good you will be disappointed.  True mega-riches for consultants are few and far between.  The competition and hours are so intense for the first 10 or so years that most people just burn out.  If you can make it through, you&#8217;ll earn a few hundred thou per year &#8211; not ultra wealthy but comfortable.</p>
<p>Your only real hope for big money and &#8211; in my opinion more importantly &#8211; a human lifestyle is to strike out on your own (or with a smaller firm).  Establishing a niche is key.  Make sure you have some obscure speciality and you&#8217;ll do OK.  Generalists struggle.</p>
<p>And I know it wasn&#8217;t meant that way, but the 5 stupid mistakes aren&#8217;t always the mistake of the consultant.  If I told my partner the client was doing OK, I&#8217;d be told to go back and keep digging until I found problems, no matter how inconsequential.  The juniors often have a good understanding of how much crap they&#8217;re shoveling, but they can&#8217;t get around their bosses.  So it&#8217;s not always a stupid mistake &#8211; sometimes it&#8217;s just kowtowing to authority.</p>
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