Management Consulting vs. Product Management (Thoughts From A Former BCG Consultant & CPO!) 🤯
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- เผยแพร่เมื่อ 13 มิ.ย. 2024
- In this video, I share honest realities of salaries, work profile, exit opportunities, and work satisfaction of a product manager from Amazon, PayTM, Flipkart, and Netflix and compare that to a management consultant from BCG, Mckinsey
The numbers and experiences as a Product Manager come from my own exposure in this field and also from innumerable informal chats I have had with friends from Amazon, PayPal, and Tesla over a "chai break". Look forward to hearing your views.
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Shatakshi is Co-CEO of 🚩Global Governance Initiative (MBA program recently featured by Poets & Quants), an Ex- 🚩Boston Consulting Group, BCG, management consultant, a 🚩writer, and former public policy advisor in 🚩Tony Blair Institute for the Middle East region.
She has been also felicitated with The Most Promising Women Leader 2021 award by ET and 🚩Linkedin Top Voice 2021. Her interviews have been published in leading policy and career organizations- Modern Diplomacy, BCG, Poets & Quants, Your Story.
She will be uploading daily content on 🚩career advancement (MBA, consulting) 🚩personal finance, and 🚩productivity hacks. Be sure to subscribe to the channel to get notified whenever she uploads the video.
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Have you ever compared management consulting and product management? Or have you ever wondered which of 2 has better job satisfaction and exit opportunities? In this career insight, we will explore all the aspects of management consulting and product management one by one.
Product Management
1.1 Work Profile
It is famously said that the product manager is the CEO of the product. As a product manager, you are the builder of the product. Going back in history, you will realise that humans have always been creators and builders.
Due to this, you have higher work satisfaction as a product manager. The obvious results and impacts give us a lot of validation. In addition to this, you do a lot of inter-departmental influencing without authority.
A classic product manager sits at the intersection of the user interface, technology and business. The worst mistake you can do as a product manager is asking the user for problems and solutions. In this aspect, Steve Jobs was an excellent creator, as he understood the users' needs without them even mentioning them.
With my long history of working as a product manager, I would give it a rating of 2.5/3 in terms of job satisfaction.
1.2 Exit Opportunities
Product managers typically have promising exit opportunities. Taking the example of Sundar Pichai, who used to be the chief product manager and eventually became the CEO.
1.3 Salary
So the range of average CTC packages would be 23-28 Lakhs. Amazon, Flipkart and other leading organisations would be at the higher end of the spectrum and companies like Oyo and Meeshow and the lower end.
Ofcourse these numbers could change based on the designations. Sometimes there are senior product managers or associate managers. I am taking the context of product managers after their MBA or a formal degree.
Management Consulting
2.1 Work Profile
Consultants have a wider sphere of influence. Product management just happens to be one of them.
The skill requirements for both job profiles are quite similar. As a consultant, you have to spend a lot of time influencing your teammates, team leader and client. You are supposed to know about finance, marketing, business acumen, operation, etcetera. In terms of hard skills, you need to be proficient with Microsoft excel and Microsoft presentation.
As a former BCG consultant, I would rate management consulting 2/3 in terms of job satisfaction. The reason behind the lower score is that I like implementing, not just advising.
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Since a lot of you have asked me about the Global Governance Initiative in youtube videos comments', sharing the main details here-
1. The highest CTC offered by employers for GGI MBA Scholars and Fellows has been 29 Lakhs by two firms (one is a management consulting role in a leading impact firm and another for a CEO's office role in a health tech startup).
2. The average CTC hovers around 17 Lakhs with a base of 23 employment partners in space of consulting, product management, and policy.
3. Frankly, more than this, it's the Innovative Harvard case-style learning format by CEOs in which I take the most pride - creating the best one in India and abroad where Chairmans and Partners from the US, London, and India offices of BCG, Mckinsey, Amazon, BlackRock have come and taught !
At GGI, we also stand against the age-old Indian placement mindset and culture. And hence GGIians get many more jobs from large GGI Alumni and networks spread across countries and continents.
I get many more queries around eligibility, differences between programs, and the values we stand for, sharing website where a lot of GGIians have left reviews, employment partnerships, etc.
Hope this helps ❤️
-www.globalgovernanceinitiative.org/
Hi. Shatakshi. Thank you for sharing such wonderful information
I am working as Group Product Manager with a Pharmaceutical Firm. The role is that of brand management very different from the Product management in IT industry. It involves creating a holistic marketing plan which involves both strategic and tactical initiatives. I have been associated with the industry for 13years. Could you help me understand what role and work profile should I be looking for when considering switching to consulting. It would be great if you can share some insights on kind of skills or certifications needed in this context.
Thanks in advance
What would be the CTC i should be looking at based on the role in this case
I want to switch to strategy role in consulting related to pharmaceutical and lifesciences.
You really have no idea how much you're helping young students like me who are in a dilemma about their career! Thank you so much, appreciate it so much!!
But now everyone says, there is lot of implementation that MBB does now. How true is that, considering you said that was missing in your consulting job?
Wow mam. Finally the camera is straight. Perfect video
You are doing really great work!!
Hi @shatakshi, great video and quite informative. I was very intrigued by the Product Requirement Doc. that you talked about and was wondering if you could share a link. The link shared on the page is showing an error, was hoping if you could share a new link. Appreciate the help, thanks !
Ma'am does cgpa plays in important role while switching from an existing job to management consulting job?
Thank you so much mam for your views and knowledge
My friend is making 34lk/yr just after 2 yrs of experience in India. As a backend developer
What are you doing ?
Getting updates abt his friends salary on regular basis 😂😂😂😂
😂😂@@achauhan4953
What do you think about engagement manager vs product manager?
Hi Shatakshi, thank you so much for this amazing video. I am so excited to know more about product management. It was such a great video with all the detailed descriptions of the PM role.
I am so grateful that people like you help us with this great content.😊
If it is possible, can you please make a seperate youtube short video or video on What educational qualifications and experiences ( Fresher/Experienced)
we need to be a product manager.
MBA from reputed institutes(IIMs, ISB) is must if you want to work at big companies
This one was insightful
Two Quick Questions, please guide if feasible
1. I understand when you mention that PM is the CEO of the product but doesn't the direction for how a product needs to be usually given to a PM by the leadership of the company ?
2. In regards to exit opportunities for the PM, is it not possible that they can be CEOs or CXOs only for the sector that they were PMs for i.e. the exit opportunities will have a sector limitation ?
is it possible to switch from consulting to product management?
e.g (Big4 to FAANG)
Anything is possible :)
Great.... Very inspiring..my aspirations are also similiar to you...... tqsm
HI,I graduated my BTech in computer science but am not really interested in software and management consulting really interested me so that I can explore the world and the job opportunities the work culture in other jobs and can chose eventually. SO am thinking of doing MIM degreee to get a job in consulting. Do u think its a good choice? Like do a masters degree, work in consulting for few yrs and then find ur fixed life time job????
Could you please make a video on sabbatical period..( how much period is allowed . Paid or not paid, chance sof getting sabbatical,) and scholarships program of mbb Kearny strategy & alverez marshal an other Investment banks pursuing mba , PhD or any other further qualification, what are the pre requisite, how much scholarships is awarded is there any stipend invoked.. general terms of contract after completing the course(like have to work for 2 year etc) and how many time person can do course from a particular firm with scholarships ‼️
I am a recent bcom graduate Is GGI mba helpful for me to get into consulting?
Could you tell us how a postgraduate in pharma can start a career as project manager
Can MBAs with a CA background become a PM in the top companies?
I am interested to get job at pm, but I am asking is there age barrier??? Plz reply
Hello ma'am
I've been following your video for a very long time .In this video my analysis is the content is not delivered as well as you can.
Good Evening,
what are the qualifications required for management consultant
As per me PM at Google has package around 60LPA!!
Mam, is mba necessary for both roles?
I m a student of BE-CSE and graduating in the month of june. Looking for career opportunities in both.
Yes mostly required by big companies
@@jarbuyer Is ggi program helpful for getting placement? Or a full time mba is compulsory.
@@aquarius350 cant say about GGI but big comapnies hire for these prestigeos and high paying roles from select MBA programs only.
@@jarbuyer I'm thinking to enroll in ggi program cause it's cheap compared to full time mba degree. Also, placement opportunities are good. If not got selected, then will look for a full time mba after some experience working in corporates.
@@aquarius350 Sure man! good luck...
Was it AAP's Delhi education that you consulted?
why are you putting random images between the frames
Hello mam
For future entrepreneurial purpose which is better field to invest our time ..?
Management consultant
Ma'am, who all get into Product Management - apart from B Tech graduates?
@@atifimtiyaznazeer Oh, good to know. Thanks 😊
hey I am a 20 yr old intrested in consultancy , what undergrad specialisation is best for me ? currently planning on bba or ipm @ iims
Mam, I am koushik Ganguly from India
What branch should we select in MBA in order to get the product manager role ?? Please guide me a roadmap for product manager
Seperate video already on my channel.
Feel free to check.
@@Shatakshi.Sharma Can you please link, would love to check it out, but struggling to find it.
Please use bookmarks on video timelime
What does influence without authority mean? What work exactly does that mean?
An example of that: Developers do not report into you, so you have no authority on them, but you are expected to shape some of the technical decisions. So you are influencing developers without authority over them.
@@shubhadafuge5304 ok thanks
Can you drop an helpline number where I can contact your team I am an assistant manager working into sales have just 6 months worth of experience planning to do an executive mba from IIM C but confused about your program currently know prompt engineering taught by our AI start up. If I stay in 2-3 years can become an AVP easily but looking forward to consult with your or your team personally kindly let me know
Please give management consultant jobs in metro for freshers
software engineers make more than both also no MBA needed
Yes but you need to have that level of skill
At entry level only. Look at top jobs
Thanks Shatakshi for the wonderful content you put forward 🎉
I'd like to give feedback on certain nuances in your videos, just hoping to improve your content genuinely
If you like to listen please let me know how I can contact you 🙂
Ma'am does cgpa plays in important role while switching from an existing job to management consulting job?