Career Advice: Management Consulting vs Audit and Compliance

Dear Jarus

I am a Business Administration graduate of LASU with a second class upper degree. I am currently at the final stage of the ICAN exams.

I have keen interest in management consulting or internal audit and risk compliance. But somehow, life and my environment keeps tilting me towards pure accounting and finance, that’s all I see around me. I believe a blend of management with finance is best suited for me, but I hardly see opportunities in it.

Those I previously discussed with told me Management consulting is somewhat a facade in Nigeria (which I don’t believe). I am usually told to have good foundation in Audit and then switch to other paths I may like. Right now, I am at a crossroad. I will commence NYSC next year, and i have internship experience in Audit and Accounting, which gives me an edge for a career in Audit.

I love being creative to solve problems, and not necessarily by principles. I don’t think Audit is something I intend doing for a long time. I need an advice on the best career path that suites my interest, efficiently utilise my skill set, and still remain relevant in the future of work, post-COVID.

Many thanks for your audience. I earnestly await your response, Sir.

AA

Dear AA,

I agree Management Consulting (MC) is not so developed in Nigeria as it is in advanced markets – a reflection of our economy. If you want play in the MC space at top level, you may need to get an MBA abroad and seek for opportunities in leading MC firms. I suggest you read websites like Vault.com, managementconsulted.com etc to read more about this. MC is best enjoyed when you work in top companies, especially in big names like McKinsey, Bain, and BCG and a few other good ones abroad. The Advisory units of Big 4 are also okay, probably the nearest place you can have a feel of MC in Nigeria. 

But overall, I agree with your prior adviser that waiting for MC in Nigeria may be a crab-blink wait.  Audit and risk compliance is okay and way easier to get into than MC. You should not have much problem getting this if you can pass the tests and interviews of Big 4 firms after your NYSC.

Any decent above-average graduate with right exposure – and I think you fit here – should be able to get this. Thankfully, they recruit every year. The challenge is, if you start your career in audit, it will be difficult to pivot into MC or even move to Advisory division in the Big 4. Again, if you desire to move, after few years in audit and risk compliance, going for your Masters in a top foreign school should be helpful.

In summary, MC is higher in reward and maybe prestige than audit, but quite tough to break into. Audit is not bad either. Since both are of interest, explore the routes to both and see which comes first.

Both will continue to remain of relevance post-COVID.

All the best.

Jarus

@jarushub on twitter