Career Path for a Consultant: Will taking this specialized position limit my options?

Question

I am looking at a senior-level position with a real estate consulting firm. While it's right up my alley, I'm concerned about where I can go with this position down the road as the firm focuses predomintely on the gaming industry (developing casinos, operational analysis, gaming feasiblity, etc). I currently work in an investment bank and focus on hotels, which is a small sector in it of itself but it is what I love and at least allows me to do it just about anywhere in the US. I like this position, which would actually be a promotion, but I'm worried about the limiting industry exposure. Gaming is cool but its really only present in two locations in the U.S., neither of which I ever care to live. The job would allow me to work with some P.E. Firms, Banks, Government Agencies as well Business Organization so it' good exposure but will my skills be seen as transferrable? Can I do this for a couple years, move up in rank and then expect any real opportunities/chocies after? My Fear is that recruiters will focus more on the industry I worked predominately in (Gaming) and less on the actuall skills I'd learn (valuation, feasibility, strategic planning, management, etc). Am I freakin' out or could this truly limit my options in the future?!! Ther's basically TWO QUESTIONS HERE: What kind of positions do consultants usually move on to? And then, more specifically, what can I expect if I take this one? I dont' know any Private Equity firms or investment banks that have gaming departments (especially if I want to stay on the east coast), and certainly not in the NYC area, which is where I'd ultiimately like to be. Help! am I shoottng myself in the foot?! My current company is downsizing, so I need to act fast!

Answer 1

The short answer: If your current company is downsizing and you need to find a new position, this is probably a good move for you.

The longer answer: If this job sounds interesting to you, take it. You'll be able to explain your career move very easily later: you can emphasize that the financial services industry was weak in the summer of 2008, and that you saw a great opportunity in the real estate world with this new firm. Talk about the skills you were able to develop there (you're right: valuation, strategic planning and management are all excellent elements to play up) and talk about how you were able to approach financial challenges from a whole new perspective that has given you a more comprehensive way of viewing business issues.

You won't be shooting yourself in the foot for future moves.  Recruiters want to see a coherent story about each candidate. (They want to know things like: Why did you move from one position to another? Have you had an upward trajectory in your career moves?)  If this is a promotion with additional responsibility, additional pay, and additional visibility, you don't have to worry.

Depending on what you're going for in the future, you could easily emphasize the real estate part of what the firm does as opposed to the gaming part of what they do.  That would position you well for a job with a developer or a real estate investment firm or some of the other paths you're considering.  The bottom line: you get to define to a recruiter what you did. If you tell the recruiter you do gaming work, that's how they'll see you.  If you say that you led financial modeling and investment decisions for broad range of clients from big name banks to government agencies, well, then they'll see you that way.  

Plus, if gaming turns out to be interesting to you then you're in luck. It's a booming business (especially abroad these days) and casinos tend to strongly prefer promoting people with previous gaming experience. This gives you a new set of options to potentially move up in a new industry.  It sounds like the hotel and resort industry will also look very favorably on this experience if you choose to go in that direction.

A good financial consultant with strong client experience and a track record of building a book of business will always be valued in the marketplace. NYC is a hot spot for real estate, hotels, consulting, and financial services so it sounds like you're in good shape. Go for it!

If you'd like more specific advice or help with future career decisions, please visit us at http://www.PrepSession.com/.