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Navigating the Leap from Academia to Elite Consulting: A Guide for PhDs

Last Updated on February 28, 2024

From Classroom to Boardroom

Imagine standing at the crossroads of a significant career transition: you’re a PhD or a PhD student, deeply entrenched in academia’s world of research and theories. Now, picture yourself stepping into the high-paced, dynamic realm of top-tier consulting firms like McKinsey , BCG , and Bain . This isn’t just a fantasy. For many PhDs, it’s a transformative reality.

But what does this shift entail, and how can you navigate it successfully?

Is It a Good Career Move?

Transitioning to a consulting role at a prestigious firm indeed marks a significant lifestyle shift for PhDs.

While the fast-paced, problem-solving nature of consulting can be challenging for those used to deep, methodical research, it also brings several benefits. PhDs are trained to delve into complex problems, making them adept at handling the intricate issues often encountered in consulting. Their ability to assimilate vast amounts of information quickly is a valuable asset in a field where understanding a client’s needs and industry specifics in a short time is crucial.

Moreover, PhDs often possess excellent communication skills, honed through presenting complex ideas in an understandable manner . This skill is invaluable in consulting, where explaining and convincing clients of certain strategies is a daily task. Also, their rigorous academic training ensures a high level of discipline and dedication, traits that are beneficial in managing the demanding workload and tight deadlines in consulting.

However, there are drawbacks as well. The transition from academia to consulting can be jarring due to the differences in work culture. The collaborative, team-based approach in consulting may contrast with the more solitary nature of academic research. PhDs might find the client-oriented focus of consulting to be a stark departure from the freedom and independence they enjoyed in research. Furthermore, the emphasis on quick results in consulting can be at odds with the in-depth, thorough approach PhDs are used to in academia.

The shift in work-life balance is another potential downside. Consulting often involves long hours and extensive travel, which can be a significant adjustment for those used to the more flexible schedule of academic research. This can lead to stress and burnout if not managed properly.

In conclusion, while the transition to consulting offers PhDs the opportunity to apply their skills in a new and dynamic environment, it requires adaptation to a different pace, work style, and potentially demanding lifestyle. The key to a successful transition lies in leveraging their unique skills while being open to the new experiences and challenges that consulting offers.

Salary comparison

The salary trajectory in academia and top-tier consulting firms presents a stark contrast, reflective of the differing priorities and structures of these sectors. In academia, salaries typically start lower and grow gradually over time, tied closely to academic ranks such as assistant professor, associate professor, and full professor. This progression, often governed by rigid pay scales and dependent on tenure, can span many years, with significant salary increases usually linked to promotions or tenure achievement.

In contrast, top-tier consulting firms generally offer substantially higher starting salaries, reflecting the high demand for and profitability of consulting services. Salary growth in these firms can be rapid, with the potential for significant increases as one moves from junior to senior roles. This is often accompanied by performance-based bonuses and other incentives, which can further widen the income gap compared to academia. However, it’s important to note that these higher salaries in consulting often come with expectations of longer work hours and more intensive workloads, as opposed to the more flexible and research-focused lifestyle in academia.

The Art of the Possible: Breaking into Top Consulting Firms

Is it possible for someone with a deep academic background to break into a top consulting firm?

Indeed, someone with a deep academic background has a strong potential to break into a top consulting firm. Major consulting firms such as McKinsey, BCG, and Bain value the deep analytical skills, specialized knowledge, and rigorous critical thinking abilities that PhDs possess. According to a BCG report, the influx of PhDs into these firms is not just a trend but a strategic hiring practice, as nearly 10% of their new hires in recent years have been PhDs. These firms recognize that individuals with advanced academic training can bring fresh perspectives and a diverse range of problem-solving skills to the table, which are invaluable in addressing complex client challenges.

To facilitate this transition, these firms often offer ‘bridge’ programs, which are essentially tailored training programs designed to help PhDs adapt their academic expertise to the practical, fast-paced world of consulting. These programs typically focus on developing business acumen, understanding client relations, and honing the art of delivering actionable insights in a business context. Furthermore, such programs often include mentorship opportunities, where new hires are paired with experienced consultants. This mentorship is crucial in helping PhDs navigate the cultural shift from academia to a corporate environment.

Additionally, consulting firms often provide a supportive environment for continuous learning and professional development, which can be very appealing to those coming from an academic background. This is not only through on-the-job learning but also through formal training sessions and workshops aimed at enhancing various skills, including project management, leadership, and communication.

It’s important to note that while PhDs are highly valued for their specialized knowledge, breaking into top consulting firms also requires them to demonstrate adaptability, the ability to work in teams, and strong interpersonal skills. The ability to translate complex concepts into actionable business strategies is also key. Therefore, while the transition from academia to consulting is indeed feasible and increasingly common, it requires PhDs to leverage their academic strengths while also acquiring new skills relevant to the consulting world.

Case Study: From PhD to McKinsey

In this article , McKinsey highlights how Yvonne, working as an associate in Shanghai, discovered that her academic background as a PhD researcher in medical devices was highly applicable to consulting. In this field, she realized she could have a more significant impact by addressing a wider range of topics.

Yvonne transitioned from a PhD in medical device research to consulting, shifting her focus from specialized research on cochlear implants to the broader healthcare industry. She realized that successful healthcare innovations required not just research, but also clinical trials, regulatory approvals, and effective marketing strategies. Curious about a career that encompassed all aspects of healthcare, Yvonne explored consulting and was drawn to McKinsey after attending webinars and speaking with alumni. At McKinsey, her first project involved developing a five-year strategy for a medical device company in China, where she applied her PhD skills to analyze and categorize a wide range of products.

Yvonne became an expert in product analysis within her team, mirroring the intellectual rigor and problem-solving skills she honed during her PhD. Her projects at McKinsey have varied, including enhancing hospital services, supporting MedTech production localization, and analyzing the impact of COVID-19 on the healthcare sector.

She reflects on her consulting journey as an extension of her PhD work, applying her academic skills to a wider range of healthcare issues. Yvonne’s experience highlights the value of PhD skills in consulting, particularly in problem-solving and targeted learning. Her story illustrates how consulting can offer a fulfilling career path for those seeking to impact the healthcare industry beyond the confines of the lab. Yvonne’s transition to consulting at McKinsey demonstrates a successful blend of academic expertise and industry application, leading to meaningful contributions in healthcare.

There are many such stories prevalent in all top consulting firms. If you are interested in learning more, you could do your research on LinkedIn to identify similar individuals who made the move. More on networking below.

Similarities and Differences: Academia vs. Consulting

The similarities and differences between academia and consulting are indeed nuanced and significant. Both realms highly value analytical and problem-solving skills, as well as the ability to delve into complex subjects. However, the contexts in which these skills are applied and the expected outcomes vary considerably.

In academia, the focus is often on contributing to the body of knowledge in a specific field through detailed research. This work is characterized by its depth, theoretical underpinnings, and long-term focus. Academics may spend years exploring a single topic, with the primary output being publications in scholarly journals. The pace is generally more measured, allowing for a thorough exploration of subjects. Additionally, academia offers a certain degree of autonomy and intellectual freedom, enabling scholars to choose their research topics and delve deeply into areas of personal interest.

In contrast, consulting is driven by the immediate needs of clients. Consultants must apply their analytical skills to provide practical, actionable solutions to business problems, often within tight deadlines. The pace of consulting is much faster, and the work is inherently more collaborative and client-focused. Consultants are expected to quickly understand a client’s industry, business model, and specific challenges, and then work as part of a team to develop strategic recommendations. This often requires synthesizing large amounts of information and distilling it into insights that are both insightful and immediately applicable.

The typical project span in top-tier strategy consulting is just 8 to 12 weeks, in which, your team is often tasked to completely overhaul the strategy of a Fortune 500 company with 20,000 employees and 5 business divisions, operating across 100+ countries.

Moreover, the nature of feedback and rewards in these two worlds differs. In academia, success is often measured by peer recognition, publications, and grants. In consulting, success is more directly tied to client satisfaction, the impact of solutions provided, and business outcomes. This difference in reward systems signifies a shift from an emphasis on theoretical and methodological rigor to a focus on practical results and client relations.

Adjusting to these differences in pace, focus, and evaluation metrics can be a significant challenge for PhDs transitioning to consulting. The change from an environment where one is an expert in a narrow field to one where adaptability and breadth of knowledge are required can be substantial. It necessitates not only a shift in mindset but also the development of new skills, such as client management, business acumen, and the ability to work effectively in diverse teams. However, those who can adapt successfully may find that consulting offers a dynamic and rewarding career path that leverages their analytical strengths while providing new challenges and learning opportunities.

Making the Move and Preparing for the Applications

Transitioning from academia to top-tier consulting requires strategic preparation, focusing on demonstrating transferable skills, building a network in the consulting industry, and mastering the unique aspects of the consulting interview process.

Networking: Networking plays a crucial role in the transition to consulting. Start by connecting with alumni from your institution who now work in consulting. Attend industry events, webinars, and workshops to meet professionals in the field. LinkedIn can be a valuable tool for building these connections. Engaging with consultants and industry professionals can provide insights into the consulting lifestyle and culture, as well as advice on navigating the recruitment process. You might even score a referral . Informational interviews can be particularly beneficial; they not only expand your network but also give you an insider’s view of what consulting firms look for in candidates.

Resume Preparation: When preparing a resume for a consulting role , it’s essential to translate academic experiences into terms that resonate with consulting firms. Highlight transferable skills such as data analysis, project management, problem-solving, and the ability to synthesize complex information. Emphasize any leadership or management experience, even if it was in an academic setting, such as leading a research team or managing a lab. Tailor your resume to show how your academic achievements can translate into consulting success, focusing on results and impact rather than just listing responsibilities.

Case Interview Preparation: The case interview is a unique and critical component of the consulting interview process. It assesses your ability to solve business problems on the spot. Preparation should involve practicing numerous case studies, ideally with someone who has experience in consulting. There are many resources available, including books, online tutorials, and practice case studies from top consulting firms. Joining or forming a case interview study group can also be beneficial. The key is to get comfortable with a structured approach to problem-solving, breaking down complex problems into manageable parts, and articulating your thought process clearly.

Fit Interview Preparation: Alongside case interviews, fit interviews are an essential part of the recruitment process, assessing whether you are a good match for the firm’s culture and values. Prepare for this by understanding the firm’s ethos, values, and the type of candidates they typically hire. Reflect on your experiences and how they align with these values, preparing to discuss your background, motivations, and why you are interested in transitioning to consulting. Be ready to articulate your story coherently, focusing on how your journey in academia has prepared you for a career in consulting. Practice answering common behavioral questions and remember to incorporate the SCORE technique to structure your responses effectively.

Transitioning from academia to consulting is not just about showcasing your technical and analytical abilities, but also about demonstrating your adaptability, teamwork, and communication skills. It’s a journey that requires preparation, self-awareness, and a willingness to learn and grow beyond the academic realm.

The StrategyCase.com Edge

At StrategyCase.com, we understand this transition intimately. Our coaching products and personal services have helped numerous PhDs bridge the gap between academia and top-tier consulting. We provide tailored guidance, from resume crafting to interview preparation, ensuring that your unique academic expertise is translated into the language of consulting.

Contact us for a free consultation if you want to learn more about our products and services.

Conclusion: A Question for Reflection

As you ponder this potential career pivot, ask yourself: How can your academic expertise not just fit into the consulting world but actively enrich it? In answering this, you may find not only a new career path but a renewed sense of purpose.

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Florian spent 5 years with McKinsey as a senior consultant. He is an experienced consulting interviewer and problem-solving coach, having interviewed 100s of candidates in real and mock interviews. He started StrategyCase.com to make top-tier consulting firms more accessible for top talent, using tailored and up-to-date know-how about their recruiting. He ranks as the most successful consulting case and fit interview coach, generating more than 500 offers with MBB, tier-2 firms, Big 4 consulting divisions, in-house consultancies, and boutique firms through direct coaching of his clients over the last 3.5 years. His books “The 1%: Conquer Your Consulting Case Interview” and “Consulting Career Secrets” are available via Amazon.

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Hacking the Case Interview

Are you looking to transition from a PhD or advanced degree program and get into management consulting ? Unsure of how exactly to do this?

We have you covered! This comprehensive article covers:

• Why consulting firms hire PhD / advanced degree candidates
• Firms that hire PhD / advanced degree candidates
• Challenges that PhD / advanced degree candidates face
• PhD / advanced degree consulting recruiting process
• Submitting a PhD / advanced degree consulting application
• Passing consulting interviews with a PhD / advanced degree
• Recommended PhD / advanced degree case interview resources

If you’re looking for a step-by-step shortcut to learn case interviews quickly, enroll in our case interview course . These insider strategies from a former Bain interviewer helped 30,000+ land consulting offers while saving hundreds of hours of prep time.

Why Consulting Firms Hire PhD / Advanced Degree Candidates

Consulting firms hire PhD and advanced degree candidates for many reasons.

One, consulting firms want to hire top talent wherever they may be. While consulting firms have traditionally hired from top-tier undergraduate and MBA schools , they have been moving towards also hiring from top-tier medical schools, law schools, and graduate schools. Talented future consultants can be found anywhere and consulting firms want to hire them.

Two, a lot of the skills that PhD and advanced degree candidates have can be transferred to consulting. PhD students gather data, break down problems, write papers, and present their work to others. Analyzing data and presenting your work are critical skills that consultants use every day.

Three, the work that consultants do is increasingly becoming more specialized, requiring specialized expertise. This is where PhD and advanced degree graduates shine. If a consulting firm is helping a pharmaceutical company develop a strategy to launch a new drug, who better to help them than a biochemistry PhD or MD that understands healthcare ?

Therefore, if you are interested in transitioning to the business world, know that consulting firms do hire PhD and advanced degree candidates that have no business backgrounds.

As a PhD or advanced degree hire, you’ll typically be placed at roughly the same level as an MBA hire. However, if you only have a master’s degree, you may be placed at the same level as an undergraduate hire.

Firms That Hire PhD / Advanced Degree Candidates

All three of the top-tier management consulting firms, McKinsey, BCG, and Bain, hire PhD and advanced degree candidates. In fact, they have special programs that are tailored to helping PhD and advanced degree candidates go through the recruiting process.

In addition, many other top consulting firms hire PhD and advanced degree candidates, including Deloitte , Strategy& (part of PwC) , EY-Parthenon , LEK , and Roland Berger .

If you have a PhD in life sciences or an MD, there are many consulting firms that specialize in life sciences consulting . These consulting firms include: ClearView Healthcare , Guidehouse (Navigant ), ZS , Putnam Associates , and Huron Consulting .

Overall, there are many consulting firms that will hire PhD and advanced degree candidates.

Challenges that PhD / Advanced Degree Candidates Face

Although PhD and advanced degree candidates have some skills that will transfer over to consulting, there are many skills that will not. There are six main challenges that PhD and advanced degree hires will face when they recruit for and enter consulting.

Understanding essential business concepts

PhD and advanced degree candidates spend years studying fields that have nothing to do with business. One of the biggest challenges that these candidates face is ramping up on fundamental business knowledge.

Consulting does not require specialized business knowledge, but candidates should be familiar with fundamental business concepts, such as profitability, market share, and competitive advantage.

Additionally, many PhD and advanced degree candidates will lack the business judgment and acumen that a traditional MBA candidate has. Building up a strong business instinct takes time.

Solving problems quickly

PhD candidates may work on one project for many years, extensively researching the topic and going very deep into the details and nuances of the problem.

In contrast, consulting projects are typically solved in 3 – 6 months. As a new consultant, PhD and advanced degree candidates will need to learn how to solve problems quickly by focusing on the most important issues or areas.

Doing simple math calculations quickly

PhD candidates likely use sophisticated and complex mathematics in their research and work, such as differential equations or linear algebra.

In consulting, only very basic math is used. Surprisingly, during interviews, PhD and advanced degree candidates have a much more difficult time performing basic math calculations than undergraduate candidates. This may be because PhD candidates are used to doing higher level math using statistical software rather than doing simpler math calculations by hand.

Therefore, PhD candidates will likely need to brush up on their basic math skills to perform calculations quickly and accurately during their interviews.

Making things simple and easy to understand

One of the key skills in consulting is to make things simple and easy to understand. This is important in order to make clients understand their business situation and act on the recommendations that the consulting firm has provided.

PhD and advanced degree candidates deal with complex and intricate problems that are often difficult to explain to the average person. To be a successful consultant, PhD and advanced degree hires will need to practice explaining complex things in a simple way.

Not focusing too much on the nitty gritty details

In a PhD program, you go very deep into one particular area or topic. To become an expert in the field, you typically read all of the scientific papers published on the topic and know all of the details.

Consulting is less focused on the nitty gritty details. Consultants will learn just enough about a particular topic or area in order to be able to solve the business problem.

Focusing more on the overall business problem and focusing less on minute details is one skill that PhD and advanced degree hires will need to learn and develop.

PhD / Advanced Degree Consulting Recruiting Process

Some consulting firms, such as McKinsey, BCG, and Bain, offer programs that specifically help PhD and advanced degree holders apply and transition to consulting. Participating in these programs will help you build connections and increase the likelihood of receiving an interview.

These programs are fairly competitive and require you to submit an application in order to be accepted into the program.

• McKinsey Insight Program : This program provides an overview of management consulting and McKinsey, an opportunity to connect with consultants that share a similar background to you, and a mock case study.
• Bridge to BCG Program : This program provides an overview of consulting and what makes BCG special. You’ll have the opportunity to solve a BCG case in a case team simulation, network with consulting staff, and participate in social activities.
• Bain ADvantage Program : This week-long consulting internship immerses candidates into life at Bain and a career in consulting. You’ll have a full day of training followed by four days of a staffing assignment on a real case team. If accepted into this program, you will receive a guaranteed final-round interview for a full-time Consultant position.

Outside of these programs, the PhD and advanced degree recruiting process looks like the following:

• Submit your consulting job application
• Pass your first-round consulting interviews
• Pass your final-round consulting interviews
• Receive your consulting job offer

Submitting a PhD / Advanced Degree Consulting Application

Consulting firm job applications typically have three components: the resume , cover letter , and the optional referral.

We’ll briefly cover each of these components of the application over the next few sections. Each section has a link to a more comprehensive, in-depth guide that you should read.

Consulting Resume

Your resume is the single most important factor that decides whether or not you will receive a consulting interview. Consulting resumes are quite different from the type of resumes you would use in a PhD or advanced degree program.

For example, you will not need to list publications you have contributed to or conferences that you have attended. You’ll also need to simplify the topic of your research so that the average recruiter can understand what you have worked on and what you have accomplished. Finally, make sure to focus less on the details of your work and more on the overall accomplishment and impact.

Make sure to tailor your resume so that it follows the structure and format of a consulting resume.

In short, keep your resume to one page and quantify the impact of your accomplishments.

Consulting firms like to see:

• High grades
• Prestigious schools that you have attended
• Brand name companies that you have worked for
• Significant impact in your work experiences
• Meaningful leadership positions in your extracurricular activities

For a step-by-step guide to crafting the perfect consulting resume, check out our comprehensive resume guide .

Consulting Cover Letter

The cover letter is less important than your resume, but can make the difference between receiving a consulting interview and not receiving one if your resume is on the borderline.

Your cover letter should be concise and straight to the point. Introduce yourself and then briefly explain why you are interested in consulting. Spend most of the cover letter explaining what qualities you have that would make you a great fit for the firm.

To avoid having a generic cover letter, include specific reasons why you are interested in the consulting firm you are applying to. Mention former or current employees that you have spoken to and what aspects of the firm you find most attractive.

For a step-by-step guide to crafting the perfect consulting cover letter, check out our comprehensive cover letter guide .

Referrals are not part of the official application process for consulting firms, but they are a quick way to make your application stand out.

If you have a friend or colleague that works at the consulting firm you are applying to, ask if they would be comfortable giving you a referral.

Getting a referral means that someone at the consulting firm will send your name and resume to the recruiter that is in charge of resume reviews. Your application will get a closer look and be viewed a bit more favorably.

Referrals are not required to get interviews, but can help a lot. For the McKinsey Insight Program, Bridge to BCG Program, and Bain ADvantage Program, referrals can make a big difference given how competitive these programs are.

Passing Consulting Interviews with a PhD / Advanced Degree

A few weeks after the application deadlines, you’ll receive invitations from consulting firms for the first of two rounds of interviews.

Passing First-Round PhD / Adv. Degree Consulting Interviews

At most consulting firms, the first round of interviews consists of two separate 40- to 60-minute interviews. These interviews will mainly focus on case interviews, but you will also get a few other types of questions.

There are three types of consulting interview questions :

Case Interviews

• Behavioral Interviews

Why Consulting? / Why this Firm?

We’ll briefly cover each of these types of consulting interview questions over the next few sections. Each section has a link to a more comprehensive, in-depth guide that you should read.

Case interviews are a special type of interview question that consulting firms use to assess a candidate’s potential to be a great consultant. In a case interview, you’ll be placed in a hypothetical business situation and asked to develop a recommendation or answer to a business problem. A case takes about 30- to 60-minutes to complete.

Here are some examples of case interview questions:

• How can Coca-Cola increase its profitability?
• What should Netflix do to increase customer retention?
• Should Facebook enter the smart phone market?
• How should Apple price its new iPhone?

Case interviews begin with the interviewer reading you the background information on the case. You’ll then get the chance to ask clarifying questions to better understand the business situation and case objective.

Next, you’ll develop a framework to help you solve the case. A framework is a tool that helps you structure and break down complex problems into smaller, more manageable components.

You’ll then be asked to answer quantitative and qualitative questions to build support for a recommendation. You may need to calculate expected profitability, interpret charts and graphs, or brainstorm and prioritize different ideas.

At the end of the case interview, the interviewer will ask you to deliver a final recommendation to address or solve the business problem.

Behavioral Interview Questions

Consulting behavioral interview questions ask you to give an example or story of a time when you displayed a particular quality, such as leadership, problem solving, or resilience.

Here are some examples of behavioral interview questions:

• Tell me about a time when you exceeded expectations
• Give me an example of a time when you had to persuade someone
• Describe a situation in which you resolved team conflict
• Give me an example of a time when you failed to meet expectations
• Describe a difficult or complicated problem that you solved

To prepare for these questions, develop a list of five different stories or examples that cover a wide range of positive qualities. You should select stories or experiences that are the most impressive and impactful.

When asked a behavioral interview question, mentally run through your list of prepared stories and select the one that is most relevant to the question that is asked.

You’ll want to share your story or experience by using the STAR method to ensure that you answer the question in a clear and structured way. STAR stands for Situation, Task, Action, and Result.

Situation : Provide a brief overview of the situation and any context that is needed to understand the story better. Keep this section as concise as possible because it is less important than the other parts of the story.

Task : Describe what you were asked or required to deliver or achieve. Again, keep this section concise since it is less important than the other parts of the story.

Action : Explain what steps you took to handle the task or meet the goal or objective. This is an important part of the story, so focus on sharing exactly what you did.

Result : Describe the outcome that your actions had, quantifying the impact. Also describe your key takeaways from the experience and how it impacted or influenced you as a person. This is the most important part of the story.

For a step-by-step guide on how to best answer all consulting behavioral and fit interview questions, check out our complete guide on consulting behavioral interview questions .

You will almost certainly be asked the “Why Consulting?” question at some point during your interviews. Interviewers want to know why you are interested in consulting to see if you know what you are getting yourself into and whether you are genuinely interested.

As a PhD or advanced degree candidate, you will need to provide compelling reasons why you are choosing to pursue consulting instead of the field that you have spent years studying.

There are many reasons you can give for why you are interested in consulting:

• You want to make a larger impact on the world by working with large companies to solve their most challenging business problems
• You see consulting as the quickest way to develop the skills to transition to the business world and become a business executive
• You enjoy working closely in teams to solve challenging business problems
• You value the mentorship and personal development opportunities that consulting provides
• You want to tackle a wide variety of different problems and consulting allows you to work on projects in many different industries and functions

Use the following structure to answer this question:

• State that consulting is your top career choice
• Provide three reasons to support this
• Reiterate that consulting best fits your professional needs and goals

In addition to the “Why Consulting?” question, you may also be asked “Why this Firm?” This question assesses whether you are genuinely interested in working at the consulting firm that you are interviewing for.

Again, there are many different reasons you could give:

• You have loved the people that you’ve met from the firm and would enjoy working with them
• The firm has an empowering work culture where you feel you would thrive
• The firm has deep expertise in a particular industry or function that you are passionate about
• The firm places a heavy investment in mentorship and personal development, which you value tremendously
• Several of your mentors and role models have worked at the firm and have recommended that you work there

Make sure to structure your answer to this question so that your answer is clear and easy to follow. You can use a similar structure to the “Why Consulting?” question:

• State that the firm you are interviewing for is your top choice consulting firm
• Reiterate that the firm best fits your professional needs and goals

For a complete guide on answering this question, check out our "Why consulting?" article.

Passing Final-Round PhD / Adv. Degree Consulting Interviews

Consulting final round interviews typically consist of two to three separate 40- to 60-minute interviews. You’ll see the same three types of questions that you saw in your first-round interviews.

There are three main distinctions between consulting first-round interviews and consulting final-round interviews.

First, your interviewers will be more senior people. This means that the case interviews you receive may be less structured and feel more like a qualitative discussion. You and the interviewer may just be discussing your opinions and ideas on a business problem.

Second, there is more of an emphasis on assessing your personality and cultural fit with the firm. Interviewers will not only assess whether you can solve case interviews, but they will also assess whether they would want to work with you on a team. Interviewers want to see if you are coachable, collaborative, and easy to work with.

Third, your interviewers may read the notes that your previous interviewers wrote about you. If there is a particular area of the case interview that you struggled with, interviewers may specifically test you on it again to make sure it is not a weakness.

Overall, you should still use the same strategies that you used in your first-round interviews for your second-round interviews.

Receiving your PhD / Adv. Degree Consulting Job Offer

After finishing all of your interviews, all you have to do is to wait. Consulting firms typically call candidates to tell them whether or not they are being extended a job offer.

Some candidates receive a phone call with good news on the same day of their final-round interview. Other candidates receive calls within a few days.

Be patient while waiting to hear back from consulting firms. If you have not heard back within a week, you can send a polite follow-up email with the recruiter to ask for an update.

When you finally get your call, all that is left to do is sign your offer letter to secure your consulting job!

Recommended PhD / Advanced Degree Case Interview Resources

Here are the resources we recommend to learn the most robust, effective case interview strategies in the least time-consuming way:

• Comprehensive Case Interview Course (our #1 recommendation): The only resource you need. Whether you have no business background, rusty math skills, or are short on time, this step-by-step course will transform you into a top 1% caser that lands multiple consulting offers.
• Hacking the Case Interview Book   (available on Amazon): Perfect for beginners that are short on time. Transform yourself from a stressed-out case interview newbie to a confident intermediate in under a week. Some readers finish this book in a day and can already tackle tough cases.
• The Ultimate Case Interview Workbook (available on Amazon): Perfect for intermediates struggling with frameworks, case math, or generating business insights. No need to find a case partner – these drills, practice problems, and full-length cases can all be done by yourself.
• Case Interview Coaching : Personalized, one-on-one coaching with former consulting interviewers
• Behavioral & Fit Interview Course : Be prepared for 98% of behavioral and fit questions in just a few hours. We'll teach you exactly how to draft answers that will impress your interviewer
• Resume Review & Editing : Transform your resume into one that will get you multiple interviews

Land Multiple Consulting Offers

Complete, step-by-step case interview course. 30,000+ happy customers.

How to Transition from a Ph.D. to Consulting

• Last Updated March, 2024

Former BCG Consultant

Why Become a Consultant?

What challenges do ph.d. & advanced degree candidates face in the consulting recruiting process, what do consulting firms look for in ph.d. & advanced degree candidates, what do you need to know to ace your consulting job application & interviews, which management consulting firms want to hire ph.d. candidates, resources for applying to consulting jobs..

What Do Consulting Firms Look for in PhD & Advanced Degree Candidates?

Which Management Consulting Firms Want to Hire PhD Candidates?

What Challenges Do PhD & Advanced Degree Candidates Face in the Consulting Recruiting Process?

Are you in your 3rd or 4th year of a Ph.D. or other advanced degree program and rethinking your future career in academia? Considering the transition from Ph.D. to consulting?

So here you are. Maybe you’re supposed to be writing your dissertation, but you’re dreading that upcoming job market and wondering about alternative career paths instead. Or you’re a postdoc and your principal investigator just asked you to stay in the lab the entire weekend for something that you deem ridiculous. 

Like me, you probably entered your Ph.D. program with plans to be a researcher or an academic, and for whatever reason, this does not feel appealing anymore. 

Luckily for you, the skills you’ve been building in your Ph.D. program can be extremely in management consulting. Furthermore, consulting firms, especially the MBBs (McKinsey, BCG, Bain) are very keen on us. 

In this article, we’ll discuss:

• Why become a consultant?
• What do consulting firms look for in Ph.D. and advanced degree candidates?
• Which management consulting firms hire Ph.D. candidates?
• What challenges do Ph.D. and advanced degree candidates face in the consulting recruiting process?
• What do you need to know to ace your consulting job application and interviews?
• Resources for applying to consulting jobs. 

Let’s get started!

1. It’s an Attractive Job & Great Entry Point into the Private Sector

First, all the usual arguments on why consulting is a great career apply. Consulting is an amazing ramp to launch you toward any other career in the private sector. This is even more true for academics with no business experience: it’s like getting a stamp of approval from the private sector. 

It’s also a way for you to figure out what you like over the long run as you will get rapid exposure to many different industries, problems, and actors. You’ll also learn skills that are transferable to literally any other job. The pay is good, of course, and may represent an upgrade in lifestyle compared to your student stipend. 

2. It Might Be Refreshing After Academia

In a Ph.D. program, you pick your one or two advisers, and then you spend a (very) long time on a precise question, make sure you go as deep as anyone else on it, and then a little bit deeper. 

In consulting, you will change your client, case (the client problem you’re solving), and the team every few weeks to months. Each case delivers an answer to a (sometimes initially vague) question that the client has, and that answer is “good enough” to support the decisions they have to make: going any further would be a waste of resources that could be better spent. 

That does not mean getting lazy either though: the bar consulting firms set for this “good enough” is high and that’s what justify the fees they charge their clients (and the hours you’ll be working). 

Consulting is also extremely fast-paced: you might have a check-in with your immediate manager every few hours during the day with output to deliver each time. That’s a whole other story from taking a few months to revise an article or presenting your progress in a seminar twice a semester, which can be a refreshing change if you work better under pressure.

Nail the case & fit interview with strategies from former MBB Interviewers that have helped 89.6% of our clients pass the case interview.

3. Consulting and Academia Have a Lot in Common

Structured thinking. Both consulting and academia require a taste for rigorous analysis and structured thinking. In both worlds, you have to like solving problems and presenting your answers to others to succeed.

Teamwork. Consulting is really the place for teamwork, both with the rest of your case team and with your clients. This might be something you are more or less used to depending on your own field. Personally, collaborations were my favorite part during my Ph.D. 

Impact. Consulting and academia are also similar in that successful people tend to care deeply about the impact that they have, which I believe is the case of most people who produce top research. 

Continuous learning. Finally, they are both places of continuous learning which is quite precious in itself. This can’t be taken for granted in the rest of the labor force (you often hear people searching for a new job when they are not learning anything anymore in their current one).

4. You Might Be Very Good at It

No matter what your field is, the skills you spent 5 years or more honing are going to be helpful on the job: being analytical, structured, and independent (in consulting, this last one is called “ability to drive”). 

When I say no matter what your field is, I mean it. My Ph.D. was in Economics, but my two best friends in my entry class at BCG wrote their respective dissertations in Philosophy and Biomedical Engineering.

Consulting firms got curious about hiring Ph.D.’s, postdocs, and the like because they kept growing faster than the MBA programs in top universities. They needed to look for other pools of talents that would allow them to target many great candidates easily. 

They started hiring the occasional Ph.D., J.D., or M.D. to try it out — at BCG we used to be called “exotic candidates” a few years back. As these hires consistently performed well, top consulting firms started to systematically hire this candidate profile (and BCG went for the more sober “advanced degree candidates”).

During my recruiting process, a senior partner at BCG who was himself a Ph.D. told me that Ph.D.’s transitioning to consulting tend to have a steeper learning curve than their MBA counterparts, but that they end up performing better over the long run.

This might be a bit underwhelming to read (or if you’re very early in your application process, scary?), but the answer is simply: pretty much exactly the same as in any other candidate.

I’m no expert on the  consulting resume / cover letter side of things, but make sure that your CV has some items that are not from academia so that they can tell from reading it that you are a well-rounded human being with a life outside of academia (whether or not you feel like it’s the case at the moment). 

To show that you can make the transition from Ph.D. to consulting, you’ll need to show in your interview that you:

• Are a structured thinker.
• Know how to identify what the client’s problem is.
• Can solve it fast.
• Can communicate clearly. 
• And are a driven individual who influences others and cares about impact.

Your Pool of Reference Is MBAs

One thing to note is that as a Ph.D., postdoc, M.D., or J.D., you are typically entering these firms as a second-level analyst (the name of that position changes for each firm). This means that the rest of your entry class will likely be all MBAs, in addition to a few first-level analysts getting promoted internally. 

This also means that you are only about 2 years or so away from your first manager position if you get hired, so the soft skills and the independence matter more for you than they would for an undergrad who would be applying to enter as a first-level analyst. 

Of course, your interviewer will expect you to be a little less polished than the average MBA candidate as they know that you didn’t spend the last 2 years preparing only for this one day of interviews (in between some heavy partying and an internship in an NGO). 

However, they still want you to be someone they’d feel confident putting in front of a client. On top of your analytical skills, that means communicating clearly, understanding basic business terms, and showing the right set of soft skills such as presence, confidence, and personability.

The MBBs (McKinsey, Bain, & BCG)

Advanced degree candidates make up a larger share of the incoming classes at McKinsey, Bain, and BCG each year. These firms are the leaders of the industry and are generalist firms, meaning that you will be able to see many different industries while working there (but you don’t have to if you already know you want to specialize).  

McKinsey, Bain, and BCG even have special immersive recruiting workshops called respectively “ McKinsey Insight ,” “ Bain ADvantage ,” and “ Bridge to BCG .” Links to both programs are included in our resource list below.

I went through Bridge myself, and these 3 days convinced me this was the firm where I wanted to work. Friends of mine who went through Insight shared similar things about it. My own experience at BCG showed me that my background in academia was really valued there

Other Generalist Firms

T hen you have all the other generalist firms. Each one has its own recruiting policy for advanced degree candidates, and you should get familiar with the recruiting process of any that you are interested in. (You can find a  list of over 200 management consulting firms here ). 

You can also use that recruiting process to get a sense of each firm’s familiarity with advanced degree candidates and whether you think you’d thrive there.

Specialized Arms of the Big Consulting Firms

Most big generalist firms also now have specific entities within them that focus on some particular industry. Examples include BCG Gamma for data science or Deloitte Federal Consulting for public sector and non-profit. 

These entities typically have a separate recruiting process from their parent company and can be very interested in the expertise of certain academic profiles.

Boutique Firms

Finally, many specialized consulting firms look to hire Ph.D., M.D., and other postdoc candidates who work in related fields. 

This is especially the case for life science consulting firms such as IQVIA or Putnam Associates , where the business problems their clients face cannot be fully separated from the technical side. 

Moreover, when everybody in the client’s company has a Ph.D., it helps these consulting firms to build trust and credibility when the analysts they send speak the same language and have the same credentials.

Understanding What the Interview (and the Job) Are About

As a Ph.D. candidate, you’ve learned the jargon and the code of your academic field. You know how people think and talk, what they see as important. Consulting is just another world to discover, with a new set of codes that you have to learn and show that you know. 

A consulting firm is hired by their clients to help them solve their business problems and help them make decisions based on what matters to them . The case interview is just a role play of that. 

For that reason, it is not a differential equation to solve in your corner or a literature essay to write in full before publishing it: it is really about solving a business problem in real-time while taking the interviewer by the hand as you do so. 

In practice, that means that you want to constantly (but succinctly) explain to your interviewer what you are doing before you do it, explain the logic in your steps, get their approval (we say “buy-in”) on any assumption that you have to make by justifying it, etc. Your job is to drive toward the answer while bringing your interviewer along with you each step of the way.

Being Efficient

The rhythm of the interview is a reflection of the intense rhythm on the job. Whether you’re laying out your structure for solving the problem, doing the math to support a recommendation, or answering a brainstorming question, you want to show that you know how to be efficient. 

It’s not so much about speed (as long as you move fast enough to finish the case in ~25-30 minutes of course) as it is about your ease and steadiness. Strong candidates know exactly where they are going at all times, get their interviewer on board, and are just unrolling the steps to get there without getting stuck. They understand what matters for the answer and what does not as much and allocate their time accordingly. 

In practice, that means getting enough practice so that you can:

• Lay out a MECE structure in under 2 minutes.
• Do not get stuck on the math and can go through calculations with ease.
• Know how to brainstorm a list of potential solutions.

Being at Ease with Business Concepts

I’m not saying you need to know every business concept. You just need to not be afraid of them. Ph.D. candidates and postdocs transitioning into consulting are often convinced that they will fail a case if a business concept they do not know shows up. 

There are some extremely basic ones that for sure you should understand, but those you probably already know: 

• costs (fixed and variable)
• market trends
• competitors

Sure, you need to understand what these words mean but you cannot go through the first 2 or 3 cases in your preparation without seeing them all. 

There are also a few concepts that are slightly more complex and appear slightly less often but are as important. You’ll either need them to understand the question or because they basically are the answer to the case. These are: 

• breakeven point
• product mix (and the related concept of cannibalization)
• turnover rate

Check out  Case Interview Formulas You Need to Know for a primer on these important concepts.

Even for those though, you should realize that business concepts are just fancy words describing common-sense quantities of interest. If one that you do not know shows up, it’s completely fair game to ask your interviewer to clarify its meaning, and then use it as if you always knew it. 

Again, business is not rocket science so if you spent x many years pushing the bounds of human knowledge forward, you can probably pull that one-off. The more you familiarize yourself with the basics through the casing and maybe listening to business podcasts or reading the business section of your favorite newspaper, the easier it will be for you. The point is not to know them all, simply to feel at ease and confident if a new one shows up.

Not Being Obsessed with Details

Solving the case is not the same as trying to think of any point and sub-point a reviewer might ask you to cover in order for your paper to be published. Remember that the answer you’re trying to get at has to be “good enough” for the client to make a decision, according to their criteria. 

Of course, consultants like to go a little bit over the top and deliver some extra (such as an analysis of the risks to consider), but they do not try to get exhaustive the way an academic would. This has no point in the business world where we constantly bathe in massive uncertainty.

If there is a moment in the case when you realize that the data you’re given or the way the interviewer wants you to do the math is making an implicit assumption or is ignoring potential nitty-gritty cases, don’t feel like you have to hammer that nail and lose time. 

At most, if it’s already going well you can just acknowledge that out loud. And if taking this into account wouldn’t change the answer, it’s not worth wasting time on.

Doing the Math the Consulting Way

Your current level of confidence around the math might depend on whether you are in an analytical field, but know this: consulting math is high school math, and you probably did ok in high school. 

It’s all simple arithmetic. The trick is that you have to be at ease doing it under pressure, ideally without mistakes and without getting stuck. You should also be extremely structured in the way you approach it and detail to your interviewer everything you are going to do before you do it. 

As you build more ease, you will also start seeing which shortcuts you can take to get to the right answer even faster. 

Displaying the Right Soft Skills

Finally, you have to understand that consulting is a client services business and as such, the opinions of their clients matter. Therefore, consulting firms care about how their employees appear and the image they project, and you’ll have to conform to that to get the job. Moreover, the intensity of the job, its feedback culture, and the omnipresent teamwork also matter.

That means being a great communicator, displaying confidence, being present and making eye contact, and being personable is important. It also applies to something as simple as how you dress on interview day: make sure you come with a suit or other business formal wear that is well-tailored to you. Again, your interviewer has to feel confident you could represent their firm in front of a client.

As an academic, it’s not that you are naturally less gifted at any of these, it’s that so far you might have gotten a pass as long as your research was good. Now you are entering a world where those things matter as much as the content of your brain, and the people who have been in that world for longer simply had to work on it already. Now it’s your turn. 

1. Do Your Research

Ph.D. candidates looking to transition to consulting need to identify the companies they’re interested in and learn the specifics of each. Reach out to alumni from your schools, friends, or friends of friends who work for these firms. You can also network with consultants who present at on-campus or virtual information sessions (or even cold message consultants on LinkedIn. The best people to reach out to are those who share your academic background).

The more exposure you get to this world, the easier it will be for you to figure out whether you like it and to show that you do if that’s the case.

2. Be Strategic in Your Application Process

Once you know where you want to apply, get familiar with their application process. Go to their recruiting events. Don’t miss deadlines. 

When applying, don’t neglect polishing your Resume and Cover Letter so that they fit the mold of consulting. That means that if you are a postdoc, do not send an academic CV that is just the 17-page list of all your academic talks in bullet points. 

3. Prepare for the Interview

As a Ph.D. student, this is maybe the scariest for you at this point. You probably have more to learn than an MBA who spent the entire year thinking about it, but the good news is that casing is not rocket science: you do not need a Ph.D. in it to excel. 

It’s only about methodically planning your preparation so that you hone all the skills you’ll be tested on. The preparation is also a great way for you to see whether you’d like the job. 

If you don’t know where to start, have a look at our Ultimate Guide to Case Interview Prep .

Good luck on your transition from Ph.D. to consulting! 

• Bridge to BCG: What It Is & How to Get Accepted
• McKinsey Insight
• Bain ADvantage
• What Is Consulting?
• Consulting Resumes
• Consulting Cover Letters
• The Ultimate Guide to Case Interview Prep

– – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –

In this article, we’ve covered:

• What makes Consulting attractive after pursuing a Ph.D.?
• What are consulting firms looking for in advanced degree candidates?
• Which consulting firms should you apply to as a Ph.D. or postdoc?
• What challenges you might face as Ph.D. applying to consulting?
• How can you ace your recruiting process and case interview coming from academia?

Still have questions?

If you have more questions about transitioning from a Ph.D. to consulting, leave them in the comments below. One of My Consulting Offer’s case coaches will answer them.

Help with Your Consulting Application

T hanks for turning to My Consulting Offer for advice on transitioning from a Ph.D. to consulting. My Consulting Offer has helped almost 89.6% of the people we’ve worked with to get a job in management consulting. We want you to be successful in your consulting interviews too. For example, here is how Ellen was able to get her offer from BCG.

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How to transition from PhD to consulting?

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Going from PhD to consulting can feel intimidating. It’s hard to know which consulting firms recruit PhDs, and at which level. And it can also sometimes feel unclear if you’ll be using your PhD skills at all or completely starting from scratch.

So let’s walk through how you should manage your transition from PhD to consulting step by step. From which firms to target to how much you will be paid and how to ace your applications and interviews. Read the full article here .

Transitioning from a PhD to Consulting

Key considerstions and best practices on transitioning from a phd into management consulting.

For many years, consulting has continued to be one of the main alternative careers for individuals with PhDs (or other advanced degrees such as JDs and MDs).

As PhDs, we have spent many years learning to problem solve effectively, think on our feet, and thrive when challenged with diverse and complex issues. The skills we acquire over the many years are highly sought-after by consulting firms all over the world, however, it can be hard for us to get our foot in the door as we often lack the desired business acumen and interview experience.

In this post, we highlight the main things to consider when exploring the transition from a PhD to consulting, along with some of the key points we would have done differently during our advanced degree application process.

What to consider during the transition? (Top)

There are a number of things to consider when thinking about making the move from a PhD into the world of consulting. First, if your advanced degree is not business focused, it is important to decide early on if you think the consulting lifestyle (and casing) is for you, even the interview process and preparation itself can be extremely different from anything you have encountered before. Talking to consultants, ex-consultants, and recruiters can provide great starting points to help make up your mind, it is also worth trying out a case or two!

Figure out your “why”

As you start to think about the transition, it's incredibly important to think about why you want to make the move into consulting and how the skills from your PhD will make you a good consultant, and ultimately a great fit for consulting firms. Down the road when you begin to network and start the application process, it's going to be crucial to have a clear and concise answer to this question as it will most definitely make an appearance during any informal or formal interview settings.

Attached below is great video where RocketBlocks Founder, Kenton Kivestu, shares three key tips on how to approach answering "why do you want to work here?" in an interview.

Identify target firms

As a science PhD, I found interviewing at Life Science firms much more natural and far less scary than the generalist firms. Additionally, it's important to think about location, along with your preferences for work travel (post pandemic, of course!), offices in places like New York and San Francisco tend to be slightly more competitive than other US locations.

Align to the recruiting cycle

For advanced degrees, most generalist and Life Science firms have a focused recruitment cycle (usually around the summer) for the following year, for example interviewing in summer 2021 would lead to a 2022 job start.

However, it is good to note that some of the smaller firms will review applications and interview 'off-cycle' throughout the year - so keep your eye out for individual firm updates. Due to these specific timelines, it's essential to think about the amount of time you have around your PhD or postdoc for networking, building up that resume, writing applications, and acing those interviews.

Here's some more information on what the recruitment process for advanced degrees looks like at MBB firms:

McKinsey advanced degree

Advanced degree candidates at McKinsey are considered for a business analyst position or an associate position depedning on their relevant career and educational experiences. More information on the requirements and the types of roles available can be found here .

BCG advanced degree

BCG regularly recruits advanced degree candidates pursuing a JD, Ph.D, or Md. Click here for more information on hiring oppotunities and upcoming events.

Bain advanced degree

Like McKinsey and BCG, Bain has a focused recruiting cycle for advanced degree candidates. More information can be found here . In addition, Bain has an Advanced Analytics Group (AAG) which consists of members holding advanced degrees in statistics, mathematics, computer sciences and other quantitative disciplines. More information on the application process and open positions for the AAG can be found here .

Best practices for PhDs (Top)

Everyone applying and interviewing for a consulting job, both advanced degree candidates and regular hires, will have their own adventure and along the way learn things they wish they had done differently. Here are a few hard-earned tips from PhDs who've already gone through the consulting recruitment process:

Start the process early

Remember it's a marathon, not a sprint particularly if you are from a non-business background, the whole process is going to be very new. Along with juggling a PhD or postdoc, the recruitment process can be long and time consuming; try to be organised from the start with dates and deadlines, so you know what you are working towards and reduce any potential elements of surprise.

Preparing for the case interview as a PhD is potentially the most daunting part of the recruitment process, but it's really helpful to find consistent casing partners, friends, and people you don't know with different backgrounds and casing abilities early on. I personally learnt a lot by casing with MBAs and experienced hires. It's also important to spend time personalising and tailoring cover letters and resumes for specific firms of interest so you stand out to recruiters from the beginning. RocketBlocks, and other online sources, have a number of free guides to help you get started with the consulting application preparation and case interviews.

💡 Shameless plug: Our consulting interview prep can help build your skills

Focus on those 'soft skills'

As advanced degrees, consulting firms know you are smart which means competition is about way more than just your grades. Be sure to get involved in extracurriculars and use your application to demonstrate interests, skills, and passions away from your PhD. Leading a consulting club, participating in student/postdoc councils, or being involved in sporting activities will help you to stand out to recruiters and give you things to talk about during interviews (but make sure you actually do those things, don't make it up!).

Build your business acumen

It may seem silly, but learn some of the essential business concepts and brush up on current affairs around the world, particularly if you are lacking a business background! Knowing some of the lingo and having some general knowledge can be a powerful tool when networking and further down the line during the interview process. There are some great podcasts out there for quick and current business news! Also, if you plan on interviewing for Life Science firms, it's good to have a working knowledge of recent healthcare/pharma news.

Build your network and learn about the firms

Due to the yearly timelines for advanced degrees, once springtime hits 'Information Sessions' (organised through your school or local consulting club) and 'Coffee Chats' are usually held by many consulting firms. These are great places to start learning about the general overview of firms and network with current employees – take advantage of these easy opportunities to meet people! Another huge advantage of building a network with consultants at these firms is the chance of getting a formal, or informal referral. A referral from someone within the firm can give your application a massive boost in front of recruiters, which could lead to an interview invite instead of a rejection.

It's important to research the firms you are applying to, it seems easy to just throw your resume out everywhere, but it's not always the most successful method. Spend some time understanding the values and goals of each firm and make sure they align with your own. Think about what you are looking for in an employer, and how the firm aligns with your future career goals. Some firms are going to be a better fit for your needs than others, and that's OK!

Apply for the advanced degree summer programs

Many of the firms, both generalist and Life Science, hold summer programs for advanced degree candidates (including McKinsey Insights , Bridge to BCG , ADvantage Bain , Connect to ClearView , Clarion PROPEL ) which usually last for 1-3 days in a local office or online. Applications go live in February, and they are typically due in March. These programs are a great way to learn about the firms, work in case teams, and network with lots of different people (at various stages of their career). These programs tend to be highly competitive but often lead directly to a first-, or even second-round interview.

Don't forget about the rest of the interview

It's so easy to get hung up on the casing part of the interview, particularly because it feels like the scariest bit, but often this may only make up half of the interview. Remember to use the interview to sell yourself; for the fit component of the interview make sure to prepare engaging and interesting stories and practice them out loud with other people.

The video below focuses on finding the right stories for the fit portion of your consulting interviews.

Finally, try and enjoy the process as much as possible!

Although it can definitely feel intimidating to start with, consulting can be a great move for PhDs that want to develop in a more business focused environment. Finding ways to sell the many skills you have developed during your advanced degree and giving yourself enough preparation time can be a massive help in being successful in the application process.

Read this next:

• Consulting Getting Started Guide
• Full cases from RocketBlocks
• Consulting career path, compensation and responsibilities
• Partner compensation at MBB
• Applying from a non-target school
• Experienced hire recruiting process
• Recruiting: office selection considerations
• Consulting internships at MBB
• Consulting re-application
• Consulting exit opportunities
• Associate Consultant salaries
• Consulting cover letter
• Consulting international recruiting
• Consulting resume
• McKinsey consultant salary

See all RocketBlocks posts .

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Consulting With a PhD – 8 VITAL Steps (2023)

• Posted by: Chris

Updated May 15, 2023.

Six months into my post-PhD career, I left a job at a think tank to do consulting with a PhD.

I was watching the money the think tank was taking in to do these research projects. It was a lot of money. And they’d pay me by the hour. And when I sold a $50k project that took me 4 months to do, I confess I started to wonder why I needed the middleman.

Why couldn’t I just sell that project and do it myself?

It turns out it was harder than I thought. People paid the think tank because of their name and reputation, and I didn’t have that yet.

So I struggled to sell, and eventually failed miserably and ran back into a job.

Why do I tell you this at the beginning of a post on consulting with a PhD?

Because it’s possible to make a lot of money consulting. And I do consult successfully now. But it’s not easy.

Here are 8 things you should do to build a career in consulting with a PhD. (NB this post is about building your own business as a consultant rather than getting hired as a consultant with a big firm. You can read about that here. )

–post continues below —

And if you’re ready to launch your consulting business, check out my step by step guide here (opens in a new window).

This post contains links to affiliate products, which–if you choose to purchase–pay us a commission at no extra cost to you. This helps to support our work. We only promote products we’ve used and love . We love partnering with FreshBooks, which is dead simple to use and perfect for consultants!

1. Build your network

2. define what you offer, 3. consider working a job first, 4. learn business basics, 5. figure out how much to charge for consulting, 6. build your personal brand, 7. get professional help, 8. get ready to battle yourself.

Networking is everything. Your network will create wealth and opportunities for you. The bigger and better it gets, the more you’ll have.

If you aren’t willing to build a network constantly, don’t go into consulting. Consulting with a PhD can require near-constant selling, especially if your contracts are small.

And the first point of sales is relationships.

People are most likely to choose you from several people they could pick because they know you. If you’re on their radar, they won’t google someone; they’ll call you.

The great thing about building your network is that it doesn’t have to happen at some magical point when your PhD is done. You can start now:

See the related posts (Links open in a new tab):

Many Students Have No Idea How to Network. Here Are 5 Tips.

6 Mistakes PhDs Make When Networking

Here’s Why Networking Will Dramatically Change Your Career

In this video, I told the story of how my network helped me land my first $40,000 consulting client!

You should know what it is you have that companies occasionally, and preferably routinely, pay for.

Consulting represents a sweet spot where employers really need to or want to get something done, but don’t have enough employees to do it and can’t justify hiring one. Enter you.

Let’s say that hiring a new research assistant would cost them $40K for a year. If you’re there and will save them the hassle of doing this, plus they get a PhD on it, they might throw $20k or $30k at you to do the project.

But define, define, define.

Be specific. Don’t just say that you’re a researcher. Be clear on what your offer is.

Some of your transferable skills CAN be really valuable here.

I can do Program Evaluation, Stakeholder Mapping, and Convening, and write policy papers in the areas of immigration, education and skills, and innovation and economic development.

If you’re on LinkedIn (which you should be), you can add certain services to your profile — making you more searchable for those things.

Here’s mine…

Pro Tip – As you meet people and build your network, ask what their specific needs are. Ask how often they hire consultants, what they usually hire consultants for, and if there’s a list you should be on. Do they need an engineer to run two months of tests to validate a concept? Do they need a policy researcher with expertise in gender studies to write a report? Figure it out! And use what you learn to adapt your offerings.

What is a science consultant?

A science or scientific consultant brings specific scientific area knowledge to a company that might need fractional help–either specialized or general. For example, here is a story of a molecular biologist who consults on grant applications for major medical projects .

What is a management consultant?

A management consultant is trained to understand corporate structures and processes, to step into a situation from the outside and offer suggestions. Many consulting companies hire PhDs because of excellent critical thinking skills, occasionally combined with specialized knowledge fields (ie. biotech, data processing, etc.).

If you can make the jump from PhD to consulting, more power to you. Even more power to you if you can do it on the side while you study . But if you don’t know the field you want or the value you offer, it might be worth getting “paid training” through working in a job.

I wish more would-be PhD consultants knew this…

When I worked at the think tank, I ran projects, won grant money, and worked with stakeholders. My next job in government taught me how much I didn’t know about how government works , how things get done, and how to use a bunch of acronyms.

When I recently told a director (a mid-level manager in the Canadian government) that I was going into consulting, he was excited—every time they hire consultants they have to teach them about how they do things.

He realized that if he hired me he wouldn’t have to do that.

If I had jumped straight into consulting from the PhD, I would have had a difficult time. I’m not sure what I would have sold (writing or editing probably) and, if I were successful, my life would look very different.

I learned so much from working every job I’ve done that makes succeeding in consulting more possible—but still far from a sure thing.

Don’t rule out working a job if your goal is to eventually do consulting.

What about PhD Consulting Jobs?

If you want to get a first-class consulting training, you might consider a consulting firm. For a PhD management consulting might be a great fit. These consultant jobs mean that you won’t be an entrepreneur per se, but you will get a fantastic introduction to the wide world of consulting. Check out McKinsey , Bain , or Boston Consulting Group (BCG). All of them have entry level consulting jobs for PhDs. And (BTW), many people who start with these companies eventually found their own.

Ok, so you’re launching a consultancy.

• Will it be a corporation, a partnership, or will you operate as a sole proprietor?
• Do your clients hire sole proprietors, or do they require incorporation?
• How will you do your bookkeeping?
• Are you keeping track of your tax write-offs?
• Do you need insurance?

You don’t need to know EVERYTHING about business , but the things I mentioned above are considered basics.

Try reading some business books. Drop by a local small business support center, or browse government websites dedicated to helping.

Learn as much as you can.

Two things that helped me:

Bookkeeping for Dummies — It wasn’t John Grisham, but I read it cover to cover. Learn these basics if you are serious about running a business.

FreshBooks – This is an amazing and simple bookkeeping solution, perfect for consulting. It’s simple, but lets you send pro invoices, keep track of profit and loss, and expenses.

Pricing” target=”_blank” rel=”noreferrer noopener sponsored”> Click here to check the price for FreshBooks in your region.

I don’t want to discourage you. With all the weird stuff you’ve learned, you can learn the basics of business!

But go do it! Treat it as seriously as your most important academic investigation. Because the skills you grow will change your life.

It’s really hard to learn how to charge for consulting.

If you’re going to charge $15 an hour as a consultant, you might be better off working at McDonald’s. It’s tempting to bid cheap to win contracts, and sometimes you might have to do that.

But your foray into consulting can’t be a race to the bottom or you won’t make it.

Price your service high enough that some people might say no (again make sure you know what your value proposition is).  Recognize that people equate price with value, and expect to pay a little more for someone who will do a great job.

To give you a frame of reference, my own PhD consulting hourly rate was $70 an hour for most clients. For the occasional passion projects or non-profits, I’ll go lower—my lowest right now would be $55 an hour.

Now, of course, I don’t actually charge by the hour—I charge by the project.

But if a client wants to know what my hourly rate is, that’s it. And when I estimate a project, that’s the framework I use. (Update-I now charge between $100-$350 hourly. I’ve upped my rates as time goes on.)

Now let me guess. You’re sitting there as a graduate student thinking that this is an obscene amount of money.

And from a $15k stipend, it seems like it.

It’s actually a win-win. I didn’t make $70 an hour in any career job I worked. As a PhD consultant, I’m assuming all the risk. I’m personally not willing to assume a high level of risk to make the same as I made in a job.

And it’s a win for the employer too, believe it or not. It costs an employer anywhere from $70,000-$130,000+ a year to hire someone full-time to do what I can do–and it’s a headache.

So if someone hires me for $40,000 to get done what it would normally cost them $80,000 they’ve saved a lot. If I can get between 4-10 contracts a year that are between $20,000-$45,000 I’ve made some fantastic money.

Now—before you see the dollar signs rolling in front of your eyes, let’s add a caution here. If I sold 4-10 projects a year worth $1,000 each I’d be living in poverty.

Some consultants do–especially the first year. Just because you CAN make a ton of money consulting doesn’t mean you WILL.

Again, I don’t want to discourage anyone, but it’s important to have a realistic view of what might happen and prepare for anything.

Did you know? – The challenge that sinks most consultants is the balance between selling and delivering. They get their first contract and work hard at it, forgetting about finding the next one. Or they get caught up in chasing leads and their quality suffers. It’s a tough balance — you’ll have to work to figure it out.

If people are going to pay you $70 an hour to be a consultant for them, they want you to be professional. That means putting the grubby PhD student identity away (if they’re still around). Polish, polish, polish your brand.. Work on your LinkedIn and share material on it, get professional head shots. Perhaps get a website. You’re in the business of marketing YOU inc. right now, so make sure you would want to hire you.

Work on how you carry yourself. Practice your handshake so it’s firm. Study speaking and projecting confidence.

I know these things sound so ridiculous, but they seriously make a huge difference and will make you more likely to succeed. Confidence especially is critical and is easier said than done.

And get ONLINE! I get consulting clients now from my digital presence. If you want to know how to get started, I created a free email course on mastering your digital brand and making money from it!

Book Recommendation: There are two great books on building confidence: Steal the Show — a book about “performing” your roles in life, and The Confidence Code — directed towards helping women grow confidence.

5 Personal Brand Tips to Put Your Growth on Autopilot

If you’re serious about consulting, you can’t be the expert on everything.

There are two people every entrepreneur should have in their ear: a lawyer and an accountant.

• The lawyer will help you be legal and legitimate (if you decide to incorporate) but can also offer advice on contractor agreements, non-disclosure agreements, and a whole bunch of other legal processes that are vital for entrepreneurs.
• The accountant will tell you how to structure a company, and teach you how to pay only the taxes you need to (I’m not talking about setting up a shell company in Panama here—but you really don’t want to pay more taxes than necessary), and what you need to keep for bookkeeping, tax write-offs, etc.

You need both of these people.

You don’t need either of them full-time.

Chances are, once you’re running, you’ll only see your accountant once a year and your lawyer perhaps less than that.

But do find someone with the heart of a teacher that you can call with little questions as you have them. If your lawyer or accountant makes you feel like an idiot or won’t explain things to you, fire them.

Pro Tip: Don’t spend tons of money upfront. Lawyers and accountants have tons of things they can charge you for—monthly check-ins, extra paperwork, etc. I chose to do the bare minimum UNTIL I had cashflow. You should absolutely make sure you’re going to have some money coming in, perhaps even have your first few clients tentatively signed, before you drop a ton of money on lawyers and accountants. It’s too easy to get in way over your head up front.

Just like in academia, imposter syndrome among entrepreneurs is rampant. So you may never feel good enough. And in the end, it’s one more place you’ll have to #fakeittillyoumakeit.

If you’re making the leap, make sure to prepare for this. Find a good mentor–a BUSINESS mentor (not your PI). Look for mastermind groups or meetups of business people, and surround yourself with people who think like entrepreneurs.

Deal with your money blocks before they bite you in the ass.

This is a very minimal guide to consulting. I’m still learning lots about it, so I’ll post more as I learn. What do you think? Are you planning to make the jump? Have you thought it through? Have I missed anything?

If you’re ready, follow my 7 Easy Steps To Launch Your Consulting Business This Week. And good luck!

Now Read- What My $40,000 Client Taught Me About Starting a Consulting Business (Video)

Book Recommendation

If you’re looking for a fantastic book that will give you some great advice on building a consulting practice, this is a great book to start with.

Consulting Secrets 3 – Landing Clients

Photo by Christian Sterk on Unsplash There’s a new type of post buzzing around LinkedIn. I confess, I’ve even made a few.  The post is

You’re Not Good Enough… Yet

Last year, I spent $7k on a business coach. She was fantastic. She helped me through sessions of crafting my ideas to become a “thought

$200/hr Expert? Here’s the Secret!

Photo by David Monje on Unsplash I was listening to Tony Robbins this week. He was talking about being the best.  Tony asks the audience,

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How to transition from PhD to consulting?

Going from PhD to consulting can feel intimidating. It's hard to know which consulting firms recruit PhDs, and at which level. And it can also sometimes feel unclear if you'll be using your PhD skills at all or completely starting from scratch.

So let's walk through how you should manage your transition from PhD to consulting step by step. From which firms to target to how much you will be paid and how to ace your applications and interviews.

Click here to get expert help on your resume from a consultant recruiter

Which companies recruit phds and at which level.

Consulting firms help clients solve some of the most difficult problems they face in their business. As a consequence, firms like McKinsey, BCG and Bain have always been competing with each other to recruit the smartest talent possible. Historically, top consulting firms were mainly hiring MBAs but that has changed over the past few decades and they now also target undergraduate and PhD students.

However, not all firms recruit PhDs at the same level. Some firms like Bain or Oliver Wyman recruit PhDs at their undergraduate entry level which they respectively call Associate Consultant and Consultant. This recruiting approach can feel a little bit frustrating as a PhD given you've spent much more time studying and also usually have more work experience than a typical undergraduate.

But the good news is that some firms have started to recognise this issue and to hire PhDs at the level just above the entry level one. This most notably includes McKinsey and BCG which respectively hire PhDs at Junior Associate and Senior Associate levels. As you can see in the graph below, these are equivalent levels despite the fact that the two firms call them differently.

As you've probably understood by now, McKinsey and BCG are great firms to target as a PhD because you will get in a at higher level than other firms which has got a few advantages:

• First, you'll receive a higher base salary from the start. ~$95k instead of the typical ~$80k for undergraduate entry level.
• Second, you'll be further along in your career and be given more responsibility from day one.

If you want to target these two firms, we would recommend taking a look at the recruiting events they regularly organise for PhDs: the McKinsey Insight Programme and the Bridge to BCG Programme . Both are one to two day workshops during which you get a chance to network with people from McKinsey / BCG , participate in realistic case experiences and get a better feel for whether you'd enjoy being a consultant. We would definitely encourage you to apply if you can.

In addition, if you have done a PhD in life sciences, we would also encourage you to take a look at consulting firms which have a strong focus on healthcare and pharma. This includes LEK , ClearView , Navigant and ZS Associates among others. These are smaller firms than McKinsey or BCG in terms of size but they have a strong culture of hiring PhDs and could be a good addition to your list.

Finally, McKinsey, BCG and the other consulting firms we have mentioned above take part to the PhD to consulting conference every year in the UK. We would recommend attending if you are based in London.

Why should you become a management consultant?

Consulting is intense and your interviewers will want to make sure you have carefully thought about why you want to become a management consultant . In our experience here are the top 3 aspects of management consulting that are most relevant to PhD students.

First, management consulting is not completely unlike doing research. A big part of a management consultant's job is to solve client problems. Going to work for firms like McKinsey or BCG will therefore give you the opportunity to continue using the skills you have developped while doing your PhD: from gathering data, to breaking down problems into manageable pieces and to articulating your ideas in a structured way. Here are a few case examples if you want a more precise idea of the type of projects consultants work on.

Second, one of the differences between management consulting and academia is the pace at which things go. You typically go less deep in the problems you solve in management consulting. But you are asked to solve them much faster. There's an emphasis on speed over depth. The bright side of this is that you will typically see the results of your work much faster as a consultant. On some projects you could even see your recommendations being implemented and have a direct impact on revenues / profits while you are still working at the client site.

Third, if you've decided academia isn't for you and are attracted to the business world, consulting can be a great stepping stone. McKinsey, BCG and Bain are sometimes referred to as " CEO factories " because a lot of their alumnus go on to manage Fortune 500 companies. For instance, both Sheryl Sandberg (Facebook COO) and Sundar Pichai (Google CEO) are former McKinsey consultants. Not all consultants go on to do great things but some do!

Having a clear idea of why you want to be a consultant is important because it's a demanding job which often involves long hours and a lot of travel.

How to land and ace consulting interviews?

Now that you know what firms to target, let's talk about the consulting application process. For most firms it looks something like this:

• Resume and cover letter
• Maths and logic test
• 1st round interviews
• 2nd round interviews

Each round of interview typically includes 2 to 5 interviews where you will be asked a mix of case questions and fit questions .

The first hurdle you will need to overcome is writing a great PhD consulting resume (template available here) . Our four main tips to achieve this as a PhD student are as follows:

• First, you should use a consulting specific structure for your documents: "Education", "Work experience", "Extra-curricular achievements" and "Additional skills". There's no need for specific sections on your publications or the conferences you attended.
• Second, you should write result-oriented bullet points. This means all your bullet points should start with action verbs (e.g. lead, analyse, etc.) and quantify the impact you've had as much as possible (e.g. lead a collaboration between 4 researchers which resulted in 3 publications)
• Third, you should work hard to simplify the topic of your research. The person reviewing your resume won't know more about your field than the average Financial Times reader. You need to dumb it down for them. They don't need to understand what you did in detail. Conveying a high level idea of your field is often enough.
• Finally, some recruiters have small prejudice against PhD students. They think they are good problem solvers but lack soft skills. In your resume, you should therefore make every effort to show off your soft skills. Two easy ways to do this are to talk about the different collaborations you've worked on, and the different presentations you've made at conferences.

Once your resume and cover letter have been accepted you will need to start preparing for case interviews . This type of interviews lasts about 30 minutes during which you will analyse and solve a business problem. These cases are usually inspired from past consulting projects your interviewer will have worked on.

For example, your interviewer could ask you: "Your client is Coca-Cola, and their profits have been declining in recent years. Can you help find the root-cause of the profit decline and turn the situation around?"

We've helped more than 20,000 students prepare for consulting interviews in the past and in our experience the following four-step approach makes for a great preparation.

• First, you should aim to develop fast and reliable maths skills . All case interviews involve some maths but PhD students in sciences often underestimate that part because they are used to doing more complex maths in their research. But doing simple additions, subtractions, divisions and multiplications QUICKLY and ACCURATELY is a completely different skillset to solving complex integrals (as an example). It requires some practice!
• Second, the real secret to case interviews is CONSISTENCY. You will have 5 to 10 interviews before getting an offer. In order to succeed you therefore need to consistently crack cases. In our experience, the best way to achieve this is to always use the same step by step method. We've developed our own method which you can learn about in our case interview programmes. Or you can also develop your own.
• Third, you should practice as many case interviews as possible. Practicing with peers and playing the role of the interviewer / candidate in turns is extremely helpful. But in addition, we would also recommend practicing by yourself as this gives you more time to think about the questions and about the perfect answer you can give. In addition, some candidates also use a consulting interview coach to fine-tune their preparation.
• Finally, you should not forget to spend some of your preparation time on fit and PEI questions . These are questions such as " Why McKinsey? " or "Tell me about a time you lead a team through a difficult situation?" These are often overlooked by candidates but carry an important weight in interviewers' final decision.

Consulting can be a great stepping stone for PhD students who aren't willing to go into academia and would like to enter the business world. McKinsey and BCG are particularly active in the PhD recruiting space. And so are other smaller firms with a strong presence in healthcare and life sciences such as Navigant, Clearview or ZS Associates. Getting an offer in consulting can be a bit challenging but if you follow our guidance on resumes, cover letters and case interviews your chances are actually quite high.

Related articles:

UCL Researchers

Find Your Future

Transitioning from PhD to consulting

By uczjsdd, on 24 February 2015

How did you make the decision to leave academia?  

Whilst working at GlaxoSmithKline Pharmaceuticals, I enjoyed working as part of a vibrant team where scientists put their knowledge and skills together to deliver results. I also found it extremely rewarding to understand the relevance of my project in the context of the company’s drug-development strategy. I felt that my future career needed to have elements of teamwork, fast-pace and a strong customer focus.

After my participation in extracurricular activities whilst at UCL, in addition to personal experiences such as travelling and team sports, I discovered my leadership abilities and realised that my excellent interpersonal skills were not being fully utilised in academic research. Moreover, I attended a range of business and entrepreneurship courses at UCL and enjoyed reading about business, psychology and management, and realised that my interests are not limited to science, which made me really curious about exploring other career options.

Why management consultancy?

I first learned about Management Consulting at the UCL Management Consultancy fair, and the diversity and fast-paced nature of the career really attracted me. I followed up this initial interest by attending additional company presentations (at UCL and off-campus) and speaking with current consultants. I realised that a career in Management Consultancy would allow me to build on the skills developed during my PhD, such as problem-solving and delivering effective presentations, combined with the opportunity to developing leadership and project management skills.

I also strongly believe that understanding how organisations are structured, the challenges they face and how to improve their performance will equip me with the skills and contacts to build my own venture in the future. Strategic consulting offered an excellent match as it addresses the important questions that can change the direction of the world’s biggest organisations.

How do you think the skills you learned during your PhD will help you in the role?

In my opinion, running a PhD project is analogous to managing a small company, where you need to spot a “gap in the market” (something unique in your research area), plan a strategy to tackle the issue, mobilise resources, meet deadlines, manage expectations and communicate clearly with your stakeholders (such as the PhD supervisor). I feel that overcoming the uncertainties and complexities of a PhD helped me build the strength and endurance to tackle any challenge in my life. I came out of my PhD as a more entrepreneurial and confident individual, ready to make something new happen and embark in new challenges!

A series of skills developed during my PhD are extremely relevant to consulting. For instance, breaking down complex problems into manageable solutions, and then putting the parts together and reaching conclusions in the context of the overall problem. In addition, communicating research findings in a clear and effective manner to audiences who are not necessarily familiar with details of your work (such as the CEO of a major corporation) is part of a daily life of a consultant.

Are the skills acquired during your PhD enough to break into business?

The simple answer is: NO . I have met several PhD students who decided to move into business towards the end of their PhDs without having complemented their CVs in order to get there. Although some organisations do hire PhD students primarily based on the analytical/research component of their PhD (eg. maths/physics students who can develop ultra-robust algorithms for trade modelling in finance), most companies are looking for a broader skill-set in addition to the problem solving, self-motivation and attention to detail PhD students usually excel at. Relevant skills include leadership, commercial awareness and teamwork – which can all be developed through both your research and extracurricular activities.

I decided early on during my PhD to build my CV to make the transition into business. My first “target” was leadership skills. I joined a very entrepreneurial society called Enactus, which basically uses business skills to develop projects that bring benefit to society. I set up the UCL plus project and led a team of 9 students helping young people write CVs, prepare for interviews and develop transferable skills, in partnership with UCL Careers Services. We run over 50 hours of workshops in five schools and community organisations in deprived areas of Camden (North London). This project also served as a good example of Entrepreneurship since we did something no one at UCL had done before and received really good feedback from teachers and the young people.

I developed invaluable skills in business and management after attending a range of courses run by UCL Advances, such as Business Marketing, Enterprise Bootcamp and the Value Creation Workshop. I also attended a London Business School MBA elective course titled strategic innovation, where I learned about the challenges that businesses face and how decisions are made, in often ambiguous and uncertain scenarios. I would really recommend these courses. UCL is such a fantastic and entrepreneurial university and I feel very privileged to have had access to all these resources.

How did you make sure your applications and interview performance were as good as possible?

Put simply, the interviews for the most prestigious consulting companies are tough. The case-type interviews require a great deal of preparation. Although there are examples of students succeeding with only one-two weeks of preparation, I strongly believe those are exceptions. At the beginning I felt helpless at solving cases. However, with effort and preparation you can get there! I prepared for about 2 months (15 hours/week), initially by reading case books and then solving a total of about 30 to 40 one-to-one cases in the website Preplounge , which I would really recommend. I practiced with people from all over the world, including MBA students from the world’s top business schools.

In the case interview (which probably requires a separate blog article), the candidate is required to tackle a business problem in a structured and logical manner. You need breadth/creativity and depth. For instance, list a range of factors relevant to the given problem, but also justify why and prioritise (ie. which factors are the most important and why). When given graphs and tables, you need to identify the key drivers, perform some basic maths, relate your findings to the overall problem and suggest a course of action. The ability to summarise and communicate your findings at the end is also very important.

Regarding the competency part of the consulting interview, I was asked about examples of leadership and managing conflict in a team. Again, having a high-impact and interesting story (usually in the context of managing and working with people) will put you in a good spot. It is also important to structure the answer well, and you can book an appointment at UCL Careers to practice.

Any final thoughts?

My take-home message is: be curious, get out of the lab and try the amazing resources UCL has to offer, even if you are not sure if you want to leave academia. You never know what you may discover about yourself and the opportunities out there. I also strongly recommend the employer events run by UCL Careers service and the one-to-one appointments with the Careers Consultants, some of whom are ex-academics themselves and have experience supporting PhD students who are exploring alternative career options. Wish you the best of luck in finding the path that will help you shine!

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Tags: Careers case study , management consultancy

9 Responses to “Transitioning from PhD to consulting”

Interesting post on the transition from PhD to management consulting

Interesting post on the transition from PhD to management consulting http://www.myconsultingcoach.com/news/4-obstacles-phds-face-in-getting-into-management-consulting

[…] https://blogs.ucl.ac.uk/ucl-researchers/2015/02/24/transitioning-from-phd-to-consulting/ […]

[…] we’re honest, there are some classic ex-academic destinations people tend to report. Management consultancy anyone? Or is data science more your thing? Patent law? How about a bit of science writing? Science […]

Thanks for sharing such a nice article.Simple and clear explanation.Good job.

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From PhD to consulting, from one medical device to the entire healthcare industry

June 22, 2020 In the summer of 2019, after completing my PhD in biochemical engineering, I joined McKinsey in Shanghai . If you’re working toward a PhD, master’s, MD or JD you may have the same questions I did when I was in your shoes: is consulting right for me? Can the skills I learned during my PhD studies be applied to consulting? Will there be engagements worth long-term research? Now, I hope I can help answer these questions from my own experience.

1. Is consulting the right choice for me?

What is it like moving from academia to consulting? For me, it was moving from researching a medical device to potentially impacting the entire healthcare industry. During my PhD, my research topic was the cochlear implant. The cochlea is an organ that contributes to audition; the device I studied was designed for the cochlea of people with a hearing impairment. It's quite a niche industry, I devoted myself to research on this pea-sized organ.

In the second half of my PhD studies, I realized that research is only the first step in bringing new technologies to patients. There are clinical trials, FDA approvals and routes to market. Only by achieving all those steps can the real value be delivered to patients.

I began to wonder whether there was a profession that would enable me to work with every part of the healthcare industry and do something meaningful. I participated in campus recruiting events and joined one of McKinsey's webinars. It was the first time I learned about consulting: consultants help solve clients’ most imperative problems and they can apply the skills learned they during their PhD studies. It sounded like a perfect job for me, but I was still a little suspicious. After reaching out to a few McKinsey alumni  to understand their experiences, however, I had few doubts. They told me they had exposure to the medical device industry, hospitals, and public health organizations, which really excited me. Since I joined, I have worked on studies in pharmaceuticals, MedTech, life science, hospitals and public utilities. I am getting to know the entire healthcare industry.

2. Can the skills learned during my PhD studies be applied to the consulting profession?

In my first client project related to medical devices, we helped the client develop their five-year strategy in China, and I was responsible for product analysis. If you are a PhD student like I was, you may understand that even with some R&D experience in one device, it’s impossible to be an expert in every medical device. When joining the client engagement, I was overwhelmed by the thousands of products the client had. Under the guidance of our engagement manager, I learned to quickly develop a hypothesis and define analytical focus. Then, I categorized the products to understand key features and strengths in each category by conducting due diligence and expert interviews. This process was much like targeted learning and collation and consulting professors when dealing with vast literature resources during my PhD studies. During recruiting, I often heard problem-solving skills developed through scientific research are the core skills of consulting and I can’t agree more. Soon I became the product expert on the team, including being able to answer all of a McKinsey partner’s questions about the products. It was as exciting as the discussions I used to have with my PhD advisor.

3. What will be my long-term research topic at McKinsey?

Since joining McKinsey last year, I have worked on many interesting topics, each worth deep exploration. I helped a hospital provide better online and offline medical services to patients. I helped a MedTech company drive production localization. I participated in an internal research team during COVID-19, analyzing the impact of the outbreak on China's pharmaceutical industry and MedTech companies and worked on helping healthcare players take short-term actions and make long-term decisions ( click here if you are interested in reading more).

Reflecting on the past eleven months, I joined McKinsey to focus on broad topics within healthcare. The core skills I acquired during my PhD have been useful in my role as a consultant. I have enjoyed exploring and am in the process of refining my own path in the firm and looking for a new topics of specialization. If you are interested in doing something interesting and meaningful, McKinsey is a good choice outside the lab.

To learn more about McKinsey in Greater China (Beijing, Hong Kong, Shanghai, Shenzhen & Taipei offices), view our Greater China webinar here .

If you’re a PhD, Postdoc, JD, MD or non-MBA Masters student interested in joining us as a full-time associate, apply here by July 12.

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Consulting advice for PhDs from PhD alums!

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As a part of Career Services’ Doctoral Career Development Camp in June 2023, Career Services hosted a panel of PhD alumni who are now working in consulting.  They offered excellent advice and recommendations to current PhD students who have an interest in consulting.  Below is some of their advice to advanced degree candidates interested in consulting:

Clubs at Penn

• Highly recommend get involved in Penn Biotech Group (life sciences consulting club) – this was a big help to learning more about their interest as well as offered the opportunity to work on projects through case competitions – 1 st exposure to problem solving & teams

Why consulting

• Wanted to try something fast paced which would change focus frequently
• Gained great skills in data science and in problem solving through BGS (Biomedical Graduate Studies), and now can apply those skills in everything from life sciences to trucking
• One of the “best things” is constantly changing and evolving what you might get to do next
• Some work is 100% in person, but other projects and responsibilities are all remote or hybrid – you have to be flexible and adaptable to change
• Where you are (work site, client site, work from home) can vary from week to week and is very client dependent
• Many firms are now focused on “smart travel” or “flex travel” – but with almost every client, some in person work is necessary for almost all clients
• Firms are becoming more cognizant of the burnout caused by too much travel
• Some firms have a “pod” structure where much of the work is done remotely but then some parts of the work – ie workshop facilitation – must be done in person
• One firm provides quantitative capabilities so the work is more remote (this firm focused more on research)
• One firm has a staffing manager who works with each consultant to assist in staffing you – they generally work in the office 3 days each week and have a local model, which means they travel less than other firms may

Nature of the work

• How much choice you have in your client assignments varies my firm – at many firms, working and networking with your managers and mentors can really help you to know what work is coming up next and allows for more say in your next role.  Overall, though – your next role is often staffed more upon client need than your personal interest

Timeline of application/interviews

• ABT – attends an economics conference in December and makes many contacts there – they have 2 rounds of interviews and a job talk, which leads to offers in January
• Trinity Life Sciences – has 2 rounds of case interviews
• Other firms start with a “fit” interview – a more traditional interview in which they focus on what makes you a strong candidate
• Case interviews – spend time preparing these.  Panelists feel that to best prepare, think of them like grant proposals – do not feel like you have to use “MBA lingo” to be successful
• You can distill complex information and then share with others (through publishing/attending & presenting at conferences)
• Have abilities to think critically about problems and then offer multiple solutions
• How you have learned to get from point A to point B in your research (often with little guidance)
• Communication skills – talking to PIs, presenting at colloquiums/conferences, have all developed strong skills in story telling
• Most firms want you to apply prior to the start of your final yearIf you do not have a firm graduation date (which most PhDs don’t…) do not manufacture a date for your resume – almost all firms will allow you to defer your start date if you get delayed to graduationMost firms want you to start after you graduate, but some will allow you to start A
• Apply to the spring/summer programs that some firms have – they often invite applicants who were not accepted to first round interviews anyway

Career Services/Penn resources

• Penn Graduate Consulting Club
• Penn Biotech Group (life sciences consulting)
• Career Services’ Consulting Channel
• Management Consulted
• Case Interview Guide

…..and, as always, all students are welcome to schedule an career advising appointment through Handshake to discuss their interests in consulting!

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Thinking of Pursuing a PhD in Economics? Info on Graduate School and Beyond

Kasey Chatterji-Len and Anna Kovner

Becoming a PhD economist can provide a fulfilling and financially secure career path. However, getting started in the field can be daunting if you don’t know much about the preparation you’ll need and the available job opportunities. If you’re wondering what it means to be an economics researcher or how to become one, please read on. We’ll review how to prepare for a career in economics research, what an economics PhD program entails, and what types of opportunities it might bring. Economic education is a core component of the Federal Reserve Bank of New York’s mission to serve the community. To empower would-be economists, this post provides information for students who seek a career in economics research. We hope this information will be helpful to students interested in economics, regardless of their background and economic situation.  This information is most applicable to students applying to programs in the United States.  

The Breadth of Economics Research  

Academic disciplines conduct research in different ways, so it’s important to have a basic understanding of the types of questions economists ask and how they approach answering them. There are many definitions of economics, but a broadly useful one is the study of how people, organizations, and governments make decisions under different constraints, and how those decisions may affect their outcomes. 

When answering these questions, economists seek to ground their analyses in models and to be quantitatively precise about the effects they assign to any given cause. The range of topics economists can study is wide, but the accepted approaches to answering questions are stricter. Some examples of what economists might ask: 

• How do different public housing programs affect the children who live there? 
• Does a certain type of law encourage businesses to innovate? 
• How will a change in the interest rate affect inflation and unemployment rates? 
• How much does affordable health insurance improve people’s health? 
• How can poor countries eradicate poverty? 

There are many different subfields within economics, including, but not limited to behavioral, econometrics, energy/environmental, development, financial, international, monetary, public, and urban economics. You can familiarize yourself with the latest work in economics by subscribing to working paper series, such as NBER’s New This Week or the New York Fed’s Staff Reports . To get an idea of the breadth of questions economists can answer, you could listen to Stephen Dubner’s “ Freakonomics Radio ” podcast. You may also want to explore the Journal of Economic Perspectives , the New York Fed’s Liberty Street Economics blog, VoxDev , or VoxEU .  

What Is a PhD Program Like?    

Economics PhD programs typically last five to seven years. Unlike masters programs, they are often fully funded with a stipend, though most require students to complete teaching assistant and/or research assistant (RA) work as part of their funding package. In the first two years, students take classes, many of which are mathematically demanding. The rest of the program can include additional classes but is primarily devoted to original research with the aim of producing publishable papers that will constitute the dissertation.  

Faculty advisors are a central part of PhD programs, as students look to them for guidance during the research process. Economics PhD programs are offered within university economics departments, but there are similar programs in public policy and business schools. You can look at their websites to understand any differences in coursework and subsequent job placements. 

What Can You Do with an Economics PhD?  

Upon graduation, students can obtain jobs in a variety of industries. Many PhD students hope to become university professors. Governments and public policy-related institutions such as the Federal Reserve System, the U.S. federal government, the World Bank, and the International Monetary Fund (IMF) also hire economists to work on policy, lead programs, and conduct research. Finally, economics PhD graduates can also find employment at a variety of private sector companies, including banks, economic consulting firms, and big tech companies. The pay for these different positions can vary. According to the American Economics Association (AEA), the average starting salary for economics assistant professors in 2022-23 was approximately $140,000 at PhD granting institutions and $98,000 at BA granting institutions. 

Programs often publish the placements of their PhD graduates, so you can look online to see specific employment outcomes. See, for example, the University of Maryland’s placements . Ultimately, economists are highly regarded as authorities on a variety of topics. Governments, nonprofits, philanthropic foundations, financial institutions, and non-financial businesses all look to economists to answer important questions about how to best achieve their goals. Thus, earning an economics Ph.D. can potentially help you to influence issues that are important to you. 

Preparing for an Economics PhD Program  

There are several components to an economics PhD program application: college transcripts, GRE scores, letters of recommendation, and personal statements. Please download the Appendix linked below to learn more about transcripts and letters of recommendation. The Appendix details ways in which you can select coursework, obtain research experience, and develop relationships to position yourself for success as a PhD applicant.  

If you feel that you are too far along in your academic career to take enough of the classes described in the Appendix, this does not necessarily preclude you from pursuing an economics PhD. For example, it’s possible to take some of these classes through a master’s program, or through a pre-doctoral RA job. Some pre-doctoral RA jobs, such as the one here at the New York Fed , may enable you to take classes in preparation for graduate school. If you are concerned about your transcript, reach out to an economist at your university for advice; program standards for coursework and grades vary, and it’s a good idea to get more personalized advice. 

Research Experience   

If you’re interested in becoming an economics researcher and applying to PhD programs, it’s best to get research experience as soon as possible. Working as an RA is a great way to learn how to conduct research and get a better idea of whether it’s the right career path for you. Additionally, it can help you obtain a letter of recommendation for graduate school applications and improve your qualifications.  

All types of academic research can be enriching, but it’s beneficial to gain experience working directly with an economist. To find a position, you can reach out to professors whose work you find interesting or find an RA program at your school. Typical RA tasks may involve data collection and cleaning, as well as running analyses and creating charts to represent results. This is where coding skills become crucial; having taken math, statistics, and econometrics courses will also enable you to take on more responsibilities. 

You may also have the opportunity to conduct your own research, possibly under the supervision of a professor at your university. This research could be self-initiated or part of a course such as a thesis workshop. Self-directed research is a great opportunity to learn about all stages of the research process. It’s also an excellent opportunity to create a writing sample for graduate school applications. Ultimately, though, your motivation for conducting your own research project should be that you want to answer a question.  One thing economists have in common is a love of answering questions using data and theory. 

Research experience is also often obtained after completing an undergraduate or master’s degree. Taking on a full-time RA position before applying to PhD programs is very common and can make you a more competitive applicant. You may either get an RA job working for a professor or participate in a pre-doctoral RA program.  

Research assistant programs are more structured than positions with individual professors or projects, which could be helpful. Universities, parts of the government, think tanks, research organizations, and the Federal Reserve System are all good places to look for research assistant programs. To help you decide which opportunities are most desirable, you may want to ask potential employers : Where do people in this program tend to go afterward? Will I be working directly with an economist? How much of my time will be spent on academic research work? Will I be able to take classes as part of this program? Considering whether an economist will be able to evaluate your performance is an important factor for recommendation letters. The ability to take classes, either through tuition reimbursement or waivers, can also be an important benefit. 

The Research Analyst program here at the Federal Reserve Bank of New York is one example of these programs and you should check it out here . The Federal Reserve Board of Governors also has a large program, and many other regional Federal Reserve Banks have similar programs. In addition, the PREDOC website and the  NBER post listings of RA opportunities. J-PAL and IPA also tend to recruit RAs for economic development projects. Another source of RA opportunities is the @econ_ra account on X. 

Who Should Get a PhD in Economics?  

A PhD may not be for everyone, but it is for anyone—people of all genders, religions, ethnicities, races, and national origins have PhDs in economics. Many economists majored in economics, but others majored in math, physics, or chemistry. Because economics is such an integral part of policymaking, it is important that economists come from a wide range of backgrounds so policy can be stronger and more effective. The inclusion of differing perspectives helps ensure that the contribution of economists to work in public policy, academia, and beyond effectively serves the broadest range of society. 

• Coursework Appendix

Kasey Chatterji-Len is a research analyst in the Federal Reserve Bank of New York’s Research and Statistics Group.

Anna Kovner  is the director of Financial Stability Policy Research in the Bank’s Research and Statistics Group.

How to cite this post: Kasey Chatterji-Len and Anna Kovner, “Thinking of Pursuing a PhD in Economics? Info on Graduate School and Beyond,” Federal Reserve Bank of New York Liberty Street Economics , May 31, 2024, https://libertystreeteconomics.newyorkfed.org/2024/05/thinking-of-pursuing-a-phd-in-economics-info-on-graduate-school-and-beyond/.

You may also be interested in: AEA: Resources for Students

PREDOC: Guidance for Undergraduates

RA Positions-Not at the NBER

Disclaimer The views expressed in this post are those of the author(s) and do not necessarily reflect the position of the Federal Reserve Bank of New York or the Federal Reserve System. Any errors or omissions are the responsibility of the author(s).

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Sponsor Spotlight: Sarah Logman

June 4, 2024

One of the most impactful experiences of the MS in Business Analytics program is the Capstone Consulting Practicum. This 12-week engagement was designed as an experiential learning course that provides students with the opportunity to work on a real business challenge for a real company, applying technical and professional skills honed throughout the academic year. For the duration of the practicum, a company sponsor serves as both client and mentor for a team of students. Sometimes, sponsors choose to return year after year or choose to work with multiple teams. One such individual is Sarah Logman of Ipsos North America , who not only sponsored for a second consecutive year, but took on three teams of students for the spring of 2024!

The Perfect Mix

Sarah has spent over two decades working in Data Science and Analytics across a variety of clients and industries. She fell in love with statistics in high school and is super passionate about consumer behavior. She says, “I’ve been lucky enough to combine those things across my career working at the cross-section of marketing, analytics, and customer experience to help clients more proactively run their business.” At Ipsos North America, Sarah is currently Senior Vice President of Experience Analytics and Innovation.

“A Day in the Life”

For Sarah, a typical workday involves a lot of teamwork, whether it be within the analytics team, across the Experience Service line, or even across Ipsos. She meets with her people and clients to discuss the best ways to leverage analytics to accomplish their business objectives when it comes to customer experience. There is also a bit of time for experimentation and innovation, which is her favorite part. Outside of work, Sarah is an endurance athlete, so she spends her free time running, biking, and swimming. She also enjoys spending time with her dog, Belle!

Mentorship and Inspiration

Sarah has found that the best part of mentoring students is their enthusiasm and seeing the growth across the project. “They are so eager to learn and come up with truly unique ways of solving our clients’ business issues. I get inspired seeing their approaches and how they think about how to solve what’s been placed before them.”

For graduates moving forward as they navigate their careers, Sarah advises them to learn why math works and be able to explain the outcomes to people who may not have an analytics background, adding, “as low code/no code analytics gets more popular this will be the key to advancing a career in analytics.”

Sarah’s partnership and mentorship are greatly appreciated. As the program grows, she has been a valuable contributor, providing insightful feedback and participating in new engagements.  

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Electrical Engineering Consultant (Ph.D.)

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About Exponent

Exponent is the only premium engineering and scientific consulting firm with the depth and breadth of expertise to solve our clients’ most profoundly unique, unprecedented, and urgent challenges.

We are committed to engaging multidisciplinary teams of science, engineering, and regulatory experts to empower our clients with solutions that create a safer, healthier, more sustainable world. For over five decades, we’ve connected the lessons of past failures with tomorrow’s solutions to advise clients as they innovate technologically complex products and processes, ensure the safety and health of their users, and address the challenges of sustainability.

Join our team of experts with degrees from top programs at over 500 universities and extensive experience spanning a variety of industries. At Exponent, you’ll contribute to the diverse pool of ideas, talents, backgrounds, and experiences that drives our collaborative teamwork and breakthrough insights. Plus, we help you grow your career through mentoring, sponsorship, and a culture of learning. Thanks for your interest in joining our team!  

Key statistics:

• 950+ Consultants
• 640+ Ph.D.s
• 90+ Disciplines
• 30+ Offices globally

Our Opportunity

We are currently seeking an Electrical Engineering Consultant for our Electrical Engineering & Computer Science Practice in Phoenix, AZ. In this role, you will work as part of a team to help our clients solve challenging technical problems which are often urgent, high profile, and multi-disciplinary. You will be involved in a variety of projects with applications such as consumer electronics, medical devices, automobiles, and military systems. You will have the opportunity to define and shape your individual consulting practice based on your skills and interests.

You will be responsible for

• Performing hands-on testing and analysis of electrical and electronic devices and systems
• Reviewing designs and technical documentation to evaluate safety and performance risks
• Establishing yourself as a technical expert in one or more areas pertaining to electrical and/or electronic systems
• Preparing technical proposals and pursuing business development opportunities

You will have the following skills and qualifications

• Ph.D. in Electrical Engineering or a related field
• Hands-on experience with equipment used in the testing, fabrication, or microscopy of electrical or electronic systems
• Background in automotive electrical systems preferred
• Ability to work quickly and effectively toward resolving new types of problems
• Excellent written and verbal communication skills in the English language including the ability to produce professional technical reports for our clients with minimal corrections (spelling, grammar, etc.).
• Ability to clearly convey technical information to clients of various backgrounds

Applicants are encouraged to submit a CV with publications (feel free to include publications that are in review or pending) [not restricted to 1 page].

Life @ Exponent

To learn more about life at Exponent and our impact, please visit the following links:

https://www.exponent.com/careers/life-exponent

https://www.exponent.com/company/our-impact

Attracting, inspiring, developing, and rewarding exceptional people with diverse backgrounds and expertise are central to our corporate culture. Our diverse team allows us to provide better value to our clients and enjoy an enriched work environment.

Our firm is committed to offering a variety of programs and resources to support health and well-being. We believe that providing competitive benefits as well as compensation and recognition programs empowers our staff to do work that makes a difference.

Work Environment

At Exponent, we have found that in-person interactions deepen employee engagement and are crucial for development, for realizing the full potential of our talented and diverse teams, and for​ building a more inclusive workplace where all have a sense of belonging. In our offices, you can expect a supportive culture and a collaborative, dynamic, multi-disciplinary work environment. Our consultants engage in-person in the office unless they are traveling for client work or other business activities.

We value the rich lives our colleagues enjoy outside of work and understand that work/life balance is critical to our employees and their well-being. Consultants have the autonomy to balance their work and personal schedules so you can meet with clients, visit inspection sites, attend conferences, and make time for priorities outside of work, too. It is this flexible, agile work style and working hours that allow our teams to drive innovation and results in their own ways, while meeting the needs of clients. #LI-Onsite

Benefits you will enjoy

Access benefits information on our Life@Exponent page:

Exponent is a proud equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, veteran status, disability, sexual orientation, gender identity, or any other protected status.

If you need assistance or accommodation due to a disability, you may email us at [email protected] .

More From Forbes

12 expert pieces of advice for aspiring hr consultants.

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Making the move from an in-house HR role to starting your own consulting firm is an exciting but challenging endeavor. With years of experience and a network of connections, you have a solid foundation—but what else should you consider before making the leap?

To help you prepare for this significant career move, 12 members of Forbes Human Resources Council share some valuable advice they've learned along their own career journeys. Here are some essential actions they recommend to ensure a smooth, successful start to your new consulting venture.

1. Understand Your Value Proposition

Understand your niche and where you create value. HR as a practice area is incredibly broad. Being precise in where you create value is critical, as it is the core underpinning of your business's thesis. Having a deep understanding of your value proposition will be the core to who you market to, what services you offer and who you'll be in competition with. - Jon Lowe , DailyPay

2. Identify Your Ideal Client

Determine your ideal client based on industry, stage and size, leveraging your expertise in these areas. Focus on how you'll sell the value you bring and demonstrate a significant return on their investment. - Charles Ashworth , Burkland Associates

3. Clarify Your 'Why' With Feedback From Others

Starting your own HR consulting firm can be both exciting and daunting. Get really clear on your "why." Why are you setting up your own firm? What is it you can do in your own firm that you are unable to do anywhere else? Speak to contacts in HR and wider business to gain their feedback on what they think you are great at, and what work they would hire a consultant for. - Charlotte Sweeney OBE , Charlotte Sweeney Associates (CSA)

Google Chrome Deadline 72 Hours To Update Or Delete Your Browser

Rfk jr. campaign sues nevada election official over ballot requirement as push for debate stage nears eleventh hour, post trump conviction polls show warning signs most independents think trump should drop out, 4. build your sales and networking skills.

Get ready to sell. As an entrepreneur, you'll need to actively market your services and continuously seek new clients. Prepare by honing your sales and networking skills. Be ready to confidently articulate how your HR solutions can drive measurable impact for potential clients. Success depends on your ability to consistently sell your value and cultivate a steady pipeline of business opportunities. - Nicole Smartt Serres , Smartt Enterprises

Forbes Human Resources Council is an invitation-only organization for HR executives across all industries. Do I qualify?

5. Consider The Ease Of Breaking Into The Market

Define your target buyers (HR, digital transformation team and so on) and consider how much budget they may have for external projects, especially in the current market. Making sure that you are solving a challenge that will not be extremely difficult to get first customers for or break into the market will be a critical first step in making sure you're building a successful business. - Sanja Licina , QuestionPro

6. Inform Your Network

Since you have built many connections over the years, make sure to inform your network about your new venture. Referrals and word-of-mouth recommendations can be powerful tools for acquiring your initial clients. - Britton Bloch , Navy Federal

7. Establish What's Within And Outside Your Scope

Spend time identifying which areas will be within and outside of your scope. We all have things that we excel at and areas that aren't our specialty. Know which is which for you, so that you are targeting contracts, industries and companies that will allow you to best utilize your strengths while developing your consulting practice. It is okay (albeit scary) to turn down an opportunity. - Jennifer Shewan , Wonolo

8. Look For Gaps In The Market

See where gaps are in the market. Many people now have consulting firms due to the market. Assess what they are offering and compare it to your skill set. Work on your portfolio and sales pitch to showcase your skills and abilities based on your past experience and education. - Erin ImHof , CertiK

9. Learn How To Deliver Consultation Services

One piece of advice to consider before launching your own HR consulting firm is to limit your services based on your specialty (i.e., the value your skills and experience bring to others), rather than assuming you can "do it all." Once you identify your strengths, the next step to consider is educating yourself on how to deliver consultation services, as doing so is a unique skill set in itself. - Dr. Timothy J. Giardino

10. Develop A Robust Business Strategy

Before launching an HR consulting firm, thoroughly assess the market, define your niche and differentiate from competitors. Cultivate a strong network, seek mentorship and meticulously plan finances. Develop a robust business strategy to navigate the entrepreneurial journey effectively and ensure long-term success. - William Stonehouse , Crawford Thomas Recruiting

11. Research Regulations And Local Employment Laws

Before launching your HR consulting firm, thoroughly research state-specific employment laws and industry regulations. Develop a strong business plan, focusing on your unique value proposition and identifying your target market. Build a network of local business leaders and potential clients to ensure a strong start. - CJ Eason , JobFairGiant.com

12. Uncover Your Purpose And Passion

It is critical to first uncover your true purpose and passion. Find a niche in the HR market that excites you and meets a genuine need. Your passion will not only guide your offerings but also resonate with potential clients, making your consultancy stand out. Start with what you love and the problems you are eager to solve, as this will sustain your motivation and creativity in your new venture. - Tia Smith , Cognizant

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Wall Street Journal Ranks UVA Among Leaders in Finance, Consulting, Tech Jobs

May 29, 2024 • By Jane Kelly, [email protected] Jane Kelly, [email protected]

• Jane Kelly, [email protected]

(Rotunda photo, University Communications; illustration by John DiJulio, University Communications)

The Wall Street Journal found the University of Virginia is exceptional when it comes to positioning undergraduates for high-paying jobs in finance, consulting and technology.

In its springtime ranking, the business publication  ranked UVA No. 3 for finance, No. 5 for consulting and No. 13 in technology , when compared to other public schools.

“The rankings – which include the top 20 public and private universities for launching graduates into high-earning jobs – aim to answer: If the chosen career and the number of years in the field are the same, what effect does the undergraduate school somebody went to have on their salary?” the paper wrote. “The effect can be huge.”

Related Story

New Rankings Place Darden Atop All Public MBA Programs in the U.S.

Of the top public schools for finance, UVA ranked just after the University of Michigan and the University of California, Berkeley. The ranking estimates UVA graduates in the finance industry have an average annual salary of $136,816, which is $34,985 more than the median industry salary. That $34,985 extra is what the Wall Street Journal called the “salary premium,” or extra earnings based on having a UVA degree. The premium for Michigan graduates is $38,191 and $35,643 for Berkeley alumni.

In the category of consulting, UVA’s No. 5 spot follows schools including the U.S. Military Academy and the Georgia Institute of Technology. For UVA alumni, the salary premium was estimated at $14,274, bringing the average UVA consulting salary to $112,770.

For UVA technology graduates, the Wall Street Journal estimated they earn an average annual salary of $136,557, which includes a salary premium $14,465. That pay bump means UVA is ranked No. 13 among public schools for technology salaries.

Media Contact

University News Senior Associate Office of University Communications

[email protected] (434) 243-9935

Article Information

June 5, 2024

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