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:
- The 1%: Conquer Your Consulting Case Interview
- Consulting Career Secrets
- Cover Letter & Resume
- McKinsey Solve Game (Imbellus)
- BCG Online Case (+ Pymetrics, Spark Hire)
- Bain Aptitude Tests (SOVA, Pymetrics, HireVue)
- Kearney Recruitment Test
- BCG Cognitive Test Practice
- All-in-One Case Interview Preparation
- Industry Cheat Sheets
- Structuring & Brainstorming
- Data & Chart Interpretation
- Case Math Mastery
- McKinsey Interview Academy
- Brainteasers
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.
Leave a Reply Cancel reply
Your email address will not be published. Required fields are marked *
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.
Most Popular Products
Search website
Strategycase.com.
© 2024 | Contact: +43 6706059449 | Mattiellistrasse 3/28, 1040 Vienna, Austria
- Terms & Conditions
- Privacy Policy
- Universities & consulting clubs
- American Express
Click on the image to learn more.
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 Consulting Interview Resources
Here are the resources we recommend to land your dream consulting job:
For help landing consulting interviews
- Resume Review & Editing : Transform your resume into one that will get you multiple consulting interviews
For help passing case interviews
- 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.
- Case Interview Coaching : Personalized, one-on-one coaching with a former Bain interviewer.
- 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.
For help passing consulting behavioral & fit interviews
- 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.
Land Multiple Consulting Offers
Complete, step-by-step case interview course. 30,000+ happy customers.
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!
Filed under PhD , Uncategorized
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.
Thanks for sharing amazing information. I appreciate it, keep it up.
Thanks for sharing great information. I appreciate it, keep it up.
Thank You For Your Valuable Feedback
job consultancy in Hyderabad
Valuable Feedback Thank uyou
Car Rentals In Hyderabad
Leave a Reply
Name (required)
Mail (will not be published) (required)
Want to contribute?
Recent posts.
- What’s Academia like in the US? – Dr Nelson Y. Dzade
- Who wants to hear about working at WHO?
- Life as an academic in Germany
- Panel discussion
- Science Policy
- Uncategorized
- Your Experiences
- November 2021
- October 2021
- September 2021
- August 2021
- February 2021
- January 2021
- December 2020
- November 2020
- October 2020
- February 2020
- January 2020
- December 2019
- November 2019
- October 2019
- August 2019
- February 2019
- December 2018
- November 2018
- October 2018
- September 2018
- August 2018
- January 2018
- December 2017
- November 2017
- October 2017
- September 2017
- August 2017
- February 2017
- January 2017
- December 2016
- November 2016
- October 2016
- September 2016
- August 2016
- February 2016
- January 2016
- December 2015
- November 2015
- October 2015
- September 2015
- August 2015
- February 2015
- January 2015
- December 2014
- November 2014
- October 2014
- September 2014
- August 2014
- February 2014
- January 2014
- November 2013
- October 2013
- February 2012
Postgraduate Jobs from JobOnline
Jobs.ac.uk – london roles, manchester postgraduate careers blog, university of salford careers blog for post graduates, qm researchers careers blog, kings college london graduate school blog, ucl researchers tags.
- Accurate at the time of publication
Browser does not support script.
- Corporate Engagement
- LSE Consulting
Consulting as a PhD Student or Early Career Researcher
As a phd student or early career researcher, you may have or seek opportunities to engage with clients to undertake consulting work. academic consulting offers a way to generate impact in the wider world, build and expand collaborative networks, and generate additional income, but it has a few additional benefits as a phd student or early career researcher (ecr)..
Consulting within an academic institution offers a way for you to share your research expertise with the wider world
As a PhD student or Early Career Researcher, consulting allows you to:
- Fund your studies and future research through a consulting fee
- Explore and expand your future career opportunities by connecting in with clients that you may work with on a consulting project
- Gain hands-on professional experience and training
- Develop transferable skills, such as teamwork, critical thinking, client management and project management
- Collaborate with external partner organisations or senior colleagues
Finding opportunities
At LSE Consulting, we seek out public procurement opportunities requiring team members which we share with those interested in consulting at LSE. We also encourage you to seek out your own consulting opportunities. To do so, we recommend to follow these steps:
- Identify clients you’re interested in working with
- Register your interest for public opportunities via a client's website/portal
- Register your interest and area of expertise with LSE Consulting
- Once you’ve found a project, discuss the opportunity with LSE Consulting to seek support on the next steps, including development of proposal, negotiation of rates/budgets, seeking additional team members where required, and client liaison.
Why work with LSE Consulting
You or your client may initially be cautious and reluctant to route your consulting project via LSE Consulting in order to reduce the budget or to avoid a third party hindering the project development and engagement. In such cases, you might be tempted to sign a contract in an individual capacity without fully understanding the liability or the intellectual property clauses you agree to.
LSE Consulting is here to support all of LSE’s research community. It is our role to protect you and your research in any consulting activity you undertake. We read contracts on your behalf and understand the client negotiation and appropriate market rates. We allow you and the client access to LSE’s brand for all projects routed via LSE Consulting, whereas clients aren't able to use LSE’s brand where an individual undertakes consulting at a private capacity. And, as with any consulting project, we have facilities to manage the project finances, including client billing and team contracting/payments.
We’ll also guide you through other more specific barriers, such as navigating visa-related work limits and balancing consulting work with your academic studies.
Want to get started? Get in touch.
PhD Academy: Accelerating Business Collaboration Information and opportunities for PhD students and ECRs
Any questions? Visit our FAQ page
Academic Consulting in a Nutshell Learn more
Routes to Engagement Discover how to get involved
Consulting Benefits Create impact, gain income, expand networks, and more
Step-by-Step Consulting What does a project life cycle look like?
Contact Get in touch for support and to get started
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.
© My CONSULTING Offer
We are excited to invite you to the online event.
Where should we send you the calendar invite and login information.
Transitioning from a PhD to Consulting
Key considerstions and best practices on transitioning from a phd into management consulting.
IMAGES
VIDEO
COMMENTS
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).
Drawbacks. 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 ...
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.
Transitioning from PhD to consulting. By uczjsdd, on 24 February 2015. Bernardo Alvares is a final year PhD student in Cancer Immunology at UCL who is passionate about entrepreneurship and social-impact projects. Prior to joining UCL, he completed a BSc in Biomedical Science at Cardiff University and worked at GlaxoSmithKline Pharmaceuticals.
Consulting within an academic institution offers a way for you to share your research expertise with the wider world. As a PhD student or Early Career Researcher, consulting allows you to: Fund your studies and future research through a consulting fee. Explore and expand your future career opportunities by connecting in with clients that you ...
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.
In fact, moving from a PhD or Advanced Degree to consulting is a very well-respected career path in the world of top-tier management consulting. Bain, McKinsey, and BCG are looking for the best and the brightest. They want to build a talent pool of sharp problem-solving critical thinkers. In this article, we'll first explore why consulting ...
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 ...
There are several reasons why individuals with PhDs are interested in consulting. Firstly, consulting firms offer a wide array of opportunities, allowing individuals to work on different projects, thereby broadening their knowledge and experience. Secondly, the work-life balance in consulting is generally better compared to academia.
How to transition from a Ph.D. to consulting. You can transition from Ph.D. to consulting by following these nine steps: 1. Identify firms where you want to work. Consulting firms of different sizes and specialties recruit Ph.D.'s., so it's helpful to research the firms that hire consultants in your field.
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.
APDs typically join us as full-time associates. They can work as generalists or expert consultants if they have a specific function or industry on which they would like to focus such as digital, analytics, or operations. We encourage APD candidates to explore all job openings —consulting or non-consulting—that fit their professional ...
Advanced degree holders (JDs, MDs, and PhDs) bring unique and valuable perspectives to our casework. Your expertise, eagerness to learn, and problem-solving abilities will drive change for our clients from day one—but you won't do it alone. You'll join a collaborative and supportive network of digital innovators to deliver extraordinary ...
Insight will take place virtually on April 17th and April 18th, 2024. The program will offer: an overview of management consulting and McKinsey today. the opportunity to connect with our consultants and advanced professional degree (APD) peers who share your background. an interactive problem solving workshop activity.
My Career Transition from PhD to Consultant | BCG. Beyond is where we begin. Boston Consulting Group is an Equal Opportunity Employer. All qualified applicants will receive consideration for employment without regard to race, color, age, religion, sex, sexual orientation, gender identity / expression, national origin, protected veteran status ...
According to the website GlassDoor.com, a junior consultant hired by BCG in the United States—most fresh Ph.D.s enter at this level—can expect to receive a starting salary of $115,000 to $145,000 annually. An entry-level associate with a master's degree can expect to start at $58,000 to $80,000.
I was already interested in McKinsey during my master's studies. I was looking into joining upon graduation when a PhD offer came my way, and I could not refuse it. It was a project at the intersection of my interests - healthcare, computer science and engineering - in a partnership between a French microbiology laboratory and an ...
Multiscale Models for Life CDT: funded projects for Oct 24 start. Final UK Wellcome health data science PhD Studentship available for Oct 2024. Explore PhD opportunities within the Institute for Digital Technologies. Exceptional research and doctoral training. 5-year funding available.
For inquiries, please reach out to us at [email protected]. most comprehensive resource on the web for PhD students or graduates interested in the transition from academia to management consulting.
PhD admission consultants are trained admission professionals who help students navigate the process of applying to and interviewing for PhD programs. ... Become. BeMore. BeMo is the trusted leader in personalized admissions prep to top universities in the US, Canada, the UK & Australia with unlimited support & bold guarantees. BeMo does not ...
We strongly recommend consulting with a supervisory academic from the appropriate research group to ensure your proposal is relevant for their programme of work, and that they have supervisory capacity. ... PhD; Home / UK: £5,100: International: £21,500: Additional information for international students.
From PhD to consulting, from one medical device to the entire healthcare industry. Yvonne, an associate in Shanghai, found her academic training as a PhD medical device researcher translated well to consulting, where she can make a bigger difference working on broader topics. June 22, 2020 In the summer of 2019, after completing my PhD in ...
We'd like to set additional cookies to understand how you use GOV.UK, remember your settings and improve government services. ... Read the full decision in Mr K W Chan v Consolux M&E Consulting ...
Dubai-based engineering and consulting firm Sidara has sought the extension of a deadline to make a firm offer for UK's John Wood Group to July 31, after being rejected thrice earlier.
The Public Sector Challenge 2024, Yorkshire Three Peaks, will see teams come together again from across local government, the wider public sector and private sector partners to tackle a different kind of challenge - climbing Pen-Y-Ghent, Whernside and Ingleborough, all in the space of 12 hours. https://publicsectorchallenge.co.uk/
We'd like to set additional cookies to understand how you use GOV.UK, remember your settings and improve government services. ... Read the full decision in Mr A Critchley v Kennedy Consulting ...