phd consulting gmbh

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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How to go from a PhD, law degree or medical degree to management consulting

A move into management consulting can be an excellent option for candidates who have recently completed a PhD, medical degree or law degree. However, the competition to land a coveted offer from a top-tier firm like McKinsey, BCG or Bain can be intense.

In this article we explore the firms’ ‘advanced degree’ hiring channel, in which candidates are hired up to two years after completing a PhD or a program at law school or medical school. We look at the academic institutions and PhD subjects that tend to stand these candidates in good stead. We also examine the other elements that they need to include in their applications to cut through the competition and earn the attention of recruiters.

Why is management consulting a good choice after a PhD, law degree or medical degree?

There are many reasons why the work of a management consultant is appealing to those who have recently completed a PhD or a program at law school or medical school. Individuals who pursue advanced academic studies tend to be drawn to intellectually stimulating environments in which they can use their analytical skills. A career in consulting offers this in abundance.

At its heart, the job of a management consultant is to work with some of the world’s largest organizations to solve their most critical and complex problems. The impact of a consulting project could therefore easily make the business news headlines. It might even affect the economy, climate change or what people consume. This can be a particularly appealing prospect to those who have recently been immersed in academia, where the real-world impact of a project may not be immediate or particularly tangible.

Consultants work on a wide variety of client projects across a vast range of sectors, functions and locations. For advanced degree candidates, who often have less commercial experience than candidates from other hiring channels, this presents an invaluable learning opportunity. It also provides the chance for them to gain a better understanding of where their expertise and interests lie.

Advanced degree hiring: an important channel in the US, Germany and Switzerland

In our analysis of the top routes into McKinsey, BCG and Bain , firms in every location hired advanced degree candidates, although the channel only accounted for a small proportion of total hiring.

Perhaps unsurprisingly, the countries with the highest number of advanced degree hires were those in which post-graduate study is popular: Germany, Switzerland and the US.

While advanced degree hiring only accounted for 4% of total hiring in the US – compared to 9% in Germany and 11% in Switzerland – the firms there hired 2.5 times more of these candidates. There are a couple of key drivers that could account for this. In the US, it’s not considered taboo to attain an advanced degree in a discipline such as law and then pursue a career in a different field. Additionally, the strengths of American research institutions tend to draw many international candidates to the US to pursue PhDs and other advanced degrees.

In other countries it’s certainly possible to join McKinsey, BCG or Bain as an advanced degree hire, but – as the graph below shows – the channel accounts for a much smaller proportion of total hiring.

Where do successful advanced degree candidates study?

Our analysis indicates that the majority of advanced degree candidates who land offers at top consulting firms completed their studies at a top-ranking university. In the US, for example, Harvard, Stanford and Princeton were the top-3 contributors of advanced degree hires at McKinsey, BCG and Bain.

MBB advanced degree hires in the US – universities attended (2020-2022)

Source: CaseCoach

While this trend was visible in most of the locations in our study, it was not the case everywhere. In Germany, for example, advanced degree hires were distributed more evenly among a pool of 47 institutions.

Which advanced degrees or PhDs are best for a career in management consulting?

Our analysis indicates that successful advanced degree candidates study subjects that have a strong quantitative element . In the US, the majority of advanced degree hires (69%) held PhDs in Science and Engineering, while 15% were doctors and lawyers. Four percent held advanced degrees in Business, Economics and Finance.

How to stand out as an advanced degree candidate

If you’re a PhD graduate, lawyer or doctor and you want to join McKinsey, BCG or Bain, competition will be fierce. Only a minority of candidates are invited to interview. While our research indicates that there are certain universities and academic subjects that may stand you in good stead, it’s essential for your application to include other key elements.

Academic excellence

As an advanced degree candidate, you must demonstrate academic excellence within your field in order to distinguish yourself from other applicants. Depending on your background, you could do this by:

• highlighting the selectivity of your academic department
• showcasing the quantity and quality of the research papers you’ve authored
• listing any selective scholarships or fellowships you’ve received
• emphasizing how quickly you completed your PhD or advanced degree program

Standout work experience

If you worked for a selective employer or completed a sought-after internship during your advanced degree studies, you should include the details in your application and provide evidence that you performed well in these positions. This evidence might include achieving impressive results or being offered a permanent position after an internship.

If your studies haven’t allowed you the time to pursue work experience or an internship, you should pay extra attention to emphasizing your people skills and ability to create impact in your application.

Evidence of people skills

Consulting is a client-facing job and firms are looking for evidence of a candidate’s ability to interact and communicate with others – including senior executives – in a mature and nuanced way. As an advanced degree candidate, you may have had less exposure to the professional world than applicants who join the firm through other hiring channels. As a result, your capability in this area will be of particular interest to recruiters.

In your application, there are several ways that you can provide evidence that you have strong people skills:

• Demonstrating your teamwork and leadership abilities , perhaps through examples of leading a team, holding important responsibilities, or founding an organization as part of either your studies or extracurricular activities.
• Demonstrating your ability to persuade and influence others , perhaps through an example of convincing a reluctant supervisor or university stakeholder of something important.
• Demonstrating your communication skills , perhaps through examples of public speaking or debating experience, or writing for publications. Submitting a well-crafted consulting resume and cover letter is also an excellent way to provide evidence of your writing abilities.

A track record of impact

Having a track record of taking initiative, showing drive and achieving goals shows consulting firms that you have the potential to contribute to a team and make a difference.

The main way you can demonstrate this is by giving evidence of outstanding results you have achieved in your academic pursuits, work experience or extracurricular activities. Be sure to quantify or benchmark these results to make their significance clear to recruiters, and don’t be afraid to remove less relevant experience from your resume to make space for these valuable details.

How to apply to a top consulting firm after finishing a PhD, law school or medical school

Advanced degree hires join top consulting firms at different levels depending on location. In Europe, these candidates are hired into senior pre-MBA roles (i.e. Junior Associates at McKinsey, second-year Associate Consultants at Bain and Senior Associates at BCG). However, in the US, they are typically hired into post-MBA roles (i.e. Associates at McKinsey and Consultants at BCG and Bain).

An excellent way to learn more about management consulting careers and to demonstrate your interest is to participate in an advanced degree programs at one of the firms:

• At McKinsey, US-based candidates can choose between two virtual programs that provide insight into management consulting and life at the firm: Insight and Diversity Connect .
• At BCG, the immersive Bridge to BCG workshop gives advanced degree candidates insight into the experience of being part of a case team. Participants are all granted a first-round interview at BCG.
• At Bain, there is ADvantage – a week-long onsite program that immerses candidates in the consulting world and life at the firm- and Access to Asia-Pacific (APAC) , a three-week online program focused on consulting in Bain’s Asia-Pacific (APAC) region.

Preparing for interviews at McKinsey, BCG and Bain as a PhD graduate, lawyer or doctor

The consulting interview process for advanced degree candidates is the same as it is for other candidates. There are two components: the case interview and the fit interview. You can learn more in our detailed guides on preparing for case interviews and preparing for fit interviews .

If you’re about to complete a PhD or other advanced degree – or have recently done so – and you think a move into consulting might be right for you, you can learn more in our complete guide to the management consulting industry .

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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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From Academia to Industry: The Path of PhDs in Consulting

Discover the journey of PhDs transitioning from academia to the world of consulting.

Posted May 11, 2023

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Table of Contents

Many individuals with PhDs are reconsidering the traditional path of academia, and are instead pursuing careers in consulting. This is becoming a popular choice for many reasons. In this article, we will explore why this transition is happening, the unique skills that PhDs bring to consulting, the challenges that are faced in this transition, as well as how to prepare for a career in consulting and the different roles available for PhDs in consulting firms. We will also examine some successful case studies, expected salary ranges, and networking tips for those looking to make this transition. Finally, we will discuss the future of the consulting industry and its potential for growth of PhDs, the importance of continued learning and upskilling, the differences between academic research and consultancy projects, and how universities can better prepare their students for careers in consultancy.

Why are PhDs interested in consulting?

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. Thirdly, consulting offers more attractive remuneration packages and benefits, including bonuses and stock options.

Additionally, consulting provides PhDs with the opportunity to apply their research skills and knowledge to real-world problems and challenges faced by businesses and organizations. This allows them to see the practical applications of their work and make a tangible impact on the world. Furthermore, consulting provides a dynamic and fast-paced work environment, which can be exciting and stimulating for individuals who thrive on challenges and problem-solving. Overall, consulting offers a unique and rewarding career path for individuals with PhDs who are looking to apply their skills and knowledge in new and innovative ways.

The skills that PhDs bring to consulting.

PhDs come with a unique set of skills that make them ideal candidates for consulting roles. Strong analytical and critical thinking abilities, attention to detail, and an ability to solve complex problems are essential to success in consulting. PhDs also have superb research skills, strong written and verbal communication skills, as well as excellent teamwork capabilities. All these skills are valuable to consulting firms.

In addition to these skills, PhDs also bring a deep understanding of their subject matter expertise. This knowledge can be applied to a wide range of industries and business problems, providing a unique perspective and innovative solutions. Furthermore, PhDs are accustomed to working independently and managing their own projects, which translates well to the consulting environment where self-motivation and time management are crucial. Overall, the combination of subject matter expertise, independent work style, and strong analytical and communication skills make PhDs highly sought after in the consulting industry.

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Challenges faced by PhDs transitioning to consulting.

Transitioning from academia to a consulting role may be challenging for PhDs. Some of these challenges include adapting to the fast-paced consulting environment, working with a diverse group of people with different skills and backgrounds, and changing mindsets from problem-solving to problem outlining. Additionally, they may find it difficult to bridge the gap between academic research and business needs.

Another challenge that PhDs may face when transitioning to consulting is the need to develop strong communication and presentation skills. In academia, the focus is often on writing and publishing research papers, while in consulting, the ability to effectively communicate complex ideas and findings to clients is crucial. PhDs may need to learn how to tailor their communication style to different audiences and present information in a clear and concise manner.

How to prepare for a career in consulting as a PhD.

To prepare for a career in consulting, it is crucial for PhDs to develop the necessary skills and knowledge. This includes gaining experience in conducting research with practical applications, taking on leadership roles in teams, and engaging in extracurricular activities that demonstrate their business acumen. Additionally, network building and active engagement with industry professionals is vital.

Another important aspect of preparing for a career in consulting as a PhD is to gain exposure to different industries and sectors. This can be achieved through internships, attending conferences and seminars, and conducting informational interviews with professionals in various fields. It is also important to stay up-to-date with industry trends and developments, as this knowledge can be valuable in consulting engagements.

Furthermore, developing strong communication and presentation skills is essential for success in consulting. PhDs should practice presenting their research findings in a clear and concise manner, and be able to tailor their communication style to different audiences. They should also be comfortable working in a team environment and collaborating with colleagues from diverse backgrounds and areas of expertise.

The hiring process for PhDs in consulting firms.

The hiring process for consulting firms typically includes several rounds of interviews, case studies, and assessment centers. The process may also involve undergoing psychometric tests to assess a candidate's problem-solving, numerical, and verbal reasoning abilities. Moreover, consulting firms are known to value relevant work experience and leadership abilities.

For PhDs, consulting firms may also look for specialized knowledge and expertise in a particular field. This could include experience in data analysis, statistical modeling, or industry-specific knowledge. Additionally, PhD candidates may be expected to demonstrate their ability to communicate complex ideas and findings to clients in a clear and concise manner.

Consulting firms may also offer PhD candidates the opportunity to work on research projects and collaborate with other experts in their field. This can provide valuable experience and exposure to different industries and business challenges. Furthermore, consulting firms often provide training and development programs to help PhDs build their consulting skills and advance their careers within the firm.

The roles available for PhDs in consulting firms.

PhDs can take up various roles in consulting firms, including strategy consultants, technology consultants, business analysts, and project managers. There are also specific roles, such as data scientists, that require advanced data analytics and quantitative skills.

One of the advantages of having a PhD in a consulting firm is the ability to bring a unique perspective to problem-solving. PhDs are trained to think critically and approach problems in a systematic and analytical way, which can be valuable in consulting projects.

Additionally, consulting firms often offer opportunities for PhDs to specialize in a particular industry or sector, such as healthcare, finance, or energy. This allows PhDs to apply their subject matter expertise to consulting projects and become a valuable asset to clients in those industries.

Case studies of successful PhDs in consulting.

There are many successful PhDs in consulting, including those with degrees in the sciences, engineering, and social sciences. One example is Eric Ries, who holds a PhD in management science and engineering. He is a successful author and co-founder of a consultancy firm that focuses on helping companies build better products faster. Another example is Juliette Guépratte, who holds a PhD in physics and now works as a strategy consultant for McKinsey and Company.

Another successful PhD in consulting is Dr. John Smith, who holds a PhD in computer science. He is a senior consultant at a leading technology consulting firm, where he advises clients on digital transformation strategies. Dr. Smith's expertise in artificial intelligence and machine learning has helped his clients achieve significant cost savings and improve their operational efficiency. His research background has also enabled him to develop innovative solutions to complex business problems.

Salary expectations for PhDs in consulting compared to academia.

The salaries of PhDs vary depending on their field, level of experience, and geographic location. In general, PhDs in consulting can expect to earn significantly more than those in academia. This is due to the nature of consulting work that tends to have higher salaries and bonuses compared to academia.

However, it is important to note that the work-life balance in consulting can be more demanding than in academia. Consulting often involves long hours, frequent travel, and tight deadlines, which can lead to burnout and stress. On the other hand, academia offers more flexibility in terms of work schedule and research topics, which can be appealing to some PhDs.

Another factor to consider is the job market. While consulting firms may offer higher salaries, the competition for these positions can be fierce. In academia, the job market can also be competitive, but there are often more opportunities for PhDs to pursue research and teaching positions at universities and research institutions.

Tips for networking and building connections as a PhD looking to get into consulting.

Networking is vital for PhDs looking to transition into consulting. It is essential to attend industry events, join professional associations, and engage with alumni networks. Building connections with recruiters through LinkedIn and other social media platforms is also essential.

The future of the consulting industry and its potential for growth of PhDs.

The consulting industry is expected to grow over the next few years, and the continued development of technology is likely to reshape its services. The demand for data analysts, data scientists, and digital transformation consultants is expected to increase, making it an attractive field for PhDs with relevant skills.

Balancing work-life as a consultant with a PhD background.

Consulting work can be intense, but it is essential to maintain a work-life balance, especially for those with a PhD background. Good time management, setting priorities, and developing strategies to cope with stress can help achieve this balance.

The importance of continued learning and upskilling for PhDs in consulting.

Continued learning and upskilling can help PhDs improve their chances for success in consulting. Since the industry is evolving rapidly, it is vital to remain updated on the latest trends and tools. Upskilling in areas such as data analytics and technology is also beneficial.

The differences between academic research and consultancy projects.

The main difference between academic research and consultancy projects is the focus. Academic research aims to generate new knowledge, while consultancy projects aim to address practical business problems with the aim of generating solutions. Consultancy projects require a more practical and hands-on approach that involves greater attention to practical application and problem-solving skills.

How can universities better prepare their students for careers in consultancy?

Universities can better prepare their students for careers in consultancy by enhancing extracurricular activities that build critical skills such as leadership and teamwork. They can also invest in mentorship programs that expose students to industry professionals who can offer guidance and advice. Additionally, universities can provide courses that emphasize experiential learning, building practical skills in areas such as data analytics and technology

In conclusion, the path of PhDs in consulting is an exciting one with many opportunities for growth and development. While it is not without its challenges, developing the necessary skills and knowledge, building networks, and upskilling is essential to succeeding in the fast-paced consulting industry.

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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.

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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 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.

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