phd in consulting firm

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

Featuring Ben L. and Jeremy S.

Nailing the Case with McKinsey & Bain Alumni

Monday, april 1.

11:00 PM UTC · 60 minutes

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 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

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In this article, we’ve covered:

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

Still have questions?

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

Help with Your Consulting Application

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

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