phd consulting mckinsey

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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Posted by Kate Stuart on Thursday, May 2, 2024 in Announcements .

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

Last Updated on February 28, 2024

From Classroom to Boardroom

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

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

Is It a Good Career Move?

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

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

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

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

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

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

Salary comparison

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

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

The Art of the Possible: Breaking into Top Consulting Firms

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

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

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

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

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

Case Study: From PhD to McKinsey

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

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

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

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

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

Similarities and Differences: Academia vs. Consulting

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

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

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

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

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

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

Making the Move and Preparing for the Applications

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

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

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

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

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

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

The StrategyCase.com Edge

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

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

Conclusion: A Question for Reflection

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

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

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How to Transition from a Ph.D. to Consulting

• Last Updated March, 2024

Former BCG Consultant

Why Become a Consultant?

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

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

Which Management Consulting Firms Want to Hire PhD Candidates?

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

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

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

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

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

In this article, we’ll discuss:

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

Let’s get started!

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

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

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

2. It Might Be Refreshing After Academia

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

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

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

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

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

3. Consulting and Academia Have a Lot in Common

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

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

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

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

4. You Might Be Very Good at It

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

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

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

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

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

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

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

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

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

Your Pool of Reference Is MBAs

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

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

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

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

The MBBs (McKinsey, Bain, & BCG)

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

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

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

Other Generalist Firms

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

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

Specialized Arms of the Big Consulting Firms

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

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

Boutique Firms

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

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

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

Understanding What the Interview (and the Job) Are About

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

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

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

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

Being Efficient

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

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

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

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

Being at Ease with Business Concepts

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

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

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

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

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

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

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

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

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

Not Being Obsessed with Details

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

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

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

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

Doing the Math the Consulting Way

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

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

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

Displaying the Right Soft Skills

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

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

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

1. Do Your Research

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

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

2. Be Strategic in Your Application Process

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

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

3. Prepare for the Interview

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

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

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

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

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

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

In this article, we’ve covered:

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

Still have questions?

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

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Hacking the Case Interview

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

We have you covered! This comprehensive article covers:

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

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

Why Consulting Firms Hire PhD / Advanced Degree Candidates

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

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

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

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

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

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

Firms That Hire PhD / Advanced Degree Candidates

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

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

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

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

Challenges that PhD / Advanced Degree Candidates Face

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

Understanding essential business concepts

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

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

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

Solving problems quickly

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

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

Doing simple math calculations quickly

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

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

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

Making things simple and easy to understand

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

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

Not focusing too much on the nitty gritty details

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

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

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

PhD / Advanced Degree Consulting Recruiting Process

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

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

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

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

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

Submitting a PhD / Advanced Degree Consulting Application

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

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

Consulting Resume

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

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

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

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

Consulting firms like to see:

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

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

Consulting Cover Letter

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

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

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

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

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

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

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

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

Passing Consulting Interviews with a PhD / Advanced Degree

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

Passing First-Round PhD / Adv. Degree Consulting Interviews

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

There are three types of consulting interview questions :

Case Interviews

• Behavioral Interviews

Why Consulting? / Why this Firm?

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

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

Here are some examples of case interview questions:

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

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

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

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

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

Behavioral Interview Questions

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

Here are some examples of behavioral interview questions:

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

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

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

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

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

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

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

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

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

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

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

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

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

Use the following structure to answer this question:

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

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

Again, there are many different reasons you could give:

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

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

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

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

Passing Final-Round PhD / Adv. Degree Consulting Interviews

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

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

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

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

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

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

Receiving your PhD / Adv. Degree Consulting Job Offer

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

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

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

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

Recommended PhD / Advanced Degree Case Interview Resources

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

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

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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

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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6 Steps to Land a McKinsey internship

An early route to get your foot at the door of McKinsey – one of the three most prestigious consulting firms , is to successfully land an internship and compete for a full-time offer while at the job. With a 1% acceptance rate and uncompromising recruitment criteria, how do you stand out as the cream of the crop? In this article, I will explain two types of internships at McKinsey, and reveal the six steps that you can follow right away to break into McKinsey as an intern.

Table of Contents

McKinsey internship overview

McKinsey Internships are divided into two main tracks, undergraduate internships and MBA internships . This internship typically lasts 10 weeks, sometimes one week more or less. Salaries are as high as that of major tech companies like Google or Amazon (at nearly $7,000 per month ). The work of consulting interns is very similar or identical to first-year full-time consultants. There are six steps to land an internship at McKinsey:

• Step 1: Build up skills and qualifications

Step 2: Build networks early on

Step 3: pass resume and cover letter screening.

• Step 4: Pass the McKinsey PST test 
• Step 5: Pass the McKinsey PEI interview 

Step 6: Pass the McKinsey case interview

Mckinsey internship – recruitment & salary.

Take a look at the snapshot below where I’ve summarised salaries, duration, application deadlines, and eligibility criteria for the two routes of McKinsey internships – Undergraduates and MBA:

The particular features of an internship are reliant upon many factors. For instance, compensation or consulting work may depend on the office you applied to, the business function you are assigned, and your work experiences.

Regardless, these differences normally spread along a discernable line. To summarize, there are three essential facts about McKinsey internships that you should know in advance.

McKinsey internships are divided into two main tracks

McKinsey internships typically fall under two tracks: undergraduate internships and MBA internships .

Undergraduates are recruited into Business Analyst Intern positions, whereas MBAs are recruited into Associate positions. If you’re unfamiliar with these titles, check out this article I’ve written on the career path in consulting for a visual overview.

For now, keep in mind that Associate positions are one level above Business Analyst positions at McKinsey, although this might not be the case at other consulting firms because of different namings.

McKinsey internships typically last 10 weeks in the summer

For both Undergraduate and MBA routes, an internship at McKinsey lasts about 10 weeks , not always but usually in the summer. This is why deadlines for McKinsey summer internship positions are very early (typically 7 months prior to the internship).

At the undergrad level, you need to submit applications around mid-October . At the MBA level, your applications should be submitted in the first couple days of December, if you enrolled in an MBA program in the US .

McKinsey intern salaries are extremely competitive

For the Undergraduate Internship, McKinsey pays its interns around $6,700/month, adding up to nearly $17,000 in total for the 10-week period. This rate is extremely competitive, being just slightly under rates at famously well-paid tech companies, such as Facebook, Amazon, or Google.

8 highest-paying internships

Source: Glassdoor

For the MBA Internship, McKinsey compensates its interns an impressive total of $32,000 for 10 weeks, a similar rate at  Big 3 consulting firms . To put into perspective, this means that in just 10 weeks, a typical MBA intern at McKinsey makes approximately 70% of how much a typical American in any industry makes a year .

Now that you have an overview of the essential facts about McKinsey internships, the next step is to understand a typical intern’s work and the skills needed to do well. Having a deep understanding of what you will actually be doing is very useful because you can tailor your application to what is expected of you.

If you make it into the case interview round, you can even leverage these insights in solving cases to show the interviewer you can get work done, excellently. This will undoubtedly give you a better chance of getting an offer.

McKinsey Business Analyst Internship (Undergrad)

At the undergraduate level , successful candidates are often assigned into the main track of the McKinsey Internship program – the Business Analyst intern role.

Nature of work

By nature, Business Analyst interns’ work is very similar to full-time Business Analysts . In general, Business analysts oversee the “manual” work of a project, while Engagement Managers manage the big picture.

Specifically, when interns first receive a new project, they start collecting data about the client company and industry. They then meet the client, interview the client, and gather more insights using data from the client and from similar cases in the past. Data collected is typically used as input for excel models to analyse the problem and find root causes.

If this all sounds generic, check out this video where I broke down detailed work processes of my first project as a McKinsey Business Analyst intern.

Responsibility & report line

In a project, Business Analyst interns are usually assigned to support a senior Business Analyst or Associate with a big workstream. In some rare cases, interns can lead a small workstream. If you, as an intern, are assigned to support a Business Analyst or an Associate, you will report directly to that person. If you lead a small workstream, you will report directly to the Engagement Manager (EM).

McKinsey Business Analyst Internship (MBA)

At the MBA level , successful candidates are often assigned into the Associate Intern role. Again, your work structure is very similar to that of full-time Associates.

Just like Business Analyst interns, the work of Associate interns and full-time Associates are similar. Interns do what real consultants do, typically the “manual” work of a project, whereas Engagement Managers oversees the big picture. For more in-depth insights, check out this video .

The Associate intern position is an interesting position. Upon their entry, Associate interns are already much more senior than other interns. Hence, even though Associate interns are technically newbies in the McKinsey world, the company will make sure they enter senior positions very shortly .

Specifically, McKinsey does this by assigning more responsibilities to Associate interns: they typically get to lead or semi-lead a workstream . One common practice is that the Engagement Manager will assign another lower-ranked yet senior employee , e.g. a Business Analyst , to help show the McKinsey way around. Throughout the project, Associate interns report directly to Engagement Managers.

Six steps to land a McKinsey internship

Now that you have grasped the key information about McKinsey Internships, let’s dive straight into the 6 steps you can take to land one of these lucrative offers.

Step 1: Build up skills, experiences, and qualifications

Here’s the cold hard truth – you need to be the “creme-de-la-creme” to even have the slightest chance at the top consulting firms. This is ESPECIALLY true at McKinsey, a firm often considered a league of its own even among the Big Three consulting firms (MBB) .

Apply only when you’re ready! McKinsey, like many other consulting firms, has a 2-year ban on failing candidates. That’s why it’s important to start early and devise a strategy to maximize your chances beforehand.

Prepare as early as possible

Consulting prep is ideally a long process. You may spend a year or even more learning the fundamental skills and embracing the mindset, and at least 2-3 months preparing for the resume screening , the tests and case interviews.

I’ve had customers who passed the recruitment process with very little preparation, but that’s more the exception than the norm. So if you are running out of time, you might still have a chance – by quickly learning the “killer tips” offered in the Case Interview End-to-End Program . But in general, it’s always good to start early.

To equip yourself with the most well-rounded skill set for consulting, read up and practice on the following topics:

• Management Consulting : Job, firms, industry and culture (especially the firms you target)
• Consulting Math: Math in business context, mental math, and chart-reading
• Tests: McKinsey PST , BCG Potential Test , Bain Online Test , etc.
• Case Interviews: Interviewer-led and candidate-led case, tips and techniques
• Fit Interviews: stories to suggest your outstanding, consulting-fit qualities

Devise a strategy to maximize your chances

Top consulting firms often recruit from the big brand name educational institutions such as the Ivy League in the US or the equivalent in other countries, and McKinsey is not an exception.

Recruiters like big names under the assumption that only super high achievers get into the top schools. More importantly, big names impress clients.

Now what does this imply? It means if you’re from one of the target schools, congrats, your chances are already much higher than the people who aren’t. However, if you’re from a regular school, it means you have to put extra effort into networking and practice . That said, even if you come from a target school, consulting prep is always a challenging process.

There is no official statement from any firm about their target schools, but we can make fairly good guesses. Below is a list of top schools contributing significant percentages of consultants at McKinsey – according to a 2018 analysis of Wall Street Oasis users.

Percentage of McKinsey consultants by Universities/Colleges

Source: Wall Street Oasis

Why is networking early on so important?

A big part of the McKinsey internship selection process involves case interviews conducted by managers – these interviews are expensive because they take away revenue-generating hours from said managers.

To make the most out of these expensive interviews, consulting firms highly favor candidates with positive reviews from inside the firm or the alumni network – hence the importance of networking in the initial rounds. If you can find a mentor – a current/former consultant at your target firm – all the better, because besides the referral, he/she can provide you with invaluable insider advice.

Now you can find a mentor here at MConsultingPrep with our coaching service. You can have a personal meeting with veteran coaches who will tell you about their own experience at consulting firms and give you sound advice on how to get a McKinsey internship. Let’s find your own coach!

When to start networking?

So when should you start networking? As early as possible – relationships take time to build.

If you’re still in school, network a year before career events to be one step ahead of the competition, then try to get referrals. Referrals increase the chances of your CV being reviewed by recruiters in the first place.

Who to network with?

Anyone from any practice can refer you, so don’t worry too much about applying for one practice while being referred by people from other practices.

What really matters is the seniority of your contacts. Often, one referral from a Partner is equivalent to multiple referrals from non-partners. So the bottom line is: if you can’t get a referral from a Partner, be sure many non-partners in that office are willing to vouch for you.

How to network for a McKinsey internship?

Now, how do you go about networking?

Often overlooked, the most effective way to network is to build connections with alumni at your school’s consulting clubs, who got into McKinsey. Connections made through this channel are easy to access and quite personal, giving you good chances of getting mentorship and referral.

• Networking through acquaintances: Start with the consultants you know, followed by anyone your colleagues, friends and family can introduce. The biggest limitation is accessibility – you might not find any potential lead.
• Networking through events: This method is most convenient for applicants from target schools. Consultants here are complete strangers, but they do expect applicants to approach them after the events, so you do have a higher chance than the next method.
• Cold-emailing/Cold-calling: The least effective, but the most scalable method. You find them through LinkedIn or similar means, send emails to establish contact and request for a meeting. Most of the time, you will be rejected, but if you play the cards right, you will get someone on your side.

Whatever you choose, once you set up an appointment, you need to be concrete about when and where to meet, what you want out of a meeting, and how you will get it (i.e.: what you will ask). Being explicit with your contact will increase the chance of them saying yes to you, and make a good first impression ( consulting culture values being explicit).

After networking (or you might bypass this step and apply through online portals – which is more convenient, but much more competitive), the next step is to prepare for all the parts of the consulting recruitment process.

Read the full guides here: Consulting Resume / Consulting Cover Letter

The first step in the McKinsey internship recruitment process is resume screening, and even this early, your resume and cover letter must be written in the consulting style. In both of these papers, explicitly but objectively show off your consulting attributes: leadership , achieving and problem-solving .

The content

Whatever stories you tell in your resume and cover letter, they must emphasize the three attributes – they must either be about leading and influencing people, doing analytical work, achieving the extraordinary, or any combination. More importantly, you must be  highly specific and result-oriented . Instead of rambling on with your list of experiences, show the screener quantifiable results of your work, which shows you are the best.

For example, even if you flipped burgers, say something like “Set the new speed record for flipping burgers, surpassing the previous record by 50%”. Specific statements are thoroughly more impressive and more trustworthy – even outside the consulting industry.

The presentation

Format-wise, there is no other option but black-and-white . Keep it absolutely formal and professional. Fancy-looking resumes might get you creative jobs, but will get you cold rejections in the conservative consulting industry . Same goes for the cover letters.

Structure-wise, every bullet point in your resume must contain similar parts. The language of these bullets must be totally formal as well. Communication must be top-down, both in resumes and cover letters.

Step 4: Pass the McKinsey PST Test

Read the full guide here: McKinsey PST Ultimate Guide / McKinsey Imbellus Game Guide

What is the McKinsey PST Test?

The Problem Solving Test (or PST) is a paper-based test used at McKinsey & Company to select candidates for the case interviews. The PST is conducted after resume screening and assesses candidates on data interpretation, mental calculations as well as verbal, numerical and logical reasoning.

How to prepare for the McKinsey PST Test?

The key to preparing for the McKinsey PST Test is to break down the question types and learn how to answer each type individually. Do this while reinforcing your verbal, numerical and logical reasoning skills.

Breaking down the question types helps you learn quickly and efficiently, while skill training ensures long-term flexibility should the test format be changed (which is unlikely in management consulting – a highly conservative industry).

After you have practiced thoroughly with each question type, the next step is to do mock tests to self-assess and develop a test strategy. I would advise you to select mock tests harder than the actual tests – if you can do them well, the real ones will be a breeze.

These are the same approaches taught in all of my test-related products – McKinsey PST Comprehensive and BCG Potential Test Comprehensive .

How to prepare for the McKinsey Problem-Solving Game?

McKinsey rolled out the new Imbellus Problem-Solving Game in 2020.

This test works as follows. First, it collects data about a candidate’s skills and behaviors throughout the testing process to build a profile. Second, it compares the profile to that of employees in the firm – the more similar a candidate is to the best employees, the more likely he/she is selected.

This is a game-changing move because the emphasis is no longer on getting the right answers, but to look like a consultant in the process. However, the basic approach remains the same – decipher the mechanisms and identify efficient strategies, while also working on improving your consulting skill set.

Step 5: Pass the McKinsey PEI Interview/ Fit Interview

Read the full guide here: McKinsey Case Interview

McKinsey interviews usually consist of two parts:

• The PEI or Personal Experience Interview (10 minutes)

Back when I first joined McKinsey, fit interviews were not that important. Now the game has changed – even though case interviews are still the key to an offer, you must also excel in PEIs, to show that you’re a good fit.

What do they ask in the McKinsey PEI?

As suggested by its name, the Personal Experience Interview is about “that one time in your life” when you did something extraordinary.

In the 10-minute PEI, the interviewer will ask you to tell one story, then drill down to extract insights about your soft skills and personal traits.

• Tell me about a time when you overcame a significant challenge
• Tell me about a time when you convinced people to change their viewpoints
• Tell me about a time when you resolved an important disagreement with your teammates
• Tell me about a time when you lead your team through extraordinary hardship
• Tell me about a time when you successfully handled conflict within your team

Variants of the question “Why consulting/Why McKinsey?” might also come up. You don’t need a story for these, just give them a valid and authentic reason. Do research, understand the industry, the company, and how they fit with your own values and capabilities – that’s how you get the best answers for these questions.

How to prepare for the McKinsey PEI?

Sometimes, each question type above will be used for the same kind of story. This means that, even if you draft 10-12 stories, 2-3 for each question type, you may only use only one story for every question.

Instead of preparing on a question-answer basis, a more efficient approach would be to focus on the stories. My take on the PEIs is to prepare three to five stories  and make them as detailed, all-rounded, well-presented as possible. View them from every possible angle, each corresponding to a trait required by McKinsey , or to one of your personal values.

With such an approach, you also gain flexibility – with well-developed stories, you can respond to ANY kinds of questions, even the unexpected ones, and you’ll have more stories per question type (3-5).

How can you prepare such stories? Spend your efforts on three layers of a story – the content base, the plot, and the style

For best practice, let’s do fit questions with consulting experts. At MConsultingPrep, you can choose from a selection of former consultants. These coaches will reveal must-know answers to fit questions that help you overcome McKinsey PEI.  Get yourself personal coaching today!

What are case interviews?

Case interviews are job interviews where the candidate is asked to solve a business case or problem. At McKinsey, case interviews often last 30-45 minutes each, and candidates often go through 2 to 4 case interviews.

What are McKinsey case interviews like?

McKinsey case interviews are often interviewer-led. At the most extreme of this format, the interviewer “leads” the problem-solving process by asking separate questions related to the case context. The candidate cannot decide how to approach the problem. In actual cases, however, the candidate may be given some autonomy depending on the interviewer.

McKinsey case interview questions

Case interviews in McKinsey internship recruitment can be methodically prepared for by arranging the possible questions into the following 8 predictable categories. 

• Framework/issue tree questions
• Market-sizing and guesstimate questions
• Brain teasers
• Chart insight questions
• Value proposition questions
• Information questions
• Math problems
• Solution-finding questions

I have written a detailed guide on these question types – you may want to check out that article for more insights. For each type of question, there is one example – suggestions and answers are at the end of this section, but try to answer them on your own first!

How to prepare for McKinsey case interviews?

To prepare for McKinsey Case Interviews, I recommend following this track:

#1: Familiarize with interviewer-led case examples

To grasp how McKinsey cases “flow”, I encourage you to go out there and find as many examples of interviewer-led cases as possible. There are four such examples on the McKinsey website with suggested answers.

• Diconsa Case
• Electro-Light Case
• GlobaPharm Case
• National Education Case

Here at MConsultingPrep, we also have a few interviewer-led case examples in our Case Interview E2E Secret Program , complete with detailed feedback on every aspect from content to presentation, all in video format.

#2: Practice consulting math

Consultants work with quantitative data dozens of times a day. It simply takes too long to pull out a calculator every time they need to calculate something, and doing so in negotiations looks really bad. This is why interviewers place such high emphasis on the  mental math skills of prospective consultants.

In the beginning, consulting math can be difficult for some; nonetheless, I have a few tips for you to ease the process and still practice effectively: 

• Use Your Head: Do all your daily calculations mentally unless an EXACT answer is required.
• Flatten the Learning Curve: At the start, a piece of scratch paper and a 5% margin of error really help; once you are confident, discard the paper and narrow down the margin.
• Establish a Routine: Allocate some time for daily practice this may seem hard at first, but once you’ve overcome the inertia, you can literally feel the improvement.

#3: Develop business intuition

Having business intuition significantly sharpens your performance in case interviews.

Working on any kind of intuition is a gradual process that takes practice every day. You can improve your business intuition in two ways:

• Written Sources: I suggest reading business papers daily; you can also visit McKinsey, Bain, and BCG websites for their excellent articles. Beware though – it’s not the pages you read that count, but the insights you draw from them.
• First-hand Experience and Observations: Don’t just come to your workplace to work; try to examine what senior managers are doing – what’s the rationale for their decision, and how has it impacted the organization?

#4: Learn the case interview question types

The key to conquering interviewer-led cases is in methodically mastering each and every basic question type; then you will be ready to tackle the more complex and less predictable ones.

For each type, there are always tips and techniques to deliver an ideal answer; you can refer to the previous section, or check out an even more comprehensive guide in our Case Interview Questions .

The key takeaway is to treat interviewer-led questions like mini-cases, and take a structured, MECE approach to each.

#5: Perform mock interviews

The best way to train on something is to do it.

Well, you CAN’T simply come to McKinsey and ask them for a case interview, but you CAN find a partner to conduct mock interviews for you. It’s better if you can find a former consultant to do it – they’ve been through countless case interviews, both mock and real.

Make the best of every mock interview you do by recording them, then replay again, and again, and again. You’ll realize a lot of mistakes you made, and how you can fix them.

Just a few years at McKinsey completely changed who I am, both personally and professionally. In a positive way, that is. I also see it changing the lives of almost all the colleagues I ever know. I sincerely believe you can and you should do it. Nobody said you have to stay there forever. But the lessons, the toughness, the desire, the structured mindset, etc. will remain.

It’s ridiculously difficult to even get your foot in the doors of the top management consulting firms . Most applicants don’t even get to see the interviewers, and the few that do must undergo the most strenuous, high-stake job interviews existing on this planet.

However, with systematic and careful preparation – in the same manner that consultants approach their projects – I believe anyone can make it to consulting.

Are you a believer?

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Bain moscow phd stays in the hunt for mckinsey.

My MM was something of a doozy!

I applied to McKinsey and received a PST invitation. I took the PST and did so badly that I was told I would need to wait 2 years to reapply! I was truly devastated. I planned on joining McKinsey through my whole career and pursued my MBA for an interview.

Michael helped me place everything in perspective. He told me I had not prepared, had not read up on the PST and had no prior experience of the test. He felt the outcome was expected and I should not see it as a sign that I was not good enough for McKinsey. It was more a “sign of your laziness” – yes, he used those words!

He told me the failure rate for the PST was highest among PhD candidates (I had a PhD before pursuing my MBA) because many assumed they could handle the test without preparation and simply failed. The happy ending is not that I managed to get into McKinsey. I tried reapplying but the office said no. I however did get into Bain, but this time was prepared better.

With Michael’s help I hope to make another push for McKinsey Moscow in the next 3 months!

We have published the most useful client feedback. Our commitment to confidentiality prevents us from disclosing the identity of our clients and other confidential information, and we may alter details to prevent such disclosure. Some client feedback may be lightly edited for grammar, spelling or prose, though we never alter or remove any information. Clients in our consultants coaching program are forbidden from sharing sensitive client data with us.

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Business Students Gain Hands-On Experience in Generative AI Strategy

Wsb partners with consulting firm mckinsey to host interactive workshop.

By Andrea Anderson | Photography by Joshua K. Prado

May 21, 2024

Generative AI is changing the nature of business. To be at the forefront, students need to prepare to be innovators who use this rapidly evolving technology to improve business. 

During an applied-learning workshop, Wisconsin School of Business graduate students spent a day learning from leaders with the consulting firm McKinsey & Company and getting hands-on experience creating marketing strategies with generative AI tools. 

Alex Singla, senior partner at McKinsey and co-leader of QuantumBlack, AI by McKinsey, led the activity and was joined by several McKinsey colleagues who shared their expertise during a panel discussion. 

The panelists discussed how companies can build and deploy generative AI to drive value, solve problems, and create unprecedented efficiencies.

“The panel shared valuable insights into the ethical considerations and best practices for using generative AI responsibly,” says Barbara Trujillo (MBA ’25), a full-time MBA student who participated in the workshop. “It sparked interesting discussions about the potential impact of generative AI on different industries and society. It prompted us to look at the importance of legal and risk management within the growing field of generative AI.”

As a consulting firm, McKinsey’s role is to help companies understand the value they can extract from AI effectively and responsibly, and how to sustain it. McKinsey also helps clients experiment, test, adopt, and scale AI quickly.

“With generative AI, we are talking with clients about where and how to play,” Singla says. “But in many ways, it’s also about helping mankind and humanity. The value that AI can deliver is exponential; that is the most inspiring part. So we are really investing in that topic.”

A few pieces of advice from Singla and Stephen Xu, associate partner at McKinsey: Experiment with AI. Learn what’s possible. Work as a team. 

“Think about it as a team sport,” Xu says. “I still read all the articles and develop my own knowledge, but I also surround myself with people who can go deeper than I can. Don’t feel like you have to learn everything. Do your part and surround yourself with others.”

Students were able to draw on the panelists’ expertise in the interactive consulting activity where, working in teams, they used AI tools to create a marketing strategy and campaign for a new product. 

“I particularly appreciated the emphasis on ‘prompt engineering,’ stressing the need to collaborate with generative AI, not just rely on it. The dedicated activity on crafting effective prompts solidified this point,” says Smriti Luthra (MBA ’24).

Fellow student Johnny Gomez (MBA ’24) also shared this takeaway. “The workshop was both fascinating and inspiring. … This technology is poised to significantly enhance customer experiences and operational efficiencies, marking a new era of innovation and competitive advantage.”

The partnership with McKinsey and its leaders highlights WSB’s continued investment in the AI space and the school’s long history of collaborating with corporate partners in providing meaningful and innovative applied-learning experiences for students. 

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McKinsey & Company Networking Event Guatemala

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“Hello GUATEMALA!

We invite you to our Guatemala Networking Event so you can connect and enjoy with our McKinsey Guatemala consultants.

During this event, you will have the opportunity to learn more about consulting, we will share success stories that we have had in the region and we will tell you how we solve the great challenges of our clients. At McKinsey we don’t just talk about changing the world, we do it every day!

We are waiting for you on Wednesday, May 29 at our in-person event in Guatemala!

During this event you will be able to learn more about what we do at McKinsey and the opportunities we have for you.

You will share a space with exceptional people from our local consulting and recruiting team, who will tell about their experience at the Firm and answer all your questions.

Register for this session before May 22!

*Limited Capacity. Your participation will be confirmed via email in the coming weeks.”

McKinsey & Company website

Tags: Employer Events , Consulting, Business Strategy , Engage with Employers , Extension Masters , Harvard Griffin GSAS Alumni , Harvard Griffin GSAS Beyond Academia , Harvard Griffin GSAS Masters , Harvard Griffin GSAS PhD , International Students

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Patients love telehealth—physicians are not so sure

IRL or URL? Many physicians and patients used to see medical care as something best done in-person (in real life, or IRL). But the pandemic has spurred a massive transition to virtual (or URL) care. According to our recent surveys of consumers and physicians, opinions are split on what happens next (see sidebar, “Our methodology”). As the pandemic evolves, consumers still prefer the convenience of digital engagement and virtual-care options, according to our recent McKinsey Consumer Health Insights Survey. This preference could help more patients access care, while also helping providers to grow.

Our methodology

To help our clients understand responses to COVID-19, McKinsey launched a research effort to gather insights from physicians into how the pandemic is affecting their ability to provide care, their financial situation, and their level of stress, as well as what kind of support would interest them. Nationwide surveys were conducted online in 2020 from April 27–May 5 (538 respondents), July 22–27 (150 respondents), and September 22–27 (303 respondents), as well as from March 25–April 5, 2021 (379 respondents).

The participants were US physicians in a variety of practice types and sizes, and a range of employment types. The specialties included general practice and family practice; cardiology; orthopedics, sports medicine and musculoskeletal; dermatology; general surgery; obstetrics and gynecology; oncology; ophthalmology; otorhinolaryngology and ENT; pediatrics; plastic surgery; physical medicine and rehabilitation; psychiatry and behavioral health; emergency medicine; and urology. These surveys built on a prior one of 1,008 primary-care, cardiology, and orthopedic-surgery physicians in April 2019.

To provide timely insights on the reported behaviors, concerns, and desired support of adult consumers (18 years and older) in response to COVID-19, McKinsey launched consumer surveys in 2020 (March 16–17, March 27–29, April 11–13, April 25–27, May 15–18, June 4–8, July 11–14, September 5–7, October 22–26, and November 20–December 6) and 2021 (January 4–11, February 8–12, March 15–22, April 24–May 2, June 4–13, and August 13–23). These surveys represent the stated perspectives of consumers and are not meant to indicate or predict their actual future behavior. (In these surveys, we asked consumers about “Coronavirus/COVID-19,” given the general public’s colloquial use of coronavirus to refer to COVID-19.)

Many digital start-ups and tech and retail giants are rising to the occasion, but our most recent (2021) McKinsey Physician Survey indicates that physicians may prefer a return to pre-COVID-19 norms. In this article, we explore the trends creating disconnects between consumers and physicians and share ideas on how providers could offer digital services that work not only for them but also for patients. Bottom line: a seamless IRL/URL offering could retain patients while delivering high-quality care. Everybody benefits.

The rise of telehealth

These materials reflect general insight based on currently available information, which has not been independently verified and is inherently uncertain. Future results may differ materially from any statements of expectation, forecasts, or projections. These materials are not a guarantee of results and cannot be relied upon. These materials do not constitute legal, medical, policy, or other regulated advice and do not contain all the information needed to determine a future course of action.

At the onset of the COVID-19 pandemic, both physicians and patients embraced telehealth: in April 2020, the number of virtual visits was a stunning 78 times higher than it had been two months earlier, accounting for nearly one-third of outpatient visits. In May 2021, 88 percent of consumers said that they had used telehealth services at some point since the COVID-19 pandemic began. Physicians also felt dramatically more comfortable with virtual care. Eighty-three percent of those surveyed in the 2021 McKinsey Physician Survey offered virtual services, compared with only 13 percent in 2019. 1 See sidebar on methodology; McKinsey Physician Surveys conducted nationally in five waves between May 2019 and April 2021; May 1, 2019, n = 1,008; May 5, 2020, n = 500; July 2, 2020, n = 150; September 27, 2020, n = 500; April 5, 2021, n = 379.

However, as of mid-2021, consumers’ embrace of telehealth appeared to have dimmed a bit  from its early COVID-19 peak: utilization was down to 38 times pre-COVID-19 levels. Also, more physicians were offering telehealth but recommending in-person care when possible in 2021, which could suggest that physicians are gravitating away from URL and would prefer a return to IRL care delivery (Exhibit 1).

Three trends from the late-stage pandemic

As COVID-19 continues, three emerging trends could set the stage for the next few years.

The number of virtual-first players keeps growing, and physicians struggle to keep up

The growth (and valuations) of virtual-first care providers suggest that demand by patients is persistent and growing. Teladoc increased the number of its visits by 156 percent in 2020, and its revenues jumped by 107 percent year over year. Amwell increased its supply of providers by 950 percent in 2020. 2 “Teladoc Health reports fourth-quarter and full-year 2020 results,” Teledoc Health, February 24, 2021; “Amwell announces results for the fourth quarter and full year 2020,” Amwell, March 24, 2021. By contrast, only 45 percent of physicians have been able to invest in telehealth during the pandemic, and only 16 percent have invested in other digital tools. Just 41 percent believe that they have the technology to deliver telehealth seamlessly. 3 McKinsey Physician Survey, April 5, 2021.

Some workflows, for example, require physicians to log into disparate systems that do not integrate seamlessly with an electronic health record (EHR). Audiovisual failures during virtual appointments continue to occur. To make these models work, providers may need to determine how to design operational workflows to make IRL/URL care as seamless as possible for both providers and patients. The workflows and care team models may need to vary, depending on the physician’s specialty and the amount of time they plan to devote to URL versus IRL care.

Patient–physician relationships are shifting

In McKinsey’s April 2021 Physician Survey, 58 percent of the respondents reported that they had lost patients to other physicians or to other health systems since the start of the COVID-19 pandemic. Corroborating those findings, our August 2021 survey of consumers showed that of those who had a primary-care physician (PCP), 15 percent had switched in the past year. Thirty-five percent of all consumers reported seeing a new healthcare provider who was not their regular PCP or specialist in the past year. Among consumers who had switched PCPs, 35 percent cited one or more reasons related to the patient experience—the desire for a PCP who better understood their needs (15 percent of respondents), a better experience (10 percent), or more convenient appointments (6 percent). Just half (50 percent) of consumers with a PCP say they are very satisfied. What’s more, Medicare regulations now give patients more ownership over their health data, and that could make it easier for them to switch physicians. 4 “Policies and technology for interoperability and burden reduction,” Centers for Medicare & Medicaid Services, December 9, 2021.

Physicians and patients see telehealth differently

Our surveys show that doctors and patients have starkly different opinions about telehealth and broader digital engagement (Exhibit 2). Take convenience: while two-thirds of physicians and 60 percent of patients said they agreed that virtual health is more convenient than in-person care for patients, only 36 percent of physicians find it more convenient for themselves.

This perception may be leading physicians to rethink telehealth. Most said they expect to return to a primarily in-person delivery model over the next year. Sixty-two percent said they recommend in-person over virtual care to patients. Physicians also expect telehealth to account for one-third less of their visits a year from now than it does today.

These physicians may be underestimating patient demand. Forty percent of patients in May 2021 said they believe they will continue to use telehealth in the pandemic’s aftermath. 5 McKinsey Consumer Health Insights Survey , May 7, 2021.

In November 2021, 55 percent of patients said they were more satisfied with telehealth/virtual care visits than with in-person appointments. 6 McKinsey Consumer Health Insights Survey , November 19, 2021. Thirty-five percent of consumers are currently using other digital services, such as ordering prescriptions online and home delivery. Of these, 42 percent started using these services during the pandemic and plan to keep using them, and an additional 15 percent are interested in starting digital services. 7 McKinsey Consumer Health Insights Survey , June 24, 2021.

Convenience is not the only concern. Physicians also worry about reimbursement. At the height of the COVID-19 pandemic in the United States, the Centers for Medicare & Medicaid Services (CMS) and several other payers switched to at-parity (equal) reimbursement for virtual and in-person visits. More than half of physician respondents said that if virtual rates were 15 percent lower than in-person rates, they would be less likely to offer telehealth. Telehealth takes investment: traditional providers may need time to transition their capital and operating expenses to deliver virtual care at a cost lower than that of IRL.

Four critical actions for providers to consider

Providers may want to define their IRL/URL care strategy to identify the appropriate places for various types of care—balancing clinical appropriateness with the preferences of physicians and patients.

Determine the most clinically appropriate setting

Clinical appropriateness may be the most crucial variable for deciding how and where to increase the utilization of telehealth. Almost half of physicians said they regard telehealth as appropriate for treatment of ongoing chronic conditions, and 38 percent said they believe it is appropriate when patients have an acute change in health—increases of 26 and 17 percentage points, respectively, since May 2019.

However, physicians remain conservative in their view of telehealth’s effectiveness compared with in-person care. Their opinions vary by visit type (Exhibit 3). Health systems may consider asking their frontline clinical-care delivery teams to determine the clinically appropriate setting for each type of care, taking into account whether physicians are confident that they can deliver equally high-quality care for both IRL and URL appointments.

Assess patient wants and needs in relevant markets and segments

Patient demand for telehealth remains high, but expectations appear to vary by age and income group, payer status, and type of care. Our survey shows that younger people (under the age of 55 ), people in higher income brackets (annual household income of $100,000 or more), and people with individual or employer-sponsored group insurance are more likely to use telehealth (Exhibit 4). Patient demand also is higher for virtual mental and behavioral health. Sixty-two percent of mental-health patients completed their most recent appointments virtually, but only 20 percent of patients logged in to see their primary-care provider, gynecologist, or pediatrician.

To meet market demand effectively, it may be crucial to base care delivery models on a deep understanding of the market, with a range of both IRL and URL options to meet the needs of multiple patient segments.

Partner with physicians to define a new operating model

Many physicians are turning away from the virtual operating model: 62 percent recommended in-person care in April 2021, up five percentage points since September 2020. As physicians evaluate their processes for 2022, 46 percent said they prefer to offer, at most, a couple of hours of virtual care each day. Twenty-nine percent would like to offer none at all—up ten percentage points from September 2020. Just 11 percent would dedicate one full day a week to telehealth, and almost none would want to offer virtual care full time (Exhibit 5).

To adapt to these views, care providers can try to meet the needs and the expectations of physicians. They could offer highly virtualized schedules to physicians who prefer telehealth, while allowing other physicians to remain in-person only. Matching the preferences of physicians may create the best experience both for them and for patients. Greater flexibility and greater control over decisions about when and how much virtual care to offer may also help address chronic physician burnout issues (Exhibit 6). Digital-first solutions (for example, online scheduling, digital registration, and virtual communications with providers) could also increase the reach of in-person-only care providers to the 60 percent of consumers interested in using these digital solutions after the pandemic abates.

Communicate clearly to patients and others

Physicians consistently emerge as the most trusted source of clinical information by patients: 90 percent consider providers  trustworthy for healthcare-related issues. 8 McKinsey Consumer Survey, May 2020. Providers could play a pivotal role in counseling patients on the importance of continuity of care, as well as what can be done safely and effectively by IRL and URL, respectively. The goal is to help patients receive the care that they need in a timely manner and in the most clinically appropriate setting.

Potential benefits to providers

The strategic, purposeful design of a hybrid IRL/URL healthcare delivery model that respects the preferences of patients and physicians and offers virtual care when it is appropriate clinically may allow healthcare providers to participate in the near term, retain clinical talent, offer better value-based care, and differentiate themselves strategically for the future.

Telehealth and broader digital engagement tools have enjoyed persistent patient demand throughout the pandemic. That demand may persist well after it. Investment in digital health companies has grown rapidly—reaching $21.6 billion in 2020, a 103 percent year-over-year increase—which also suggests that this approach to medicine has staying power. 9 Q4 and annual 2020 digital health (healthcare IT) funding and M&A report , Executive Summary, Digital Health Funding and M&A, Mercom Capital Group.

That level of demand offers the potential for growth when physicians can meet it. If only new entrants fully meet consumer demand, traditional providers who do not offer URL options may risk losing market share over time as a result of patients’ initial visit and downstream care decisions. What’s more, as healthcare reimbursement continues to move toward value, virtual-delivery options could become a strategic differentiator that helps providers better manage costs. 10 Brian W. Powers, MD, et al., “Association between primary care payment model and telemedicine use for Medicare Advantage enrollees during the COVID-19 pandemic,” JAMA Network , July 16, 2021.

In all likelihood, one of the critical steps in the process will be engaging physicians in the design of new virtual-care models—for example, determining clinical appropriateness, how and where physicians prefer to deliver care, and the workflows that will maximize their productivity. This has the added benefit of potentially also addressing the problem of physician burnout by offering a range of options for how and where clinicians practice.

Most important, virtual care can offer an opportunity to improve outcomes for patients meaningfully by delivering timely care to those who might otherwise delay it or who live in areas with provider shortages. In addition, patients’ most trusted advisers on care decisions are physicians, so virtual care gives them a meaningful opportunity to help patients access the care they need in a way that both parties may find convenient and appropriate. 11 “Public & physician trust in the U.S. healthcare system,” ABIM Foundation, surveys conducted on December 29, 2020 and February 5, 2021.

Physicians are evaluating a variety of factors for delivering care to patients during and, eventually, after the COVID-19 pandemic. The strategic, purposeful design of a hybrid IRL/URL healthcare delivery model offers a triple unlock: improving the value of healthcare while better meeting consumer demand and improving physicians’ engagement. The full unlock is not easy—it requires deep engagement and cooperation between administrators, clinicians, and frontline staff, as well as focused investment. But it will yield dividends for patients and providers alike in the long run.

Jenny Cordina is a partner in McKinsey’s Detroit office,  Jennifer Fowkes is a partner in the Washington, DC, office,  Rupal Malani, MD , is a partner in the Cleveland office, and  Laura Medford-Davis, MD , is an associate partner in the Houston office.

The article was edited by Elizabeth Newman, an executive editor in the Chicago office.

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