phd and consulting

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 internship immerses candidates into life at Bain and a career in consulting. You’ll have a full day of training followed by four days of a staffing assignment on a real case team. If accepted into this program, you will receive a guaranteed final-round interview for a full-time Consultant position.

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

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

Submitting a PhD / Advanced Degree Consulting Application

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

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

Consulting Resume

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

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

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

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

Consulting firms like to see:

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

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

Consulting Cover Letter

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

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

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

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

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

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

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

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

Passing Consulting Interviews with a PhD / Advanced Degree

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

Passing First-Round PhD / Adv. Degree Consulting Interviews

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

There are three types of consulting interview questions :

Case Interviews

• Behavioral Interviews

Why Consulting? / Why this Firm?

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

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

Here are some examples of case interview questions:

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

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

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

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

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

Behavioral Interview Questions

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

Here are some examples of behavioral interview questions:

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

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

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

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

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

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

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

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

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

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

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

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

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

Use the following structure to answer this question:

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

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

Again, there are many different reasons you could give:

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

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

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

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

Passing Final-Round PhD / Adv. Degree Consulting Interviews

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

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

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

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

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

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

Receiving your PhD / Adv. Degree Consulting Job Offer

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

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

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

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

Recommended PhD / Advanced Degree Case Interview Resources

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

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

Land Multiple Consulting Offers

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

How to Transition from a Ph.D. to Consulting

• Last Updated March, 2024

Former BCG Consultant

Why Become a Consultant?

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

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

Which Management Consulting Firms Want to Hire PhD Candidates?

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

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

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

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

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

In this article, we’ll discuss:

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

Let’s get started!

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

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

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

2. It Might Be Refreshing After Academia

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

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

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

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

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

3. Consulting and Academia Have a Lot in Common

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

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

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

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

4. You Might Be Very Good at It

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

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

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

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

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

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

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

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

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

Your Pool of Reference Is MBAs

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

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

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

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

The MBBs (McKinsey, Bain, & BCG)

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

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

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

Other Generalist Firms

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

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

Specialized Arms of the Big Consulting Firms

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

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

Boutique Firms

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

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

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

Understanding What the Interview (and the Job) Are About

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

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

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

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

Being Efficient

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

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

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

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

Being at Ease with Business Concepts

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

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

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

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

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

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

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

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

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

Not Being Obsessed with Details

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

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

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

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

Doing the Math the Consulting Way

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

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

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

Displaying the Right Soft Skills

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

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

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

1. Do Your Research

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

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

2. Be Strategic in Your Application Process

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

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

3. Prepare for the Interview

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

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

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

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

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

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

In this article, we’ve covered:

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

Still have questions?

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

Help with Your Consulting Application

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

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How to transition from PhD to consulting?

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

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

• The 1%: Conquer Your Consulting Case Interview
• Consulting Career Secrets
• Cover Letter & Resume
• McKinsey Solve Game (Imbellus)
• BCG Online Case (+ Pymetrics, Spark Hire)
• Bain Aptitude Tests (SOVA, Pymetrics, HireVue)
• Kearney Recruitment Test
• All-in-One Case Interview Preparation
• Industry Cheat Sheets
• Structuring & Brainstorming
• Data & Chart Interpretation
• Case Math Mastery
• McKinsey Interview Academy
• Brainteasers

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

Last Updated on February 28, 2024

From Classroom to Boardroom

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

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

Is It a Good Career Move?

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

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

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

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

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

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

Salary comparison

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

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

The Art of the Possible: Breaking into Top Consulting Firms

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

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

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

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

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

Case Study: From PhD to McKinsey

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

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

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

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

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

Similarities and Differences: Academia vs. Consulting

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

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

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

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

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

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

Making the Move and Preparing for the Applications

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

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

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

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

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

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

The StrategyCase.com Edge

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

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

Conclusion: A Question for Reflection

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

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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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Consulting With a PhD – 8 VITAL Steps (2023)

• Posted by: Chris

Updated May 15, 2023.

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

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

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

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

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

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

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

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

–post continues below —

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

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

1. Build your network

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

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

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

And the first point of sales is relationships.

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

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

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

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

6 Mistakes PhDs Make When Networking

Here’s Why Networking Will Dramatically Change Your Career

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

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

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

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

But define, define, define.

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

Some of your transferable skills CAN be really valuable here.

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

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

Here’s mine…

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

What is a science consultant?

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

What is a management consultant?

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

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

I wish more would-be PhD consultants knew this…

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

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

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

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

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

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

What about PhD Consulting Jobs?

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

Ok, so you’re launching a consultancy.

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

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

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

Learn as much as you can.

Two things that helped me:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

5 Personal Brand Tips to Put Your Growth on Autopilot

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

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

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

You need both of these people.

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

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

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

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

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

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

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

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

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

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

Book Recommendation

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

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It was one of those stupid “get rich quick” ads online. You know the type. The “I made $5 million last year selling my online

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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

Featuring Taylor H.

Consulting Resume and Cover Letter Intensive

Tuesday, april 16.

11:00 PM UTC · 45 minutes

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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Transitioning from a PhD to Consulting

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

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

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

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

What to consider during the transition? (Top)

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

Figure out your “why”

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

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

Identify target firms

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

Align to the recruiting cycle

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

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

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

McKinsey advanced degree

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

BCG advanced degree

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

Bain advanced degree

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

Best practices for PhDs (Top)

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

Start the process early

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

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

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

Focus on those 'soft skills'

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

Build your business acumen

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

Build your network and learn about the firms

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

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

Apply for the advanced degree summer programs

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

Don't forget about the rest of the interview

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

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

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

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

Read this next:

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

See all RocketBlocks posts .

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UCL Researchers

Find Your Future

Transitioning from PhD to consulting

By uczjsdd, on 24 February 2015

How did you make the decision to leave academia?  

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

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

Why management consultancy?

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

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

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

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

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

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

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

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

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

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

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

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

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

Any final thoughts?

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

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Tags: Careers case study , management consultancy

9 Responses to “Transitioning from PhD to consulting”

Interesting post on the transition from PhD to management consulting

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

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

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

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

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Thanks for sharing great information. I appreciate it, keep it up.

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• Accurate at the time of publication

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.

• Harvard Business School →
• Doctoral Programs →

PhD Programs

• Accounting & Management
• Business Economics
• Health Policy (Management)
• Organizational Behavior
• Technology & Operations Management

Students in our PhD programs are encouraged from day one to think of this experience as their first job in business academia—a training ground for a challenging and rewarding career generating rigorous, relevant research that influences practice.

Our doctoral students work with faculty and access resources throughout HBS and Harvard University. The PhD program curriculum requires coursework at HBS and other Harvard discipline departments, and with HBS and Harvard faculty on advisory committees. Faculty throughout Harvard guide the programs through their participation on advisory committees.

How do I know which program is right for me?

There are many paths, but we are one HBS. Our PhD students draw on diverse personal and professional backgrounds to pursue an ever-expanding range of research topics. Explore more here about each program’s requirements & curriculum, read student profiles for each discipline as well as student research , and placement information.

The PhD in Business Administration grounds students in the disciplinary theories and research methods that form the foundation of an academic career. Jointly administered by HBS and GSAS, the program has five areas of study: Accounting and Management , Management , Marketing , Strategy , and Technology and Operations Management . All areas of study involve roughly two years of coursework culminating in a field exam. The remaining years of the program are spent conducting independent research, working on co-authored publications, and writing the dissertation. Students join these programs from a wide range of backgrounds, from consulting to engineering. Many applicants possess liberal arts degrees, as there is not a requirement to possess a business degree before joining the program

The PhD in Business Economics provides students the opportunity to study in both Harvard’s world-class Economics Department and Harvard Business School. Throughout the program, coursework includes exploration of microeconomic theory, macroeconomic theory, probability and statistics, and econometrics. While some students join the Business Economics program directly from undergraduate or masters programs, others have worked in economic consulting firms or as research assistants at universities or intergovernmental organizations.

The PhD program in Health Policy (Management) is rooted in data-driven research on the managerial, operational, and strategic issues facing a wide range of organizations. Coursework includes the study of microeconomic theory, management, research methods, and statistics. The backgrounds of students in this program are quite varied, with some coming from public health or the healthcare industry, while others arrive at the program with a background in disciplinary research

The PhD program in Organizational Behavior offers two tracks: either a micro or macro approach. In the micro track, students focus on the study of interpersonal relationships within organizations and the effects that groups have on individuals. Students in the macro track use sociological methods to examine organizations, groups, and markets as a whole, including topics such as the influence of individuals on organizational change, or the relationship between social missions and financial objectives. Jointly administered by HBS and GSAS, the program includes core disciplinary training in sociology or psychology, as well as additional coursework in organizational behavior.

Accounting & Management  

Business economics  , health policy (management)  , management  , marketing  , organizational behavior  , strategy  , technology & operations management  .

Advanced Professional Degree Candidates

What is advanced professional degree, what roles are available.

APDs typically join us as full-time  associates . They can work as generalists or expert consultants if they have a specific function or industry on which they would like to focus such as digital, analytics, or operations. 

We encourage APD candidates to explore all  job openings —consulting or non-consulting—that fit their professional interests and academic or research expertise. These roles include data scientists, software engineers, product managers, data engineers, designers, agile coaches, digital marketers and a variety of other positions .

Available roles

Campus calendar, mckinsey apd recruiter office hours, academia to consulting, mckinsey apd resume workshop, mckinsey apd: partner series, session 3, full-time associate role application, resources for apds.

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• Best Online Ph.D. In Management

Best Online Ph.D. In Management Of 2024

Published: Apr 16, 2024, 3:33pm

Key Takeaways

• A Ph.D. in management prepares students for advanced, research-based roles in business
• Concentrations for management Ph.D. programs vary widely, including areas like engineering management, project management and sport management
• The typical Ph.D. in management requires around 60 credits of coursework

A Ph.D. in management is one of the most advanced degrees you can attain in the business field. If you aspire to a high-level role in research, academia or consulting, you might consider pursuing a Ph.D. in management online.

Online Ph.D.s in management typically require a dissertation and delve into contemporary theories of leadership and management. However, many do not include in-person requirements. Rather than practical learning components, students complete theoretical coursework before turning their attention to their dissertations.

We’ve ranked the 10 best online Ph.D. programs in management. Read on to learn more.

Why You Can Trust Forbes Advisor Education

Forbes Advisor’s education editors are committed to producing unbiased rankings and informative articles covering online colleges, tech bootcamps and career paths. Our ranking methodologies use data from the National Center for Education Statistics , education providers, and reputable educational and professional organizations. An advisory board of educators and other subject matter experts reviews and verifies our content to bring you trustworthy, up-to-date information. Advertisers do not influence our rankings or editorial content.

• 6,290 accredited, nonprofit colleges and universities analyzed nationwide
• 52 reputable tech bootcamp providers evaluated for our rankings
• All content is fact-checked and updated on an annual basis
• Rankings undergo five rounds of fact-checking
• Only 7.12% of all colleges, universities and bootcamp providers we consider are awarded

Our Methodology

We ranked 13 accredited, nonprofit colleges offering online management Ph.D. programs in the U.S. using 14 data points in the categories of student experience, credibility, student outcomes and affordability. We pulled data for these categories from reliable resources such as the Integrated Postsecondary Education Data System ; private, third-party data sources; and individual school and program websites.

Data is accurate as of February 2024. Note that because online doctorates are relatively uncommon, fewer schools meet our ranking standards at the doctoral level.

We scored schools based on the following metrics:

Student Experience :

• Student-to-faculty ratio
• Socioeconomic diversity
• Availability of online coursework
• Total number of graduate assistants
• Proportion of graduate students enrolled in at least some distance education

Credibility :

• Fully accredited
• Programmatic accreditation status
• Nonprofit status

Student Outcomes :

• Overall graduation rate
• Median earnings 10 years after graduation

Affordability :

• In-state graduate student tuition and fees
• Alternative tuition plans offered
• Median federal student loan debt
• Student loan default rate

We chose the 10 best schools to display based on those receiving a curved final score of 88% or higher.

Find our full list of methodologies here .

• Best Online Accounting Degrees
• Best MBA In Finance Online
• Best Online Finance Degrees
• Best Online Master’s In Accounting Degrees
• Best Online Master’s In Finance

Degree Finder

Best online ph.d. in management, should you enroll in a ph.d. in management online, accreditation for online ph.d.s in management, how to find the right online ph.d. in management for you, frequently asked questions (faqs) about online ph.d.s in management, western new england university, capitol technology university, liberty university, university of the cumberlands, maharishi international university, bellevue university, troy university, indiana state university, national university, amridge university, featured online schools.

Learn about start dates, transferring credits, availability of financial credit and much more by clicking 'Visit Site'

Program Tuition Rate

$1,575/credit

Percentage of Grad Students Enrolled in Distance Education

Overall Graduation Rate

Located in Springfield, Massachusetts, Western New England University offers an online Ph.D. in engineering management comprising 10 classroom courses and a research-focused dissertation, which students must defend before faculty members. Notable courses in the 57-credit curriculum include operations research and project management.

WNE delivers most online coursework asynchronously through the Kodiak learning management system. Applicants need a minimum 3.5 cumulative GPA and must submit GRE scores. Students can enroll full time or part time.

• Our Flexibility Rating: Learn on your schedule
• School Type: Private
• Application Fee: $50
• Degree Credit Requirements: 57 credits
• Program Enrollment Options: Full-time, part-time
• Example Major-Specific Courses: Operations research, project management
• Concentrations Available: N/A
• In-Person Requirements: No

$950/credit

Located just outside of the nation’s capital city in South Laurel, Maryland, Capitol Technology University offers six online management Ph.D.s in engineering management, facilities management, occupational risk management, product management, project management and real estate management. All programs require 60 credits.

Learners don’t have to fulfill any on-campus courses or residencies, completing their Ph.D. entirely online.

• Our Flexibility Rating: Learn around your 9-to-5
• Application Fee: $100
• Degree Credit Requirements: 60 credits
• Program Enrollment Options: Full-time
• Example Major-Specific Courses: Product management future demands, engineering management research backgrounds
• Concentrations Available: Engineering management, facilities management, occupational risk management, product management, project management, real estate management

$565/credit

Located in Lynchburg, Virginia, Liberty University enrolls more than 135,000 students, most of whom take online courses. The university’s online Ph.D. program in organization and management – leadership provides a comprehensive study of leadership. The 60-credit curriculum includes courses like ethical leadership, leading effective teams, leading organizational change and leading theory. The program culminates with a dissertation.

Liberty delivers all program coursework asynchronously to maximize flexibility.

• Program Enrollment Options: Full time
• Example Major-Specific Courses: Ethical leadership, leading effective teams

$549/credit

Based out of Williamsburg, Kentucky, the University of the Cumberlands is a private, Christian-affiliated university that offers several online degrees, including a Ph.D. in business management.

The program’s 66-credit curriculum includes core courses in advanced managerial accounting, comparative economics, strategic marketing, and managerial ethics and social responsibility. All students also take courses in statistics and research methods, leading to a dissertation.

The curriculum offers seven focus areas, including entrepreneurship, finance and healthcare administration.

• Application Fee: $30
• Degree Credit Requirements: 66 credits
• Example Major-Specific Courses: Advanced managerial accounting, comparative economics
• Concentrations Available: Accounting, entrepreneurship, finance, healthcare administration, marketing, project management, strategic management

$6,000 to $10,800/year

Located in Fairfield, Iowa, Maharishi International University offers an online Ph.D. in management that stands out for several reasons. The degree incorporates a distinct focus on sustainability, and students do not take finals at the end of their courses. The program runs on a block system, in which students immerse themselves in a single course at a time. All students at MIU practice transcendental meditation twice per day.

Online students can choose between synchronous and asynchronous course delivery, although synchronous attendance is encouraged.

• Application Fee: $20
• Example Major-Specific Courses: Assessing human development, performance management in strategy research

$799/credit

Located in Bellevue, Nebraska, Bellevue University offers many online programs, including a Ph.D. in human capital management. While most coursework takes place online, students must complete two on-campus residencies: one at the start of the program and another at the beginning of the dissertation process. The 51-credit curriculum includes seminars in performance management, qualitative methods, and leading and aligning human capital.

The university delivers most online coursework asynchronously to promote flexibility.

• Degree Credit Requirements: 51 credits
• Example Major-Specific Courses: Seminar in performance management, seminar in qualitative methods
• In-Person Requirements: Yes, for two residencies

$550/credit

Based in Troy, Alabama, Troy University is a state school that offers several online programs, including a Ph.D. in sport management. The 60-credit curriculum delves into topics like sport management pedagogy and the legal aspects of sport. The program culminates with a dissertation that involves original research and scholarship. Students never need to visit campus.

Troy delivers all online coursework asynchronously through Canvas. Each online course typically lasts for nine weeks.

• School Type: Public
• Example Major-Specific Courses: Sport management pedagogy, seminar in legal aspects of sport

$450/credit

Located in Terre Haute, Indiana, Indiana State University offers several online programs, including a Ph.D. in technology management. The 66-credit curriculum includes five specialization options, among them construction management, manufacturing systems, and human resource development and industrial training. In addition to a specialization, all students must complete a research-focused dissertation requirement.

Notable courses in the curriculum include technology project management and advanced economic analysis. ISU offers its Ph.D. program in technology management along with a consortium of three other universities.

• Application Fee: $45
• Example Major-Specific Courses: Technology project management, advanced economic analysis
• Concentrations Available: Manufacturing systems, construction management, quality systems, digital communications, human resource development and industrial training

$442/quarter credit

Headquartered in San Diego, California, National University primarily focuses on online programs, offering distance degrees to students around the nation. The university’s Ph.D. in technology management requires 60 credits and includes courses in statistics with technology applications and principles of technology innovation management.

Students can choose from six concentrations, including computer science, information systems and data science. NU delivers most online coursework asynchronously. New students can begin the program each Monday.

• Application Fee: Free
• Example Major-Specific Courses: Statistics with technology applications, principles of technology innovation management
• Concentrations Available: Computer science, IT project management, information systems, engineering management, data science, cybersecurity

$700/credit

Based in Montgomery, Alabama, Amridge University maintains an affiliation with the Churches of Christ. Amridge has recently expanded its distance learning presence to include an online Ph.D. in organizational leadership and management.

The program’s 51-credit curriculum includes foundational courses in legal aspects of management, research methodology, and leading innovation and change. All students must also complete a qualifying examination, after which they tackle a research-focused dissertation in organizational leadership.

• Example Major-Specific Courses: Legal aspects of management, research methodology

Though distance learning is widely appealing, not all students thrive in online learning environments. To determine whether you should pursue your doctorate online, ask yourself the following:

• What are your other obligations? If you are a parent or if you plan to keep a full-time job while enrolled, asynchronous online learning might provide a good fit. Asynchronous course delivery eliminates scheduled class sessions, allowing you to complete assignments on your schedule so you can better manage your commitments.
• What’s your budget? Online learning is often more affordable than on-campus learning. Distance learners generally avoid campus-related costs like housing and transportation. Moreover, some public universities—which typically charge higher rates to out-of-state learners —allow online students to pay in-state or otherwise discounted tuition rates , regardless of their state residency status.
• What’s your learning style? While online learning offers flexibility and affordability, it is not for everyone. Distance learners need a great deal of discipline, organization and time management skills. If you need additional structure to do your best, you might prefer a synchronous, hybrid or on-campus program.

There are two important types of college accreditation : institutional and programmatic.

The U.S. Department of Education (ED) and Council for Higher Education Accreditation (CHEA) oversee the third-party agencies that handle the institutional accreditation process. Accrediting agencies evaluate schools for the quality of their academics, finances and faculty, among other areas. You must be enrolled at an institutionally accredited college to qualify for federal student aid.

To check a school’s accreditation status, you can look at its website or visit the database on CHEA’s website .

Programmatic accreditation provides a similar vetting service, but for specific degree programs and departments. The importance of programmatic accreditation varies by field, but it is fairly relevant in business.

For management programs, you should keep an eye out for accreditation from one of three organizations:

• The Accreditation Council for Business Schools and Programs
• The Association to Advance Collegiate Schools of Business
• The International Accreditation Council for Business Education

AACSB is not recognized by the ED or CHEA, but it is still widely respected in the business field and among the best-known business degree accreditors.

Consider Your Future Goals

An online Ph.D. in management can lead to high-level positions in academia or research. You may also be able to find work as an economist or a consultant.

In general, advanced business these positions involve analysis, research and scholarship. If you want to work as a C-level executive or entrepreneur, you might be better off getting an M.B.A. degree in your preferred business subfield. M.B.A. programs focus more on applied, practical business skills as opposed to theory.

If you know you want to work in research or academia, you should choose a Ph.D. in management that requires a dissertation. A dissertation will give you a chance to try out research and scholarship and perhaps even contribute to the field by publishing your findings in a journal. This work can help you land a job as a professor or researcher once you graduate.

Understand Your Expenses and Financing Options

Per-credit tuition rates for the 10 qualifying Ph.D. programs in our guide range from $450 to $1,575. Over the course of a typical 60-credit Ph.D. program, this translates to between $27,000 and $94,500 in total tuition. That’s no small investment.

To defray the cost of your graduate education, you should first fill out the Free Application for Federal Student Aid. The FAFSA is the gateway to federal student aid opportunities like loans, grants and scholarships. Universities and other aid providers may also use FAFSA data to determine their awards. Additionally, you can pursue financial aid through private lenders and third-party organizations.

What does a Ph.D. in management do?

A Ph.D. in management prepares graduates for careers in research, scholarship and academia. To that end, most management Ph.D. programs include a course in research methods and require students to complete a dissertation before they graduate.

How long is a Ph.D. in management?

Our top-ranked Ph.D. in management programs take between three and five years to finish, but completion times vary depending on program requirements and student enrollment status.

Which Ph.D. is best after an M.B.A.?

The best Ph.D. for an M.B.A. holder depends on their individual goals and circumstances. A Ph.D. in management generally builds on the managerial and business skills gained through an M.B.A. program.

Is a Ph.D. in management worth it?

The value of a Ph.D. in management depends on your career goals. This degree is a good fit for students who want to become business professors , researchers and consultants. If you want to become an executive or entrepreneur, an M.B.A. program is likely a better fit.

Mikeie Reiland is a writer who has written features for Oxford American, Bitter Southerner, Gravy, and SB Nation, among other publications. He received a James Beard nomination for a feature he wrote in 2023.

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EY-Parthenon Health and Wellness Strategy Consulting teams can help organizations shore up their operations today, while positioning themselves for future success. We understand and work with the broad health ecosystem every day. We understand what consumers demand and what capabilities are needed to meet and exceed their demands. We are here to help organizations succeed in their quest to provide health care that is predictive, personalized and equitable. 

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The Life Sciences industry has excited the world by leveraging new platforms to address some of society’s most pressing health problems. But the industry is also facing an innovation deficit that requires an ecosystem mindset to find new avenues for growth in particular, as specialty drug spending far outpaces traditional drug spending. New modalities that have emerged include gene and cell therapies, mRNA drugs or vaccines, and complex biologics.

At the same time, costs of capital are increasing, leading an industry that has focused on topline growth to address costs, and strengthen financial and operational resilience. All of this, as digital disrupts operating models and how care is delivered, while regulatory considerations transform pharmaceutical supply chains.

EY-Parthenon Health and Wellness Strategy Consulting teams cover a broad spectrum of life science services for both corporate and private equity clients, including biopharma (branded and generics), medical technology, life science services (CRO and CDMO), diagnostics, life science tools and reagents. Through corporate and growth strategy services, we provide in-depth, real-world perspectives and identify inorganic growth options that lead to M&A programs. Through commercial due diligence services, we help create heavily researched, data-backed insights for our clients. We also help you develop and implement innovation strategies around digital capabilities and emerging technologies.

Through Health and Wellness Strategy Consulting, EY-Parthenon teams help leaders design and deliver transformative strategies to build long-term value.

EY-Parthenon Health Sciences and Wellness Strategy Consulting teams

Ranu Carroll

Life sciences sector leader. Strategy and M&A advisor. Avid traveler. Opera enthusiast. Rugby fan. Proud mom of three small humans.

H. Mallory Caldwell

Proven executive and business strategist. Passionate about helping reshape and restructure industry to meet marketplace demands.

Abhay Bangi

Health care strategist. Trusted advisor to business leaders. Technology enthusiast. Creative problem solver. Nature lover and avid sports buff.

Driven to solve complex problems and to boost the strategic transformation of life sciences and health companies. Family-focused. Loves cars, Rallysport, and sailing.

Arda Ural, PhD

Co-author of numerous whitepapers and a frequent speaker about biopharmaceutical strategy at industry conferences. Married father of two.

Our latest thinking

How life sciences can make the right deals in a time of change

Life sciences companies are returning to dealmaking amid cost and revenue pressures – how will they find the right deals to secure value? Learn more.

How to give health consumers the access and experience they value most

The EY Global Consumer Health Survey 2023 findings suggest health executives should focus on access to care, cost and experience factors. Learn more.

How a major health provider is putting care into patients’ hands

Learn how a leading health care system used digital transformation to enhance its telehealth application and better serve both patients and providers.

Virtual and in-person care merge for a healthier future

Health systems should seize on recent progress to push toward new models that seamlessly integrate virtual, home-based and in-person care. Learn more.

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Our EY-Parthenon commercial strategy team can help you realize enterprise growth, improve profitability, extend customer and shareholder value. Learn more.

EY-Parthenon professionals can help your business design and provide transformative strategies for sustainable growth. Learn more.

Digital M&A framework

Find out how our digital M&A framework can help you determine the right strategic course to a digital future and create better value for your business.

EY-Parthenon professionals can help your company maximize value throughout the deal lifecycle, from target assessment through integration and beyond. Learn how.

Our restructuring and turnaround professionals can help your business transform, create, preserve and recover value. Find out how.

M&A advisory: Buy and integrate

Discover M&A advisory services from EY when you buy and integrate. We help enable strategic growth through integrated mergers and acquisitions, joint ventures and alliances.

Discover how EY tech-enabled Strategy and Transactions advanced analytics teams helps turn information into connected intelligent insights.

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EY sustainability and ESG strategy teams can help you create long-term value through strategy, M&A, capital allocation, ESG due diligence and portfolio optimization.

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EY-Parthenon is a brand under which a number of EY member firms across the globe provide strategy consulting services.