consulting firm for phd

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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• Entrepreneur

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.

Why You NEED to Trust Yourself

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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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 .

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.

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 .

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Alternative careers for stem phds: life science consulting.

With the increasingly competitive job market in academia for STEM PhDs, graduate students across the country are struggling to find employment commitments by the time they graduate. With the exception of computer science majors, the output of STEM PhD graduates far exceed the amount of jobs available . Furthermore, the predominant job opportunity for graduates in life sciences, physics, or chemistry is a post-doc position with a minimal $40K salary. It’s no wonder that so many STEM PhDs are leveraging their credentials toward alternative careers such as consulting .

The fast-growing consulting industry has an estimated global market value of US$250 billion . The consulting industry is segmented into various fields such as pharma, healthcare, or retail and hires at various levels of education including bachelor, MD, and PhD. To better understand the nature of the consulting industry and the mindset of STEM PhDs entering consulting, I spoke with Jesmine Cheung , an associate at DeciBio, and summarized 6 takeaway points at the end of the article. DeciBio is a boutique life science consulting company based in Santa Monica, California. Jesmine is a UCLA Biochemistry PhD graduate who studied mechanisms of mitochondrial protein import in the Carla Koehler laboratory. 

When in grad school did you begin to pursue this field? What caused you to change your career path?

I think it was about my second to third year that I really decided I did not want to do bench work for the rest of my life. The end goal would have been to graduate with a PhD and then do a post doc somewhere, or maybe work in industry. Ultimately, I felt research in either an academic or industry setting really isn’t for me. So I asked myself, what else could my PhD be used for? This is when I looked more into alternative careers and consulting was one of them.

What about consulting with a STEM PhD appeals to you?

At first I had no idea what consulting really was. My impression was that it was primarily for people with prior business expertise. But after looking deeper into it, I found that there are a lot of niche-based consulting companies such as in pharma or life sciences. Given my several years in academic research, I thought I would be more suited for those types of consulting jobs.

Do you think it offers a lot of leverage having a STEM PhD?

Absolutely, especially in niche related consulting firms that are science based. But beyond that, earning a PhD really allows you to harness your critical thinking, analytical, and problem-solving skills, which are essential in consulting. Though I wouldn’t say it’s required to have a PhD, because there are a lot of business majors that get into consulting early on. But having a PhD can really help.

Many see consulting as a stepping stone into business-oriented job opportunities. Do you feel consulting is sustainable as a long-term career? What other careers do you think it prepares you for?

Well it really depends on the company. At larger firms like Bain, McKinsey, or LEK, I don't believe the lifestyle is really so sustainable. Consultants tend to work long hours, with an average of 60-70 hours per week, and the turnover for people is around 3 to 4 years. But smaller firms like mine seem to have much more reasonable hours. In terms of careers, a lot of consultants often end up working for one of their clients, which isn’t so surprising. Usually after gaining experience as a consultant you can get a foothold in various markets or research fields. Also, you end up growing your own network considerably because you’re constantly talking to and interviewing people. So consulting can certainly prepare you for a career in managing or marketing as well as lead to those types of opportunities.

What traits—personality or otherwise—do you feel are most suited for a career in consulting?

Having people skills is particularly important because you will be interacting with people all the time. This includes clients, colleagues, and experts in the field to which you are asking questions, emailing, or presenting throughout the day. Communication and teamwork skills are also highly desired because you are typically working on a case together, collecting data, analyzing and finding the best ways to present your findings to clients. This also means you need exceptional managing and analytical skills to apply the data and obtain meaningful outcomes.

I think we may have covered a little of this, but how do you feel having a STEM PhD helps you in this industry, if at all?

Analytical or critical thinking abilities are highly desired and obtaining a PhD, particularly in the science fields, helps to develop those skills. As a PhD student we are faced with challenges every day when things don’t work, or data isn’t reproducible. Then we must step back and find solutions to those problems. At some point it becomes natural to us and those abilities are essential in consulting. Also, presentation skills are important, and we get a lot of experience as PhD students from being TAs or presenting our work at seminars or conferences.

For many fields we don’t always have prior experience or knowledge yet. It’s usually through diligent research, interviews, and data collection that we become well-versed in the field and are able to provide useful advice

Now that you are in this industry, is there anything about it that you didn’t expect or that surprised you? Positive or negative?

No, not really actually. I had a pretty good idea about what it was, especially from doing interviewing and practicing case studies. You have to have a fair bit of understanding of what consulting is before you can be hired.

Is there anything you miss about research or wet lab work?

No, but I’m sure some people would. For me, research is often so focused on a very small area for long periods of time. After a while you start losing interest or motivation to find the answers. For consulting, a project lasts only weeks or months, and you can have a more definitive answer while quickly moving on to something else. I find that much more satisfying.

What does a normal work day look like for you? How has this changed from your days in research in academia?

No pipetting! It’s completely different from research. No experiments or lab work. Rather it’s a very office type of work. You go from meeting to meeting, contacting different experts in the field and emailing experts to gain insight. Ultimately, the output is basically a PowerPoint, which we present to the clients.

How did you prepare yourself for a career in consulting? Specifically, how did you prepare for the interviews?

The interviews are generally split in two parts. The first part is behavioral like most jobs to see if you’re a good match, personality or otherwise. The other half is the case interview, where you are presented with a mini or simplified case you would typically see at the firm, to see how you can think through a problem. For that you will have to practice a lot. But there are plenty of case books out there that you can read. And it’s always best to practice with somebody or in a group. There are usually consulting clubs on campus that meet and do cases that help with those things.

What about other ways to prepare your resume for a consulting job?

Well, any other activity aside from research or science, if you’re getting your STEM PhD to help your resume. Things like participating in case competitions or venture capital activities. Or if you’re able, try to find an internship somewhere in consulting or the biotech industry.

What advice do you have for those with STEM PhD’s and want to pursue a career in consulting?

Think hard if this is something you really want to do toward the beginning of your PhD and make a decision then. It’s very hard to start building your resume and getting ready for a consulting career when you are about to graduate.

• STEM PhDs have an advantage when applying to consulting companies specializing in a market related to their degree.
• Consulting projects are much shorter than research projects, lasting on average weeks to months, as opposed to years.
• Boutique companies offer better work-life balance.
• Unlike research at the bench, a main component of the job requires interactions with stakeholders.
• Taking part in case competitions and practicing case studies are key to a successful interview.
• If you think consulting is for you, build your experience and resume with relevant activities before you graduate.

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WeStudyIn: Moscow-based consulting services for study abroad

The WeStudyIn project unites more than 80 experts around the world who have had an independent educational experience abroad and who are prepared to share this experience. Source: Press Photo

Aleksandra Olenina has been accustomed to moving since childhood. She was born into a military family in St. Petersburg, grew up in Sochi where she also finished school, and then returned to St. Petersburg to study international relations at SPBU.

Olenina first traveled abroad during her third year of studies. After winning a contest, she went to Britain for four months to teach Russian in a private school for boys.

The school was located near oxford and her friends were mostly other Oxford student teachers. Her stay left an indelible impression, and she decided to do everything in her power to study abroad in the future.

Online education: Startups go live

“I started to search for conferences that paid you,” says Olenina. “I applied to them and started getting more and more successful applications.  Many people asked me how I did it.”

In the last four years, Olenina has finished a master’s program in St. Petersburg, interned at the UN headquarters, and also interned in Spain in the marketing division of Air Tractor, a dealer of firefighting airplanes.

In 2012, Olenina won a British Council contest and once again went to Britain to teach Russian as well as to do some research for her graduate project.

As people were ever increasingly asking her for advice about educational programs and offering her money in exchange , she began to think about how to systematize her consultations.

In 2011 she created a group on the social networking site Vkontakte with a few of her friends. A separate site was later created where young people who had studied abroad helped others gather and prepare documents for entry into foreign educational institutions. This idea was the basis of WeStudyIn .

Olenina has lived in Moscow since March. WeStudyIn’s office is located here in the business-incubator area of city center - “Red October.” Mikhail Frolkin, the founder of HeadHunter, has invested $300,000 in the project. Olenina plans to recoup the investment by the end of the next academic year. 

The WeStudyIn project unites more than 80 experts around the world who have had an independent educational experience abroad and who are prepared to share this experience. Experts give consultation to clients online via video calls, edit necessary documents, and help students prepare for admission testing.

The cost of the service ranges from $55 (1,650 rubles) for an initial consultation lasting one hour to $1,650 (15,000 rubles) for step by step guidance, university selection, and help preparing applications.

“We show people where they might go to study, what kind of result they will obtain from it, and what professions they can choose. Our experts choose programs individually depending on the abilities, desires and background of the person,” says Olenina. “We comb all the universities for a given specialization and choose the one that is the best fit.”

To start, the client fills out a questionnaire which provides the expert with an idea about the applicant’s possibilities. The experts then tell the client what his or her chances are of entering into any given university, what needs to be done for it, and what the application procedure is like.

In extended work, an expert selects no less than five universities so that the chance of being accepted is significantly higher.

Leonid Godik, the 28 year old creative producer of the German online channel Mediakraft, is one of WeStudyIn’s experts.

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He decided to join the WeStudyIn team after he saw an advertisement calling for experts in one of the social networking sites.

“I like sharing my experience and I can earn some money, plus one can ‘be seen’: In the company I work for, contacts are very important,” says Godik.

He himself is a graduate of the faculty of law at one of the best Russian educational institutions, MGIMO, was a fellow at DAAR (German Academic Exchange Service), and graduated from the production department at the Baden-Württemberg Film Academy.

“Personally, I sought an internship program in the USA for a long time. I wanted a short one with interesting content,” says another WeStudyIn expert, the 28 year old Vera Ageeva, head of the Saint Petersburg University of Service and Economics.

In 2012 she became one of the seven winners of a contest for participating in a one month internship program within the executive and legal branches of power in the USA.

“During my internship I was able to work side by side with American specialists. It was a unique experience,” says Ageeva.

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• Australia has become the number-one country destination, thanks to its booming economy, openness to foreign talent, and great quality of life.
• As in years past, London tops the list of desirable cities to move to.
• People who move abroad for work expect their new employer to take the lead in supporting their relocation and onboarding and to cultivate an international, inclusive culture.
• Governments can establish policies, incentives, and frameworks that will help employers attract and hire the talent they need.

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Talent and Skills

/ report, dream destinations and mobility trends, decoding global talent 2024.

By  Jens Baier ,  Orsolya Kovács-Ondrejkovic ,  Tobias Zimmermann ,  Pierre Antebi ,  Susan Gritzka ,  Sacha Knorr ,  Vinciane Beauchene ,  Carmen Marquez Castro ,  Zoë McFarlane ,  Anja Bates ,  Julie Bedard , and  Ashish Garg

This is the first report in a series analyzing the work preferences of global talent in 2024 .

Ten years ago, we launched the Decoding Global Talent series of reports, excited to watch trends in the wide world of work. We never imagined how powerfully and rapidly various global forces—the pandemic, remote work, geopolitics, GenAI , and more—would disrupt work. Nevertheless, the turmoil of the past decade has had little impact on the enduring appeal of talent mobility.

Take Anne Granelli. We first interviewed her in 2014, when Anne, a biomedical researcher and native of Sweden, was living and working in New Delhi with her family, after a stint in Canada. “We really like the international atmosphere,” she shared then. “It’s a great opportunity to get different views and learn a lot.” We’ve continued to follow her story. Now 53, she is living and working in Dubai for a US-based medtech company. She recently observed, “Life is too short not to explore all the options.”

The options for working abroad are plentiful—as are the workers who are ready for new opportunities.

Employers and nations stand to benefit as well. But to reap the rewards, they must understand the preferences of mobile workers, which entails answering several key questions:

• How have the top target destinations shifted?
• Why do people aspire to move to specific countries?
• What can future employers and the governments of destination countries do to court global talent?

About the Decoding Global Talent Series

• The Decoding Global Talent series is the largest data source on the mobility preferences of workers globally. Our cumulative data set comprises almost 900,000 responses on where and how people want to work around the world.
• It is a collaboration of BCG, The Network, and The Stepstone Group.
• The current report explores trends in workforce mobility, including willingness to move abroad for work, and provides an updated ranking of top destination counties and cities.
• In this year’s survey, we explored a new dimension of global mobility: the reasons why respondents favor particular destinations. We asked survey participants how they perceive certain countries and why they think they would be happy in those destinations.

Where Do People Want to Go?

In 2023, Australia, which has been steadily rising through the ranks since we initiated this series, finally topped the list of desirable country destinations .

Australia became more attractive to respondents from Asian countries, and it rose in popularity among respondents from North America, Africa, and several European countries, including the UK and Ireland. Amid an economic boom as the world emerged from the worst stages of the pandemic, Australia has been attractive to talent from abroad, offering job opportunities, visas, and great quality of life.

Overall, though, the upper echelon of the rankings hasn’t changed much. Canada and the US are still top-three talent destinations because of the attractive economic opportunities they offer and because they are, simultaneously, English-speaking countries and global melting pots.

The most dramatic change we found in the rankings was Spain’s reemergence among the top ten, after becoming less attractive during the pandemic (the country was hit hard early on).

Why Do People Choose a Specific Country?

We dug deeper to find out how people who are willing to move for work choose a destination, leaning on definitions and rankings from the Organisation for Economic Co-operation and Development in its 2023 Indicators of Talent Attractiveness report.

We looked at extrinsic factors —characteristics of countries. We found that one consistent, primary consideration supersedes individual country brands: the quality of job opportunities. Nevertheless, a few countries benefited from another prominent consideration: quality of life .

And we looked at intrinsic factors —practical considerations related to the individuals themselves. Overall, speaking the primary language or languages of the destination country matters a lot, especially among respondents who favor English-speaking countries. Personal recommendations from acquaintances who have experience with the destination country make a difference, too, as does having a diaspora of the same nationality in the target destination.

What Can Employers and Governments Do?

People’s interest in moving abroad for work is significant, as are the benefits for employers and national and local economies. We recommend that businesses and governments target several key strategic areas and offer mobile talent advice along each step of the journey that they will be taking.

It’s no accident that we start with recommendations for employers...

But governments play a strong enabling role, so we have recommendations for them too...

• Forecast talent needs, and craft an international location strategy.
• Refine the EVP to resonate with new audiences.
• Boost international recruitment channels.
• Offer extensive relocation support.
• Onboard new arrivals—and their families.
• Ensure an inclusive and international work environment.

• Take a strategic approach to managing immigration.
• Boost the country brandwith a focus on jobs.
• Build bilateral partnerships and programs.
• Fast-track talent with critical skills.
• Make immigration user-friendly.
• Promote labor market inclusion.
• Promote societal inclusion.

People who have moved abroad for work—or aspire to—do so for a variety of practical reasons. But there’s also a sort of joie de vivre that takes hold among mobile talent. Patrick Byrne, a US-born lawyer now in Spain, shared with us, “I love the idea of adventure. Just the idea of living somewhere else, trying something new, experiencing another culture. That alone is an amazing thing.”

Employers and nations that tap into such positive energy, from the millions of workers with mobile aspirations, will gain a major competitive advantage and source of growth.

ABOUT BOSTON CONSULTING GROUP

Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. BCG was the pioneer in business strategy when it was founded in 1963. Today, we work closely with clients to embrace a transformational approach aimed at benefiting all stakeholders—empowering organizations to grow, build sustainable competitive advantage, and drive positive societal impact.

Our diverse, global teams bring deep industry and functional expertise and a range of perspectives that question the status quo and spark change. BCG delivers solutions through leading-edge management consulting, technology and design, and corporate and digital ventures. We work in a uniquely collaborative model across the firm and throughout all levels of the client organization, fueled by the goal of helping our clients thrive and enabling them to make the world a better place.

© Boston Consulting Group 2024. All rights reserved.

For information or permission to reprint, please contact BCG at [email protected] . To find the latest BCG content and register to receive e-alerts on this topic or others, please visit bcg.com . Follow Boston Consulting Group on Facebook and X (formerly Twitter) .

Featured BCG Experts

Managing Director & Senior Partner

Orsolya Kovács-Ondrejkovic

Associate Director

Vinciane Beauchene

Managing Director & Partner

Julie Bedard

Ashish Garg

Jens Baier leads Boston Consulting Group’s work in human resources (HR) in Central and South America, Europe, and the Middle East (CEMA). Since joining the firm in 2000, he has managed a wide range of projects, including HR excellence programs, migration of HR IT to cloud solutions, strategy development, large scale transformation, organizational redesign, role of the center definition, set up and optimization of shared services, and cost efficiency programs. He has worked with clients in a wide range of industries in Germany, Europe, the Middle East, and South Africa. 

Orsolya Kovács-Ondrejkovic joined Boston Consulting Group in Budapest in 2013. She is a member of the People & Organization practice, focusing on people strategy. Orsolya has significant expertise in HR (especially redesigning HR operating models), talent and workforce trends, organizational design, and strategic workforce planning, and has worked with leading global companies. Her present focus is helping organizations prepare their workforces for the future of work.

Vinciane Beauchene is a core member of The Boston Consulting Group’s Health Care, Industrial Goods, and People & Organization practices.

Ashish Garg is the leader of People & Organization practice in Asia-Pacific and a core member of the Financial Institutions and Public Sector practices. He leads BCG’s work in skilling, capital markets, and wealth management in India.

• Work & Careers
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BCG says AI consulting will supply 20% of revenues this year

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• BCG says AI consulting will supply 20% of revenues this year on facebook (opens in a new window)
• BCG says AI consulting will supply 20% of revenues this year on linkedin (opens in a new window)
• BCG says AI consulting will supply 20% of revenues this year on whatsapp (opens in a new window)

Anjli Raval and Simon Foy in London

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The chief executive of BCG has said the $12bn consulting firm expects to generate a fifth of its revenues in 2024 from helping corporations integrate artificial intelligence into their businesses, a share it projects will reach 40 per cent by 2026.

Christoph Schweizer told the Financial Times that AI and generative AI were “a huge boost” to revenues in the past year as companies move from experimenting with the technology to “at-scale deployment”.

BCG is working with global tech giants and AI companies — from Microsoft and Google to OpenAI and Anthropic — to integrate their technology into company operations and processes. It is also training board directors and executive teams who increasingly see it as a business priority.

“We have never seen a topic become relevant as rapidly as Gen AI,” said Schweizer, who added that he personally uses large language models to take minutes for meetings, write emails and summarise documents.

The significant share of BCG’s revenues coming from AI advisory work, which has not been previously disclosed, highlights how consulting firms are seeking to cash in on the generative AI boom.

A jump in sales at BCG’s AI division also partly offset a slowdown in other parts of the business last year amid a tougher economic backdrop . BCG’s total revenues climbed just 5 per cent in 2023 to $12.3bn, the firm’s weakest growth in at least seven years.

However, Schweizer said the consulting market “feels more positive” this year, adding that BCG’s sales were growing “in the teens again” percentage-wise, during the first quarter of 2024.

From customer service chatbots to data migration and overhauling research and development in healthcare, Schweizer said BCG is helping companies use AI to cut costs and increase productivity. “We are seeing an amazing uptake of use cases,” he added.

Schweizer claimed rivals were behind BCG on AI advisory work because the firm identified it early as a potential driver of growth. BCG, which started investing in its AI business in 2015, has about 3,000 employees in its BCG X technology and design division. It has also rolled out AI tools to its 33,000 employees, helping them manage company data, write text, summarise information and produce slides.

“I am the most vocal, and I would say also ruthless leaders, when it comes to telling my team that it’s nice to go to our clients and tell them they have to change, but we have to change BCG just as much,” said Schweizer. “We are taking our own medicine.”

The firm was part of a Harvard Business School study that monitored the impact OpenAI’s GPT-4 model had on its employees . Consultants who were assigned the AI tool were more productive than those who were not. They worked quicker and work was of a higher quality.

Schweizer said advising on climate change and sustainability projects was still the firm’s fastest-growing practice in 2023, even as business leaders were less vocal on environmental, social and governance issues compared with a few years ago, referring to the backlash in some countries, including the US, against stakeholder capitalism.

“Are there parts of the world where CEOs would rather take a lower profile on their ESG . . . and climate agendas? Absolutely, yes,” he said. “But that doesn’t mean that they are not committed to it . . . The rhetoric is a lot more cautious.”

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International Edition

These are the 25 best internships of 2024, based on pay and career opportunities

• Summer internship season is almost here, and students will soon be filling the most coveted opportunities.
• Glassdoor published a ranking Wednesday of the 25 best internships of 2024, based on interns' reviews.
• It's largely tech, finance, and consulting, and includes gigs with reported pay of $9,000+ a month.

With summer internship season fast approaching, many students and recent grads will soon find themselves in prestigious internships — some of which could actually be pretty lucrative.

A new ranking from workplace review site Glassdoor lays out the best internships of the year, as determined by pay and career growth opportunities, based on reviews and ratings from interns themselves.

The list is dominated by industries like tech, finance, and consulting and includes several internships with reported pay exceeding $9,000 a month.

Companies had to have received at least 30 salary reports and at least 15 career opportunities ratings by US-based interns from April 1, 2023, through March 31, 2024, to be considered for the list. The named companies didn't verify the reported compensation and might not be actively hiring for internships right now. But they still offer a glimpse into the most exclusive roles for students and recent grads .

Take a look at the best internships of 2024, according to Glassdoor:

Median Base Monthly Salary: $7,500

Career Opportunity Rating (out of 5): 4.5

Median Base Monthly Salary: $7,666

Career Opportunity Rating: 4.5

23. ServiceNow

Median Base Monthly Salary: $7,000

Career Opportunity Rating: 4.7

22. McKinsey & Company

Median Base Monthly Salary: $7,083

21. BlackRock

Median Base Monthly Salary: $7,166

Career Opportunity Rating: 4.6

Median Base Monthly Salary: $8,400

Career Opportunity Rating: 4.4

Median Base Monthly Salary: $8,000

Median Base Monthly Salary: $8,666

15. LinkedIn

Median Base Monthly Salary: $8,333

14. Boston Consulting Group

13. Microsoft

Median Base Monthly Salary: $7,890

12. Salesforce

11. Qualcomm

Median Base Monthly Salary: $8,500

8. Barclays

Median Base Monthly Salary: $8,833

7. Capital One

6. Atlassian

Median Base Monthly Salary: $8,166

Median Base Monthly Salary: $9,000

4. J.P. Morgan

Career Opportunity Rating: 4.9

Median Base Monthly Salary: $10,333

1. Bain & Company

• Main content

Ingemar Dierickx

Negotiation Expertise

Three decades of experience

Ingemar Dierickx holds a PhD (Business Economics) from Harvard University and an MBA from the Harvard Business School, where he was a Baker Scholar. He also holds law degrees from the Harvard Law School (LL.M.) and the Rijksuniversiteit Gent (Lic.Jur.)

For nearly 25 years, he was Professor of Negotiation Analysis at INSEAD. Previously, he worked as a Research Associate with Professor Ray Goldberg at the Harvard Business School and with Professor Thomas Schelling, Harvard Economics Department.

His research on Negotiation Analysis and into the microeconomic foundations of Strategy has been widely published in scientific journals such as Management Science, Journal of Business, Strategic Management Journal, International Journal of Industrial Organization, and European Economic Review. As an outstanding teacher he received numerous awards, including a special Lifetime Achievement Award for teaching excellence. He created INSEAD’s executive program on Negotiation Dynamics and was its Director for fifteen years.

After joining The Moscow School of Management (Skolkovo), he became a founding partner of  D&AC – Negotiation Advisors , a company that offers a wide range of negotiation support services. With Professor Luis Almeida Costa, he developed  Negotiation Dynamics – The Game™ , a state-of-the-art simulation that tracks repeated negotiations within ongoing business relationships. He has also produced a highly successful training DVD on Price Negotiations.

For nearly three decades, Ingemar Dierickx has represented and advised high net worth individuals and corporate clients in a broad spectrum of industries including banking, insurance and re-insurance, consulting, accounting, legal services, travel, aerospace, the automobile industry, retailing, oil and gas, mining and metals, power generation, the pharmaceutical industry, telecommunications, television and entertainment, software development, commodity and specialty chemicals, as well as the public sector.

As a trainer and coach, he has run hundreds of highly successful negotiation workshops around the world.