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Career Advice

From the Bench and Bedside to the Boardrooms (How to transition from academia into consulting, Part 1 of 2)

Introduction

With the 2018 application cycle in full swing for a number of top-tier consulting firms, many of my MD and PhD colleagues have been inquiring about how they can leave academia, if only for a few years, and pursue a career change in management consulting. Because many of my piers have very similar questions I felt that addressing them in a more public forum would be beneficial for many others.

Any time I discuss my experience in landing an offer at my top choice firm after getting offers from bigger firms like McKinsey and BCG, and smaller sized firms like LEK, Putnam Associates, and Promidian Consulting, I focus on four main areas:

  1. Doing your homework!
  2. The Application Process
  3. Case Practice
  4. Excelling in the Interview

In part 1 of this two part series, I want to delve into the first two categories and share some tips that will help you make the transition into consulting.

1. Do Your Homework!

Like it is for any major life decision, it is critical to understand what you are getting yourself into. This step in the process involves a lot of reading and speaking with individuals who are currently consultants. Take time to thoroughly look at a company’s website. In doing so, make sure you not only get a sense of the various industries their clients come from, but also read about other aspects of the company in terms of diversity and inclusion, career path and roles, and community service projects that the company puts on and sponsors. Make sure you take time to find who the recruiting contacts are for your region of the country or even your specific school and be comfortable reaching out to those individuals.

In my experience, the most helpful way to familiarize yourself with a firm, network with their consultants, and clarify any questions you may have is via on campus recruiting events. Now depending on what school you attend this may or may not be possible. If you happen to attend a non-target school then the next best thing would be to attend a virtual recruiting and case interview workshop. The MBB firms have virtual sessions geared specifically to advanced professional degree (APD) candidates.  I found them incredibly beneficial as they answered a lot of my questions and even addressed mistakes that APDs make during the application process. Many of these same companies also offer a weekend immersion experience for select applicants who want a more in depth experience and insight into a specific firm. For example:

Another point that advanced degree candidates need to consider, especially those in the life sciences (i.e. MD or PhD), is whether to pursue residency training for newly minted physicians or a post-doctoral research fellowship for PhDs. This is a very difficult decision for many because deciding not to follow further training may eliminate the possibility of going back to the academic and clinical realm that they spent so much time in. Based on my experience speaking with recruiters, consultants, managers, and partners at MBB and other firms, deciding not to pursue further training doesn’t diminish the role or impact you can play on a consultant team or the interest that firms have in recruiting you.

Ultimately, what’s most important is having some understanding of where you want to end up. If you want to learn more about how hospitals are run, how drugs are priced, and how health insurance companies operate in the hopes of leveraging those skills to be a better informed clinician so that you can one day open up your own practice or become a departmental chair or chief medical or executive officer of a hospital then going to residency or a post-doctoral research program is probably the best path for you to take. On the other hand, if you want to work your way to the upper echelons of the consulting world or work for other healthcare or life science companies then further training may not be necessary.

2. The Application Process

As someone who decided to pursue a consulting career later than most, it was paramount for me to learn about the job as well as how to apply to the different firms. What I found to be most key was learning what the different firms are looking for in their applicants. There are some common qualities that all the firms look for such as leadership experience, team work ability, academic excellence, and the willingness to be coached. However, when applying to life sciences and smaller firms there was more of an expectation to have some understanding of the major issues and hot topics in the field of healthcare and biopharma. I was also asked more about my experience being a part of my school’s consulting club when I applied to be a life sciences consultant.

One of the hardest parts of the application process, especially for those coming from an academic background is putting together a strong business style resume. CVs that consulting firms want to see from their applicants are very different from those that scientists and clinicians are accustomed to. These firms aren’t interested in every publication or presentation, and want to see more numerical and result oriented statements associated with the various accomplishments and projects. Below are a handful of tips to assist in transitioning your academic resume into a consulting resume:

  • Keep it to 1 page
  • Focus on results (ideally quantifiable ones)
  • Follow the rule of 3 (Three work experiences, with three bullets for each one)
  • Have a line dedicated to personal interests/hobbies
  • No high school information

It’s also key to know that when you apply to MBB the level you will enter the firm may be different compared to other firms. When you apply to life sciences firms you sometimes will enter at the level right below a consultant (i.e. Life Science Specialist/Associate Consultant) compared to coming in as a consultant at one of the top tier firms. Each of these opportunities comes with some give and take. On the one hand, the higher the rank at which you enter a firm the higher the base salary will be. However, on the other hand, the expectations and level of responsibility will also be higher, which may be a little much for some depending on their level of experience. For those that join a firm at a level lower than consultant they will have lower base salaries, but ideally will be better prepared to take on the role of consultant by the time they are promoted.

A second area of interest for many advanced degree candidates is the level of formal training that firms provide. For those that come to consulting with minimal business experience it can be very beneficial to have a structured preparatory program. As I was learning more about the variety of firms and their different offerings, I noticed that the larger firms have more structured training opportunities. These programs include putting new consultants through a “mini-MBA” where they spend approximately 3 weeks learning core business principles from leading economics, accounting, and finance professors. Some firms do a week long program in which new hires learn more about the firm, what unique offerings they provide clients, and other key business terms and philosophies. For those firms that provide little formal training, they expect their new consultants to put in the time to figure things out independently and ask questions when necessary.

Finally, when applying it is helpful to get a sense of the industries that the firms typically serve. While each office in a firm focuses on specific sectors, consultants often travel cross-country and even internationally to where their respective skillset can be best utilized. For me, as a physician, I wanted the opportunity to do as much case work in the biopharma and healthcare sectors. However, many of my friends who were applying at the same time, who came from different graduate programs, were indifferent about the industries they would work in. Therefore, having a clear sense of what you are comfortable with in terms of the clients you will be working with is important.

Conclusion

Pursuing a consulting career is very different to what most MD and PhD candidates are accustomed to and therefore requires a lot of upfront due diligence. Taking the time to learn about this career path, what life would be like, how being a consultant can influence your career aspirations, and whether you are comfortable working on projects that may fall outside your expertise are all key steps in the decision making process. Being a consultant is an incredible opportunity to solve some of the most complex problems for a variety of clients, and in doing so helping them to be the best version of themselves.

Kevin Anderson is a graduating medical student at Duke University School of Medicine and will be starting at LEK Consulting later this year. He’s most passionate about healthcare redesign, patient engagement, and the life sciences. His free moments are spent traveling  and enjoying sporting events with his wife and daughter.

Image: Pexels

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