Consulting
There are many types of consulting opportunities as you progress in your career and hone your expertise, whether it be freelance work, working for a boutique consulting firm, or starting your own consulting company. This is especially true if your PhD and work experience is relevant to industries such as pharma/biotech, information technology, finance, and human resources.
If you are interested in consulting right out of graduate school, then you are likely looking at management consulting firms, who value the ability to think critically over specific knowledge. These management consulting firms vary in size and variety of clientele, and most importantly, many are actively recruiting PhDs in all disciplines because they acknowledge the analytical skills that are necessary to successfully complete a doctoral program.
Entry Points
If you possess solid expertise in a particular field and believe you can persuade businesses to hire you based on that knowledge, you're likely positioned to embark on your own consultancy journey: claim the CEO title for yourself. For those uncertain, entry points can vary based on the hiring practices of different consulting firms. Many companies onboard fresh PhDs at the same level as new MBA graduates, though some may assign you a lower-tier role to assess your fit in the business landscape. Often, this is influenced by prior work experience outside of graduate studies, so be sure to review firms' websites prior to applying to understand their specific policies, ensuring you're targeting the right position.
If you're hesitant about pursuing a role at a management consulting firm due to a lack of confidence in your business knowledge, understand that these firms recognize the challenges of juggling MBA coursework while finalizing your dissertation. Leading firms such as McKinsey & Co., Boston Consulting Group, and Bain & Co. (commonly referred to as the "big three" in consulting) have structured programs designed to enhance the business skills of new hires lacking a business background. More than anything, and yes, that includes business sense, these firms prioritize your critical thinking abilities.
Who are the employers?
A fairly comprehensive list of consulting firms can be found here
Vault.com also publishes their ranking of consulting firms, which can be found here
Application Process
The application process will vary to some degree depending on the specific position and firm to which you are applying. If you are applying for a specialist role or a position within a boutique consulting firm that only caters to clients in one specific industry, then your knowledge in this specific area will likely be tested. For those applying to consulting firms that cater to many different industries, general critical thinking skills will be tested more than industry-specific knowledge. Aside from the typical interview process of discussing your resume/CV and assessing interpersonal skills, there is a unique component of the consulting interview for which preparation is ESSENTIAL: the case interview.
The case interview is basically where the interviewer will present you with a hypothetical client scenario and then it will be up to you to ask the right questions and give the appropriate answers in order to provide a satisfactory result for the client. The emphasis of this exercise is to assess your process of attacking a problem and critically working your way to a reasonable conclusion more than it is a test of your business knowledge, so don’t hyperventilate just yet. There are many resources (including some listed below) that are very useful in preparing for the case interview, so you really don’t have an excuse to show up unprepared. The business school at your university can also sometimes be a great resource for finding someone willing to practice with you, so definitely try to make friends with members of the management consulting club there.
Career Progression
Career advancement in a management consulting firm often mirrors that of a law firm more closely than it does with most Fortune 500 companies. While job titles differ from one firm to another, the ultimate aim for those committed for the long term is to achieve partner status. Similar to law firm partners, consulting partners enjoy significant financial benefits, including profit sharing. Understanding the firm's culture where you intend to apply is crucial, as some are infamous for their "up or out” policy (either get promoted or exit) while others maintain a more relaxed approach to career progression. Typically, these differences are evident during the interview process; however, if you're uncertain, find a sophisticated way to inquire about the firm's culture.
Work Hours
The silver lining is that consultants typically log fewer hours than investment bankers. However, it's disconcerting that we're even drawing comparisons to the grueling hours of investment banking. While 15-hour days aren't the norm, they do surface, especially as client deadlines loom. Expect work weeks to stretch well beyond 40 hours. Additionally, be ready for significant travel due to the client-focused nature of the role. In many management consulting firms, you'll likely be at client locations from Monday to Thursday, returning to your office only on Fridays (though remote work has become more prevalent since COVID).
Compensation
Salaries vary from firm to firm with most variability regarding bonuses. Current compensation expectations would be:
At a top firm:
~$60-80K salary and $10-15K bonus for a pre-MBA entry-level position
~$120-160K salary and $30-50K bonus for a post-MBA entry-level position
At a smaller/boutique firm:
~$50-70K salary and $2-7K bonus for a pre-MBA entry-level position
~$80-120K salary and $5-10K bonus for a post-MBA entry-level position
Exit Options
Exit opportunities are plentiful for those deciding to depart from the consulting realm. This is particularly the case if you were fortunate enough to secure a role at a top-tier firm. Numerous companies are keen to hire individuals trained in solving complex, overarching issues, and the numerous CEOs with consulting backgrounds serve as a testament to the potential success of such transitions. Whether your goal is to launch your own enterprise, establish your consultancy, or ascend the corporate hierarchy of a Fortune 500 company, the skills acquired as a consultant are remarkably adaptable.