Careers in Business and Law

Scientists who can bridge the gap between academia and business or law are sorely needed and so PhDs have lots of options outside academia and away from the bench. For an overview, check out this eBriefing presented by Science Alliance: Careers for Scientists in Business and Law.

What kind of jobs are there for PhDs in business and law?

PhDs are in high demand in large management consulting firms like McKinsey & Company and BCG, not necessarily for their scientific expertise but for their ability to analyze complex problems. What do they actually do? Read this recap of a Science Alliance event led by McKinsey and this Q&A over at Science Careers Mastering Your PhD: A Career in Management Consulting. For hands-on opportunities to learn more, you can apply for McKinsey’s 3-day “Insight” workshops and 4-12 week internships and for BCG’s consulting workshops Bridge to BCG.

Although the large consulting firms are more visible (and are quite competitive), there are also plenty of boutique firms focused on life sciences and healthcare consulting that are not to be overlooked. The Vault’s section on Consulting- Pharmaceutical and Healthcare is a good place to learn more in this area.

PhDs with quantitative backgrounds often find success in finance working as an analyst in both large and small investment banks. To understand what this entails, you can view this eBriefing from Science Alliance: "Betting on Biotech: Careers in Equity Research".

If you are interested in how technologies are turned into businesses, there are several places to find your niche. First, you could work in a university tech transfer office helping academics commercialize their research. What does this actually involve? Check out this article in Science Careers Transferring Skills to Tech Transfer.

Second, you could pursue intellectual property law and become a technical advisor or patent agent. Many are employed in law firms, however, large pharmaceutical companies also have intellectual property offices in-house. A law degree isn’t necessary unless you want to be a patent attorney and some law firms, like Ropes & Gray, have programs that will pay for you to attend law school while you work. Watch the Science Alliance career path video From the PhD to Patent Law or read the Science Careers article Scientist Lawyers: Test Tubes to Briefs.
 
Third, you could work at the finance end of the spectrum, investing in new technologies at a venture capital firm. Although harder to break into, scientists have been hired for their ability to understand the science behind new technologies being pitched, in order to critically evaluate their promise as new startup opportunities. PhDs are not typically hired as VCs straight out of graduate school or postdoctoral fellowshps; rather, it is likely a transition that is made after being in a business or finance position.

Finally, if you have an entrepreneurial spirit, you could start a new venture on your own. This is a critical piece for driving innovation forward and more scientists are needed who are willing to take the leap of becoming an entrepreneur. For practical tips on getting started, view the Science Alliance eBriefing Start Me Up: Building a Business from Academic Research. You could also take courses offered at business schools, centers for entrepreneurship, and other professional organizations. For instance, since 2004, Science Alliance has offered the course Idea to IPO: The Technology Venture Course every spring. Nature's Bioentrepreneur portal is also a great resource for information.

How does a PhD prepare for a career in business or law?

In most cases, PhDs can enter these fields without additional schooling but at some point may want to pursue an advanced degree. In all cases, it is a good idea to demonstrate interest and aptitude for business or law, through coursework or interests outside the lab, as well as leadership and teamwork, for example, through student-run organizations or professional societies. Networking is also key for breaking into fields like venture capital.

To have an idea of what to expect when making the transition from academia, check out this eBriefing from Science Alliance: Leveraging the Scientific Mindset in the Business World. When you are ready to research information about specific industries and companies, the Vault is a handy resource.