The Science Alliance fall season kicked off last Monday, September 20 with an event highlighting an exciting career option for scientists outside academia. Management Consulting: Using Your Scientific Mind to Solve Business Problems, led by McKinsey & Company, aimed to demystify the profession through a series of talks and a hands-on case that simulates what consultants do. The three speakers from McKinsey also addressed how a PhD can transition into the field and why a science background is good preparation, and were able to speak from personal experience as all three obtained their doctorates in science before joining the firm as Associates.
This was my second collaboration with McKinsey; the first was when I was organizing career and professional development events at Harvard Medical School and I worked with McKinsey to offer the two-part “nanocourse” Consulting in the Life Sciences and Healthcare. My goal for the nanocourse was to provide field specific content and a hands-on experience that would (a) expose scientists to the kind of work professionals do outside of bench research and (b) help them make better-informed career decisions.
The nanocourse at HMS was very well-received and so I was delighted when they were willing to give a repeat performance for Science Alliance (I even snagged one of the consultants for a future career path video). The event at the Academy was equally successful, drawing over 100 students and postdocs from institutions across New York City. So what exactly did the attendees learn in the three hour workshop with McKinsey?
They, of course, heard what management consulting firms like McKinsey do: work with clients to solve complex business problems and devise innovative strategies for improvement. In the past century, organizations and industries have grown to the point that it is often necessary to seek outside counsel to understand questions like why a company is experiencing a profit loss or where the opportunities for growth lie. To help these companies, a team of consultants are tasked with gathering and analyzing information, prioritizing issues, and developing a set of recommendations, often in a short window of time.
Sound vague? That’s okay- it’s often difficult to grasp the concept of a profession so drastically different from what we have experienced. The best way to gain a clearer picture of management consulting is to try tackling a business case on your own. You can find practice cases on the internet and in bookstores, along with guides on how to crack them (a popular one is here). Business cases are the crux of the consulting interview so if you are serious about applying for positions, it is advisable to practice with others and to seek out student-run consulting clubs.
What about some examples? The following scenarios were presented during the workshop to get the attendees’ minds thinking like consultants. I. A coffee shop comes to you because it has started losing money about three months ago. What would you explore to get to the root of the problem? II. A pharmaceutical company wants to optimize their disease targets and needs a comprehensive analysis of the market. What are all the facets you might consider to be able to rank or categorize diseases in terms of their attractiveness as drug targets?
Seems interesting, but why do they want scientists? According to the consultants from McKinsey, scientists possess the top four skills that make a successful consultant: problem solving skills, communications skills, analytical and quantitative abilities, and scientific knowledge (particularly for dealing with cases in life sciences and healthcare). In most cases, though, you will not be applying the specific subject matter that engrossed your life for years while doing research; rather you will be using all of these other transferrable skills you developed in your training as a scientist.
Your interest has been piqued, now how do you get the job? Consulting positions are highly coveted and so the interview process is very competitive. In order to be a strong candidate for consideration, firms are looking for individuals who, aside from having the PhD after their name, can also demonstrate examples of achievement, leadership, initiative, and team work. Having these on your resume will help you get an interview; the rest lies in how well you perform on the case interviews and your “fit” with the company.
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