What is
management consulting?
Management consultants help clients make business
decisions by collecting data and providing analytical insights into diverse
aspects of business, including understanding consumer needs, responding to new
regulations and entering new markets. For example, a bookstore may seek input
on whether to develop its own line of electronic reading tablets, or a
pharmaceutical company may seek help prioritizing drug candidates following the
passage of the Affordable Health Care Act. Clients include large corporations,
non-profit organizations and government agencies.
Why switch?
Management consulting provides
opportunities to develop an understanding of the value of scientific results
within the framework of business development, as well as the ability to
influence others and accomplish more as a team. A role in management consulting
can provide you with experience that will open up additional career options in
the future, and provides good compensation. This career is a good fit for
scientists who enjoy working on diverse projects in a fast paced-environment,
travel and the business aspect of science.
What positions
can one hold in management consulting?
Most PhD graduates and postdocs
are hired by management consulting firms at the associate level, generally
equivalent to post-MBA hires. Associates work as a part of a team under the
guidance of a senior consultant. Successful associates take on more and more
responsibilities, which include setting the analytical framework of cases,
handling client relationships and developing new clients.
Where will you
work?
There are hundreds of management consulting
firms in the United States alone. They have
offices in almost every state and many firms have international offices located
around the world. Firms that have hired Yale PhD graduates and postdocs in the
recent past include McKinsey & Company, Boston Consulting Group, L.E.K., and
Simon-Kucher & Partners.
How to make
the transition?
While at Yale, you can prepare to
join consulting firms by joining the Yale Graduate Consulting Club,
participating in Case Competitions, and connecting with Yale alumni and recent
Ph.D. graduates from other schools who have recently begun their career in
management consulting. You can also apply to McKinsey & Co.’s Insight
program or “Bridge to BCG,” which are short immersion programs that give you
the opportunity to experience life as a management consultant.
Prepared by: Yixiao Zou
No comments:
Post a Comment