Doctor to Consultant Transition

Hi there,

This is a great set of questions! Now, I have a general answer, and then a list of relevant Q&As that should greatly help you.

If you are genuinely interested in transitioning to consulting, your best bet is to do an MBA. The PhD route is for an entirely different purpose/career. You absolutely can get into MBB from a PhD, but it's just not that common!

A PhD does not lead to a higher salary (holding the same hiring role constant), and certainly seems far more roundabout a path than just doing an MBA.

Remember, an MD/MBA is a route to consider! I knew a number of people at Stern that were also pursuing a Doctorate and MBA simultaneously...let's just say they were highly marketable :)

Some other Q&As you might find helpful:

https://www.preplounge.com/en/consulting-forum/doctor-pre-mba-career-advice-8818

https://www.preplounge.com/en/consulting-forum/medicine-to-consulting-9013

https://www.preplounge.com/en/consulting-forum/transition-from-dentistry-to-management-consulting-7910

https://www.preplounge.com/en/consulting-forum/is-there-a-place-for-newly-licensed-mds-in-the-mbb-firms-in-south-east-asia-looking-to-make-the-switch-to-consulting-9105

In addition, please check out these threads for detailed discussions on a similar question:

• https://www.preplounge.com/en/consulting-forum/which-job-should-i-choose-8244
• https://www.preplounge.com/en/consulting-forum/medicine-to-consulting-9013
• https://www.preplounge.com/en/consulting-forum/doctor-pre-mba-career-advice-8818

• What would be the easiest stage for a doctor to transition into consulting? I have the option of doing a PhD in medical research at a top UK university - should I transition before or after doing a PhD?

You have two paths - 1) straight after graduating from med school as a junior consultant (standard undergraduate recruiting) or (2) post-PhD as an experienced hire / industry specialist (usually at MBA-level recruiting)

I worked with both types at Strategy& and it depends on your own preferences for which would work out better. Either way you will likely end up in a similar position accounting for the time to complete your PhD. 

If you are dead set on becoming a consultant, one would wonder why pursue the PhD in addition to the medical degree as opposed to kicking off your career upon graduation?

• Would the PhD carry any weight like an MBA, or would I have to do an MBA on top of my PhD?

As above, you would probably join at a similar level or one step below a post-MBA hire. Whether it would carry weight is a different point depending on the audience. Most likely you would eventually work within life sciences given your education background, an industry where your education would be perceived higher than someone who came in with just an MBA. 

In other sectors (and depending on the client) the MBA is a distinct signal. However the fact of the matter is once you are in the consulting firm, as bases are equal and it won't matter much either way in the long term (at least in Europe / in the US the MBA may still be seen as important to have)

• Would having a PhD be reflected in any salary differences?

As above. Pay bands are consistent at each grade across the industry so should be similar (or perhaps a grade below) a post-MBA hire

Hi there,

I agree with Raj:

1. Both would work. If you have already decided you want to go into consulting, I would switch now, unless you absolutely want to have a PhD
2. Normally you join as post-MBA if you have a PhD, but it also depends on the country
3. Normally yes, as you should join at a higher rank as for 2. However, if you join now you should be at a better step in the career ladder by the time you finish the PhD considering the time required for it

Best,

Francesco