Medicine to Consulting
Hello, another M.D. here considering defecting to the business / possibly consulting world. I'm out of medical school about 1.5 years (2.5 to go if i stuck with it), and am currently in a surgically related residency. Suffice it to say, I personally do not have a long term future in medicine. It's a combination of things, but there are certain very real threats to my field (read turf war), along with stress, very early mornings/hours, lack of potential for creativity, little flexibility, and even less potential for upward mobility. I could go on. I am more interested at least at this point in trying to break into the business world.
My initial questions are:
1. would you recommend that I go back immediately for an MBA if I am considering this path?
or
2. look for a consulting job, possibly involving health care / pharma, work for 2 - 3 yrs, then go back for an MBA?
Just spend another year or two as a doctor and then get your MBA; 2.5-3.5ish years of work experience is okay, especially since you'll be, what, 29 by then?
I've gotta say, though, that be sure it's something you want. You're gonna be tacking on a shitload more in tuition, not to mention the opportunity cost of two years of work - all in all you'd be looking at upwards of a quarter million dollars. That's a lot of money.
Thanks for your reply, Angus. A couple things- what do you think about looking for a job in consulting prior to going back for the MBA, instead of continuing on as a resident? Especially since I don't see myself practicing clinically. With regard to opportunity cost, I'll be making a measly 60-65k /yr as a resident were I to continue training after this year.
Definitely doable, but the hours and pay will be pretty similar to those you're currently doing. Plus I think you'd be more attractive to MBA adcomms as a doctor than as a consultant with an MD.
Interesting. Is that what starting salaries would typically run, 60-70, for someone with an advanced degree that isn't an mba?
is there anything that couldve changed your mind to go into medicine in the first place 5-10 years ago?
not at all questioning your decision to go into medicine originally, just curious
I hear you. Getting paid for care delivered is so problematic !
Hi, I'm a PhD student looking to enter consulting. I'd advise the following:
1) hit up current consultants via Linkedin for informational interviews: pull all strings that you have and you'd be surprised how many people are willing to speak with you. Firms that hire MDs/PhDs significantly are McKinsey, BCG, Bain and a few other healthcare consulting firms like Clearview, IMS, ZS etc.
Then there are 2/3-day workshop for PhDs/MDs during the summer with the apps due in April (google insight healthcare, advance into consulting, Bridge to BCG).
2) You do NOT NEED an MBA. Top firms hire MDs/PhDs without MBA at post-MBA level.
Don't get an MBA.
At my MBB, we actively recruit MDs into post-MBA roles. The caveat is that you'll likely do a lot of "medical" related projects, whether that is hospital operations, phrama strategy, device marketing projects, etc.
Regardless, MDs are in high demand in the US for consulting. Our firm even has a separate target for medical hires apart from generalists. I'd go straight to a consulting company. Your odds of success should be pretty good if you study up on cases a bit.
No. Online apps are black holes (not always, but often).
Reach out to recruiters, ask them if they recruit MDs. Ask to talk to learn more. Talk to them. Ask good quesions. Ask them what would be the best next step (hint hint wink wink). If they say, "submit online" then go do it. Better if they says, "submit online and send me your resume and i'll put you in touch with someone else who does medical stuff to learn more".
What office are you looking for? Find a recruiter for that office/region.
Does MBB come to your school? What kind of med school are you at? Harvard? Good state school? Something in the Caribbean that technically still qualifies as US MD?
Agree with the two posters above, don't do an MBA. I have a good friend who went to BCG as a "post-MBA" level straight from his med school. Granted, he had done 2 years at GS before med school, but he said that they hire people directly from MD programs as well.
Regarding salary, the best resource is managementconsulted. For the top firms, base would be 140ish, signing 25ish, and performance bonus of up to 30ish.
Much better than a resident, but you're not saving lives and will be giving up job security.
Thanks everyone for all the responses. While it is rewarding to be involved in patient care and occasionally "saving lives", these experiences are far outnumbered by the many frustrating realities of our healthcare system, which is more and more anti-physician each day. New residency grads with even an average amt of debt are in for a career of declining reimbursements and increased workload. Regarding job security, my specialty is particularly under the gun in terms of competition from non-physician providers, and a massive selling out of private practices to large management companies. This is essentially eliminating the potential for private practice and building a business in this specialty. This is slowly happening in all specialties, sadly.
It's nice to hear that an MBA isn't necessarily a must. I'm talking to friends with connections in the consulting world, who are mostly at smaller boutique firms. I don't seem to know anyone with ties to any of the "MBB" places. Anyway, I guess I'll start thinking about polishing up my resume and filling out some of the online applications, and potentially cold contacting people, reaching out via Linkedin, etc as mentioned? Then it just comes down to a wait and see game, unless you know someone? Or should I be reaching out to recruiters. Thanks for humoring me as I learn more about all of this.
I agree that there is no need for a MBA in order to do consulting as a MD, hired in generally above the level of a post-undergrad hire. A MBA with healthcare focus would be more an option if your goal was to go into hospital administration, though I get the sense that route is more for experienced clinicians.
For consulting, as you are just out of med school, I would see if MBB recruit at your old school (if so, there should be a campus consulting club that will be tracking the process). Try to get the name of the recruiter/consultant aligned to the on-campus team. That process is already underway, so it may be difficult for this cycle. MBB do a spring cycle, but off-cycle recruiting is more rare (at least in my day, ~6+ years ago).
I am now with a boutique pharma consulting firm in Boston, where we hire MDs/PhDs. We do a big cycle in the fall but also are looking year round - you might find more flexibility with the boutique firms. I would in fact encourage on-line submission to boutique firms - not a "black hole" as perhaps at MBB where the online channel has a small signal-to-noise ratio.
1) Can you switch specialties and would that change anything? 2) Grass isn't always greener. Most of my MBB and other consulting friends aren't overly in love with it. Most people bounce after 1-3 years post MBA. Travel is horrible. Projects can vary. Stress/demands can be high. Nothing against consulting but just providing a reference. 3) In some respects I envy the medical field. Granted you said your specialty is declining, however I view medicine as an annuity that you can pull for the next 20-40 years. The business world is extremely cut throat and there aren't a lot of spots at the top. I'd think long and hard about giving up that annuity for an option value.
Thanks for the comment/insight. There's one other specialty I would consider for its slightly saner lifestyle (the one other specialty I considered in med school) but job security/options are also poor in that specialty, giving it an equally poor outlook in the long term. I'm thinking I will put my resume out there and see if I get any looks. If not, I'll keep keeping on in residency and look for other options.
Hey I sent you a PM. I'm planning the same, Resident -> Consulting transition
In aut odit quia delectus. Impedit voluptas at distinctio iure eum cupiditate. Voluptatem quidem ea animi iste commodi. Unde et aut accusamus libero.
Quasi aut sed dolores harum magni. Aliquid qui harum et aut. Assumenda exercitationem assumenda totam voluptate omnis sit ducimus suscipit. Eos cum numquam consequatur voluptates itaque dolor eos.
Voluptate ut non voluptate quidem qui et quia. Deleniti quae voluptatem dolores consequuntur illum et repellendus. Magnam saepe repudiandae est aperiam esse. Et dolores accusantium omnis placeat.
Autem voluptates dolor explicabo. Earum sequi placeat quis sequi fugit rerum. Autem ipsam nobis aut voluptas odit totam praesentium est.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...