“I found my mentoring session with André very helpful, particularly because I came into it with very little understanding of commercial banking. My background is in life sciences and healthcare, and most of my career exploration so far has focused on consulting. Although I had become interested in commercial banking, I had not previously explored the area in any depth. I therefore needed a clear starting point and an honest conversation about what I should understand before deciding whether to pursue it.
André helped me establish that starting point. The session gave me a clearer way to think about commercial banking, how it differs from consulting, and what I still need to learn. Before the conversation, I was looking at opportunities and wondering whether I should begin applying alongside consulting applications. Afterwards, I understood that I needed to take a step back and make a more informed decision about whether the work genuinely interests me.
One of the most valuable aspects of the session was how it helped me recognise the gaps in my current understanding. I knew that I was new to banking, but I did not necessarily know which questions I needed to answer for myself. André’s guidance helped me think more clearly about where I am now, what I am missing, and what I should begin doing next. Having that direction was useful because it made the process feel more manageable. Rather than treating banking as a broad and unfamiliar industry, I now have a clearer starting point for learning about it.
A particularly helpful message was that I should first develop a better understanding of commercial banking and assess whether I actually like the work. I took away a sensible sequence: understand the area, decide whether it appeals to me, and then, if it does, commit to learning and preparing for applications. If I discover that the work does not suit my interests, I should be willing to recognise that and focus my efforts elsewhere. That advice sounds straightforward, but it was an important perspective for me at this stage.
The conversation made me realise that I should not rush into applying for commercial banking roles simply because I have found programmes that look interesting. Before the session, I was at risk of moving too quickly from curiosity to applications without having a strong enough understanding of the career itself. André helped me see the value of being more deliberate. I would rather make a considered application based on a genuine interest in the work than spend time applying to positions I cannot yet explain my motivation for pursuing.
Another important takeaway was recognising how substantial the differences between banking and consulting can be. Because consulting has been my main focus, it had become my reference point when thinking about other careers. The session helped me realise that I cannot assume banking will involve similar work, suit the same preferences, or require exactly the same preparation. I need to understand banking on its own terms rather than view it mainly as another option alongside consulting.
I also appreciated that the session was useful even though I did not finish it with a final career decision. At this exploratory stage, greater clarity about what I do not yet know is meaningful progress. I now feel better equipped to evaluate my interest, identify what I need to learn, and decide whether commercial banking deserves a more focused place in my career plans.
Overall, André was very helpful, and the session met an important need for me as someone starting with limited knowledge of the field. Its greatest value was giving me direction and encouraging a more thoughtful approach to my next steps. I left with a clearer understanding of my knowledge gaps, a more realistic perspective on the difference between banking and consulting, and a better sense of how to move forward before committing to applications.”
I'll try to answer this, a few notes before I start:
1) I'm in college, this is all stuff i've found out through calls to ppl at MBB's, not first hand info 2) Some info may be outdated/will definitely differ on a firm by firm basis
With regards to McKinsey specifically, I know that you come in as an associate (same as Post MBA)- not sure if the pay is the same, but they recruit on a number of top research universities as well as some lesser known ones for PhD's.
*A caveat here is that I haven't seen many PhD's in a BUSINESS field go into consulting (although I'm sure there are some), many just have one in Bioengineering or something of the sort.
Now, even though they recruit from some PhD universities, it is definitely more untraditional, and I don't think you can bank on it. In addition, with an MBA there are lots of backup plans (big company leadership program, tech, other consulting firms), while PhD's might only be targeted by a few handful of firms that have structured programs.
If you haven't done the PhD yet, and your only goal is to use it to get into consulting, I'd say thats a pretty bad idea. Not only will you waste 4 years doing research, but its not surefire. However, if you're already IN the PhD program, I think its possible, as long as you fit the profile/school.
Hi,
As a PhD, you will be in a totally different recruiting process at BCG & McK (not sure about Bain). This recruiting process is specific to PhDs and other advanced degrees (main reason for the separate process is that you cannot do a summer internship as a PhD).
BCG & McK are actively recruiting more PhDs, although most come from the sciences. The number of slots for PhD candidates as a % of total slots increasing. I cannot say if one's chances as a PhD vs. an MBA are higher or lower. However, if your goal is to be a consultant at MBB, it will be much quicker to just get your MBA.
As a PhD in the US, you will enter at the same level as an MBA. I am not sure if this is true across all the firms in Europe (I believe you may enter at a slightly more junior level, essentially a more tenured post-undergrad position).
Does that help?
Boutique consultancy here: We have PhDs, same recruitment process but different positions designated for them. Depending on previous leadership experience in combination with their specialty they might end up in a lead position straight after hiring. I don't think a PhD is a problem within a consultancy but ROI might be different for each candidate (time vs. expectation and real life work experience).
From PhD in Management Accounting to MBB (Originally Posted: 04/21/2017)
Hi guys.
I am currently working on my PhD in Management Accounting and performance measurement on a scandinavian university. Before i entered the PhD program i was working in a big4 assurance department for some years and have previously held leadership positions in minor companies. I wonder what it will take for me to break in to one of the top consultancy firms (MBB)? Any advices on breaking in to Management Consulting from a PhD auditor background?
I wonder: - What do these kinds of firms expect on quantitative skills? - My master degrees GPA is like top 10% best class would that be good enough? - Any specific skills i should try to develop?
Best regards
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