Master Out or Stick With PhD for Management Consulting

Hi everyone,

I'm currently in the second year of a STEM PhD and I'm realizing that I strongly dislike lab work. Looking forward, I think I would rather do management consulting as opposed to something in field for a career. I'm trying to decide whether it makes more sense to master out this year and look for a job (and potentially go for an MBA in a couple of years) or tough out another 3 years of a PhD program (I'm in a program where basically everyone does 5 years).

In case it matters, I went to a non-target state school for college and am now at a Target school for my PhD. I have a national fellowship and I'm going to be published in one of the bigger journals in my field in a couple of months. Also, I do not get summers off from my program, so I can't do a summer internship.

I was wondering if I could get your thoughts on the pros and cons of each choice and what you might recommend doing if you were in my situation. Thank you so much in advance for all of your help and suggestions.

Thanks!

 

Okay so from your ID I would say u are in a chemistry/bio/biomed engi program, you can try biotechnology/healthcare equity research. In my bank a lot of high level analysts covering those sectors are PhDs. Reach out to a couple people to see if you like it. May not be that exciting, but pay is okay, hours not too bad usually.

Also you can try consulting, I think now consulting firms definitely recruit PhDs. But personally I dont know too much. Sorry I cannot help more.

Persistency is Key
 
Best Response

If you have 3.5 years left in your PhD and you already hate it, I'd Master out - but not before making sure you're positioned well to get interviews with the major firms, especially since you're currently at a target school and thus stand a decent chance.

PhD: you'd have the degree ofc + higher level of entry (perhaps obviating need for MBA) + more time to craft your resume (which you can do via 3 day consulting workshops like C2C, B2BCG and pro bono stuff).

Masters: you won't spend >2 years doing lab work + make more money earlier.

My take - if I were in your shoes, it'd boil down to whether I need more time to position myself for consulting and if I do, whether I can stomach doing more lab work.

 

Thanks so much! This was quite helpful. I've been doing my best to beef up my resume and I was wondering if you could elaborate on what options are out there in terms of pro bono stuff. Are these primarily limited to the year before you finish your PhD like C2C and B2BCG?

 

I had a colleague who was in a similar situation and mastered out. He said it was the best choice he ever made.

The only potential downside is the level at which you'd be starting. At most firms, I think non-MBA Master's students start out at the post-UG level, while PhDs start at the post-MBA level. So you might be a bit older than other people at your tenure, which is less typical at the post-UG level.

 

Autem quisquam nemo beatae molestiae vel est. Fuga in ea sapiente dolorem quia officiis et. Ut rerum id nemo eos vel dolor iste laboriosam.

Natus aut est et neque. Vel doloribus quam sit ab veniam. Architecto quis doloremque aliquam dolor molestiae aut. Voluptas qui maxime nulla ducimus quibusdam in.

Veniam minus ducimus tempora enim et eveniet. Aut et tempora velit ut. Optio corrupti nihil eius occaecati debitis earum non amet. Ratione unde odio est laborum.

Perferendis sunt maxime unde quibusdam excepturi laudantium minus labore. Voluptatum et omnis sint perferendis quod iste ipsa quia. Ut modi delectus ut dolor rerum maiores assumenda. Ratione nemo dolores amet libero beatae fuga qui dignissimos. Iusto sint sed est atque minus accusantium tempore. Sint nam dolores et.

Career Advancement Opportunities

May 2024 Consulting

  • Bain & Company 99.4%
  • McKinsey and Co 98.9%
  • Boston Consulting Group (BCG) 98.3%
  • Oliver Wyman 97.7%
  • LEK Consulting 97.2%

Overall Employee Satisfaction

May 2024 Consulting

  • Bain & Company 99.4%
  • Cornerstone Research 98.9%
  • Boston Consulting Group (BCG) 98.3%
  • McKinsey and Co 97.7%
  • Oliver Wyman 97.2%

Professional Growth Opportunities

May 2024 Consulting

  • Bain & Company 99.4%
  • McKinsey and Co 98.9%
  • Boston Consulting Group (BCG) 98.3%
  • Oliver Wyman 97.7%
  • LEK Consulting 97.2%

Total Avg Compensation

May 2024 Consulting

  • Partner (4) $368
  • Principal (25) $277
  • Director/MD (55) $270
  • Vice President (47) $246
  • Engagement Manager (100) $226
  • Manager (152) $170
  • 2nd Year Associate (158) $140
  • Senior Consultant (331) $130
  • 3rd+ Year Associate (108) $130
  • Consultant (588) $119
  • 1st Year Associate (538) $119
  • NA (15) $119
  • 3rd+ Year Analyst (146) $115
  • Engineer (6) $114
  • 2nd Year Analyst (345) $103
  • Associate Consultant (166) $98
  • 1st Year Analyst (1048) $87
  • Intern/Summer Associate (190) $83
  • Intern/Summer Analyst (552) $67
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
BankonBanking's picture
BankonBanking
99.0
4
Betsy Massar's picture
Betsy Massar
99.0
5
CompBanker's picture
CompBanker
98.9
6
dosk17's picture
dosk17
98.9
7
GameTheory's picture
GameTheory
98.9
8
kanon's picture
kanon
98.9
9
Jamoldo's picture
Jamoldo
98.8
10
numi's picture
numi
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”