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Based on previous WSO threads, transitioning from a PhD to MBB (McKinsey, BCG, Bain) is definitely possible, especially if you are coming from a top university. Here are some key points to consider:

  1. Opportunities for PhDs in MBB:

    • MBB firms value the analytical and problem-solving skills that PhD candidates bring.
    • PhDs are often recruited for generalist consulting roles, but there are also opportunities in specialized or technical tracks depending on your expertise.
  2. Application Process:

    • The application process can be competitive, so it's important to present your profile in a consulting-friendly way. This includes tailoring your CV, cover letter, and LinkedIn profile to highlight relevant skills and experiences.
    • Networking can be crucial. Engaging with current consultants and attending recruitment events can help you understand the firm culture and get your foot in the door.
  3. Challenges and Considerations:

    • The transition from academia to consulting can be challenging due to the different work environments and expectations. However, many PhDs have successfully made this switch.
    • It's important to be prepared for the rigorous interview process, which often includes case studies and behavioral interviews.
  4. Support and Resources:

    • There are many resources available to help you prepare, including materials for CVs, cover letters, test and interview prep, and networking strategies. Engaging with these resources can significantly improve your chances.
  5. Personal Experiences:

    • Many PhDs have shared their experiences on forums like WSO, detailing their journey from academia to consulting. These stories can provide valuable insights and tips.

In summary, with a PhD from a top university in the DACH region, you have a strong foundation to pursue opportunities at MBB. Focus on presenting your profile effectively, leveraging available resources, and preparing thoroughly for the application process.

Sources: Q&A: PhD -> MBB (with some steps in between), B-school chances?, Why is MBB so sought after vs. Deloitte, PwC, Accenture, S&?, Math PhD to IB (M&A), Q&A: MD/PhD --> MBB --> MegaFund

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Yes, MBB do recruit PhDs, especially in Europe. Coming from a good university will definitely be a big help.

Now, do note that business was not great last year (though it's picking up this year), so recruitment may still be a bit slower than usual. I recommend doing all the research you can on MBB and strategy consulting before applying.

For context, I'm at Bain, and I have a PhD, but I'm based in the UK. I do know a little about the German recruiting for Bain, but not much about McK / BCG. Happy to review your CV too, if helpful.

 

Hey there,

Two questions from me to understand what you're after:

  • What do you mean exactly by "pay ... at that level"?
    • Do you mean pay at MBB post-PhD?
    • Pay in industry post-PhD?
    • Pay during the PhD itself?
  • Which region / country are you asking this for?
    • Answer will vary dramatically between Europe and the US, and even within Europe, there's too much variation to give a broad stroke answer
 
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[Edit: bonuses below are for performance, not sign-on. These I don't have visibility on]

For the below, we're talking post-PhD, with no other (or very little, say 2 years) work experience on your CV. Also, if any BCGer or McK peeps can fact-check my figures for the UK, I'd appreciate it. I'm on 2022-2023 second-hand data, and keen to update.

UK

  • MBB: 
    • Bain - AC - £52k base + ~£6k bonus (next level up is after 2 years, and is ~£69k base + £10k bonus)
    • BCG - SA - £75k base + ~£15k bonus
    • McK - JA - ~£90k + base + ~£10k bonus
    • Bain hires PhDs one level lower vs. others. Afterwards salary differences are also driven by the different setups within each firms (e.g., starting higher a McK, but having fewer levels with less of an increase over time - albeit often a faster one)
  • Industry: 
    • Depends... you could make £35k, just like you could make £100k, depending on what your PhD was in (e.g., AI and machine learning and you now work for Amazon vs a PhD in English Literature and you now start at a Big 4 audit department)
    • Please please please, for the love of everything that is holy and taxable, do not start comparing yourself or anchoring on those absurd +350k figures some people make. You're not going to get hired in PE out of a PhD (certainly not in an investment role at a MF, where you'd be on >£220k with bonus in year 1), and Big Tech isn't exactly on its best year (i.e., 2020-2021 was when they made ridiculous offers to anyone who even breathed the words "data science" or "AI")
    • Only other professions I know of in the UK that'll get you near that kind of level by your 30s would be IB (after a few years), Big Law (after a few years too), or other high finance jobs (e.g., HF). Now if you have a mathematically oriented PhD and have an interest in Finance, you could always try your hand at some HF roles, but that is a tough industry to break in (very good money to be made obviously), with very very few spots

US

  • MBB: 
    • Bain - Consultant - $192k base + $29k bonus
    • BCG - Consutant - $190k base + $24k bonus
    • McK - Associate - $192k base + $30k bonus
    • The US job market for advanced degree holders is more mature and standardised. For those, I'd recommend applying for the various advanced degree internships and work experience programmes available, usually doing well in those leads to return offers
    • Prep for these programmes is the same as for normal management consulting interviews
  • Industry: 
    • Same as the UK for the qualitative commentary.
    • For salary figures, tougher to say, other people would be better placed to answer that bit
 

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