MD Consulting Exits at MBB

What kind of exits do MDs (medical doctors without residency training) get coming out of MBB at the manager level? What are the general comp structures at that level in the different industries (PE/VC vs. pharma vs. digital health / health tech)? How does this career and income trajectory compare to someone who instead stayed in medicine, did a 6-yr specialty residency, and makes 500k starting in their mid-30s? 

Comments (5)

Dec 8, 2021 - 5:19pm

Same set of exit opps any manager-level MBB consultant would expect, but with lots of additional doors open in life sciences VC/buyside, more strategic roles in Big Pharma/Biotech (think Portfolio Planning, Acquisitions/licensing), and much more credibility for senior roles in earlier-stage biotech/health tech. 

As for comp, would anchor to whatever the benchmark is for manager-level MBB for what to expect from exit opps (lot of threads + reports from the headhunter firms out there, and buyside would obviously exceed this benchmark). To start scratching the 500k range, you'd need to be at Associate Partner (McK)/Principal (BCG) level on exit, which you could hit 5-6 years after joining. 

Dec 9, 2021 - 9:21pm

So it sounds like exit comp at manager would be roughly 250-300k. Is it likely for that to climb later in the exit towards closer 500k or not really? And what would that timeline be? 

What could I expect for exit comp in VC/PE? 

Dec 10, 2021 - 1:12am

Manager-level pay at MBB ranges from 250-350k and exits typically pay more, though obviously depends on what the person's optimizing for. Somebody joining MBB out of undergrad makes manager and exits way younger than any MD finishes their specialty residency. (MDs going to MBB out of med school even make manager before their peers finish residency).

PE typically hires at the Associate level, which is very roughly $250-300k (can be lower or higher depending on fund size). They target undergrad-level hires into MBB. I'm sure an MBB manager could try to make that transition, but not many do and it's not a standard path (since people who want to do PE don't stick around to make manager).

Dec 10, 2021 - 7:31am

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