Switch from Medicine to Management Consulting guidance please

Hey all,

I'm a graduate from a medical school in Trinidad and Tobago with MBBS (Not MD), and a BSc in Medical Sciences prior to this.

I've been working as a doctor since 2011 and I'm halfway through a surgical specialty with ~3 more years to go. The pay for doctors here is pretty much the same as the US and UK during residency but nowhere near what US doctors get post-residency.

I'm considering moving across to the UK to practice medicine where job satisfaction and standard of living is better for doctors OR switching to Management Consulting, preferably in the UK.

I've kind of had it with being on call (working weekends, holidays, nights) missing events on the weekend, weddings, birthday parties, christmas parties, getting called out at 2-3am disrupting my sleep. I also don't want to become a Family medicine doc which avoids those things because that's not my thing.

Over the last year or two I've become really interested in business and have read quite a few investment books by some of the greats. I like dissecting and analysing businesses and seeing if they're profitable and if they'll grow etc. actually doing some of my own investing in the US stock market.

I've recently started reading The Economist as well which I find more enjoyable than my own medical journals.

Of note I've passed Royal College exams (not sure if that counts for anything in Management Consulting).

If I try to get into MBB, what level would I be likely to enter? From what I've researched it'd be at the Associate/Consultant level which is an approximate salary of $120-130k in the US or £70-80k in UK if I'm not mistaken. Which btw is double my current resident salary.

Also I'm 30, so I believe I'm still young enough to be considered for it.

Looking to have kids within the next four years or so. I proposed the idea to my wife (who is also a doctor) and she doesn't seem too thrilled to have me gone 4 out of 7 days every week due to all the travelling, but she is supportive if that's what I want to do. She wants to transition to practice medicine in the UK FYI.

The reasons I want to switch is

  1. I want a change of pace, working on different projects/sectors and problem solving sounds pretty fascinating.

  2. I don't want to be on call nights/weekends/christmas any more.

  3. I really seem to have a knack for breaking down businesses and interpreting them.

  4. It'd be much more lucrative than if I stuck to medicine (considering I won't ever practice medicine in the US).

  5. I'm pretty good at Maths (got 96% at my Cambridge A level Maths before I went to medical school) so that talent is being wasted.

  6. I want to work in a field where if you work hard, upward movement is guaranteed. I've been stuck in the same position for the last five years, my boss approached me yesterday and said "I really want to promote you, but all the positions are filled right now." which is how it goes in medicine. If there's no space above to go, then you're stagnant.

What I'm considering right now is getting a medical job in the UK for a year or so then attempting the transition to management consultant. I think the UK work experience would look better on a cv than from my native country alone.

How long after the transition would I have enough consulting experience on my resume to transfer to a more stable job with less travelling ie. Pharma or Healthcare Executive?

Thanks for any counsel you can provide.

P.S. No I don't want to go into Investment Banking, the hours look abhorrent and you work weekends from what I gather. At least not at a junior level.

 

Well, from what I understand, the entry level pay for doctors at pharma/biotech isn't that great and transitioning from consulting to pharma/biotech means you're more likely to get an executive level post with the company rather than entry level.

 

If I were you, I'd stick with medicine as you have alot going for you. Reason I am saying this is that MBB consulting only recruits from top schools (Harvard/Stanford Columbia/Yale etc.) and the only way that you'd find a consulting job is through a top MBA program. If you're willing to shell out 100k+ for Business School to have access to MBB consulting firms, then by all means do so.

 

Aut non sed error libero sed sit. Quia incidunt quia voluptatem id placeat non explicabo. Sunt fugiat sit et provident. Similique vitae fugit debitis animi.

Career Advancement Opportunities

April 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

April 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

April 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

April 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 (587) $119
  • 1st Year Associate (538) $119
  • NA (15) $119
  • 3rd+ Year Analyst (146) $115
  • Engineer (6) $114
  • 2nd Year Analyst (344) $103
  • Associate Consultant (166) $98
  • 1st Year Analyst (1048) $87
  • Intern/Summer Associate (188) $84
  • Intern/Summer Analyst (551) $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
dosk17's picture
dosk17
98.9
6
kanon's picture
kanon
98.9
7
GameTheory's picture
GameTheory
98.9
8
CompBanker's picture
CompBanker
98.9
9
Linda Abraham's picture
Linda Abraham
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...”