Big 3 Consulting for PharmDs?

[koercive]

---

Members do not see this ad.

There's a great thread from 2010 in the Medical Business forum about opportunities, but no info on the pharmacy forum.

Anyone know someone that has gotten into one of the Big 3 consulting firms out of pharmacy school?

 

[Patrickthetiger]

I don't know of anyone at the Big 3, but I have met with some smaller consulting groups (CapGemini, etc.) and they have expressed interest. My MBA buds came out with $60-70k a year at these firms, so it is HIGHLY unlikely they will come to us with a salary near typical retail levels, plus the travel requirement is substantial. Nevertheless, it is an interesting career path for those who are interested in technology and want to travel.

 

[koercive]

Patrick, are you looking into the companies that make syndicated report for managed markets/etc.?

During my biotech internship, I worked with many former consultants, and I can tell the training/experience they received have set them up for a solid career in the corporate world. I have no wife and willing to make sacrifices early in my career to set myself up for later. And I don't mind getting millions of airline points although I understand the allure of travel will quickly fade

 

[Patrickthetiger]

Sounds like a great deal for you, then-- I just got married in June, so the travel requirement is.... less than ideal. I would definitely pursure it, if I were you. Put in a hard 3 years with one of these consulting firms, then hop ship to some healthcare IT startup, cash out in 10 years = retire at 32 years old on a yacht made of caviar. That is the dream, right?

 

[JamesL1585]

There's a great thread from 2010 in the Medical Business forum about opportunities, but no info on the pharmacy forum.

Anyone know someone that has gotten into one of the Big 3 consulting firms out of pharmacy school?

This is a great thread. Myself and my mentor (whom is a PharmD/JD) talked about this about a year ago. My personality definitely resides more with business than it does clinical services/retail pharmacists and I was eventually going to look into this. Does anyone have any solid/reliable/credible information on how to get in at one of these firms and how much we would typically make?

Thanks.

 

[IndustryPharmD]

I have met a couple people who went from pharmacy school straight into consulting firms (though not those three specifically)... though from what I heard, as a rookie low on the totem pole you are overworked and underpaid, and jobs are not as interesting as you think they are. The really good consulting opportunities are for when you have 10+ years of experience in a specific area...

 

[Patrickthetiger]

I have met a couple people who went from pharmacy school straight into consulting firms (though not those three specifically)... though from what I heard, as a rookie low on the totem pole you are overworked and underpaid, and jobs are not as interesting as you think they are. The really good consulting opportunities are for when you have 10+ years of experience in a specific area...

This... is exactly what I've seen, too. That initial hit in salary is hard to take, but you can make up for it later in your career.

 

[IndustryPharmD]

This... is exactly what I've seen, too. That initial hit in salary is hard to take, but you can make up for it later in your career.

I believe it makes more sense to go into industry and then go into consulting for the best earnings and the best experience... that's what the most successful consultants do.

 

[koercive]

I know a few people who went straight into consulting as well. You do take a pretty hard hit on salary.. if you make into an APD program at a top 3 (doctorate candidates are eligible but they are referring primarily to PhD and MDs), you can make over 100k + bonus over 20k. Of course, you'll be working over 60 hrs a week with a harsh travel schedule and grueling projects.. but you come out of it has a hardened business savvy professional.

There are practice cases on the McKinsey site if you want to know what the intense interview process may entail. In fact one of the M&A cases involves a large european pharma company looking at purchasing a US company with a strong biologic pipeline (sound familiar? 🙂 ). The questions get you thinking about factors to consider to determine if its a good deal and to also calculate the value of the US company pipeline.
http://www.mckinsey.com/careers/apply/interview_tips/practice_case_studies/practice_case_-_oldpharma

It's probably difficult for a PharmD to go straight into a Big 3 firm out of school, but it's worth a shot.
I am still considering doing pharma first (fellowship and other rotational programs), but I am also considering the option of working for smaller boutique firms.

 

[koercive]

I believe it makes more sense to go into industry and then go into consulting for the best earnings and the best experience... that's what the most successful consultants do.

This makes sense, but for some people getting married/other life changes may make this difficult.

IndustryPharmD, I was gonna send you a PM, but your inbox is full!

 

[IndustryPharmD]

This makes sense, but for some people getting married/other life changes may make this difficult.

IndustryPharmD, I was gonna send you a PM, but your inbox is full!

I cleaned it up, so you can send it now.

 

[Argentium]

For the last two years, I have looked far and wide for a PharmD that went straight into consulting (reached out to my network, intranet at two large pharma companies, linked in) and i have literally found no one. Most went to bschool afterwards and then transitioned into consulting for a period of time (like david epstein).

From the research i've done, i'm not sure that consulting is necessarily a better path than getting a fellowship from the people i have talked to, etc.

For me personally, the caveat to that statement is the off-chance that i land a big 3 gig - I would take that in a heartbeat. The people I have met that have McK on their resume seem to have skyrocketed in terms of career progression compared to others - whether thats a product of their personality or the McK name is up to debate though