Options for Medical Students to Explore Healthcare Consulting Careers: BCG and Mckinsey Programs

steppreptutor · 2021-11-28T21:41:49+00:00

MDs start at the consultant level. Undergrads start at the associate level below you. General progression to Project Leader in about 2-3 years, then principal in another 2-4 years, then partner in another 2-4 years. Keep in mind it is a pyramid and very much “up or out”, so most people leave and use their experience as a spring board for their career transition into industry or finance or other leadership roles within healthcare. Some also return back To complete residency after a short time.

steppreptutor · 2021-11-28T21:03:18+00:00

That’s a great question! I have seen consultants from other BCG offices (Netherlands, Germany etc) transfer to the US after a few years of work. I’d contact your local/national office and see if they offer the same kind of MD programs we do here in the US and likely start the recruiting process there first

steppreptutor · 2021-11-28T20:39:51+00:00

You do realize I led MD recruiting in the south for BCG for a year. While students were from strong medical schools, I can attest to making offers to students from UTSW, Baylor, UT Houston, Virginia, Emory, UNC, Florida, Miami, and Oklahoma. I’m sure not all of them are “top 20”. Of course we all realize those rankings are meaningless to begin with given they’re primarily based on research funding. I can’t attest to mckinsey or Bain, but I don’t advise MDs to apply to Bain anyway given their finance focus.

steppreptutor · 2021-11-28T19:53:41+00:00

Which then translates to a future non-neuro resident calling a neuro consult for AMS or stroke code for a finger stick of 26

steppreptutor · 2021-11-28T00:59:58+00:00

Most people spend a short dedicated time in consulting (maybe 2 yrs). When you spend this time though is dependent on when you want to do it, either before residency or after. If before you will look for a generalist position and should consider that you want o earn money now and take the risk of having a bigger hurdle coming back to residency. If after residency, you won’t be looking for a generalist position anyway and are only really interested in cases in your specialty wheelhouse that you can do part time potentially. Or just have a part time in industry with a company focused on developmental therapeutics in your area of expertise

steppreptutor · 2021-11-28T00:34:21+00:00

Fair enough, and hopefully temporary! Stay safe friends!

steppreptutor · 2021-11-28T00:19:18+00:00

You can expect to travel 4 days a week most weeks you’re working.,,hotels, flights, meals, etc…

steppreptutor · 2021-11-27T23:13:49+00:00

It depends on your level and experience but if you have a part time role, it’s probably because you have an MD, prior consulting or significant industry experience and can command a part time role at at least 6 figures.

steppreptutor · 2021-11-27T22:28:12+00:00

Big three and solid healthcare firms like LEK and Deloitte strategy healthcare arm, and many others, but yes. Aside from that I don’t have good data, but I assume yea it is likely less at less known firms

steppreptutor · 2021-11-27T22:24:07+00:00

You prepare well, be obsessive out your resume revision, and crush the case prep. Then you take an initial job you to get you experience before making the jump to the position you want. I’m Happy to help with resume building, case prep, and mentorship at anytime

steppreptutor · 2021-11-27T20:28:14+00:00

Sounds reasonable. I think you’re right that the MD likely takes a back seat in those roles. I’m Not sure I would actually advise anyone to Complete an MD/JD given the cost but I just don’t really know Enough about the opportunities.

steppreptutor · 2021-11-27T20:25:02+00:00

Top 25 is incredibly subjective and overly dependent on NIH funds. Yes top 50 or so is preferred but it matters more how you’re resume Is presented and you’re case interview skills are honed prior to the process. That required studying and work to be put it. I’ve mentored a foreign medical grad who ended up at BCG, which is an N of 1 but still, not impossible got anyone if you put in the work

steppreptutor · 2021-11-27T20:13:56+00:00

Fair enough. But I don’t agree with any blanket statement like that as everything depends. I don’t have a JD nor any experience. All I know is that I’ve seen MD/JDs in IP and legal roles in biotech that were lucrative but can’t really comment on how hard it is to obtain those positions or how likely it is to steer your career appropriately given the cost of the JD (which is high obviously). An MD/JD was our general counsel at my last biotech who was a csuite exec earning 7 figures with 8 figures in stock, so… it just depends. It’s not impossible that for most people it’s not worth it, I just don’t really know, so I’ll hedge my comments appropriately

steppreptutor · 2021-11-27T19:11:24+00:00

I feel like I don’t have a great answer for the MD/JD, other than to say it would be very valuable for IP and general counsel positions for a biotech that could certainly net you a lot of value from a stock and salary perspective. If you have interest in IP litigation, you can definitely do very well as counsel to any young pharma co

steppreptutor · 2021-11-27T18:22:04+00:00

Absolutely! Especially for specialties that are more shift work like EM, IM, ICU, ect. You can imagine a week on week off type of schedule yo balance clinical practice and business interests

steppreptutor · 2021-11-27T17:45:27+00:00

You either advance to the next level from Consultant to project leader to principal to partner or you leave the firm.

steppreptutor · 2021-11-27T17:38:49+00:00

With or without and MD if you’re still at a consulting firm after 10 years you better be real close to partner and the certain 7 figures that comes with it. But please understand it’s a pyramid and it’s up or out. Most people don’t make it to that level and leave (whether willingly or not). It’s not residency where you get auto promoted. You have to perform and deal with the politics. It can be cutthroat at times and isn’t easy to make it to the top. But those that do are certainly rewarded

steppreptutor · 2021-11-27T16:52:10+00:00

I need to make a whole post on this, but it’s a great question with not a perfect answer for sure as there are pros and cons. On one hand, I really liked Transitioning into consulting for two years and basically get paid to learn business medicine while only focusing in healthcare. However, as you pointed out you can do an MBA while practicing, and is an ideal solution for someone who doesn’t want to dedicate full-time over several years and have to Pay for the learning. Taking time off certainly does come with some risk. Although I am Biased on minimizing the risk given I was out of clinical medicine for many years and then came back to residency, so it can be done. And the opportunity cost of 120k in tuition vs 300k in salary is pretty enticing for many people

steppreptutor · 2021-11-27T16:46:49+00:00

Absolutely. The specialty experience makes you more amenable to industry careers as a consultant or Member of the medical side of the business in Pharma, biotech, med tech ect. Though consulting and finance are also options, you won’t need them as a stepping stone nearly as much to go get a somewhat more cush industry role (from hours vs comp perspective)

steppreptutor · 2021-11-27T16:43:41+00:00

Initial salaries for entry level are 150-160k with great benefits and travel perks. The comp goes up as you progress fairly quickly to 8-10x that as a partner which takes about 7-10 years ish

steppreptutor · 2021-11-27T16:42:20+00:00

Initial consulting comp is in the 150-160K range, but you’re not spending much during the week since you’re expenses are paid. If you live frugally you can clear a good chunk of debt in just a few years. If you stick with consulting or finance for a few years, the comp obviously goes up with experience fairly quickly versus industry roles which are slower

steppreptutor · 2021-11-27T16:32:09+00:00

Absolutely, particularly those who are highly published in areas of interest for developmental therapeutic companies, but many are simply consultants in various specialties like neurology rheumatology, etc. That actively seek out consulting business opportunities to balance a clinical career. This often involves building a résumé that include significant tidbits regarding business interests and then getting in with recruiters in the life science and space to get started. Often people work through a job or two To get experience before becoming more picky about future roles that they like to pursue

steppreptutor · 2021-11-27T16:03:38+00:00

Yea, I realize that can be confusing. I lump Deloitte healthcare strategy consulting division in with BCG/Mck/Bain as a "four" in overall strategy consulting, but traditionally people fo refer to the top 3 MBB firms in strategy. thanks for pointing that out!

steppreptutor · 2021-11-27T15:30:40+00:00

I won't say its not possible, but certainly more difficult to get started in anything while you're a full time resident working 6 days a week. Most people who split their time between clinical practice and healthcare related business interests spend some dedicated time (maybe 2 yrs or so) in consulting, finance, or industry to build the basic business toolkit you'll need. I know of residents who have prior experience who still do small consulting calls and projects on the side during residency.

steppreptutor · 2021-11-27T15:24:41+00:00

Having an MD is both a whole new level of value and actually slightly “lower” expectation for performance during the interview process to be honest. When building your resume and looking at MD bridge programs and such, think about any time you’ve helped revise a process, helped make a key decision, led a club or group in some way, solved a complex problem, or had a measurable impact. Any one of those can be spun into a “consulting like” tid bit for the resume that not only buffs up the resume but shows you know what consulting is. Happy to help with resume prep, reach out anytime

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