From the Lab to the Boardroom: Transferring Skills from Grad School to Consulting
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| Title: | From the Lab to the Boardroom: Transferring Skills from Grad School to Consulting | |
| Author: | Michelle Stohlmeyer, PhD | |
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As I started to evaluate potential careers outside of academics, strategic management consulting seemed like a good way to get real business experience quickly and the firms had a track record of success with integrating PhDs. So that made the option appealing to me, but I couldn’t help but wonder what made me attractive to them? I had a hard time imagining how my skills running a column in the lab would translate to business prowess. What I learned was that while the lab-specific knowledge was not applicable, most of the other skills I had learned in graduate school were very transferable.
In addressing new challenges in grad school, I would often spend time in the library on literature searches. A similar type of searching applies in learning about a new client, a competitor, or an industry in consulting. What differs is that rather than spending a week (or a month) to be exhaustive and learn absolutely everything, I need to figure out what I can learn in a few hours or a day.
Back in grad school, I would utilize the knowledge gained from the lit search to generate hypotheses on experiments that may take me one step closer to synthesizing the illusive molecule. In the consulting world, the hypotheses might be on the best strategic move for the client. Rather than a series of experiments in the lab to test hypotheses, I may gather data through client and customer interviews. Clearly the data is less clear since I can’t confirm interview findings with a mass spec or NMR scan, so the emphasis is on creating an interview guide that probes the key questions and then adapting my style during the interviews to pull out insights and learnings.
In other cases, we may use quantitative modeling to assess the value of a potential client move. The Excel skills I developed in grad school serve as the basic building blocks of this analysis, but utilizing client data and inputs to build reasonable assumptions is critical. One of the key differences from grad school is that after multiple years of research on a given topic, I was one of the experts in the field. In consulting where I may be working in a completely new industry, there is no way I can be the expert. This is part of the reason for teaming with the client in the way that we do. The junior consulting team brings objectivity and a fresh way of thinking about a problem; the partner and manager team provides business expertise and comparison to similar problems in other companies/industries and the client provides the deep expertise on their specific company.
The ability to succinctly communicate ideas is valuable in every field. I developed this skill through group meetings in grad school and presentations at meetings. The topic may have changed from organic chemistry to business and the format may have changed from my advisor’s favorite font to BCG format, but the key Power Point skills and the ability to tell a compelling story are highly transferable.
Telling a compelling story is at the heart of teaching. When teaching organic chemistry to pre-meds, I tried to help them see the connection to the biologic world that was more interesting for many of them. I am no longer teaching section, but at weekly client meetings, I am helping my team to communicate their analyses and findings in a compelling manner that engages the client.
I have even used some of my scientific skills on some projects. One of my early projects involved interviewing researchers and clinicians at an academic medical center. We were helping them assess their assets and capabilities to determine if they should pursue a joint venture with a biotech company. Clearly my academic background gave me the credibility to have detailed conversation with some of the leading researchers in their fields. On another project, we were helping a company evaluate the pipeline of compounds of a potential acquisition target. My comfort with the language of chemistry allowed me to communicate with the R&D team, while my newly acquired business skills enabled me to translate the analyses into financial implications for the executive team.
While I do not use some of the specific skills I learned in graduate school, many others have clearly been directly applicable. I occasionally miss the lab and thinking about biological pathways, but I am much more excited about what I am learning about business and how to think strategically. I encourage graduate students who are considering alternative careers to avail themselves to the campus resources. On-campus company presentations allow students to get a feel for some of the career opportunities.
There are also many opportunities to take advantage of classes and seminars on campus. Clearly taking a couple of business classes or attending a seminar or two at the business school provides exposure to business. If it is not feasible to take a class, occasionally reading the Wall Street Journal or Business Week is an introduction to business topics. Beyond business, I encourage PhDs and MDs to pursue classes and activities outside of their immediate area of focus. While working on my chemistry degree, I took classes in the Medical School which had biology, chemistry and medical students. This cross-functional representation provided multiple perspectives on how to think about problems. I also attended many seminars by pharma and biotech companies which exposed me to issues in those businesses.
Finally, volunteering is a great way to broaden the experience. There are opportunities to tutor grade school/high school students, to volunteer at hospitals, to work with non-profits organizations and many others. These activities provide forums to develop skills in teaching, leadership and business. While I encourage these activities, the focus should be something about which the individual feels passionate. Carving time out of an already busy schedule can be challenging, but it is much easier when it is something to which one is committed.
Keep in mind that the criteria for which we look:
These are traits and skills, not specific knowledge. There are many opportunities to build these skills within grad school. I encourage students interested in alternative careers to utilize the many opportunities open to them to gain experience and broaden their perspective. I never imagined I would be a manager at a consulting firm when I started grad school, but I have loved the adventure of the past five years and look forward to the path ahead.
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Michelle Stohlmeyer, PhD is a Manager with The Boston Consulting Group and works in the firm's Chicago office. Michelle joined BCG in 2001 after completing her PhD in Organic Chemistry from Stanford University. She enjoys traveling, dining, wine tasting, and fishing. |
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Copyright, 2006, Boston Consulting Group |
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