phd consulting fee

EXCLUSIVE SUMMIT OFFER Join foundr+ and get Ecommerce Kickstarter program free!

• Skip to primary navigation
• Skip to main content

A magazine for young entrepreneurs

The best advice in entrepreneurship

Subscribe for exclusive access, consulting fees: how much should you charge as a consultant.

Written by Jesse Sumrak | February 27, 2024

Comments -->

Get real-time frameworks, tools, and inspiration to start and build your business. Subscribe here

Setting your consultation fees is the best and worst part of running a consulting business. It’s the best because you get to decide your worth (not management or HR)—and it’s the worst because you likely hate talking money with your clients.

We get it. It’s not easy.

Yet, setting your consulting rates doesn’t need to be an anxiety-inducing experience that keeps you up at night. Done right, it should be a downright rewarding experience for both you and the client. Let’s show you how it’s done.

Table of Contents

5 Must-Know Tips on Pricing

Calculating Your Consulting Rates

How to Calculate Average Hourly Rates

How to Calculate Per-Project Rates

How to Charge Retainer Fees

Communicating Your Consulting Rates

Reminder: Revenue Is Vanity

Consulting fees faqs.

Whether you’re brand-new to consulting or looking at signing a new client, you’re probably wondering, “How much should I charge for my services?”

Well, it depends.

Pricing is relative. If you came looking for a golden number for us to tell you, we’re sorry to disappoint, but price is just a perception of value—not a hard and fast number.

While we’ll get into average consultant salaries and consulting rates by industry later, these are just averages. They can influence your decision-making, but your ultimate price point is entirely up to you.

Don’t worry—we won’t leave you hanging at that. Let’s look at a few tips to help you dial in your price.

Don’t Skip:  How to Get B2B Leads for Your Online Business

1. Estimate Your Value

Estimating your value isn’t quite the same as playing the game The Price Is Right. Your value isn’t just an end product like an article, podcast episode, research insights, or 1:1 training—it’s much more than that.

Your value is long-term financial gain, removing annoying roadblocks, revealing business-changing insights, creating ongoing traffic, and more. It’s not just the time you put into consulting—it’s the results of the consulting.

Imagine the US Declaration of Independence, for example. It’s only a 1,458-word document, which is almost half the length of this article. Yet, as much as we love this piece, we’d argue the Declaration of Independence is worth approximately 2.5 billion times more. The end value is different from the input—and your consulting fees should reflect that.

Think of why your client may be hiring you. It could be for several reasons, but most likely it’s because:

• You have the expertise or a skillset that your clients need.
• It’s more cost-efficient for you to do the work.
• Your client doesn’t have the time to do it.

All these reasons have value beyond the actual work to complete, and they should be factored into your price. Here are a few additional factors to consider when estimating your value:

• Size of client
• Time constraints
• Resources available
• Availability of substitute consultants

Have a Salary In Mind

You’re most likely transitioning to a consultant career from a previous job, business, or corporation. How much you made there might contribute to going off on your own, but it can help provide a baseline of what you need to hit. Ask these questions to ensure your aspirational salary can pay your bills and be realistic.

• What salary do I need to support my lifestyle?
• What salary would support my ideal lifestyle?
• What is the value of the perks from my previous job that I need to include in my salary (healthcare, insurance, company car)?

2. Predict the Amount of Work

The scope of work should be a large determinant of your rates, but pricing per hour or project is challenging to estimate. For example, it may be quicker for you to write a 2,000-word article for a company than to help produce a 5-minute podcast episode.

It’s all relative. Don’t get stuck doing massive amounts of work for less than you’re worth—it’ll impact your work, happiness, and your client’s future expectations.

Before you set a price, ensure you understand everything that the project entails. If you’re offering a 1-hour consulting session, consider the amount of prep work necessary and if your client will be able to send any post-consultation follow-up questions. These might seem like small additions, but they can start to add up quickly.

For example, if a client offers you a massive sum for a big project, you may dissect the work and find it’s taking you twice as much time and effort to make what a smaller project with a smaller budget rewards you.

Once you have a better grasp of the amount of work required, you’ll be better able to set your rates.

3. Establish Your Client’s Perceptions

You get what you pay for. A free steak at a friend’s house is never going to taste quite as good as the $60 steak you bought at an acclaimed restaurant—and that has nothing to do with the actual food or cooking.

If you set your rates too low, then clients may perceive the work as amateur or low-quality—before they even see it!

Because your fee is an expression of value, low consulting rates don’t necessarily lead to work or respect. If your clients have regularly hired consultants or freelancers, they’ll be familiar with average consulting market rates. Pitching yourself on the low end simply to undercut competitors won’t always serve you well.

However, if you set your rates too high, you may alienate yourself from the client and out price yourself out of the project. Clients may perceive you as the high-end of the consulting or freelance market, and they may decide to settle for a less experienced but more affordable alternative.

When you’re starting out, finding the right rate is tricky. If you don’t have much experience, find an initial client and offer to do work for a discounted price or free. Focus on delivering the best results possible, which means don’t try and get additional clients. Once you’ve shown the results, create a case study from that first client. Repeat this step and start scaling your rates up from there until you find a comfortable cost for your clients.

Finding the Goldilocks-approved consultation rate is easier said than done, but know it exists somewhere in the middle ground.

4. Manage Your Cash Flow

Set rates that make sense for your business and personal expenses. This tip goes beyond value, the scope of work, and client perceptions—you have to set prices that’ll lead to adequate quality of life and profitability for your business.

Look at your expenses. What rate do you need to set to cover your costs, make a profit, and live the life you want to live? This answer varies for everyone, so you’re not going to find a golden number anywhere.

While you’re at it, start looking at your future. What are your goals for your business and yourself? Don’t discount your ambitions as a consultant and business owner. You have a right to live comfortably and thrive financially, too.

5. Find Baseline Expectations

This is a tricky tip. Proceed with caution. Many consultants and freelancers make the mistake of confusing average consultant rates with standard pricing—that’s not the case. Averages don’t take into account your value, the scope of work, client perceptions, or even your cash flow.

Feel free to look at consulting rates by industry, but don’t use them as your bible to pricing—use them as another data point to reference.

However, remember that your client is likely going to be looking for these same numbers. They’ll want to know how much they should be charging a consultant, so they don’t get duped. If your rates vary from industry benchmarks, be prepared to back it up.

How to Calculate Your Consulting Fees Based on Different Payment Methods

Your pricing methods won’t always be the same. Some clients will prefer to pay consultants per hour, while others may want to pay per project or retainer. Rather than putting your foot down on one single method, it’s best to flexibly price yourself so that you’re earning what you’re worth—regardless of the systems and processes.

The tips above paired with the processes below should help you settle on what to charge for your consulting services and formulate a consulting business price guide.

Note that your pricing structure should be under consistent review, especially as you grow your skills and attempt to expand your consultancy. Your rates should change (preferably upwards) every year as you gain experience, build your portfolio, and prove your worth. Return to these steps as you scale your business .

How to Calculate Average Hourly Rates for Consulting Services

We don’t necessarily recommend charging by the hour, but you may want to structure your pricing this way if your consulting work involves meetings and a lot of in-person work. Determining an hourly rate is also an important part of calculating per-project or retainer rates, allowing you a baseline to work from. So whether you want to use the 3 x hourly method for like-for-like rates or the more complicated 52 week, your starting rate is critical to the long-term viability of your consultancy.

3 x Hourly Method

A quick and simple way to calculate your consulting rates is the 3 x hourly method. This method is best if you’re transitioning from a similar agency role or consulting as a side hustle. Using 3 x hourly, you can accurately match your current or previous rate without undercutting or overcharging your clients.

To calculate your rate using the 3 x hourly method follow these steps:

• Take your current hourly rate
• Multiply it by 3

Example: $30 per hour x 3 = $90 per hour consultancy rate.

52-Week Method

The 52-week method is a bit more complicated. This should be used if you’re looking to make a full transition from a corporate job to running a full-time consultancy. To calculate your hourly consulting rate from your working week salary follow these steps:

• Determine what salary you’d like to make.
• Take that number and divide it by 52 (number of working weeks), then again by 40 (number of hours each week).
• Take that number and mark it up by 25% to 50%.

For example, let’s say you wanted to make a gross salary of $60,000 per year. To calculate your hourly rate, you’d divide $60,000 by 52 (which is roughly $1,154), then divide that by 40 (which is $28.85). Then, mark that up 40%, which results in an hourly rate of about $40.

That 40% markup would cover the cost of your expertise and business expenses like overhead, benefits, taxes, and more. These costs are different for everyone, depending on tax status and type of business.

When making your calculations, feel free to play with the numbers to satisfy the lifestyle you want. As a consultant, you’re not getting paid for vacation or maternity leave, so you’ll need to factor this time into your rates.

For example, you may want to divide your gross salary goal by 49 (instead of 52) to compensate yourself for 3 weeks of “paid time off.” Or you may want to work just 4 days a week instead of 5—in that case, you might divide your weekly rate by 32 hours instead of 40.

That’s the beauty of consulting and freelancing—you get to play with the numbers to make them work for you.

How to Calculate Per-Project Consultant Rates

Charging by the project is more aligned with the value-based pricing model we’ve been discussing. Fixed fees create a more straightforward workflow (as you don’t have to be worried about tracking hours), but this structure can be tricky due to scope creep and the natural tendency to underestimate how long a job will take.

Defining and reinforcing a predetermined scope of work is crucial when charging by the project. The best way to determine your per-project rate is to figure out how many hours you estimate the job will take. You can make an educated guess based on your knowledge of the subject and how long it’s taken you to complete certain tasks in the past.

This step can be tricky for new consultants, so this is where industry averages come in handy.

For example, let’s say you were hired to write a feature article for a magazine. The first thing to do is figure out how many hours the project will take:

• Research: 1 hour
• Review of interview transcript: 2 hours
• First draft: 5 hours
• Two rounds of edits: 2 hours

In total, the project will take about 10 hours. Multiply that by your hourly rate and then add a 10-20% markup for unexpected contingencies, and voila—you have a rough estimate for a per-project consultant rate.

However, remember that this kind of pricing still excludes the true value of your work. Think back to the Declaration of Independence example. If you’re performing business-altering work, that has a financial price tag to it, as well.

How to Charge Consulting Retainer Fees

Working “on retainer” means you receive a monthly fee for working a certain number of hours or performing routine tasks. Retainer fees can be wonderful for your consulting business as it’s income that you can rely on and plan for (a rare commodity in the freelancing world).

It’s hard to charge a retainer fee from the get-go since you’ll only have an estimate of the scope of work. It’s best to switch from a per-project or per-hour basis to a retainer fee once you have nailed down expectations for both you and the client. Plus, some clients aren’t sure what exactly they need, and you don’t want to get locked into a rate that doesn’t cover the entire scope.

Calculate your consulting retainer fee the same way you’d do your project rates—it’s essentially a comprehensive monthly project rather than smaller one-off assignments. Some consultants offer discounts for retainer fees as they’d prefer consistent income over hourly or per-project invoices. The choice is up to you.

Communicating Your Consulting Rates Without Crumbling

Knowing how much to charge for your consulting fees is just half the battle. Now, it’s time to learn how to communicate your prices with clarity and confidence.

The conversation about rates happens with every client, sometimes more than once. Sometimes it’s pleasant, sometimes it’s awkward, and sometimes it’s ugly. Here are a few tips to make it as smooth as possible.

Remember That Every Client Is Different

Some clients will start the conversation by proposing their standard rates , while others will ask what you charge. And some might not even know where to begin.

Every client is different. They have different needs, processes, and expectations. Be patient, and don’t expect them to know exactly what they want from the get-go.

Do your research and prepare yourself with the rates we outlined above, and you’ll be ready and adaptable going into any conversation.

Don’t Talk Numbers Until You Understand the Scope

Understanding what the client needs (and how well they understand it themselves) play a major role in how you price or whether you want to move forward at all. Toss out a number too early, and it might be hard to change it later if the project evolves.

If a client asks, “How much do you charge for consulting?” right out the gate, try to guide the conversation towards the project details. For example, you can say, “I’d like to get a good idea of the scope of work before discussing rates.”

Be Confident, But Be Willing to Compromise

Confidence goes a long way. Your client wants a consultant they can trust, and that trust is established throughout negotiations and working together.

When asked, don’t present your rates as a question. State your prices and be prepared to stand your ground. If the client accepts your rate, congratulations! However, that doesn’t always happen.

Sometimes, you’ll need to compromise. For example, a client’s budget might not be able to afford you. Instead of altogether rejecting the client (or the client rejecting you), steer the client towards negotiation.

You may convince your client to cut out some of the scope to meet your pricing constraints, or you may insert a clause into the agreement to raise your rates after 2 to 3 months of satisfactory work.

It’s invigorating when your client pays your invoice, and those dollar figures spring up in your bank account. But remember, revenue builds momentum, but profitability keeps your business alive.

That’s why if you’re starting as a consultant, attempt to build your business as lean as possible. That means no wild spending on conferences or CRMs. The leaner you run, the more profits you’ll make.

And with those profits, you can reinvest into your consulting business by making a rainy day fund, ideally three months of operating expenses. Then, you can hire extra help or upgrade your laptop. We suggest your first hire be a part-time bookkeeper to ensure your business runs smoothly in the black.

So, remember that how much you charge for consulting trickles down to what makes your business run and remain profitable and secure.

What do you charge for consulting when starting out?

Find a client and offer to do work pro bono. Don't get distracted by adding new clients or branding your business—just do your best possible work. Then, create a case study on your results. Rinse and repeat, slowly raising your prices with each new client.

What type of consultants makes the highest fees?

The consultants who charge the highest fees are lawyers, finance, and tax professionals. Why? Because they have unique and specific expertise that is rare. So, you might not be a copyright lawyer or investment consultant, but think about where your expertise is rare in your field. By differentiating your skillset and developing a niche, you'll become more valuable as a consultant.

Should I charge consulting fees under an LLC?

We suggest talking to a tax professional before going into the consulting world. If you're consulting as a side hustle to help some friends with their marketing, it might be OK just to claim the income as an independent contractor. But the more you consult, especially B2B, the greater your risk of being liable for legal action. Forming an LLC for your consulting business will protect your personal assets.

Keep Learning: Statement of Work Templates and Examples for Consultants

Believe in Your Value and the Right Price Will Follow

It’s natural to dislike the process of setting your consulting rates, but you shouldn’t have to give up money or sleep because of it. With a bit of know-how and practice, you can become confident in your value as a consultant and ensure your pricing reflects that.

Now that you know your consulting fees, you’re ready for launch—let us help get you across the finish line. Sign up for our free course to learn how to start a consulting agency. We’ll walk you through our proven roadmap for turning your talent into income.

About Jesse Sumrak

Jesse Sumrak is a writing zealot focused on creating killer content. He’s spent almost a decade writing about startup, marketing, and entrepreneurship topics, having built and sold his own post-apocalyptic fitness bootstrapped business. A writer by day and a peak bagger by night (and early early morning), you can usually find Jesse preparing for the apocalypse on a precipitous peak somewhere in the Rocky Mountains of Colorado.

Related Posts

Self-Made Mogul Emma Grede on Building SKIMS and Good American – Exclusive

20 Reasons to Start Your Own Business Today

The Horror Stories and Surprises from Nathan Chan’s 500 Founder Interviews

Dany Garcia on Building Her Business Empire with Dwayne Johnson

The 12 Best Business Startup Books Every Entrepreneur Needs

Business Ideas for Teens: Start Your Side Hustle Early

What to Sell in 2024: Unearth Profitable Products

How Reid Hoffman Became a Silicon Valley Icon

Shopping Cart Abandonment: Why It Matters and What to Do for Recovery

How To Develop a Million-Dollar Pitch Deck For Potential Investors

How Shipt Founder Bill Smith Had Three Exits Before 40

What to Sell on eBay: 5 Reliable Product Categories for Your eBay Store

How to Sell on eBay: A Detailed Step-by-Step Guide

Product Testing: It’s Worth Investing

How to Manufacture a Product: A Detailed Breakdown

FREE TRAINING FROM LEGIT FOUNDERS

Actionable Strategies for Starting & Growing Any Business.

While you are scrolling, we have just one question!

Do any of these describe you best?

• You want to make extra income but don't know where to start.
• You want to grow your business but don't know what to do next.
• You want to level up your performance with valuable new skills.

Speak with our friendly course experts to get clarity on the next steps for your idea, business or career. You will get tailored insights from results achieved by our proven practitioners as well as thousands of students. No pressure to sign up. Promise.

• 1 . 19 . 20
• Entrepreneur

Consulting With a PhD – 8 VITAL Steps (2023)

• Posted by: Chris

Updated May 15, 2023.

Six months into my post-PhD career, I left a job at a think tank to do consulting with a PhD.

I was watching the money the think tank was taking in to do these research projects. It was a lot of money. And they’d pay me by the hour. And when I sold a $50k project that took me 4 months to do, I confess I started to wonder why I needed the middleman.

Why couldn’t I just sell that project and do it myself?

It turns out it was harder than I thought. People paid the think tank because of their name and reputation, and I didn’t have that yet.

So I struggled to sell, and eventually failed miserably and ran back into a job.

Why do I tell you this at the beginning of a post on consulting with a PhD?

Because it’s possible to make a lot of money consulting. And I do consult successfully now. But it’s not easy.

Here are 8 things you should do to build a career in consulting with a PhD. (NB this post is about building your own business as a consultant rather than getting hired as a consultant with a big firm. You can read about that here. )

–post continues below —

And if you’re ready to launch your consulting business, check out my step by step guide here (opens in a new window).

This post contains links to affiliate products, which–if you choose to purchase–pay us a commission at no extra cost to you. This helps to support our work. We only promote products we’ve used and love . We love partnering with FreshBooks, which is dead simple to use and perfect for consultants!

1. Build your network

2. define what you offer, 3. consider working a job first, 4. learn business basics, 5. figure out how much to charge for consulting, 6. build your personal brand, 7. get professional help, 8. get ready to battle yourself.

Networking is everything. Your network will create wealth and opportunities for you. The bigger and better it gets, the more you’ll have.

If you aren’t willing to build a network constantly, don’t go into consulting. Consulting with a PhD can require near-constant selling, especially if your contracts are small.

And the first point of sales is relationships.

People are most likely to choose you from several people they could pick because they know you. If you’re on their radar, they won’t google someone; they’ll call you.

The great thing about building your network is that it doesn’t have to happen at some magical point when your PhD is done. You can start now:

See the related posts (Links open in a new tab):

Many Students Have No Idea How to Network. Here Are 5 Tips.

6 Mistakes PhDs Make When Networking

Here’s Why Networking Will Dramatically Change Your Career

In this video, I told the story of how my network helped me land my first $40,000 consulting client!

You should know what it is you have that companies occasionally, and preferably routinely, pay for.

Consulting represents a sweet spot where employers really need to or want to get something done, but don’t have enough employees to do it and can’t justify hiring one. Enter you.

Let’s say that hiring a new research assistant would cost them $40K for a year. If you’re there and will save them the hassle of doing this, plus they get a PhD on it, they might throw $20k or $30k at you to do the project.

But define, define, define.

Be specific. Don’t just say that you’re a researcher. Be clear on what your offer is.

Some of your transferable skills CAN be really valuable here.

I can do Program Evaluation, Stakeholder Mapping, and Convening, and write policy papers in the areas of immigration, education and skills, and innovation and economic development.

If you’re on LinkedIn (which you should be), you can add certain services to your profile — making you more searchable for those things.

Here’s mine…

Pro Tip – As you meet people and build your network, ask what their specific needs are. Ask how often they hire consultants, what they usually hire consultants for, and if there’s a list you should be on. Do they need an engineer to run two months of tests to validate a concept? Do they need a policy researcher with expertise in gender studies to write a report? Figure it out! And use what you learn to adapt your offerings.

What is a science consultant?

A science or scientific consultant brings specific scientific area knowledge to a company that might need fractional help–either specialized or general. For example, here is a story of a molecular biologist who consults on grant applications for major medical projects .

What is a management consultant?

A management consultant is trained to understand corporate structures and processes, to step into a situation from the outside and offer suggestions. Many consulting companies hire PhDs because of excellent critical thinking skills, occasionally combined with specialized knowledge fields (ie. biotech, data processing, etc.).

If you can make the jump from PhD to consulting, more power to you. Even more power to you if you can do it on the side while you study . But if you don’t know the field you want or the value you offer, it might be worth getting “paid training” through working in a job.

I wish more would-be PhD consultants knew this…

When I worked at the think tank, I ran projects, won grant money, and worked with stakeholders. My next job in government taught me how much I didn’t know about how government works , how things get done, and how to use a bunch of acronyms.

When I recently told a director (a mid-level manager in the Canadian government) that I was going into consulting, he was excited—every time they hire consultants they have to teach them about how they do things.

He realized that if he hired me he wouldn’t have to do that.

If I had jumped straight into consulting from the PhD, I would have had a difficult time. I’m not sure what I would have sold (writing or editing probably) and, if I were successful, my life would look very different.

I learned so much from working every job I’ve done that makes succeeding in consulting more possible—but still far from a sure thing.

Don’t rule out working a job if your goal is to eventually do consulting.

What about PhD Consulting Jobs?

If you want to get a first-class consulting training, you might consider a consulting firm. For a PhD management consulting might be a great fit. These consultant jobs mean that you won’t be an entrepreneur per se, but you will get a fantastic introduction to the wide world of consulting. Check out McKinsey , Bain , or Boston Consulting Group (BCG). All of them have entry level consulting jobs for PhDs. And (BTW), many people who start with these companies eventually found their own.

Ok, so you’re launching a consultancy.

• Will it be a corporation, a partnership, or will you operate as a sole proprietor?
• Do your clients hire sole proprietors, or do they require incorporation?
• How will you do your bookkeeping?
• Are you keeping track of your tax write-offs?
• Do you need insurance?

You don’t need to know EVERYTHING about business , but the things I mentioned above are considered basics.

Try reading some business books. Drop by a local small business support center, or browse government websites dedicated to helping.

Learn as much as you can.

Two things that helped me:

Bookkeeping for Dummies — It wasn’t John Grisham, but I read it cover to cover. Learn these basics if you are serious about running a business.

FreshBooks – This is an amazing and simple bookkeeping solution, perfect for consulting. It’s simple, but lets you send pro invoices, keep track of profit and loss, and expenses.

Pricing” target=”_blank” rel=”noreferrer noopener sponsored”> Click here to check the price for FreshBooks in your region.

I don’t want to discourage you. With all the weird stuff you’ve learned, you can learn the basics of business!

But go do it! Treat it as seriously as your most important academic investigation. Because the skills you grow will change your life.

It’s really hard to learn how to charge for consulting.

If you’re going to charge $15 an hour as a consultant, you might be better off working at McDonald’s. It’s tempting to bid cheap to win contracts, and sometimes you might have to do that.

But your foray into consulting can’t be a race to the bottom or you won’t make it.

Price your service high enough that some people might say no (again make sure you know what your value proposition is).  Recognize that people equate price with value, and expect to pay a little more for someone who will do a great job.

To give you a frame of reference, my own PhD consulting hourly rate was $70 an hour for most clients. For the occasional passion projects or non-profits, I’ll go lower—my lowest right now would be $55 an hour.

Now, of course, I don’t actually charge by the hour—I charge by the project.

But if a client wants to know what my hourly rate is, that’s it. And when I estimate a project, that’s the framework I use. (Update-I now charge between $100-$350 hourly. I’ve upped my rates as time goes on.)

Now let me guess. You’re sitting there as a graduate student thinking that this is an obscene amount of money.

And from a $15k stipend, it seems like it.

It’s actually a win-win. I didn’t make $70 an hour in any career job I worked. As a PhD consultant, I’m assuming all the risk. I’m personally not willing to assume a high level of risk to make the same as I made in a job.

And it’s a win for the employer too, believe it or not. It costs an employer anywhere from $70,000-$130,000+ a year to hire someone full-time to do what I can do–and it’s a headache.

So if someone hires me for $40,000 to get done what it would normally cost them $80,000 they’ve saved a lot. If I can get between 4-10 contracts a year that are between $20,000-$45,000 I’ve made some fantastic money.

Now—before you see the dollar signs rolling in front of your eyes, let’s add a caution here. If I sold 4-10 projects a year worth $1,000 each I’d be living in poverty.

Some consultants do–especially the first year. Just because you CAN make a ton of money consulting doesn’t mean you WILL.

Again, I don’t want to discourage anyone, but it’s important to have a realistic view of what might happen and prepare for anything.

Did you know? – The challenge that sinks most consultants is the balance between selling and delivering. They get their first contract and work hard at it, forgetting about finding the next one. Or they get caught up in chasing leads and their quality suffers. It’s a tough balance — you’ll have to work to figure it out.

If people are going to pay you $70 an hour to be a consultant for them, they want you to be professional. That means putting the grubby PhD student identity away (if they’re still around). Polish, polish, polish your brand.. Work on your LinkedIn and share material on it, get professional head shots. Perhaps get a website. You’re in the business of marketing YOU inc. right now, so make sure you would want to hire you.

Work on how you carry yourself. Practice your handshake so it’s firm. Study speaking and projecting confidence.

I know these things sound so ridiculous, but they seriously make a huge difference and will make you more likely to succeed. Confidence especially is critical and is easier said than done.

And get ONLINE! I get consulting clients now from my digital presence. If you want to know how to get started, I created a free email course on mastering your digital brand and making money from it!

Book Recommendation: There are two great books on building confidence: Steal the Show — a book about “performing” your roles in life, and The Confidence Code — directed towards helping women grow confidence.

5 Personal Brand Tips to Put Your Growth on Autopilot

If you’re serious about consulting, you can’t be the expert on everything.

There are two people every entrepreneur should have in their ear: a lawyer and an accountant.

• The lawyer will help you be legal and legitimate (if you decide to incorporate) but can also offer advice on contractor agreements, non-disclosure agreements, and a whole bunch of other legal processes that are vital for entrepreneurs.
• The accountant will tell you how to structure a company, and teach you how to pay only the taxes you need to (I’m not talking about setting up a shell company in Panama here—but you really don’t want to pay more taxes than necessary), and what you need to keep for bookkeeping, tax write-offs, etc.

You need both of these people.

You don’t need either of them full-time.

Chances are, once you’re running, you’ll only see your accountant once a year and your lawyer perhaps less than that.

But do find someone with the heart of a teacher that you can call with little questions as you have them. If your lawyer or accountant makes you feel like an idiot or won’t explain things to you, fire them.

Pro Tip: Don’t spend tons of money upfront. Lawyers and accountants have tons of things they can charge you for—monthly check-ins, extra paperwork, etc. I chose to do the bare minimum UNTIL I had cashflow. You should absolutely make sure you’re going to have some money coming in, perhaps even have your first few clients tentatively signed, before you drop a ton of money on lawyers and accountants. It’s too easy to get in way over your head up front.

Just like in academia, imposter syndrome among entrepreneurs is rampant. So you may never feel good enough. And in the end, it’s one more place you’ll have to #fakeittillyoumakeit.

If you’re making the leap, make sure to prepare for this. Find a good mentor–a BUSINESS mentor (not your PI). Look for mastermind groups or meetups of business people, and surround yourself with people who think like entrepreneurs.

Deal with your money blocks before they bite you in the ass.

This is a very minimal guide to consulting. I’m still learning lots about it, so I’ll post more as I learn. What do you think? Are you planning to make the jump? Have you thought it through? Have I missed anything?

If you’re ready, follow my 7 Easy Steps To Launch Your Consulting Business This Week. And good luck!

Now Read- What My $40,000 Client Taught Me About Starting a Consulting Business (Video)

Book Recommendation

If you’re looking for a fantastic book that will give you some great advice on building a consulting practice, this is a great book to start with.

Why You NEED to Trust Yourself

It was one of those stupid “get rich quick” ads online. You know the type. The “I made $5 million last year selling my online

What is a PhD? All you need to know for 2024

When I started my PhD, I went in without a lot of thought. I had finished a master’s. It seemed like the logical next step,

15 Skills to Put on a Resume in 2023 (Employers LOVE These!)

When I was starting my career, I used to think about degrees a lot. I’d list them on my resume, all proud and shiny. But

SHARE THIS:

EMAIL UPDATES

Weekly articles, tips, and career advice

Roostervane exists to help you launch a career, find your purpose, and grow your influence

• Write for Us

Terms of Use | Privacy |   Affiliate Disclaimer

©2023 All rights reserved​

Hacking the Case Interview

Are you looking to transition from a PhD or advanced degree program and get into management consulting ? Unsure of how exactly to do this?

We have you covered! This comprehensive article covers:

• Why consulting firms hire PhD / advanced degree candidates
• Firms that hire PhD / advanced degree candidates
• Challenges that PhD / advanced degree candidates face
• PhD / advanced degree consulting recruiting process
• Submitting a PhD / advanced degree consulting application
• Passing consulting interviews with a PhD / advanced degree
• Recommended PhD / advanced degree case interview resources

If you’re looking for a step-by-step shortcut to learn case interviews quickly, enroll in our case interview course . These insider strategies from a former Bain interviewer helped 30,000+ land consulting offers while saving hundreds of hours of prep time.

Why Consulting Firms Hire PhD / Advanced Degree Candidates

Consulting firms hire PhD and advanced degree candidates for many reasons.

One, consulting firms want to hire top talent wherever they may be. While consulting firms have traditionally hired from top-tier undergraduate and MBA schools, they have been moving towards also hiring from top-tier medical schools, law schools, and graduate schools. Talented future consultants can be found anywhere and consulting firms want to hire them.

Two, a lot of the skills that PhD and advanced degree candidates have can be transferred to consulting. PhD students gather data, break down problems, write papers, and present their work to others. Analyzing data and presenting your work are critical skills that consultants use every day.

Three, the work that consultants do is increasingly becoming more specialized, requiring specialized expertise. This is where PhD and advanced degree graduates shine. If a consulting firm is helping a pharmaceutical company develop a strategy to launch a new drug, who better to help them than a biochemistry PhD or MD that understands healthcare ?

Therefore, if you are interested in transitioning to the business world, know that consulting firms do hire PhD and advanced degree candidates that have no business backgrounds.

As a PhD or advanced degree hire, you’ll typically be placed at roughly the same level as an MBA hire. However, if you only have a master’s degree, you may be placed at the same level as an undergraduate hire.

Firms That Hire PhD / Advanced Degree Candidates

All three of the top-tier management consulting firms, McKinsey, BCG, and Bain, hire PhD and advanced degree candidates. In fact, they have special programs that are tailored to helping PhD and advanced degree candidates go through the recruiting process.

In addition, many other top consulting firms hire PhD and advanced degree candidates, including Deloitte , Strategy& (part of PwC) , EY-Parthenon , LEK , and Roland Berger .

If you have a PhD in life sciences or an MD, there are many consulting firms that specialize in life sciences consulting . These consulting firms include: ClearView Healthcare , Guidehouse (Navigant ), ZS , Putnam Associates , and Huron Consulting .

Overall, there are many consulting firms that will hire PhD and advanced degree candidates.

Challenges that PhD / Advanced Degree Candidates Face

Although PhD and advanced degree candidates have some skills that will transfer over to consulting, there are many skills that will not. There are six main challenges that PhD and advanced degree hires will face when they recruit for and enter consulting.

Understanding essential business concepts

PhD and advanced degree candidates spend years studying fields that have nothing to do with business. One of the biggest challenges that these candidates face is ramping up on fundamental business knowledge.

Consulting does not require specialized business knowledge, but candidates should be familiar with fundamental business concepts, such as profitability, market share, and competitive advantage.

Additionally, many PhD and advanced degree candidates will lack the business judgment and acumen that a traditional MBA candidate has. Building up a strong business instinct takes time.

Solving problems quickly

PhD candidates may work on one project for many years, extensively researching the topic and going very deep into the details and nuances of the problem.

In contrast, consulting projects are typically solved in 3 – 6 months. As a new consultant, PhD and advanced degree candidates will need to learn how to solve problems quickly by focusing on the most important issues or areas.

Doing simple math calculations quickly

PhD candidates likely use sophisticated and complex mathematics in their research and work, such as differential equations or linear algebra.

In consulting, only very basic math is used. Surprisingly, during interviews, PhD and advanced degree candidates have a much more difficult time performing basic math calculations than undergraduate candidates. This may be because PhD candidates are used to doing higher level math using statistical software rather than doing simpler math calculations by hand.

Therefore, PhD candidates will likely need to brush up on their basic math skills to perform calculations quickly and accurately during their interviews.

Making things simple and easy to understand

One of the key skills in consulting is to make things simple and easy to understand. This is important in order to make clients understand their business situation and act on the recommendations that the consulting firm has provided.

PhD and advanced degree candidates deal with complex and intricate problems that are often difficult to explain to the average person. To be a successful consultant, PhD and advanced degree hires will need to practice explaining complex things in a simple way.

Not focusing too much on the nitty gritty details

In a PhD program, you go very deep into one particular area or topic. To become an expert in the field, you typically read all of the scientific papers published on the topic and know all of the details.

Consulting is less focused on the nitty gritty details. Consultants will learn just enough about a particular topic or area in order to be able to solve the business problem.

Focusing more on the overall business problem and focusing less on minute details is one skill that PhD and advanced degree hires will need to learn and develop.

PhD / Advanced Degree Consulting Recruiting Process

Some consulting firms, such as McKinsey, BCG, and Bain, offer programs that specifically help PhD and advanced degree holders apply and transition to consulting. Participating in these programs will help you build connections and increase the likelihood of receiving an interview.

These programs are fairly competitive and require you to submit an application in order to be accepted into the program.

• McKinsey Insight Program : This program provides an overview of management consulting and McKinsey, an opportunity to connect with consultants that share a similar background to you, and a mock case study.
• Bridge to BCG Program : This program provides an overview of consulting and what makes BCG special. You’ll have the opportunity to solve a BCG case in a case team simulation, network with consulting staff, and participate in social activities.
• Bain ADvantage Program : This week-long internship immerses candidates into life at Bain and a career in consulting. You’ll have a full day of training followed by four days of a staffing assignment on a real case team. If accepted into this program, you will receive a guaranteed final-round interview for a full-time Consultant position.

Outside of these programs, the PhD and advanced degree recruiting process looks like the following:

• Submit your consulting job application
• Pass your first-round consulting interviews
• Pass your final-round consulting interviews
• Receive your consulting job offer

Submitting a PhD / Advanced Degree Consulting Application

Consulting firm job applications typically have three components: the resume , cover letter , and the optional referral.

We’ll briefly cover each of these components of the application over the next few sections. Each section has a link to a more comprehensive, in-depth guide that you should read.

Consulting Resume

Your resume is the single most important factor that decides whether or not you will receive a consulting interview. Consulting resumes are quite different from the type of resumes you would use in a PhD or advanced degree program.

For example, you will not need to list publications you have contributed to or conferences that you have attended. You’ll also need to simplify the topic of your research so that the average recruiter can understand what you have worked on and what you have accomplished. Finally, make sure to focus less on the details of your work and more on the overall accomplishment and impact.

Make sure to tailor your resume so that it follows the structure and format of a consulting resume.

In short, keep your resume to one page and quantify the impact of your accomplishments.

Consulting firms like to see:

• High grades
• Prestigious schools that you have attended
• Brand name companies that you have worked for
• Significant impact in your work experiences
• Meaningful leadership positions in your extracurricular activities

For a step-by-step guide to crafting the perfect consulting resume, check out our comprehensive resume guide .

Consulting Cover Letter

The cover letter is less important than your resume, but can make the difference between receiving a consulting interview and not receiving one if your resume is on the borderline.

Your cover letter should be concise and straight to the point. Introduce yourself and then briefly explain why you are interested in consulting. Spend most of the cover letter explaining what qualities you have that would make you a great fit for the firm.

To avoid having a generic cover letter, include specific reasons why you are interested in the consulting firm you are applying to. Mention former or current employees that you have spoken to and what aspects of the firm you find most attractive.

For a step-by-step guide to crafting the perfect consulting cover letter, check out our comprehensive cover letter guide .

Referrals are not part of the official application process for consulting firms, but they are a quick way to make your application stand out.

If you have a friend or colleague that works at the consulting firm you are applying to, ask if they would be comfortable giving you a referral.

Getting a referral means that someone at the consulting firm will send your name and resume to the recruiter that is in charge of resume reviews. Your application will get a closer look and be viewed a bit more favorably.

Referrals are not required to get interviews, but can help a lot. For the McKinsey Insight Program, Bridge to BCG Program, and Bain ADvantage Program, referrals can make a big difference given how competitive these programs are.

Passing Consulting Interviews with a PhD / Advanced Degree

A few weeks after the application deadlines, you’ll receive invitations from consulting firms for the first of two rounds of interviews.

Passing First-Round PhD / Adv. Degree Consulting Interviews

At most consulting firms, the first round of interviews consists of two separate 40- to 60-minute interviews. These interviews will mainly focus on case interviews, but you will also get a few other types of questions.

There are three types of consulting interview questions :

Case Interviews

• Behavioral Interviews

Why Consulting? / Why this Firm?

We’ll briefly cover each of these types of consulting interview questions over the next few sections. Each section has a link to a more comprehensive, in-depth guide that you should read.

Case interviews are a special type of interview question that consulting firms use to assess a candidate’s potential to be a great consultant. In a case interview, you’ll be placed in a hypothetical business situation and asked to develop a recommendation or answer to a business problem. A case takes about 30- to 60-minutes to complete.

Here are some examples of case interview questions:

• How can Coca-Cola increase its profitability?
• What should Netflix do to increase customer retention?
• Should Facebook enter the smart phone market?
• How should Apple price its new iPhone?

Case interviews begin with the interviewer reading you the background information on the case. You’ll then get the chance to ask clarifying questions to better understand the business situation and case objective.

Next, you’ll develop a framework to help you solve the case. A framework is a tool that helps you structure and break down complex problems into smaller, more manageable components.

You’ll then be asked to answer quantitative and qualitative questions to build support for a recommendation. You may need to calculate expected profitability, interpret charts and graphs, or brainstorm and prioritize different ideas.

At the end of the case interview, the interviewer will ask you to deliver a final recommendation to address or solve the business problem.

Behavioral Interview Questions

Consulting behavioral interview questions ask you to give an example or story of a time when you displayed a particular quality, such as leadership, problem solving, or resilience.

Here are some examples of behavioral interview questions:

• Tell me about a time when you exceeded expectations
• Give me an example of a time when you had to persuade someone
• Describe a situation in which you resolved team conflict
• Give me an example of a time when you failed to meet expectations
• Describe a difficult or complicated problem that you solved

To prepare for these questions, develop a list of five different stories or examples that cover a wide range of positive qualities. You should select stories or experiences that are the most impressive and impactful.

When asked a behavioral interview question, mentally run through your list of prepared stories and select the one that is most relevant to the question that is asked.

You’ll want to share your story or experience by using the STAR method to ensure that you answer the question in a clear and structured way. STAR stands for Situation, Task, Action, and Result.

Situation : Provide a brief overview of the situation and any context that is needed to understand the story better. Keep this section as concise as possible because it is less important than the other parts of the story.

Task : Describe what you were asked or required to deliver or achieve. Again, keep this section concise since it is less important than the other parts of the story.

Action : Explain what steps you took to handle the task or meet the goal or objective. This is an important part of the story, so focus on sharing exactly what you did.

Result : Describe the outcome that your actions had, quantifying the impact. Also describe your key takeaways from the experience and how it impacted or influenced you as a person. This is the most important part of the story.

For a step-by-step guide on how to best answer all consulting behavioral and fit interview questions, check out our complete guide on consulting behavioral interview questions .

You will almost certainly be asked the “Why Consulting?” question at some point during your interviews. Interviewers want to know why you are interested in consulting to see if you know what you are getting yourself into and whether you are genuinely interested.

As a PhD or advanced degree candidate, you will need to provide compelling reasons why you are choosing to pursue consulting instead of the field that you have spent years studying.

There are many reasons you can give for why you are interested in consulting:

• You want to make a larger impact on the world by working with large companies to solve their most challenging business problems
• You see consulting as the quickest way to develop the skills to transition to the business world and become a business executive
• You enjoy working closely in teams to solve challenging business problems
• You value the mentorship and personal development opportunities that consulting provides
• You want to tackle a wide variety of different problems and consulting allows you to work on projects in many different industries and functions

Use the following structure to answer this question:

• State that consulting is your top career choice
• Provide three reasons to support this
• Reiterate that consulting best fits your professional needs and goals

In addition to the “Why Consulting?” question, you may also be asked “Why this Firm?” This question assesses whether you are genuinely interested in working at the consulting firm that you are interviewing for.

Again, there are many different reasons you could give:

• You have loved the people that you’ve met from the firm and would enjoy working with them
• The firm has an empowering work culture where you feel you would thrive
• The firm has deep expertise in a particular industry or function that you are passionate about
• The firm places a heavy investment in mentorship and personal development, which you value tremendously
• Several of your mentors and role models have worked at the firm and have recommended that you work there

Make sure to structure your answer to this question so that your answer is clear and easy to follow. You can use a similar structure to the “Why Consulting?” question:

• State that the firm you are interviewing for is your top choice consulting firm
• Reiterate that the firm best fits your professional needs and goals

For a complete guide on answering this question, check out our "Why consulting?" article.

Passing Final-Round PhD / Adv. Degree Consulting Interviews

Consulting final round interviews typically consist of two to three separate 40- to 60-minute interviews. You’ll see the same three types of questions that you saw in your first-round interviews.

There are three main distinctions between consulting first-round interviews and consulting final-round interviews.

First, your interviewers will be more senior people. This means that the case interviews you receive may be less structured and feel more like a qualitative discussion. You and the interviewer may just be discussing your opinions and ideas on a business problem.

Second, there is more of an emphasis on assessing your personality and cultural fit with the firm. Interviewers will not only assess whether you can solve case interviews, but they will also assess whether they would want to work with you on a team. Interviewers want to see if you are coachable, collaborative, and easy to work with.

Third, your interviewers may read the notes that your previous interviewers wrote about you. If there is a particular area of the case interview that you struggled with, interviewers may specifically test you on it again to make sure it is not a weakness.

Overall, you should still use the same strategies that you used in your first-round interviews for your second-round interviews.

Receiving your PhD / Adv. Degree Consulting Job Offer

After finishing all of your interviews, all you have to do is to wait. Consulting firms typically call candidates to tell them whether or not they are being extended a job offer.

Some candidates receive a phone call with good news on the same day of their final-round interview. Other candidates receive calls within a few days.

Be patient while waiting to hear back from consulting firms. If you have not heard back within a week, you can send a polite follow-up email with the recruiter to ask for an update.

When you finally get your call, all that is left to do is sign your offer letter to secure your consulting job!

Recommended PhD / Advanced Degree Case Interview Resources

Here are the resources we recommend to learn the most robust, effective case interview strategies in the least time-consuming way:

• Comprehensive Case Interview Course (our #1 recommendation): The only resource you need. Whether you have no business background, rusty math skills, or are short on time, this step-by-step course will transform you into a top 1% caser that lands multiple consulting offers.
• Hacking the Case Interview Book   (available on Amazon): Perfect for beginners that are short on time. Transform yourself from a stressed-out case interview newbie to a confident intermediate in under a week. Some readers finish this book in a day and can already tackle tough cases.
• The Ultimate Case Interview Workbook (available on Amazon): Perfect for intermediates struggling with frameworks, case math, or generating business insights. No need to find a case partner – these drills, practice problems, and full-length cases can all be done by yourself.
• Case Interview Coaching : Personalized, one-on-one coaching with former consulting interviewers
• Behavioral & Fit Interview Course : Be prepared for 98% of behavioral and fit questions in just a few hours. We'll teach you exactly how to draft answers that will impress your interviewer
• Resume Review & Editing : Transform your resume into one that will get you multiple interviews

Land Multiple Consulting Offers

Complete, step-by-step case interview course. 30,000+ happy customers.

• DACA/Undocumented
• First Generation, Low Income
• International Students
• Students of Color
• Students with disabilities
• Undergraduate Students
• Master’s Students
• PhD Students
• Faculty/Staff
• Family/Supporters
• Career Fairs
• Post Jobs, Internships, Fellowships
• Build your Brand at MIT
• Recruiting Guidelines and Resources
• Connect with Us
• Career Advising
• Distinguished Fellowships
• Employer Relations
• Graduate Student Professional Development
• Prehealth Advising
• Student Leadership Opportunities
• Academia & Education
• Architecture, Planning, & Design
• Arts, Communications, & Media
• Business, Finance, & Fintech
• Computing & Computer Technology
• Data Science
• Energy, Environment, & Sustainability
• Life Sciences, Biotech, & Pharma
• Manufacturing & Transportation
• Health & Medical Professions
• Social Impact, Policy, & Law
• Getting Started & Handshake 101
• Exploring careers
• Networking & Informational Interviews
• Connecting with employers
• Resumes, cover letters, portfolios, & CVs
• Finding a Job or Internship
• Post-Graduate and Summer Outcomes
• Professional Development Competencies
• Preparing for Graduate & Professional Schools
• Preparing for Medical / Health Profession Schools
• Interviewing
• New jobs & career transitions
• Career Prep and Development Programs
• Employer Events
• Outside Events for Career and Professional Development
• Events Calendar
• Career Services Workshop Requests
• Early Career Advisory Board
• Peer Career Advisors
• Student Staff
• Mission, Vision, Values and Diversity Commitments
• News and Reports

How to transition from PhD to consulting?

• Share This: Share How to transition from PhD to consulting? on Facebook Share How to transition from PhD to consulting? on LinkedIn Share How to transition from PhD to consulting? on X

Going from PhD to consulting can feel intimidating. It’s hard to know which consulting firms recruit PhDs, and at which level. And it can also sometimes feel unclear if you’ll be using your PhD skills at all or completely starting from scratch.

So let’s walk through how you should manage your transition from PhD to consulting step by step. From which firms to target to how much you will be paid and how to ace your applications and interviews. Read the full article here .

Browser does not support script.

• Corporate Engagement
• LSE Consulting

Consulting as a PhD Student or Early Career Researcher

As a phd student or early career researcher, you may have or seek opportunities to engage with clients to undertake consulting work. academic consulting offers a way to generate impact in the wider world, build and expand collaborative networks, and generate additional income, but it has a few additional benefits as a phd student or early career researcher (ecr)..

Consulting within an academic institution offers a way for you to share your research expertise with the wider world

As a PhD student or Early Career Researcher, consulting allows you to: 

• Fund your studies and future research through a consulting fee
• Explore and expand your future career opportunities by connecting in with clients that you may work with on a consulting project
• Gain hands-on professional experience and training
• Develop transferable skills, such as teamwork, critical thinking, client management and project management
• Collaborate with external partner organisations or senior colleagues

Finding opportunities

At LSE Consulting, we seek out public procurement opportunities requiring team members which we share with those interested in consulting at LSE. We also encourage you to seek out your own consulting opportunities. To do so, we recommend to follow these steps:

• Identify clients you’re interested in working with
• Register your interest for public opportunities via a client's website/portal
• Register your interest and area of expertise with LSE Consulting
• Once you’ve found a project, discuss the opportunity with LSE Consulting to seek support on the next steps, including development of proposal, negotiation of rates/budgets, seeking additional team members where required, and client liaison.

Why work with LSE Consulting

You or your client may initially be cautious and reluctant to route your consulting project via LSE Consulting in order to reduce the budget or to avoid a third party hindering the project development and engagement. In such cases, you might be tempted to sign a contract in an individual capacity without fully understanding the liability or the intellectual property clauses you agree to.

LSE Consulting is here to support all of LSE’s research community. It is our role to protect you and your research in any consulting activity you undertake. We read contracts on your behalf and understand the client negotiation and appropriate market rates. We allow you and the client access to LSE’s brand for all projects routed via LSE Consulting, whereas clients aren't able to use LSE’s brand where an individual undertakes consulting at a private capacity. And, as with any consulting project, we have facilities to manage the project finances, including client billing and team contracting/payments.

We’ll also guide you through other more specific barriers, such as navigating visa-related work limits and balancing consulting work with your academic studies.

Want to get started? Get in touch.

PhD Academy: Accelerating Business Collaboration Information and opportunities for PhD students and ECRs

Any questions? Visit our FAQ page

Academic Consulting in a Nutshell Learn more

Routes to Engagement Discover how to get involved

Consulting Benefits Create impact, gain income, expand networks, and more

Step-by-Step Consulting What does a project life cycle look like?

Contact Get in touch for support and to get started

2022 IEEE-USA Consultants Fee Survey: Consultant Rates Up $30 Over Past Two Years

By paul lief rosengren.

IEEE-USA Consultants Fee Survey Report – 2022 Edition

Ieee members: $29.95 non-members: $49.95.

The report includes information and trends on how much consultants charge by region, years of experience and educational levels, as well as information on the impact of supply chain disruptions on consultants’ work.

The median rate consultants charge continues to rise — now at $180 an hour, up $10 over the previous year — and $30 more than just two years ago.

The survey’s findings include:

• Fee-based consultants holding a Ph.D. or an MBA had a $20 higher median hourly rate ($200 an hour) than overall respondents. Eighteen percent of respondents had Ph.D.s, while one-third hold Masters degrees.
• Consultants specializing in Power and Communications charged the highest median rates ($200 per hour).
• Those having five or fewer years of experience charged $140 an hour on average, while those with 25 years or more charged a median of $200 per hour.
• Just more than 10 percent indicated that they have had difficulties collecting bills. This figure has remained consistent over the past two surveys.

As in the past, regional differences were apparent in rates charged. Respondents working in the Middle Atlantic, South Atlantic, and Pacific regions reported charging higher median hourly rates; while those in East North Central and West South Central reported charging below the countrywide average. Charts showing responses from each region, with decile breakdowns, are included in the report.

While supply chain disruption negatively impacted the economy, these disruptions provided opportunities for IEEE members — including requiring redoing or redesigning work to account for new supply chain constraints.

Respondents indicated supply chain disruptions caused them to:

• Create multiple designs with different components
• Widen the pool of suppliers
• Redesign and replace components with ones more readily available — on occasion necessitating the lowering of quality and safety standards
• Increase communication with clients on supply chain issues
• Stretch out timelines and project schedules
• Change design flow and accelerate design

The Report indicates that most consultants’ business comes from repeat clients (an average of 62% of total dollars earned). The Report notes, however, that “having outside connections is also important, as significant earnings come from referrals from clients, friends and networking contacts.” The Report also points out that social media or Google advertising do not play a major role in attracting clients for most consultants.

Further, the Report shows that consultants billing methods have remained relatively constant — with 74% of respondents reporting that they bill hourly; 22% bill a fixed price for work; and 4% percent bill on a daily rate.

The most common areas respondents offer consulting services are in:

• Systems Engineering (31%)
• Project Management (27%)
• Expert Witness (25%)
• Electrical Power Systems (25%)
• New Product Development (22%)
• Management (21%)
• Technical Writing (21%),
• Communications (21%)

According to the Report, “There has been very little movement in these most common areas of expertise since 2018. Systems Engineering has been the top category for the past five years; and Project Management has been second for four out of these five years — and among the top three for all five years.”

The area with the greatest increase since last year was Failure Analysis — mentioned by 10.2% of the consultants in 2021; and 17.0% in 2022.

The Report gives a detailed breakdown of 96 areas of consulting, as well as year-to-year response rates for each, is given in the report.

This year, the IEEE-USA Alliance of IEEE Consultants’ Networks Coordinating Committee (AICNCC) asked respondents to provide recommendations on actions IEEE-USA could take to assist fee-based consultants in their consulting practice. Recommendations submitted were mostly in the areas of helping make connections; increasing availability/awareness of resources; and providing advocacy at both the federal and state levels.

The complete 2022 IEEE-USA Consultant Fee Survey Report is available for purchase from the  IEEE-USA Shop . The Report is $29.95 for members. Non-members pay $49.95.

Paul Lief Rosengren

Monthly email newsletter.

This monthly newsletter notifies U.S. members and subscribers of new online content, news, products, services, and events from IEEE-USA and other OUs.

Subscribe Now →

Related Articles

Discovering the Power of Our Mindless Moments

More IEEE-USA Career and Membership Services Programs (Part 2)

Getting Ahead as a Remote Worker

How Can Younger Members Get the Most Out of Benefits Provided by IEEE-USA?

Leave a reply cancel reply.

Your email address will not be published. Required fields are marked *

Average Consulting Rates by Industry in 2020 [Infographic]

When you’re in the c onsulting or coaching industry, it can be difficult to figure out what to charge for your services. How do you make sure your skills aren’t undervalued while still being able to compete with other prices?

Since your clients aren’t buying a tangible product, it seems even harder to put a price on what you’re offering. This can also skew your clients’ perception of the value they’re getting. Since many in the consulting or coaching business don’t advertise their prices right up front, it’s even more difficult to understand average consulting rates so you can see where you stand compared to the consulting rates of your competition. We’ve gathered the average consulting rates by industry from across the web in our infographic below to make things easier!

If you’re feeling frustrated by all the options, we’ll also walk you through common fee structures and how to get started with calculating your own rates.

Pricing models

There’s no hard and fast rule on how you should charge for your consulting or coaching, but most consultants and coaches have a pricing model for their work or projects. There are a few different fee structures that are most common:

Project-based rate:  Billing a fixed rate or fee per project completed.

Hourly rate:  Billing by the number of hours worked.

Performance-based rate:  Billing based on the results of your work or project.

Combination rate:  Billing a fixed rate for the project and hours spent on the project.

Value-based rate: Billing based on the value and ROI(return on investment) you create.

Depending on the client or project, you may adjust your structure or choose a different model to charge entirely. You don’t have to pick just one model to work with – it’s fine to switch it up as long as both you and your client are comfortable with the pricing and you’re transparent about any costs.

Which one should you go with? Our infographic below tells you the most used option consultants go for, as well as which one is trending on the rise!

Infographic

Below, we’ve put together an infographic of average consulting rates by industry in 2020, along with some interesting statistics about consultants and coaches like you. How do you stack up against your peers when it comes to consulting rates?

More to consider

When it comes to figuring out your own rates, there are a lot of other factors to consider! Because the average consulting rate by industry can vary widely, understanding the different pieces that go into choosing a way to charge for your services will make deciding on your own pricing model much simpler.

Market rate

The market rate is the average price or range of pricing that clients generally pay for your service. Market rates aren’t an exact science and you don’t have to limit yourself within a certain price range, but examining the average will help you get a picture of what clients’ expectations are and what your competition may be charging for similar services in your area and beyond. Consider the average market rate in your industry as a small factor in your own pricing. You may be far more experienced than others in the market, meaning you can double the market rate for your services. Conversely, you may be just starting out, and while you may have less experience, you can charge much lower prices – making you much more attractive to new clients.

Location, location, location! Where you live and do your work is another important factor in what you charge for your services. Not surprisingly, Consultants in dense, urban areas charge more for their services, while those living in less populated areas will charge a lower price. What if you do remote consulting, working exclusively online? Some clients may prefer you to be on-site, but working remotely can reduce costs for you, and therefore, your clients. Think about the type of ideal clients you’re looking for and where they are – what prices are they more likely to expect?

Competition

Time to do your homework! Knowing what your competitors are up to is crucial in deciding on your pricing. What are they offering and for how much? Their experience, like special skills and certifications, could be impacting their prices. What do the reviews say? Maybe their prices are low but their customer service is rated poorly. Are they offering something different than you are? Or are you offering something unique that only you can provide? If you are, this can be your unique selling point and allow you to charge more based on value and scarcity. Some consultants will mystery shop their competitors to get an idea of pricing or join groups with other consultants and coaches to have open discussions online. It’s good practice to check-in often on your competitors and not just when you’re first deciding on your pricing model, especially if your industry evolves frequently.

Negotiation

If you don’t know how to negotiate, it’s time to learn. You can expect to negotiate your rates often, so it’s important to remember that negotiating your rate isn’t a matter of winning or losing. Both you and your client want to have your needs met. Establishing a long term relationship with your clients is crucial – you want them to keep coming back for your services or referring you to others. If negotiating with you is impossible, they will eventually walk away, even if you “win” the first round. Try to consider the rate you charge as a starting off point that will begin a conversation. Some clients will be worth lowering your prices for because of the repeat business they’ll create, referrals they can provide, or because they’re a known brand that can help you attract more leads. While it’s very important to be flexible, you should also remember to know your value and be willing to walk away if you can’t reach an agreement. Do your due diligence when entering into any kind of business relationship, and don’t be afraid to seek the advice of a professional!

With these factors in mind, you can start building the framework of the consulting rate you’d like to charge. Using a formula or fee calculator like the examples listed below is a good jumping-off point.

Consulting fee calculators

There are several different ways to calculate what you’re going to charge, especially when you’re factoring intangible aspects like experiences, skills, and expertise. These calculators are a great way to start off figuring out your own consulting rates.

The consulting fees calculator from Consulting Success provides a great starting point to help you figure out how much much to charge in order to make the amount of money you want each day, month, and year.

This consulting fees calculator from Consultant Journal helps you work out how much you make per hour based on a 52-week year. 

This article, Consulting Fees and Rates – How Much Should I Charge? from Consulting.com walks you through formulas you can use to calculate your fees based on the pricing models you’ll use.

Like a lot of things in a small business, choosing your consulting rates is a work in progress. You can always adjust your rates over time based on demand, the market, and what you and your clients feel comfortable with. Consulting rates are just one piece of the puzzle – if you want to learn how to bring in more clients, check out How To Get Clients for Your Consulting or Coaching Business with This Influencing Technique and some great tips for marketing your consulting business in our YouTube video below!

Transcribed infographic:

Consulting Rate by Industry

The rate charged for consulting or coaching can vary widely, making it tough to figure out where you stand.

Are you worried about overcharging and losing clients to competitors? Do you have to lower your rates to close the deal? Do you know what your potential clients are looking for?

80% of consultant are actively looking to increase their rate. 33% of consultants will lower their fees in order to win clients.

So, How Do You Stack Up?

How do you bill?

12% of consultants use daily rate.

31% of consultants use project-based rate to price their projects  

23% of consultants bill by the hour

17% of consultants use value-based fees to price their projects

15% of consultants use monthly retainers

Average Rates By Industry

Accounting: $96 – $106 per hour

Financial planning: $104-$147 per hour

Asset management: $116-$194 per hour

Retirement planning: $103-$128 per hour

Health & Wellness

Nutrition: $70-$100 per hour

Health coaching: $60-$90 per hour

Coaching & Consulting

Life coaching: $100-$105 per hour

Career coaching: $100-$105 per hour

Business coaching: $100-$130 per hour

HR consulting: $100-$200 per hour

IT consulting: $68-$115 per hour

Real Estate

Real estate consultants: $107-$160 per hour

Real estate staging: $530 – $820 per day

Home inspection: $283-$366 per hour

Home appraisal: $262-$423 per hour

Consulting Trends in 2020

Demand for consultants to have a wide breadth of knowledge. More and more, clients want consultants to be both highly skilled and up-to-date on the latest technologies.

Billings and pricing models are changing. Some clients are more often asking for custom billing plans to help them quantify their return on investment.

Value-based performance is being demanded. Clients increasingly want more customized and measurable value metrics to cater to their specific needs.

https://www.infodesk.com/consulting-industry/consulting-trends-2020/

https://www.thumbtack.com/prices

https://www.promatcher.com/

https://www.consultingsuccess.com/consulting-fees

Related Articles

7 Ways to Utilize AI in the Legal Industry

June 27, 2023

SEO for Legal Industry: How It Works & Best Practices

November 23, 2022

How to Scale Your Consulting Business in 9 Easy Steps

July 14, 2021

Join 38,877 subscribers making clients happy and growing their business.

Average Consulting Rates By Industry

The world of business is changing. The old maxim, “You get what you pay for,” doesn’t apply to consulting work anymore. What does? Well, it’s complicated. But here are some basic tips to help you negotiate your hourly consulting rate and take advantage of this new era in the global economy.

6-FIGURE CONSULTING BUSINESS BLUEPRINT

Learn how to land more clients , increase your fees and win more proposals with the free 47-page blueprint from Consulting Success

• Chapter 1: How to Identify & Get More Of Your Ideal Consulting Clients
• Chapter 2: Productization: How to Bust the “Consultant Bottleneck” and Finally Grow Your Business (The Easy Way)
• Chapter 3: How to Price Your Offers to Add More Revenue, Save You More Time, and Scale Your Business
• Chapter 4: The Roadmap To Scaling Your Consulting Business To $1 Million and Beyond

We partnered with Consulting Success to get you access to this amazing FREE resource:

Consulting Services Pricing Models

Before delving into what factors influence consulting fee structures, it’s helpful to understand the different pricing strategies that are typically used:

• Hourly Rate : An hourly rate is common for short-term projects or when a client wants to retain control over the project’s scope and budget.
• Fixed Rate : A fixed fee is set for a specific project with agreed-upon deliverables. This is often used for longer-term consulting projects.
• Variable Fee : A variable fee is based on the number of consulting services or products delivered.
• Percentage of Sales : A percentage of sales is a commission-based fee that’s paid as a percentage of the sales generated by the consultant’s work.
• Monthly Retainer or Fee : A monthly fee or retainer is a flat fee paid each month for access to the consultant’s advice and/or services.
• Project-Based Rate : The project rate is determined by the scope of the project and the amount of time required to complete it.
• Value-Based Fees : This method is a pricing approach in which the business consultant determines the value of the services to be provided and charges a fee that represents that value.
• Package Pricing : This is when you charge a set price for a package of services. For example, you may offer a package that includes a certain number of hours of consulting, the installation of software, and a report or other deliverables.

Determining the best consulting fee structure for your business will depend on a number of factors, including the type of consulting services you offer, your business model, and your target market. Your fee structure is important to understand when using a business plan template to complete the financial projections of your consulting business plan.

For example, a consultant who specializes in short-term projects and offers a fixed fee for services may be more successful than one who charges by the hour. On the other hand, a consultant who provides ongoing monthly services may want to bill on a monthly retainer.

Factors Influencing Consulting Industry Rates

There are many factors that can influence the hourly consulting rate a consultant charges for their services. Some of these include:

• Location : Consulting firms in major metropolitan areas can typically charge more than those in smaller towns.
• Level of Experience : An experienced consultant with an established track record can charge more for their services.
• Specialty : A consulting business that specializes in a specific niche or industry can often charge more than those who don’t.
• Demand : In a high-demand consulting market, consultants charge more for their services. The economy and job market also play a role in the demand for consulting services.
• Time Availability : Consultants who are in high demand and have limited availability can often charge more for their services.

Now that you understand some of the factors that influence average consulting fees, let’s take a look at some averages by industry. Keep in mind that these are just average hourly consulting rates.

Consulting fees vary drastically by industry, and it would be impossible to list an average hourly rate for every industry. However, some general averages can be provided. The table below lists the average consulting hourly rate by industry.

As you can see, the average hourly rate varies widely by industry. However, the table provides a general idea of the ranges that can be expected.

How to Price Your Consulting Services

Now that you have a better understanding of what factors influence consulting rates, how can you go about pricing your services?

The most important thing is to be realistic about what you’re worth and to price your services accordingly. Don’t sell yourself short, but don’t overprice your services either.

When consultants set their hourly consulting rates, it’s important to consider the following:

• The estimated hours it will take to complete the project
• The level of experience and expertise 
• The location where the project will be completed
• The type of project
• Availability

If you’re just starting out, it’s generally recommended to charge a lower rate until you build up your experience and expertise. You can always increase your rate later as you become more established.

What if the Client Wants to Negotiate Your Hourly Rate?

Even the best consultants can occasionally experience a lull in business and may need to lower their rate temporarily. However, you don’t want to price yourself out of potential work. If a client requests an hourly rate that’s below your normal fee, it’s important to be flexible and negotiate.

There are a few things you can do to increase your chances of success when negotiating your consulting rate:

• Be prepared to walk away : If the client isn’t willing to pay your asking price, be prepared to walk away. There are plenty of other clients out there who will be happy to work with you.
• Know your worth : Do your research to determine the average market rate and make sure you know what you’re worth. This will give you more leverage when negotiating with a client.
• Stay professional : Don’t get emotional and be prepared to compromise. Remember, it’s important to maintain a positive relationship with your clients.

By following these tips, you’ll be able to negotiate consulting rates that work for both you and the client.

How to transition from PhD to consulting?

Going from PhD to consulting can feel intimidating. It's hard to know which consulting firms recruit PhDs, and at which level. And it can also sometimes feel unclear if you'll be using your PhD skills at all or completely starting from scratch.

So let's walk through how you should manage your transition from PhD to consulting step by step. From which firms to target to how much you will be paid and how to ace your applications and interviews.

Click here to get expert help on your resume from a consultant recruiter

Which companies recruit phds and at which level.

Consulting firms help clients solve some of the most difficult problems they face in their business. As a consequence, firms like McKinsey, BCG and Bain have always been competing with each other to recruit the smartest talent possible. Historically, top consulting firms were mainly hiring MBAs but that has changed over the past few decades and they now also target undergraduate and PhD students.

However, not all firms recruit PhDs at the same level. Some firms like Bain or Oliver Wyman recruit PhDs at their undergraduate entry level which they respectively call Associate Consultant and Consultant. This recruiting approach can feel a little bit frustrating as a PhD given you've spent much more time studying and also usually have more work experience than a typical undergraduate.

But the good news is that some firms have started to recognise this issue and to hire PhDs at the level just above the entry level one. This most notably includes McKinsey and BCG which respectively hire PhDs at Junior Associate and Senior Associate levels. As you can see in the graph below, these are equivalent levels despite the fact that the two firms call them differently.

As you've probably understood by now, McKinsey and BCG are great firms to target as a PhD because you will get in a at higher level than other firms which has got a few advantages:

• First, you'll receive a higher base salary from the start. ~$95k instead of the typical ~$80k for undergraduate entry level.
• Second, you'll be further along in your career and be given more responsibility from day one.

If you want to target these two firms, we would recommend taking a look at the recruiting events they regularly organise for PhDs: the McKinsey Insight Programme and the Bridge to BCG Programme . Both are one to two day workshops during which you get a chance to network with people from McKinsey / BCG , participate in realistic case experiences and get a better feel for whether you'd enjoy being a consultant. We would definitely encourage you to apply if you can.

In addition, if you have done a PhD in life sciences, we would also encourage you to take a look at consulting firms which have a strong focus on healthcare and pharma. This includes LEK , ClearView , Navigant and ZS Associates among others. These are smaller firms than McKinsey or BCG in terms of size but they have a strong culture of hiring PhDs and could be a good addition to your list.

Finally, McKinsey, BCG and the other consulting firms we have mentioned above take part to the PhD to consulting conference every year in the UK. We would recommend attending if you are based in London.

Why should you become a management consultant?

Consulting is intense and your interviewers will want to make sure you have carefully thought about why you want to become a management consultant . In our experience here are the top 3 aspects of management consulting that are most relevant to PhD students.

First, management consulting is not completely unlike doing research. A big part of a management consultant's job is to solve client problems. Going to work for firms like McKinsey or BCG will therefore give you the opportunity to continue using the skills you have developped while doing your PhD: from gathering data, to breaking down problems into manageable pieces and to articulating your ideas in a structured way. Here are a few case examples if you want a more precise idea of the type of projects consultants work on.

Second, one of the differences between management consulting and academia is the pace at which things go. You typically go less deep in the problems you solve in management consulting. But you are asked to solve them much faster. There's an emphasis on speed over depth. The bright side of this is that you will typically see the results of your work much faster as a consultant. On some projects you could even see your recommendations being implemented and have a direct impact on revenues / profits while you are still working at the client site.

Third, if you've decided academia isn't for you and are attracted to the business world, consulting can be a great stepping stone. McKinsey, BCG and Bain are sometimes referred to as " CEO factories " because a lot of their alumnus go on to manage Fortune 500 companies. For instance, both Sheryl Sandberg (Facebook COO) and Sundar Pichai (Google CEO) are former McKinsey consultants. Not all consultants go on to do great things but some do!

Having a clear idea of why you want to be a consultant is important because it's a demanding job which often involves long hours and a lot of travel.

How to land and ace consulting interviews?

Now that you know what firms to target, let's talk about the consulting application process. For most firms it looks something like this:

• Resume and cover letter
• Maths and logic test
• 1st round interviews
• 2nd round interviews

Each round of interview typically includes 2 to 5 interviews where you will be asked a mix of case questions and fit questions .

The first hurdle you will need to overcome is writing a great PhD consulting resume (template available here) . Our four main tips to achieve this as a PhD student are as follows:

• First, you should use a consulting specific structure for your documents: "Education", "Work experience", "Extra-curricular achievements" and "Additional skills". There's no need for specific sections on your publications or the conferences you attended.
• Second, you should write result-oriented bullet points. This means all your bullet points should start with action verbs (e.g. lead, analyse, etc.) and quantify the impact you've had as much as possible (e.g. lead a collaboration between 4 researchers which resulted in 3 publications)
• Third, you should work hard to simplify the topic of your research. The person reviewing your resume won't know more about your field than the average Financial Times reader. You need to dumb it down for them. They don't need to understand what you did in detail. Conveying a high level idea of your field is often enough.
• Finally, some recruiters have small prejudice against PhD students. They think they are good problem solvers but lack soft skills. In your resume, you should therefore make every effort to show off your soft skills. Two easy ways to do this are to talk about the different collaborations you've worked on, and the different presentations you've made at conferences.

Once your resume and cover letter have been accepted you will need to start preparing for case interviews . This type of interviews lasts about 30 minutes during which you will analyse and solve a business problem. These cases are usually inspired from past consulting projects your interviewer will have worked on.

For example, your interviewer could ask you: "Your client is Coca-Cola, and their profits have been declining in recent years. Can you help find the root-cause of the profit decline and turn the situation around?"

We've helped more than 20,000 students prepare for consulting interviews in the past and in our experience the following four-step approach makes for a great preparation.

• First, you should aim to develop fast and reliable maths skills . All case interviews involve some maths but PhD students in sciences often underestimate that part because they are used to doing more complex maths in their research. But doing simple additions, subtractions, divisions and multiplications QUICKLY and ACCURATELY is a completely different skillset to solving complex integrals (as an example). It requires some practice!
• Second, the real secret to case interviews is CONSISTENCY. You will have 5 to 10 interviews before getting an offer. In order to succeed you therefore need to consistently crack cases. In our experience, the best way to achieve this is to always use the same step by step method. We've developed our own method which you can learn about in our case interview programmes. Or you can also develop your own.
• Third, you should practice as many case interviews as possible. Practicing with peers and playing the role of the interviewer / candidate in turns is extremely helpful. But in addition, we would also recommend practicing by yourself as this gives you more time to think about the questions and about the perfect answer you can give. In addition, some candidates also use a consulting interview coach to fine-tune their preparation.
• Finally, you should not forget to spend some of your preparation time on fit and PEI questions . These are questions such as " Why McKinsey? " or "Tell me about a time you lead a team through a difficult situation?" These are often overlooked by candidates but carry an important weight in interviewers' final decision.

Consulting can be a great stepping stone for PhD students who aren't willing to go into academia and would like to enter the business world. McKinsey and BCG are particularly active in the PhD recruiting space. And so are other smaller firms with a strong presence in healthcare and life sciences such as Navigant, Clearview or ZS Associates. Getting an offer in consulting can be a bit challenging but if you follow our guidance on resumes, cover letters and case interviews your chances are actually quite high.

How to Transition from a Ph.D. to Consulting

• Last Updated March, 2024

Former BCG Consultant

Why Become a Consultant?

What challenges do ph.d. & advanced degree candidates face in the consulting recruiting process, what do consulting firms look for in ph.d. & advanced degree candidates, what do you need to know to ace your consulting job application & interviews, which management consulting firms want to hire ph.d. candidates, resources for applying to consulting jobs..

What Do Consulting Firms Look for in PhD & Advanced Degree Candidates?

Which Management Consulting Firms Want to Hire PhD Candidates?

What Challenges Do PhD & Advanced Degree Candidates Face in the Consulting Recruiting Process?

Are you in your 3rd or 4th year of a Ph.D. or other advanced degree program and rethinking your future career in academia? Considering the transition from Ph.D. to consulting?

So here you are. Maybe you’re supposed to be writing your dissertation, but you’re dreading that upcoming job market and wondering about alternative career paths instead. Or you’re a postdoc and your principal investigator just asked you to stay in the lab the entire weekend for something that you deem ridiculous. 

Like me, you probably entered your Ph.D. program with plans to be a researcher or an academic, and for whatever reason, this does not feel appealing anymore. 

Luckily for you, the skills you’ve been building in your Ph.D. program can be extremely in management consulting. Furthermore, consulting firms, especially the MBBs (McKinsey, BCG, Bain) are very keen on us. 

In this article, we’ll discuss:

• Why become a consultant?
• What do consulting firms look for in Ph.D. and advanced degree candidates?
• Which management consulting firms hire Ph.D. candidates?
• What challenges do Ph.D. and advanced degree candidates face in the consulting recruiting process?
• What do you need to know to ace your consulting job application and interviews?
• Resources for applying to consulting jobs. 

Let’s get started!

1. It’s an Attractive Job & Great Entry Point into the Private Sector

First, all the usual arguments on why consulting is a great career apply. Consulting is an amazing ramp to launch you toward any other career in the private sector. This is even more true for academics with no business experience: it’s like getting a stamp of approval from the private sector. 

It’s also a way for you to figure out what you like over the long run as you will get rapid exposure to many different industries, problems, and actors. You’ll also learn skills that are transferable to literally any other job. The pay is good, of course, and may represent an upgrade in lifestyle compared to your student stipend. 

2. It Might Be Refreshing After Academia

In a Ph.D. program, you pick your one or two advisers, and then you spend a (very) long time on a precise question, make sure you go as deep as anyone else on it, and then a little bit deeper. 

In consulting, you will change your client, case (the client problem you’re solving), and the team every few weeks to months. Each case delivers an answer to a (sometimes initially vague) question that the client has, and that answer is “good enough” to support the decisions they have to make: going any further would be a waste of resources that could be better spent. 

That does not mean getting lazy either though: the bar consulting firms set for this “good enough” is high and that’s what justify the fees they charge their clients (and the hours you’ll be working). 

Consulting is also extremely fast-paced: you might have a check-in with your immediate manager every few hours during the day with output to deliver each time. That’s a whole other story from taking a few months to revise an article or presenting your progress in a seminar twice a semester, which can be a refreshing change if you work better under pressure.

Nail the case & fit interview with strategies from former MBB Interviewers that have helped 89.6% of our clients pass the case interview.

3. Consulting and Academia Have a Lot in Common

Structured thinking. Both consulting and academia require a taste for rigorous analysis and structured thinking. In both worlds, you have to like solving problems and presenting your answers to others to succeed.

Teamwork. Consulting is really the place for teamwork, both with the rest of your case team and with your clients. This might be something you are more or less used to depending on your own field. Personally, collaborations were my favorite part during my Ph.D. 

Impact. Consulting and academia are also similar in that successful people tend to care deeply about the impact that they have, which I believe is the case of most people who produce top research. 

Continuous learning. Finally, they are both places of continuous learning which is quite precious in itself. This can’t be taken for granted in the rest of the labor force (you often hear people searching for a new job when they are not learning anything anymore in their current one).

4. You Might Be Very Good at It

No matter what your field is, the skills you spent 5 years or more honing are going to be helpful on the job: being analytical, structured, and independent (in consulting, this last one is called “ability to drive”). 

When I say no matter what your field is, I mean it. My Ph.D. was in Economics, but my two best friends in my entry class at BCG wrote their respective dissertations in Philosophy and Biomedical Engineering.

Consulting firms got curious about hiring Ph.D.’s, postdocs, and the like because they kept growing faster than the MBA programs in top universities. They needed to look for other pools of talents that would allow them to target many great candidates easily. 

They started hiring the occasional Ph.D., J.D., or M.D. to try it out — at BCG we used to be called “exotic candidates” a few years back. As these hires consistently performed well, top consulting firms started to systematically hire this candidate profile (and BCG went for the more sober “advanced degree candidates”).

During my recruiting process, a senior partner at BCG who was himself a Ph.D. told me that Ph.D.’s transitioning to consulting tend to have a steeper learning curve than their MBA counterparts, but that they end up performing better over the long run.

This might be a bit underwhelming to read (or if you’re very early in your application process, scary?), but the answer is simply: pretty much exactly the same as in any other candidate.

I’m no expert on the  consulting resume / cover letter side of things, but make sure that your CV has some items that are not from academia so that they can tell from reading it that you are a well-rounded human being with a life outside of academia (whether or not you feel like it’s the case at the moment). 

To show that you can make the transition from Ph.D. to consulting, you’ll need to show in your interview that you:

• Are a structured thinker.
• Know how to identify what the client’s problem is.
• Can solve it fast.
• Can communicate clearly. 
• And are a driven individual who influences others and cares about impact.

Your Pool of Reference Is MBAs

One thing to note is that as a Ph.D., postdoc, M.D., or J.D., you are typically entering these firms as a second-level analyst (the name of that position changes for each firm). This means that the rest of your entry class will likely be all MBAs, in addition to a few first-level analysts getting promoted internally. 

This also means that you are only about 2 years or so away from your first manager position if you get hired, so the soft skills and the independence matter more for you than they would for an undergrad who would be applying to enter as a first-level analyst. 

Of course, your interviewer will expect you to be a little less polished than the average MBA candidate as they know that you didn’t spend the last 2 years preparing only for this one day of interviews (in between some heavy partying and an internship in an NGO). 

However, they still want you to be someone they’d feel confident putting in front of a client. On top of your analytical skills, that means communicating clearly, understanding basic business terms, and showing the right set of soft skills such as presence, confidence, and personability.

The MBBs (McKinsey, Bain, & BCG)

Advanced degree candidates make up a larger share of the incoming classes at McKinsey, Bain, and BCG each year. These firms are the leaders of the industry and are generalist firms, meaning that you will be able to see many different industries while working there (but you don’t have to if you already know you want to specialize).  

McKinsey, Bain, and BCG even have special immersive recruiting workshops called respectively “ McKinsey Insight ,” “ Bain ADvantage ,” and “ Bridge to BCG .” Links to both programs are included in our resource list below.

I went through Bridge myself, and these 3 days convinced me this was the firm where I wanted to work. Friends of mine who went through Insight shared similar things about it. My own experience at BCG showed me that my background in academia was really valued there

Other Generalist Firms

T hen you have all the other generalist firms. Each one has its own recruiting policy for advanced degree candidates, and you should get familiar with the recruiting process of any that you are interested in. (You can find a  list of over 200 management consulting firms here ). 

You can also use that recruiting process to get a sense of each firm’s familiarity with advanced degree candidates and whether you think you’d thrive there.

Specialized Arms of the Big Consulting Firms

Most big generalist firms also now have specific entities within them that focus on some particular industry. Examples include BCG Gamma for data science or Deloitte Federal Consulting for public sector and non-profit. 

These entities typically have a separate recruiting process from their parent company and can be very interested in the expertise of certain academic profiles.

Boutique Firms

Finally, many specialized consulting firms look to hire Ph.D., M.D., and other postdoc candidates who work in related fields. 

This is especially the case for life science consulting firms such as IQVIA or Putnam Associates , where the business problems their clients face cannot be fully separated from the technical side. 

Moreover, when everybody in the client’s company has a Ph.D., it helps these consulting firms to build trust and credibility when the analysts they send speak the same language and have the same credentials.

Understanding What the Interview (and the Job) Are About

As a Ph.D. candidate, you’ve learned the jargon and the code of your academic field. You know how people think and talk, what they see as important. Consulting is just another world to discover, with a new set of codes that you have to learn and show that you know. 

A consulting firm is hired by their clients to help them solve their business problems and help them make decisions based on what matters to them . The case interview is just a role play of that. 

For that reason, it is not a differential equation to solve in your corner or a literature essay to write in full before publishing it: it is really about solving a business problem in real-time while taking the interviewer by the hand as you do so. 

In practice, that means that you want to constantly (but succinctly) explain to your interviewer what you are doing before you do it, explain the logic in your steps, get their approval (we say “buy-in”) on any assumption that you have to make by justifying it, etc. Your job is to drive toward the answer while bringing your interviewer along with you each step of the way.

Being Efficient

The rhythm of the interview is a reflection of the intense rhythm on the job. Whether you’re laying out your structure for solving the problem, doing the math to support a recommendation, or answering a brainstorming question, you want to show that you know how to be efficient. 

It’s not so much about speed (as long as you move fast enough to finish the case in ~25-30 minutes of course) as it is about your ease and steadiness. Strong candidates know exactly where they are going at all times, get their interviewer on board, and are just unrolling the steps to get there without getting stuck. They understand what matters for the answer and what does not as much and allocate their time accordingly. 

In practice, that means getting enough practice so that you can:

• Lay out a MECE structure in under 2 minutes.
• Do not get stuck on the math and can go through calculations with ease.
• Know how to brainstorm a list of potential solutions.

Being at Ease with Business Concepts

I’m not saying you need to know every business concept. You just need to not be afraid of them. Ph.D. candidates and postdocs transitioning into consulting are often convinced that they will fail a case if a business concept they do not know shows up. 

There are some extremely basic ones that for sure you should understand, but those you probably already know: 

• costs (fixed and variable)
• market trends
• competitors

Sure, you need to understand what these words mean but you cannot go through the first 2 or 3 cases in your preparation without seeing them all. 

There are also a few concepts that are slightly more complex and appear slightly less often but are as important. You’ll either need them to understand the question or because they basically are the answer to the case. These are: 

• breakeven point
• product mix (and the related concept of cannibalization)
• turnover rate

Check out  Case Interview Formulas You Need to Know for a primer on these important concepts.

Even for those though, you should realize that business concepts are just fancy words describing common-sense quantities of interest. If one that you do not know shows up, it’s completely fair game to ask your interviewer to clarify its meaning, and then use it as if you always knew it. 

Again, business is not rocket science so if you spent x many years pushing the bounds of human knowledge forward, you can probably pull that one-off. The more you familiarize yourself with the basics through the casing and maybe listening to business podcasts or reading the business section of your favorite newspaper, the easier it will be for you. The point is not to know them all, simply to feel at ease and confident if a new one shows up.

Not Being Obsessed with Details

Solving the case is not the same as trying to think of any point and sub-point a reviewer might ask you to cover in order for your paper to be published. Remember that the answer you’re trying to get at has to be “good enough” for the client to make a decision, according to their criteria. 

Of course, consultants like to go a little bit over the top and deliver some extra (such as an analysis of the risks to consider), but they do not try to get exhaustive the way an academic would. This has no point in the business world where we constantly bathe in massive uncertainty.

If there is a moment in the case when you realize that the data you’re given or the way the interviewer wants you to do the math is making an implicit assumption or is ignoring potential nitty-gritty cases, don’t feel like you have to hammer that nail and lose time. 

At most, if it’s already going well you can just acknowledge that out loud. And if taking this into account wouldn’t change the answer, it’s not worth wasting time on.

Doing the Math the Consulting Way

Your current level of confidence around the math might depend on whether you are in an analytical field, but know this: consulting math is high school math, and you probably did ok in high school. 

It’s all simple arithmetic. The trick is that you have to be at ease doing it under pressure, ideally without mistakes and without getting stuck. You should also be extremely structured in the way you approach it and detail to your interviewer everything you are going to do before you do it. 

As you build more ease, you will also start seeing which shortcuts you can take to get to the right answer even faster. 

Displaying the Right Soft Skills

Finally, you have to understand that consulting is a client services business and as such, the opinions of their clients matter. Therefore, consulting firms care about how their employees appear and the image they project, and you’ll have to conform to that to get the job. Moreover, the intensity of the job, its feedback culture, and the omnipresent teamwork also matter.

That means being a great communicator, displaying confidence, being present and making eye contact, and being personable is important. It also applies to something as simple as how you dress on interview day: make sure you come with a suit or other business formal wear that is well-tailored to you. Again, your interviewer has to feel confident you could represent their firm in front of a client.

As an academic, it’s not that you are naturally less gifted at any of these, it’s that so far you might have gotten a pass as long as your research was good. Now you are entering a world where those things matter as much as the content of your brain, and the people who have been in that world for longer simply had to work on it already. Now it’s your turn. 

1. Do Your Research

Ph.D. candidates looking to transition to consulting need to identify the companies they’re interested in and learn the specifics of each. Reach out to alumni from your schools, friends, or friends of friends who work for these firms. You can also network with consultants who present at on-campus or virtual information sessions (or even cold message consultants on LinkedIn. The best people to reach out to are those who share your academic background).

The more exposure you get to this world, the easier it will be for you to figure out whether you like it and to show that you do if that’s the case.

2. Be Strategic in Your Application Process

Once you know where you want to apply, get familiar with their application process. Go to their recruiting events. Don’t miss deadlines. 

When applying, don’t neglect polishing your Resume and Cover Letter so that they fit the mold of consulting. That means that if you are a postdoc, do not send an academic CV that is just the 17-page list of all your academic talks in bullet points. 

3. Prepare for the Interview

As a Ph.D. student, this is maybe the scariest for you at this point. You probably have more to learn than an MBA who spent the entire year thinking about it, but the good news is that casing is not rocket science: you do not need a Ph.D. in it to excel. 

It’s only about methodically planning your preparation so that you hone all the skills you’ll be tested on. The preparation is also a great way for you to see whether you’d like the job. 

If you don’t know where to start, have a look at our Ultimate Guide to Case Interview Prep .

Good luck on your transition from Ph.D. to consulting! 

• Bridge to BCG: What It Is & How to Get Accepted
• McKinsey Insight
• Bain ADvantage
• What Is Consulting?
• Consulting Resumes
• Consulting Cover Letters
• The Ultimate Guide to Case Interview Prep

– – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –

In this article, we’ve covered:

• What makes Consulting attractive after pursuing a Ph.D.?
• What are consulting firms looking for in advanced degree candidates?
• Which consulting firms should you apply to as a Ph.D. or postdoc?
• What challenges you might face as Ph.D. applying to consulting?
• How can you ace your recruiting process and case interview coming from academia?

Still have questions?

If you have more questions about transitioning from a Ph.D. to consulting, leave them in the comments below. One of My Consulting Offer’s case coaches will answer them.

Help with Your Consulting Application

T hanks for turning to My Consulting Offer for advice on transitioning from a Ph.D. to consulting. My Consulting Offer has helped almost 89.6% of the people we’ve worked with to get a job in management consulting. We want you to be successful in your consulting interviews too. For example, here is how Ellen was able to get her offer from BCG.

© My CONSULTING Offer

We are excited to invite you to the online event.

Where should we send you the calendar invite and login information.

Consulting Fees Calculator

Introducing the Consulting Fees Calculator

This calculator provides a great starting point to help you figure out how much much to charge in order to make the amount of money you want each day, month, and year.

If you've studied our Momentum Program for Consultants you know that we advise consultants against charging based on number of hours worked . We're making this calculator available to give you an idea of how many projects you would need to complete to reach your income goals and to give you a baseline for your fees.

Note: The needs and goals of each consultant will be different and this calculator is not meant to be a perfect one-size fits all.

Learn To Double, Triple, Or Even Quadruple Your Consulting Fees (Without Scaring Away Clients)

If you want to build a predictable, profitable, scalable consulting business with premium pricing , then our new Consulting Fees Multiplier mini-course is for you.

Privacy Overview

Consulting Fees

The rates below are effective as of July 1, 2020.

Standard Consultation Fees for UGA-Affiliated Clients

For each project, a one hour initial consultation is offered free of charge. After this, our service is available on a fee-for-service basis to defray the cost of operating the SCC. The hourly rate varies depending on the consultant, as shown below:

These rates apply to clients who are students, faculty, or staff of the University of Georgia.

Because of the support that the SCC receives from the Franklin College of Arts & Sciences, clients affiliated with the Franklin College are eligible for a 25% discount.

Standard Consultation Fees for External Clients

The SCC encourages academic, government, non-profit, or commercial clients outside the University of Georgia to utilize our services. Please apply through submitting a Consultation Request , or for further information about options and rates, please contact the Associate Director or Director of the SCC . An initial one-hour consultation is offered free of charge. After this consultation, our service is available on a fee-for-service basis to defray the cost of operating the SCC. The hourly rates for off-campus academic and qualifying non-profit clients are shown below.

The hourly rates for off-campus commercial clients are shown below:

Preparation of Grant Proposals

There are multiple ways in which the SCC can participate in grant proposals. An approach that will fit the needs of many clients is for the SCC to be budgeted as a paid consultant on the grant proposal and to contribute statistical consulting to the preparation of the proposal. In the preparation stage, we can provide help with the writing of statistical components, including study, sample size calculations, statistical analysis plan, estimation of the cost of future statistical work (such as data analyses and results interpretation), etc. Alternatively, we encourage researchers to consider including the director or associate director of the SCC on the proposal in a collaborative role (as co-PI or as a co-investigator of some kind). This will typically involve some funding and academic credit for participation in the funded research and full intellectual engagement in the project. Other models for our participation are possible. The SCC is also happy to connect researchers with other faculty members in the Department of Statistics who may be suitable collaborators. Investigators wishing to discuss future grant proposals with the SCC should contact the Director, Dr. Dan Hall, at [email protected].

Collaborative Research and Publication

Some projects may result in the publication of collaborative interdisciplinary research. In this case, it may be appropriate that co-authorship is granted to our consultant(s). We treat authorship, which is an acknowledgment of an intellectual contribution, as largely separate from the provision of funding, which is necessary to support the continued operation of the SCC. Funding does not take the place of authorship. However, depending on the circumstances, the SCC may reduce or waive fees for work done by an SCC consultant who is operating in a collaborative role that includes co-authorship.

Our authorship policy is derived from that of the International Committee of Medical Journal Editors . Authorship in any field is appropriate for an SCC consultant who has done the following:

• Made substantial contributions to the conception or design of the work, or to the acquisition, analysis, or interpretation of data for the work; AND
• Has drafted the statistical portion(s) of the work or revised it critically for important intellectual content.

All authors must have final approval of the version of the manuscript to be published.

For work provided by the SCC that leads to a research publication but which does not merit co-authorship, we encourage authors to recognize our contribution in the acknowledgements section of the paper.

To inquire about these policies, please contact the Director, Dr. Dan Hall, at [email protected].

Free Consultation Opportunities

We occasionally offer free in-depth consulting through graduate students working in the SCC for STAT 8001 course credit. Clients who have projects that meet certain guidelines as set by the SCC, and are willing to allow their data to be analyzed by statistics graduate students are encouraged to inquire about this option.

Additional Notes Regarding Fees

• The complexity of a specific service request, the preference of the client, and staff availability all combine to determine who will perform statistical services for any given project. We understand that the cost of service concerns many clients, and will try to keep fees low by assigning some portion of statistical work to graduate student assistants. But to ensure the quality of our service, the Associate Director or Director will be involved in each project in a supervisory role and, in some cases, to directly provide consulting service on the project. Before the start of any fee-based work, the SCC will provide a “good faith” estimate of the needed numbers of hours from a student assistant, the Associate Director, and/or the Director.
• In some cases, flat rates for large projects can be negotiated with the Associate Director or Director of the SCC.
• Occasionally, an SCC Faculty Associate (typically a faculty member in the UGA Department of Statistics) will participate in a consulting project. Any billable contributions from Faculty Associates will be charged at the same rates as the those of the SCC Director.

Statistical Consulting Center Rm. 339, Brooks Hall University of Georgia 706-542-3286 [email protected]

Consultation Request 

We appreciate your financial support. Your gift is important to us and helps support critical opportunities for students and faculty alike, including lectures, travel support, and any number of educational events that augment the classroom experience. Click here to learn more about giving.

Every dollar given has a direct impact upon our students and faculty.

• Browse Business Schools
• MBA Articles
• MBA Info Events
• MBA Admissions Consultants
• MBA Rankings
• Top 10 Lists
• MBA Scholarships
• MBA Discussions
• Application Tracker
• Advanced MBA Search
• UK / Ireland
• Australia / New Zealand
• Canada & Latin America
• Africa / Middle East
• By Specialization
• General MBA Programs
• Business Analytics and Big Data
• Energy and Natural Resources
• Entrepreneurship
• Healthcare / Pharma / Biotech
• Information Technology (IT)

All Resources

• All Programs in Russia

MBA Programs in Russia

1-15 of 19 results sorted by featured popularity name city

15 All schools per page

Part-Time: MBA more…

Executive MBA: EMBA, EMBA for Eurasia more…

Part-Time: Kingston MBA, Russian-French MBA, MBA (Euromanagement), MBA (Finance) more…

Executive MBA: Joint Executive MBA, Kingston Executive MBA, Executive MBA (Euromanagement) more…

Dual Degree: The School of Financial Director + Finance (PMBA) more…

Executive MBA: Executive MBA Russia more…

Executive MBA: GSOM St. Petersburg - HEC Paris Double Degree Executive MBA, Executive MBA more…

Part-Time: MBA, Accelerated MBA more…

Executive MBA: Executive MBA more…

Dual Degree: Dual MBA more…

Full-Time: MBA General Management, MBA Marketing and Sales, MBA Finance, MBA 1 Year more…

Executive MBA: International Executive MBA, Executive MBA Strategic Management, Executive MBA Marketing and Sales Management, Executive MBA Financial Manag... more…

Distance Learning: MBA General Management, MBA Marketing and Sales, MBA Finance, MBA 1 Year more…

Part-Time: MBA (Production Systems), MBA more…

Full-Time: MBA more…

Full-Time: GSIB MBA more…

Part-Time: Modular MBA, Modular MBA for Economists, GSIB MBA, Evening MBA, Mgt/econ MBA more…

Executive MBA: Executive MBA in Strategic Management and Leadership, Executive MBA in Strategic Management and Leadership, Executive MBA Antwerp Management... more…

Dual Degree: Evening MBA + Master of Management, Modular MBA + Master of Management more…

Part-Time: MBA (Strategy), MBA OUBS more…

Distance Learning: Executive MBA, MBA (Strategy) more…

Part-Time: MBA, MBA for Extractive Industries, MBA in Agribusiness, MBA in IT-Management, MBA Management in Health Services more…

Part-Time: MBA, MBA Women's Leadership, MBA in Fitness Industry Management more…

Executive MBA: Executive MBA, EMBA in Strategy and Leadership more…

Distance Learning: Online MBA in Strategic Management, Mini MBA more…

Executive MBA: SSE Executive MBA in English, SSE Executive MBA (Russian) more…

Related Discussions

News - mba in russia.

London Business School Announces New 1-Year MBA

Feb 07, 2024

More MBA News

Articles - MBA in Russia

5 Tips to Overcome Culture Shock as an International MBA Student

Practical tips to navigate cultural transitions and excel when pursuing an MBA abroad.

Beyond Perfection: How Authenticity is Reshaping MBA Essays

As AI tools like ChatGPT grow in appeal, the ability to craft essays that resonate with authenticity has become a powerful differentiator for applicants seeking to stand out from the crowd.

The Rise of Joint-Degree Programs in MBA and Sustainability

Business schools have developed new joint-degree programs that blend business acumen and environmental stewardship

More Articles

Top 10 Lists - MBA in Russia

More Top 10 Lists

• Two MBAs for the price of one Apr 12, 2024  207  1
• Dilemma over IE business school EMBA Apr 05, 2024  290  12
• Cambridge Judge vs RSM Apr 09, 2024  272  7
• HHL MBA reputation Mar 25, 2024  128  1
• Saint Gallen vs Mannheim MBA Mar 22, 2024  96  0
• IMD vs Oxford Saïd vs Cambridge. How to choose? Feb 21, 2024  237  1
• IMD and SBS gain Swiss accreditation Feb 15, 2024  174  2
• CEU to Phase Out Executive MBA Program Feb 15, 2024  135  3
• EMBA in Europe, suggestions Feb 08, 2024  143  1
• Studied management. Worked in consulting. Moved to tech. Want to grow into leadership position in tech Jan 26, 2024  208  5

More Top Lists

• Terms of Use
• Cookie Policy
• Privacy Policy

Information

• Featured MBA Programs
• Online MBA Programs
• Executive Courses
• MiM Programs
• LLM Programs

Search MBA Programs

Go to Advanced Search

Subscribe to the FIND MBA Newsletter

Receive the latest news and tips

© 2001–2024 Pritzwalks – FIND MBA – Master of Business Administration (MBA) Programs Worldwide

• Universities

Moscow State Pedagogical University

MSPU invites new students. Read about the admission process, tuition fee and scholarships.

Information is exploratory. For accurate information, refer to the official website of the school.

Moscow State Pedagogical University (MSPU) — public non-profit university. It is located in Moscow, Russia.

The university is among the top-1200 best institutions in the word, according to QS International Ranking.

MSPU does research in different fields of study. You can find them on the official site .

Place in ratings

MSPU tuition fees

Check the university website for up-to-date information on tuition fees and available scholarships.

Also, consider other expenses: accommodation, transportation, study materials, meals, and personal expenses.

MSPU campus

The campus of the educational institution is located in Moscow. The university has a library, in the collection of which you will find not only textbooks and scientific works, but also works of the classics, modern literature and much more. The university has everything for sports: sports grounds and clubs.

What to do after graduation

There are several options to stay in the country after graduation. One of them is to get an offer from an employer and apply for a work visa. Read more about this on the embassy website. You can find other options for immigration in our article .

Want to study at a foreign university but don't know where to start? We can help!

Our specialists will find a university, arrange your documents, fill out the applications, and stay in touch until you receive an offer.

Universities in Russia

Items  1-5 of  1 752

Moscow State University

Saint petersburg state university, novosibirsk state university, bauman moscow state technical university, moscow state institute of international relations.