Consulting fosters increased global impact - an update.
Answering rebuttals from my faithful following of like 30
If you didn’t get the chance to read my first blog, click the button.
Below in bold you’ll find rebuttals to my original post - all of which I agree with. In plain text you’ll find my answer to said rebuttals.
Name brand is everything. Thus, big pharma fellowship trumps a small consutling firm job.
At the end of the day, it’s all about exit opportunities. If you’re pitching a firm around your network and hear “I’ve never heard of it” or “I’ve never seen their work”, you probably don’t want to land at said firm for your first gig. Moving laterally/vertically from a big company to a small company happens all the time. Moving laterally/vertically from small to big is much more difficult to accomplish.
I will say, though, that I’m a believer in the exit opportunities from some of the “Tier 2” firms as well as the best “boutique shops” that operate across healthcare and the life sciences. That said, not everyone drinks the same Kool-Aid.
Consulting is not for everyone. In fact, only like 1%. Fellowship is for most people.
Say it louder for the people in the back! The same stats apply, though, for PharmDs gunning for…let’s say…a niche commercial fellowship. There were only 5 market access fellowships listed (N=522) for 2019-2020 recruitment. FYI: 5 is 1% of 500.
First off, it’s rare in the PharmD space to be even baseline qualified for an “Advanced Degree Candidate” consulting position. Your competition is Ivy League and Cambridge PhDs - not dumb people. But if you have:
Significant professional/internship experience on top of a PharmD from a good school
A clear understanding of the business & economic trends of the marketplace you want to consult in
The ability to perform at a high level during a case interview
You may just be in the 1%. Also, as I mentioned in my first post, it’s at least worth a shot if you fit this mold. Recruitment timelines allow you to apply for consulting roles, fail, and be over-prepared for fellowship interviews.
Secondly, there aren’t many PharmDs willing to grind their way to a full-time consulting offer without the support of their peers and school faculty. You have to be progressive enough to work effectively against the status quo. You may stumble your way into a consulting job that’s less than a fellowship opportunity. But you won’t stumble your way into a top firm.
Fellowship is a tried, true, and clear path for PharmD graduates to ensure global impact.
By no means did I want to bash fellowship in my last post. They’re fantastic opportunities and I’d be very excited to have one. I’m simply offering up another route for PharmDs to break into the professional world.
For those that are bear-ish on consulting jobs and consulting exit opportunities for PharmDs, remember this - we all make bets, markets change, some of us win, and some of us lose. Although I’m biased, I’m confident on my side of this trade.