Medic: should I accept a junior role in a MBB?

Hi there,

First of all, congratulations on the offer!

I would be happy to share my thoughts on your question:

• First of all, I can understand that taking a step back in seniority can be difficult, even or especially for your confidence. However, please keep in mind that the valuable skills you have acquired in medicine are unfortunately not easily transferable to consulting.
• Moreover, please keep in mind that the pay increases that come with a consulting promotion can be quite substantial. You can find more on this topic here: Salaries in the consulting industry.
• Lastly, I would highly advise you to opt for the option that better aligns with your professional (and maybe even personal) mid- to long-term goals. In order to make an informed decision, I would advise you to do the following:
  • Weigh the different criteria that are meaningful to you independently of the current options (e.g., prestige, compensation, international exposure). After that, score the two options based on your criteria and their weighting, resulting in two scores. This way, you have covered the left-brain perspective.
  • Critically assess your initial reaction to the outcome of the scores. For instance, if you feel the urge to tweak the numbers, this is a solid indicator that you do not want this decision to become reality. This way, you have covered the right-brain perspective.
  • By doing so, you will be able to integrate both parts of the brain into the decision-making, guaranteeing a higher chance that you will still be happy with it years later.

If you would like a more detailed discussion on your specific situation, please don't hesitate to contact me directly.

Best,

Hagen

What would you value in that career change?

You said: "this position wouldn’t represent a career advancement for me, nor a salary increase". I suggest you reflect on the following questions:

• Are you looking for a career change?
• What are your motivations and objectives for that?
• How consulting would fit in this?
• How important is the change for me and what trade-offs I am able to do?

Happy to keep talking about this in private.

Best,

Alberto

This is a very complicated question to answer; recommend you reach out to someone for a 1:1. Ideally someone in the medical field. 

For context though, every doctor colleague ive worked with in MBB in Asia has not regretted it - downleveled or not. Seems like Covid did a real number on you guys

Hi there,

if you come into consulting as a lateral hire, you are almost always "downgraded" in terms of seniority compared to your previous non-consulting position. It will take some time to develop the so-called consulting skill set on the job and consulting companies are interested in their hires being successful making that transition. Starting at a role too senior will not allow for these learning opportunities and people fail within the first 6 months. 

However, your case sounds more pronounced than that and it appears that your 6 years of work experienced are not considered at all, at least not in the slotting of the role. You may want to inquire about that should you get an offer. You might be able to negotiate some form of fast track promotion (always dependent on your ultimate performance though) and a higher signing bonus (to compensate at least for some of a potential pay cut you are taking).

In any case, if you are successful in consulting, your advancement in seniority and increase in total compensation will be much faster than in most other job. It therefore really depends on for how long you see yourself in that field and what your ultimate goal is. If you still want to practice medicine in the future, I would not switch to consulting.

Best

Hello there,

Truth is you’re the only one who can answer whether it would be worth it for you. But firstly, you need to introspect deeply about your why for this intended transition to consulting - Passion for consulting-esque work? Long term earning potential? Exit opportunities post-consulting? Craving for the professional brand name? Etc.

Once you know what your own core reasons are, it would be easier to figure out whether the near term compensation and seniority trade offs are worth it

Fathu

Hi there,

Q: Has anyone had a similar experience or any advice to share?

I assume you applied to MBB as it could unlock some opportunities you could not have otherwise. If so, you have to consider what you prefer between (i) a lower salary/lower position for a few years and (ii) unlocking opportunities you might not have with your current career path. 

Depending on what is more important for you, you could make a decision. You might also ask if there is the option for a fast-track in case you receive an offer and perform well, or apply to the other MBB and see if you could negotiate a higher position, if that’s a must-have for you.

Good luck!

Francesco

Hi there,

This is fairly common since the work experience - while extremely valuable and impactful - is too far detached from the daily consulting work.

This also happens at other levels with business professionals. For instance, even if you would transfer from a tier-2 consulting as a project manager to McKinsey, they would let you start as an Associate and not as Engagement Manager.

However, you should definitely tell them about your desire to not be "downgraded." There is 0 risk. There are 3 possible outcomes.

1. They ask you to start as discussed

2. They offer you a higher position

3. They offer you to start as discussed, yet with a quicker promotion window

No harm in asking!

Cheers,

Florian

PS: Finally, keep in mind that starting a level lower helps with the transition period which can be quite stressful as many consultants who enter from a different field might experience a minor or major culture shock.

PS2: I coached many medical doctors, and they are generally very good at casing and also on the job due to a skill overlap (mainly problem-solving and stakeholder management)