Is Pursuing a Career in Physics the Right Choice for Me?

[ateixeira]

@ateixeira . To help you kickstart your effort, the American Physical Society (APS) has some material discussing career options for physicists as consultants. See, e.g., https://www.aps.org/careers/physicists/consultant.cfm. I also recall an article in APS News written by a physicist working at Boston Consulting. Maybe also a video on the APS careers website.

I earned a degree called Licenciatura in Physics from Portugal; it's an old program that's not offered anymore. After that, I spent some time teaching, then took a leap into strategic consulting, did a bit in finance, circled back to consulting, and now I'm trying to dive back into physics. It's been quite a rollercoaster!

Now, here's why I believe strategic consulting could be a great fit for physics enthusiasts who love theoretical and mathematical physics, as opposed to heading into data or quant jobs.

In strategic consulting, our job is to help companies tackle tough questions like how to grow, what products to make, or where to invest. It's a lot like physics in the sense that we take complex problems, break them down, and find the best solutions.

At the top of the consulting hierarchy are MBB – McKinsey, BCG, and Bain. These are dream jobs for many. They don't just create impressive presentations; they get hands-on with data analysis, even working on projects involving AI. For instance, McKinsey might help a tech company develop a new product strategy, or Bain might assist a retail business in expanding its market.

There are other consulting firms, too, like Oliver Wyman, Strategy&, and Roland Berger. These are smaller than MBB but still excel in specific areas. For example, Oliver Wyman might focus on transportation and logistics strategy, helping companies optimize their supply chains.

Now, let's talk about the Big Four – Deloitte, PwC, EY, and KPMG. These companies are mainly known for auditing, which involves checking a company's financial books. Auditing ensures accuracy and compliance. However, they also delve into consulting. While it might not be as prestigious as MBB, it's still significant. For instance, PwC might help a healthcare company with its overall business strategy.

Auditing, in a nutshell, is about verifying financial information, making sure everything adds up and follows regulations. It's different from strategic consulting, which is about guiding a company's overall direction and decision-making.

Moving on to the similarities between theoretical physics and strategic consulting, there are quite a few. Both fields rely on conceptual frameworks, a top-down approach, and being hypothesis-driven. In physics, you might build a theoretical framework to explain a phenomenon; in consulting, you construct frameworks to analyze business problems. The top-down approach involves starting with the big picture and then breaking it down into manageable parts, much like how physicists approach complex theories.

Now, the hiring process. Getting into these consulting firms isn't easy, but it's doable. Books like "Case in Point" and "The McKinsey Way" can help you prepare for case interviews. Networking is crucial – attend events, connect with professionals, and join online forums. Extra-curricular activities, especially those showcasing measurable impact, stand out. Think about leading a project or initiative that makes a tangible difference.

In summary, if you're a physics grad considering a path beyond labs and research, strategic consulting offers challenges and excitement. It's a place where your analytical skills can shine, and you might discover a passion you didn't expect.

 

[PhysicsRelearner]

I spent almost 10 years at one of Mckinsey BCG Bain (MBB) and was very active in recruiting both undergrad and PHD students (this is in the US context). I absolutely agree that physics student can make excellent consultants and is probably one of the highest paying options they can get.

However, I would not characterize the hiring process as "getting into these consulting firms isn't easy, but it's doable". Getting into a MBB is much more difficult (in my opinion) than getting into a PHD program. So, those who are struggling to go to grad school, I really don't think MBB is an option with any probability of success. We had something like 10,000 applications for each undergrad hire (or something crazy like that). I heard anecdotally that it was even worse in India (where the OP is located).

To even get an interview, you have to have great test scores and near perfect GPA from a top school. Lots of people on this forum state the reason they can't get into grad school is because they lack one of these things (plus research experience). I got in after my MBA and would definitely not have made the interview list coming out undergrad based on GPA alone.

Assuming you do have great GPA, great school, etc. the next thing is do you have EQ / ability to navigate complex social situations and provide advice to executives decades older than you? Undergrad physics training doesn't really help with this so you have to demonstrate it through extra curriculars, networking, and how you show up at the recruiting events. Not to lean to heavily into stereotypes but many Physics students don't have the extroversion, social acumen, and executive presence to be a viable hire at the age of 22.

Needless to say, I don't think giving advice to the OP about MBB is reasonable.

You also mentioned "connections". I also believe this is somewhat misleading. There are two kinds of connections: "My father is the CEO of one of the biggest companies in my country and spend 10s of millions of dollars a year with this consulting firm" and "I called an alumni who is 1.5 years into the job at MBB and made a good impression". NEITHER of these will get you the job. The first will get you an interview but not the job - I was on the interview cadre for these applications and we held them to the same standard as everyone else (meaning most were rejected). The second MIGHT get your resume to get a second look but that's probably about it. Once again, this is in the US context and I've been gone from MBB for a few years.

I believe this is a viable career path for an undergrad majoring in physics at a great school with a great GPA etc., who has set the stage by being involved in the consulting club / finance club or something similar and chooses NOT to go to graduate school. I also think this is a great opportunity for those finishing their PHDs who are older, wiser, have been forced to work in an actual job (PHD) requiring collaboration and building of social skills etc. HOWEVER, these are not the situations that the OP is currently in.

 

[ateixeira]

@PhysicsRelearner if the OP doesn' try then we won't get it for sure. I was in M and also one of the Bs in MBB and it wasn't hard for me to get in in none of them. Yes I know as we all know that it is hard to get into them, but again: if the OP doesn't try he won't get in for sure. As for connections: I never said that this would get you the job. I just said that it would help. So I guess we are in agreement.

I mentioned the big four in auditing, and also smaller strategic consultancy companies and my idea was to say that if MBB fails these can be used to later try and enter to MBB. But I for to write it up. And I know a lot of people that started in one of the big fours, or even niche and boutique strategic consultancies and then moved to an MBB and made it big there. Some of them are even partners now in MBB.

So may main messages are:
If you are a theoretical physicist, mathematical physicist and/or like more conceptual physics, then strategic consultancy is, in my view, a much better fit for career outside physics than data, coding and quant
If you have the goal to go to MBB firms than practice a lot of cases, network and do extra-curricular activities
If MBB doens't work or isn't realistic at first, start with smaller strategic companies, niche firms or boutique firms and then try to move "upwards" to MBB. Deloitte in particular seems to be a good company to do that and they are very good on their own.