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Reflecting on Finance & Consultancy Careers for Researchers

Isobel EPowell30 October 2019

Finance and Consultancy Month… let’s reflect:

As Finance and Consultancy month comes to a close, we are reflecting on what has been an insightful and engaging collection of events. Whilst taking the leap out of academia can seem like a daunting and unfamiliar prospect our alumni and professionals have given us plenty of reassuring and motivational messages throughout the month. The first key area of reflection for this month is therefore on transitioning.

Transitioning out of academia and into a corporate role…How do you deal with any attached stigma?

  1. It’s your career path! Everyone takes a different route to find their thing – don’t be afraid to acknowledge that academia may not be for you. Check out our previous blog post on this
  2. There is a world of research beyond academia. So many roles within finance and consultancy are research-focused – Check out our post by economist Keith Lai for ideas
  3. Your interests can be applied across the sector. Branching out and exploring other options can broaden your horizons, make you more employable and expand the practical reach of your research expertise. Consultancy is a great way to do this, offering your expertise to support businesses to grow.

Moving between academic and non-academic arenas, is it possible?

  1. Yes! Many people still contribute to academic papers alongside their roles, if publishing is your passion there are always ways to continue…
  2. Some organisations hire for roles with this in mind, creating and publishing research can be part of your job! Check out a previous blog on this
  3. Balancing the two may not be your thing. Many finance or consulting roles require strong research, writing and publishing skills – just utilised in a more corporate setting

The best and worst parts of a non-academic career, is it really for me?

  1. Stability, consistency and great benefits. The biggest response to this from both our finance and consultancy panels was the increased stability, lack of stress around funding, working more collaborative and less sporadic work schedules.
  2. It all depends on what you want… teamwork, deadlines, short projects and managing client needs are central to careers in finance and consultancy, so, if this isn’t for you, it may not be the right career path. Don’t Panic! There are plenty of industries where other skills are more suited. Key an eye on our blog for more case studies.
  3. Longer more intense working hours and less autonomy. Despite this, many of our contributors mentioned the increased satisfaction from shorter lead times and a better work-life balance.

So, what does this all mean fo you?

After hearing from professionals working across roles as consultants, economists, data scientists and traders the biggest piece of advice about their industry is to decide if it really is for you. Map out your skills, your interests, what drives you, how you like to work and see if that aligns with a career in the Finance or Consultancy worlds.

For example, in consultancy the key skills required are:
Teamwork, problem-solving, creativity, confidence under pressure and adaptability

Often consultants are working towards:
Fast-paced project delivery
managing a diverse portfolio of clients
and engaging a variety of industries

Roles are more structured and strong commitment is needed:
Core working hours mean more stability but overtime is frequently required to deliver projects
Consultants may work client-side within a given week, so travel is important
Managing projects within cross-organisational teams mean flexibility is key

These are the key aspects to explore before diving into applications. Is this for me? and what kind of working lifestyle do I want? 

Finding an industry where your skills as research are valued and utilised may seem tricky but you can find roles across all sectors and industry. This is where our themed months come in to play, if you’ve decided finance or consultancy organisations are not for you, join us on another themed month and hear more about careers in UK & Global Health, Data Science & Data Analytics, Communications and Research, Government, Policy and Higher Education…. the list continues! Our speakers have come from backgrounds in physics, biology, maths, humanities and more ending up in completely different industry utilising those same core skills they learnt in research.

Come along to our events and find out how your skills are so transferable across the sectors and explore how you could branch out to support an organisation to develop!

Check out our full programme of researcher events on our website today!

 

PhD Life Science Careers – Why should UCL PhD students apply to IMSCG?

ManpreetDhesi20 February 2012

The last in our series of guest blogs by PhD holders who work at IMS Consulting Group. You will find more information about PhD life science careers and IMS Consulting Group in our in our Careers in Clinical Research, Biotechnology and Pharmaceuticals Forum for PhD/research students which will be held on 28th February 2012. Go to the Forum page on the Graduate School website for more details about this event.  We look forward to seeing you there!

Currently there are more PhDs in IMSCG than I can count. PhD students typically apply for consulting because they find that they can apply their problem-solving skills in new ways, work in team settings which can make a measurable impact, and be exposed to a variety of different projects in a short amount of time. In contrast to your PhD, at IMSCG we work on projects that are around 12 weeks long and often can be much shorter; as a result, the breadth of topics is extensive.

In addition to the formal introductory training, everyone in the organization, from peers to senior team members, is interested in your learning and progress. On projects, you will therefore receive on-the-job training and informal mentoring support, which greatly contribute to your professional growth. Furthermore, every new starter is assigned a coach who is part of the senior team – your coach offers mentoring support and advice, and tracks your progress within IMSCG in order to identify particular development needs.

One aspect of IMSCG that I have come to appreciate is that client management comes when you advance to consultant, which is significantly sooner than in other consulting firms. In addition, going to and presenting at client meetings often occurs at the analyst level, which offers the opportunity to witness firsthand how clients think. Given that as a PhD I had presented at few conferences and frequently at weekly scheduled lab meetings, I relished the opportunity to join and present at meetings, which I found to be a welcome challenge and a great opportunity for professional growth.

Overall the environment at IMSCG has many of the things I like about the university environment without the long, drawn out project work or failed experiments. At IMSCG, as in academia, you think of creative ways to solve a problem, you have a network of people who can support and you have the opportunity to work with really smart people.

Maria Kosmaoglou, IMS Consulting Group