The Ultimate Career Map 2023

Grad Students, Ph.D.s & Postdocs: it's 𝘯𝘰𝘵 true your career prospects are limited...

There are 𝟭𝟬𝟬𝘀 of possible paths you could take post-PhD.

Sure, it takes some time and effort to break into these roles but possibilities are numerous.

In fact, your skills and knowledge are valued in many companies across multiple industries. In this article, I break down 6 major industries and 30+ roles to give you all an idea of what’s possible. 

Let’s dive in 👇

Industry: Life Sciences/Medical Devices 

Life Science is a broad term that encompasses the study of living things. It includes Pharma, BioTech, Medical Device, Digital Health, and Health Tech industries. Here are some top companies in this industry:

 
Below are the top 8 roles for PhDs and how their skillsets apply to the role:

1. Research & Development (R&D) Scientist

   Conduct research and support the development of new products and optimize existing ones.

   Skills: Analytical, research, communication, ability to work independently and as part of a team.

2. Quality Assurance Engineer

   Quality Control/Assurance is responsible for ensuring that the product meets industry standards and specifications, identifying any defects or issues, and implementing corrective actions to maintain product quality.

   Skills: attention to detail, ability to analyze complex data and experience with R&D processes.

3. Regulatory Affairs Specialist

   Regulatory Affairs Specialists work closely with regulatory agencies to obtain approvals for products and ensure compliance with regulations throughout the product life cycle.

   Skills: Knowledge of scientific & technical concepts, understanding of regulations, and ability to communicate complex information effectively.

4. Clinical Research Scientist

   They design & execute clinical trials to evaluate the safety and efficacy of medical devices & drugs, analyze data, and ensure the accuracy and integrity of study results.

   Skills: strong research skills, knowledge of scientific methodologies, and experience in data analysis and interpretation.

5. Biostatistician

   Biostatisticians play a key role in analyzing and interpreting data from clinical trials to determine the safety and effectiveness of medical devices & drugs.

   Skills: strong statistical background and experience in data analysis

6. Technical Sales Representative

   They are responsible for promoting and selling medical devices and drugs to clients, building relationships, and providing technical support.

   Skills: technical background & strong communication skills to effectively communicate the benefits of the product to clients and provide technical support as needed.

7. Medical Science Liason (MSL)

   MSLs act as a bridge between the medical community and the company, providing scientific expertise and education, building relationships with key opinion leaders, and gathering feedback to inform product development.

   Skills: strong scientific communication skills and a deep understanding of medical products.

8. Product Manager

   Product Managers are responsible for overseeing product development from ideation to launch, ensuring that the product meets customer needs and aligns with the company's goals.

   Skills: technical knowledge, scientific know-how, awareness of industry standards, and empathy for customer pain points.
   
   
   

Industry: Government and Public Sector

The Government and Public Sector is one of the largest employers of PhDs. Tens of thousands of PhDs are actively hired across agencies such as the National Institutes of Health (NIH); Department of Defense (DoD); Environmental Protection Agency (EPA); Department of Energy (DOE); Department of Veterans Affairs (VA); Department of Homeland Security (DHS); Department of Justice (DOJ); Department of State (DoS); Department of Agriculture (USDA) and National Aeronautics & Space Administration (NASA).

 

The top 6 roles for PhDs and how their skillsets apply to the role are described below:

1. Research Scientist

   This is a common role across many departments/agencies.

   PhDs can work as research scientists in areas such as biomedical sciences, engineering, environmental sciences, and social sciences.

   Skills: Analytical, research, communication, ability to work independently and as part of a team.

2. Program Manager

   In this role, PhDs can manage and oversee research grants, contracts, and programs. They can work in departments/agencies such as NIH, EPA, DOE, and DoD.

   Skills: Organizational, project management, communication skills, understanding of grant/contract regulations.

3. Policy Analyst/Advisors

   In this role, PhDs provide expertise and analysis to inform policy decisions. They work at agencies such as NIH, EPA, DoD, and DoE.

   Skills: Research, analytical, communication skills, understanding of policy-making processes.

4. Veterinarian/Animal Scientist

   PhDs can work as veterinarians or animal scientists in the VA and USDA. They can provide care for animals and conduct research to improve animal health and well-being.

   Skills: Knowledge of animal biology and physiology, experience with animal care and handling, proficiency in research methodologies and data analysis.

5. Educator

   PhDs can work as educators in NASA, DoD, EPA etc. They can develop and implement science education programs, teach concepts to the public and students, and mentor students.

   Skills: Strong communication and presentation skills, understanding of theory and best practices, mentoring, and leadership.

6. Data Scientist/Analyst

   PhDs can work as data scientists or analysts in NASA, DoD, CDC, etc. They can analyze large amounts of data to inform decision-making and develop models to predict outcomes.

   Skills: Proficiency in programming languages such as Python or R, strong statistical and data analysis skills, and experience with machine learning and data visualization.

Note: Most government-based roles are primarily applicable to US citizens only, so international students should explore eligibility before deep diving further to ensure they don’t waste time.

Industry: Finance

The finance industry is a diverse field that encompasses the management of money, banking, and investments. PhDs in finance can find rewarding careers in a variety of settings, including investment banking, asset management, hedge funds, private equity, insurance, and more. Here are the top companies in the industry:

 

Below are the top 6 roles for PhDs and how their skillsets apply to the role:

1. 𝐑𝐢𝐬𝐤 𝐀𝐧𝐚𝐥𝐲𝐬𝐭

   A risk analyst is responsible for identifying, assessing, and mitigating risks to an organization's financial well-being.

   PhDs with deep knowledge of financial markets, risk management techniques, and statistical analysis to identify potential risks, assess their likelihood and impact, and develop strategies to mitigate those risks would be a great fit for the role.

2. 𝐏𝐨𝐫𝐭𝐟𝐨𝐥𝐢𝐨 𝐌𝐚𝐧𝐚𝐠𝐞𝐫

   A portfolio manager is responsible for the investment of a portfolio of assets, such as stocks, bonds, and cash.

   PhDs with advanced analytical skills and the ability to understand and analyze complex financial data would be a great fit for this role as that would allow them to make informed investment decisions.

3. 𝐐𝐮𝐚𝐧𝐭𝐢𝐭𝐚𝐭𝐢𝐯𝐞 𝐀𝐧𝐚𝐥𝐲𝐬𝐭

   A quantitative analyst ('quant'), uses mathematics, statistics, and computer science to develop and apply financial models and algorithms to solve complex financial problems. They are involved in a wide range of activities, such as developing trading strategies, pricing financial derivatives, and managing risk.

   PhDs with great statistical and mathematical skill sets should explore this role.

4. 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐁𝐚𝐧𝐤𝐞𝐫

   An investment banker is an advisor to corporations and governments on financial matters, such as mergers and acquisitions, initial public offerings, and debt financing.

   PhDs would be a good fit for this role because they possess strong analytical and quantitative skills, as well as excellent communication and interpersonal skills that are necessary for building relationships with clients and negotiating deals.

5. 𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐬𝐭

   An economist studies the economy and its behavior. They use their knowledge of economic theory, statistics, and data analysis to develop and test economic models, and to make predictions about economic trends.

   Ph.D. in Economics finds being an Economist a natural transition and skill set fit.

6. 𝐕𝐞𝐧𝐭𝐮𝐫𝐞 𝐂𝐚𝐩𝐢𝐭𝐚𝐥𝐢𝐬𝐭

   A venture capitalist is an investor who provides capital to early-stage companies that have the potential for high growth. They use their knowledge of the market, their network of contacts, and their financial expertise to help these companies grow and succeed.

Industry: Consulting

Consulting firms work with clients from various industries to solve complex problems, improve processes, and develop strategies for growth. PhDs with expertise in fields such as economics, statistics, data science, engineering, management, and many more specialties can find rewarding careers in consulting.
McKinsey, BCG, Bain [MBB Firms] have a strong reputation and big size. They typically hire PhDs at Associate Level. Deloitte, KPMG, Accenture, PWC, and EY are other great consulting firms. 'Boutique' consulting firms are smaller and specialize in specific sector/domains. Examples include The Brattle Group, ClearView Healthcare Partners, Navigant Consulting, etc.
 

Here are the top companies in the consulting industry:

 

The top 6 roles for PhDs and how their skillsets apply to the role are described below:

1. Management Consultant

   Management consultants help businesses solve complex problems and improve their performance. Typically a generalist role to start.

   PhDs in a variety of fields can be valuable assets to management consulting firms, as they bring problem-solving skills, deep expertise, and analytical skills to the table.

2. Energy Consultant:

   Energy consultants help businesses and governments develop and implement energy policies and strategies.

   PhDs with expertise in physics, chemistry, environmental science, or engineering can be valuable assets to energy consulting firms.

3. Technology Consultant:

   Technology consultants help businesses adopt and leverage new technologies, primarily to improve business operations.

   PhDs with expertise in computer science, engineering, or other technical fields can be valuable assets to technology consulting firms.

4. Healthcare Consultant:

   Healthcare consulting involves working with healthcare providers (eg: hospitals, clinics), insurers, and pharmaceutical companies to improve healthcare delivery and outcomes including quality, efficiency, and profitability.

   PhDs with a background in healthcare, biology, biomedical engineering, or life sciences are highly valued in this role.

5. Strategy Consultant:

   Strategy consultants help businesses develop and execute long-term plans. Most large companies have their own Strategy departments and have this role ('in-house' role).

   PhDs with strong research and analytical skills and deep domain expertise (eg: Healthcare) are well-suited for this type of consulting.

6. Environmental Consultant:

   Environmental consultants help businesses and governments comply with environmental regulations and develop sustainable practices.

   PhDs with expertise in environmental science, engineering, or other environmental fields can be valuable assets to environmental consulting firms.

Industry: Tech

The ‘Tech’ industry is a broad term that encompasses a wide range of companies and organizations that develop, produce, and sell technology products and services. The tech industry is constantly evolving, and new technologies are emerging all the time. The dynamic nature and the growth of the industry make it an exciting and challenging place for PhDs to find fulfilling careers in Tech.

 

There are 100s of roles, academics can pursue in tech, but here are the top 6 roles and why PhDs may be a good fit for these roles:

1. Data Scientist
   PhDs have strong analytical and problem-solving skills, the ability to conduct research and experiments, and experience with data analysis tools and methodologies. It makes them great fit for Data Science roles.

2. Software Developer
   PhDs with programming skills and experience in software development methodologies are well-suited for this role, as they have experience in designing and implementing complex algorithms and systems.

3. Instructional Designer
   PhDs with knowledge of instructional design principles and/or the ability to design and implement effective educational programs, experience with pedagogical approaches and learning technologies, and strong research and data analysis skills are great fits for this role.

4. User Experience Researcher
   PhDs usually have data analysis skills and for those with design thinking backgrounds and experience in conducting rigorous research and analyzing qualitative and quantitative data sets, a UXR role is well suited.

5. Machine Learning Engineer
   PhDs with strong analytical and problem-solving skills, the ability to design and implement machine learning algorithms, experience with cloud computing, and experience with data analysis and modeling are great fits for this role.

6. Product Manager
   PhDs with strategic thinking, empathy, communication, and collaboration skills are well-suited for this role, as they have experience in conducting and analyzing research, designing experiments, and working effectively in team environments.

Conclusion

There are 10s of industries, 100s of roles, and 1000s of companies that hire and benefit from the talents of academics. The above list in this article is not comprehensive so there are even more exciting roles not covered here.

Note: roles and expectations could vary wildly across companies...

So, I  recommend identifying a couple of roles/industry which seems exciting to you...

Then identify folks in those roles ▶️ request & conduct informational interviews  ▶️ refine your targetted job strategy  ▶️ apply  ▶️ increase changes to job success.

Good luck!