Most PhDs transition into an academic postdoc, even when they would rather transition into an industry position.
They believe a postdoc is their only option. Their academic advisor and the entire academic system has led them to believe this is their only option.
After all, a report by the Atlantic found that greater than 60% of PhDs and greater than 80% of Life Science PhDs do NOT have a paying job after graduation.
Data from the PhD Completion Project found that only 42.6% of Life Science PhDs complete their degree in 6 years. It’s not much better for Engineering and Math/Physical Sciences PhDs either, which have a 48.5% and 39.3% completion rate, respectively.
What does this mean to your career after a PhD?
It means that most PhDs are staying in graduate school for way to long and then graduating to face only two pathetic options – a low-paying postdoc, or unemployment.
Of course, PhDs have many more options than this.
According to research by the Pharmaceutical Research and Manufacturers of America, the biotechnology and biopharmaceutical industries provide more than 850,000 direct jobs, contributing more than $1.2 trillion in economic output in the United States alone.
A Postdoc Is Not Your Only Career Option
If you have a PhD, you and your degree are highly valuable. But in order to leverage our degree, you need to gain in depth knowledge of all the career tracks available to you, not just one or two.
You should also pay close attention to changing industry trends, making sure to note which job sectors are rising and which are falling.
When choosing the next step in your career, be sure to consider not only the title and salary you want to have, but the professional lifestyle you want to live.
Don’t make the mistake of chasing something that will ultimately make you miserable.
This is how many PhDs ended up in poor and unhappy postdoc positions in the first place. Here are 10 top non-academic careers for PhDs to consider applying to:
7 Industry Careers For STEM PhDs
Industry Career #1 Medical Science Liaison
Becoming a Medical Science Liaison (MSL) is a rapidly growing opportunity for STEM PhDs.
A recent McKinsey & Company report found that MSL roles will continue to increase rapidly through 2020.
The same report also showed that advanced degree holders with a strong scientific background will be hired more and more for these roles.
A international recruiting survey found that MSL positions have increased by over 38% and is one of the fastest growing, science-related jobs in the world.
The biggest misconception regarding MSL positions is that it is a sales position.
This is not true. In reality, MSLs act as scientifically trained field personnel who are considered to be part of a company’s medical staff. Most MSLs are not even allowed to discuss drug prices or conduct sales.
MSLs have more freedom to learn and teach. As a result, they gain a deeper knowledge of therapeutic areas and are able to discuss detailed medical and scientific issues with physicians.
As an MSL, one of your key responsibilities is to build rapport with KOLs in various therapeutic research areas.
You must have extensive clinical or medical knowledge and, at the same time, be a “people-person.” Strong communication skills are important but you must also be able to work independently and travel extensively.
Twenty years ago, MSLs were selected from experienced sales representatives that had strong scientific backgrounds. This has changed. Now, PhDs with relevant scientific knowledge are often hired.
Currently PhDs with medical knowledge have a significant advantage in finding employment.
Unfortunately, MSL positions are highly competitive with only 1-2% of applicants getting hired. You can make yourself a more competitive candidate for these positions by first taking a Clinical Research Associate (CRA) position.
A PhD combined with CRA experience is considered by industry experts as the best way to prepare yourself for an MSL position.
Industry Career #2 Market Research Analyst
Market Research Analyst roles exist in most industries, but they are especially significant in innovation-based sectors such as electronics, IT or biotechnology.
According to the Bureau of Labor Statistics this profession is projected to experience a job growth of 20% in the next 10 years. Market research analysts are expected to gain a complete understanding of the commercial landscape associated with a specific technology or sector.
A PhD’s ability to analyze large amounts of information and identify comparative advantages between two technologies is very valuable to this role.
As a Market Research Analyst, your responsibilities include gaining information about commercialization opportunities.
You also evaluate the key advantages and disadvantages of your products versus competitor products.
You apply this information and your technical expertise to create reports that outline key niches for commercialization, estimate market size, identify current major players in the sector and recognize prospective future competitors.
Your reports will act as essential tools that administrative teams will use to plan an ideal commercialization path, thereby avoiding pitfalls and maximizing revenues.
Since Market Research Analysts provide key market information and collaborate with strategic decision-maker, this role can open up doors to higher management positions.
As innovation based industries grow and continue to globalize, there will be an increasing demand for science PhDs in Market Research roles.
Industry Career #3 Business Development Manager
A recent career survey by CNN Money found that Business Development Managers, or BDMs, ranked in the top 100 careers worldwide with a projected growth rate of 16.4%.
The name of this role might suggest that it’s only for professionals with a business degree. But, nowadays, science PhDs are being increasingly hired as BDMs. This is because many PhDs excel at understanding complex technologies, which is crucial to technology-based sectors such as biotechnology, software, consumer electronics, and pharmaceuticals.
A BDM’s key responsibilities include developing new business opportunities, managing existing products, developing market strategies, and building new business partnerships.
As a BDM, you will have to prioritize innovative products based on market needs and competitor positioning. Thorough knowledge of not only a company’s technology, but its culture and products is key to this role.
BDMs are required to use a combination of scientific knowledge, analytical skills and market trends to forecast things like revenues, profits, and losses.
Your presentation and teaching skills are also valuable to this position because BDMs are expected to present to management and marketing teams regularly.
Industry Career #4 Product Manager
Product Managers (PMs) are responsible for managing the entire life-cycle of an innovative product. They oversee the development of a product and the management of product after it launches.
An employment survey conducted between 2012 and 2013 found that the demand for Product Managers in technology-based sectors is increasing by 23% annually.
PMs are responsible for analyzing a product’s market performance as well as determining ways to boost a product’s commercial success while simultaneously determining how to phase out or terminate older versions of the product.
PM roles are multifunctional and demand collaboration spread across multiple divisions of an organization.
As a PM, you must be able to quickly identify market needs, communicate those needs with your marketing team, and find innovative solutions for these needs.
You must also possess a unique blend of business acumen and creativity. Successful PMs are able to envision new products and clearly understand the competitive landscape of their market.
PM roles are available for PhDs in most technology-based sectors, including electronics, aeronautics, IT and software, and of course, biotechnology and pharmaceutical sectors.
Industry Career #5 Management Consultant
Ten years ago, most consulting firms only employed MBAs.
Things have changed.
Thanks to the steady rise of technology-based business sectors, there has been a significant increase in the number of science PhDs being hired by these firms.
According to a Bloomberg Business report, the consulting market is expected to experience an overall annual growth rate of 3.7%. The same report stated that the management consulting market recently grew by 8.5% to a total value of $39.3 billion.
STEM PhDs are in high demand for consulting positions because they have a strong technical background and are specifically trained troubleshooting difficult problems.
Many PhDs fail to pursue Management Consulting positions because they believe that these positions require extensive industry experience.
This is not true.
Even the most reputed global consulting firms have specialized job opportunities for PhDs.
As a Management Consultant, you will be required to leverage your problem solving skills. You will also be required to design unique strategies for overcoming these problems.
Management consultants must be able to work in collaborative “teamwork” environments where communication and leadership skills are crucial.
You must be able to present your findings both orally in PowerPoint presentations and in written form through detailed reports.
A key advantage of securing a Management Consultant position is that it will open doors for a variety of opportunities including executive management, venture capitalism, and entrepreneurship.
Industry Career #6 Healthcare Information Technology Specialist
In 2009, the US government enacted the Health Information Technology for Economic and Clinical Health Act (HITECH Act). According to this new government initiative, there is a massive push for adoption of healthcare technology by healthcare providers.
One of the major criteria of this act is to convert all healthcare related data into an electronic format. This has made the role of Healthcare Information Technology (HIT) Specialist one of the fastest growing jobs.
A recent HIT Specialist related survey reported that there were a total of 434,282 HIT-related job postings between 2007 and 2011.
As a HIT Specialist, you will be responsible for organizing patients’ medical record into electronic databases, verifying patients’ medical charts, and communicating with physicians to ensure the accuracy of their diagnoses.
STEM PhDs who are trained in Life Science fields and have experience with online databases such as Genomics and Bioinformatics are highly sought after for this position.
You must have a strong background in medical research as well as medical terminology. You must also be willing to learn about medical coding, information technology, clinical database management, and medical billing.
Hospitals, ambulatory healthcare services, clinical research centers, academic research institutions, and health insurance providers are the main sources of employment for HIT Specialists.
Industry Career #7 Quantitative Analyst
There are many opportunities for science PhDs to transition into Quantitative Analyst (QAs). Most of QA positions are available in major financial institutions involved in financial trading.
A report by Recruiter showed that over the last 10 years, employment opportunities for QAs in the U.S. have grown by 29%.
A similar report based on U.S. labor statistics showed QA positions will grow by 20% through 2018.
QA responsibilities include quantitative data analysis, financial research, statistical modeling, and pattern recognition—all related to predicting trades.
STEM PhD with backgrounds in “quant” related disciplines such as Mathematics, Statistics, Physics, Engineering, and Computer Science are highly sought after for these positions. However, many Life Science PhDs are also being hired as QAs. This is due to increases in financial trading in the biotechnology industry.
STEM PhDs continue to be preferred by QA firms because of their proven ability to conduct independent research and their detailed understanding of the scientific aspects of technology-based sectors.
As a QA, you will be expected to have a strong scientific background and to be able to work under pressure with little supervision.
You will also be required to gain deep financial knowledge of your markets and be able to grasp advanced mathematical concepts quickly.
Do you want to learn how to transition into a top industry job?
Meet the Cheeky Scientist Association…
To learn more about transitioning into industry, including instant access to exclusive job search training videos, case studies, industry insider documents, transition plan, and private online network of 100s of industry professionals, get on the Cheeky Scientist Association wait list now because enrollment opens on Monday, August 8th.
This is a guest post researched and written by Arunodoy Sur, PhD