In Life Science Consulting, candidates are often left with a number of options. Joining a big global firm with dozens of offices with a huge number of consultants, joining a mid-sized company where you will focus on a select number of areas, or joining a small, specialist boutique who often focus on just one area (eg. Market Access).
Speaking to candidates who are looking at options daily, I have been able to identify a number of advantages for considering boutique options.
Firstly, what is a boutique consulting firm?
A boutique firm is a small firm that offers a limited number of services. In Life Sciences, we often see Market Access, HEOR or Strategy focused firms. Most boutique firms field less than 100 consultants with a minimum of administrative support staff. These firms tend to be focused on their consulting services offered and/or the industries that they target and serve.
Casual / Informal Culture:
Working for a boutique can often feel like more of a “Start-Up”. At most boutiques, they will hold frequent meetings with the entire company to discuss projects. This is opposed to larger companies, where more junior individuals can be kept out of the loop. Everyone stays connected, and ideas flow freely without having organizational barriers. This environment makes boutique firms incredibly attractive.
Exposure to Partners:
In a boutique, it is often the most junior individuals in the company that have close contact with Partners, and also Presidents to the point where they may even report directly into them. Having these close relationships with senior individuals, who have so much experience, means it is easier to learn and can often lead to a fast-tracked progression route.
Many boutiques do not have the time or resources to offer their young consultants a training program. New consultants learn immensely from getting thrown into challenging situations. Whether making a presentation in a crowded board room or preparing a report for a key deliverable, responsibility and pressure are constant companions. For mature consultants who can learn very quickly, this arrangement is ideal.
Consultants in boutiques can often see far more flexibility in package meaning the potential of how much you can earn is a lot more in a boutique. This is because they often do not have strict salary brackets, they have more certainty on bonuses and can often offer equity or even profit sharing.
Mantell Associates is currently partnered with a number of Boutique Consultancies, to hear about the latest opportunities we have within the space, contact George Hebden Lee on +442038547700.