I have reached senior consultant at EY. Want to do a masters or PhD in science (physics or engineering) as this is what interests me. Would big 4 rehire at a higher level? Other prospects? Would there be a salary jump if I returned to consulting? How attractive would the senior consultant title and science PhD be to big consulting firms?

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Don’t do a PhD if your plan is to return to consulting.

Source: have a PhD, became a consultant

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Pay and title raises based on education are largely driven by the market competitiveness of your degree (consultancies pay for top MBAs because that’s what competitive companies pay, not for the intrinsic value of the education.) for the vast majority of consultant roles and firms you’d see no pay or title raise because there isn’t a consulting market for your new education

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PhD in physics or engineering can lead to far more lucrative gigs in industry - especially if your PhD is in computer science, electrical engineering, operations research etc. Why return to consulting? Wouldn't business school be a more pragmatic (and yes, typical) route?

Source: PhD who became a consultant

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PhD is basically valueless as a professional credential in consulting; it would not give you a leg up to be a sector lead. Sector leads are people who can drive business, which has basically nothing to do with super deep technical content knowledge.

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Ask yourself what’s the point of doing a phd if you are willing to go back to consulting?

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