Attracting Top Graduates: Navigating Competition in Life Science Consulting

Introduction

During 2022, we observed an emerging “war for talent,” driven by unstable economic conditions and demographic shifts in the workforce, resulting in a global talent shortage across multiple industries. Within this context, life sciences consultancies are under pressure to secure the best early career talent to sustain growth.

We are seeing strong market activity around Early Career Talent programmes, with consultancies recognising the benefits of building pipelines of future leaders. Organisations that adopt strategic and cost-efficient early talent recruitment continue to thrive, even in volatile market conditions. Investing in early talent has become a long-term strategy for securing competitive advantage and cultivating future workplace leaders.

The competitive landscape for early talent can be viewed from two perspectives:

1. The competition faced by life sciences consultancies in attracting graduates
2. ‍The competition graduates face when choosing where to start their careers.

The Employer’s Perspective

Where is the demand for graduates in life sciences consulting?

Graduating students are confronted with a myriad of career options, and life sciences consultancies typically seek candidates with STEM backgrounds (Science, Technology, Engineering, Mathematics) combined with strong business acumen.

Graduates from STEM fields develop transferable skills critical to consulting, including:

• Problem-solving and analytical reasoning
• Scientific research and communication
• Critical and creative thinking
• Logical reasoning

However, these skills are highly sought after in multiple industries, making talent acquisition competitive.

Case Study Example

A recent KRS Early Talent programme (Jan–Apr 2023) sampled 77 graduates aiming for life sciences consulting:

• 35% held a PhD
• 37% held a Master’s or MBA
• 27% held a Bachelor’s degree

Where else were these graduates considering opportunities?

• 54% were only in process with multiple life science consultancies
• 19% were also exploring industry roles (R&D, Data Analyst, Engineering, Research)
• 14% were considering Equity Research roles
• 9% were exploring Venture Capital
• 4% were considering further education (MBA or PhD)

This highlights the need for consultancies to clearly articulate their value proposition and target key candidate motivations through diverse recruitment channels.

Graduate Motivations Identified:

• 94% value career progression and development opportunities
• 74% seek intellectually stimulating, fast-paced team environments
• 100% value strong training and mentorship from senior team members
• 55% are influenced by competitive compensation packages
• 91% prioritise learning opportunities and exposure to multiple clients

Strategies for Attracting Early Talent

1. Diversifying your graduate talent pool

‍‍Attracting a diverse workforce goes beyond individual characteristics. True Diversity, Equity & Inclusion (DE&I) requires embedding inclusive practices into corporate strategy. Consider diversity across skillsets, degrees, schools, and courses, alongside gender, ethnicity, and other personal attributes.

Candidate Insight: “I applied because I know people at the firm who are happy there. Networking through LinkedIn helped me understand their experiences.”

2. Strengthening brand perception

‍‍A strong employer brand and compelling Employer Value Proposition (EVP) are critical to attracting talent. DE&I should be central to the EVP to remain competitive and resonate with graduates.

Candidate Insight: “I’m in process with another consultancy but haven’t heard back in over three weeks, which is causing me to lose interest despite positive team interactions.”

3. Streamlining the recruitment process

‍‍A clear, efficient hiring process with transparent timelines reduces candidate drop-off and protects the employer brand. Consultancies must communicate next steps consistently to remain competitive in the war for early talent.

The Graduate’s Perspective

How can candidates remain competitive for life sciences consulting roles?

• ‍Conduct research: Understand the industry, consulting roles, and long-term career benefits. Be confident in presenting your motivation for a consulting career.‍
• Network with professionals: Engage with consultants to understand responsibilities, expectations, and day-to-day experiences. Attend campus events to explore different firms and career pathways.‍
• Gain relevant experience: Participate in consulting clubs, case competitions, and internships to develop practical skills. Real-world projects, clinical research experience, and co-op placements expose graduates to the consulting workflow and client-facing environments, preparing them for success in life sciences consulting.