Landing an Internship at Putnam Consulting: A Comprehensive Guide
Putnam Consulting, now part of Inizio Advisory, has a long history of providing strategic advice to the health and life sciences industries. For over three decades, the firm has been dedicated to helping its clients make confident decisions, achieve meaningful impact, and drive lasting change for patients. This article delves into the specifics of Putnam Consulting's internship program, outlining the requirements, desired skills, and the overall experience.
Putnam Consulting: A Brief Overview
Established in 1988, Putnam Consulting has grown into a global firm with offices in Boston (headquarters), San Francisco, New York, and London. The firm specializes in serving pharmaceutical, biotechnology, diagnostic, and medical device clients, as well as private equity and venture capital companies. Putnam prides itself on its client-focused approach, meritocracy, rigorous problem-solving, accessible senior management, and commitment to work/life balance.
The Internship Program: An Overview
Putnam Consulting offers a Summer Associate Internship Program designed for rising seniors from top universities. This 10-week program provides interns with a genuine consulting experience, allowing them to contribute to casework and gain insights into the strategic challenges facing the pharmaceutical industry and the broader healthcare marketplace.
Position Summary
As a Summer Associate Consultant, interns assist with casework, gaining exposure to the strategic issues that face today’s pharmaceutical companies, as well as specific changes affecting the healthcare marketplace.
Responsibilities
Summer Associates are managed and mentored by a Senior Associate, working on multiple cases and learning how to:
Read also: Understanding Local School Boards
- Prepare and conduct primary research with physicians, patients, and managed care representatives.
- Gather secondary research from healthcare literature and internal sources.
- Analyze client and market data.
- Work with the project team to develop client presentations, including slide crafting and strategic story lining.
Desired Skills and Experience
Putnam Consulting seeks highly intelligent and self-motivated individuals with a strong work ethic, attention to detail, and excellent communication skills. The ideal candidate will possess:
- Demonstrated excellence and leadership during school.
- Proven analytic abilities, a rigorous quantitative background, and strong problem-solving skills.
- A strong interest in life sciences.
- Strong teamwork examples, as Putnam is a highly collaborative firm.
- A cumulative GPA of 3.3 is required with 3.5 or better preferred.
Academic Background
While specific majors are not always explicitly required, a background in economics, finance, or science is preferred for undergraduate applicants. For Life Science Consultant roles, a Ph.D. in Biomedical Engineering, Biology, Chemistry, Biochemistry, Physics, or Engineering is highly desirable.
The Recruitment Process
The Putnam Consulting interview process is rigorous and designed to assess a candidate's analytical, problem-solving, and communication skills, as well as their fit with the firm's culture.
Stages of the Interview Process
- Screening: Initial screening, often conducted on campus for applicants from core schools. Applicants from non-core schools may undergo pre-screening via phone interviews.
- First Round Interviews: Typically involves case interviews and behavioral questions.
- Final Round Interviews: Conducted at Putnam Associates offices, consisting of multiple back-to-back interviews, including case interviews and a fit interview.
Typical Interview Questions
- Case Questions:
- Estimate the market size for a new drug.
- Size the market potential for a new drug given two potential regulatory outcomes.
- What factors do you need to know to estimate the monthly cost of treating a patient with a certain disease with a given therapy?
- Fit Questions:
- Why do you want to work at Putnam Associates?
- What prior team experience do you have?
- Why do you want to work in healthcare consulting?
Preparation Tips
- Research the Firm: Thoroughly research Putnam Consulting, its values, and its work in the life sciences industry.
- Practice Case Interviews: Focus on market sizing and drug therapy cases, as these are frequently used by Putnam.
- Highlight Relevant Experience: Emphasize any working knowledge of the pharmaceutical or biotechnology industries in your resume and cover letter.
- Prepare for Behavioral Questions: Be ready to discuss your teamwork experience, problem-solving skills, and interest in healthcare consulting.
Improving Your Odds
Several strategies can improve your chances of landing an internship at Putnam Consulting:
- Take Relevant Coursework: Focus on courses that provide a strong foundation in quantitative analysis, problem-solving, and life sciences.
- Tailor Your Resume and Cover Letter: Highlight your relevant skills and experience, emphasizing your understanding of the pharmaceutical and biotechnology industries.
- Practice Case Interviews: Practice market sizing and drug therapy cases to develop your problem-solving skills and familiarity with the types of questions asked.
- Network: Attend recruiting events and connect with Putnam Consulting employees to learn more about the firm and its culture.
Life at Putnam Consulting
Putnam Consulting offers a collegial, friendly, and balanced environment where consulting can be a long-term career option. The firm prides itself on its team-based approach, client focus, and impact orientation. Employees can expect to work on diverse casework spanning portfolio prioritization, market assessment, product pricing and launch strategies, and more.
Read also: Navigating Putnam Education
Culture and Values
Putnam Consulting's core values include:
- Team
- Excellence
- Strategic
- Passion
- Diversity
The firm strives to create a culture and environment that fosters belonging and authenticity, valuing individuals for their skills, experience, diverse backgrounds, and unique perspectives.
Work Environment
The work environment at Putnam Consulting is described as open and friendly. While there may be occasional long weeks away from home, the firm requires less travel than some of its competitors. Employees typically work between 50 and 60 hours per week, with some flexibility depending on the manager and project.
Career Opportunities
A Summer Associate Consultant internship at Putnam Consulting can lead to a full-time position after graduation. The career track at Putnam typically progresses from Associate Consultant to Consultant, Senior Consultant, Manager, Principal, and eventually Partner.
Exit Opportunities
While exit opportunities may be more limited than at generalist consulting firms due to Putnam's focus on the life sciences industry, professionals can excel in similar firms or transition to senior leadership roles within the life sciences industry.
Read also: Blue Sea Consulting Services
tags: #Putnam #Consulting #internship #requirements
