Getting an Industry Job after Getting a PhD

One thing that you need to figure out before going to the job market–specifically, I am speaking about the AEA meeting in January–is whether you want an academic or an industry job. When you ask this question to a PhD candidate, it is really common to hear "I will apply to both academic and industry job, just to maximize my chances on getting a job". However, here's where these to paths differ substantially. The approach and strategy that you should use in order to land an industry job is QUITE different than that for a job in the academy–and when I say this, I mean a teaching job. You are the owner of your job market experience, but please do yourself a favor and think if what you want for your professional life is a job in the industry. Many students are afraid to make this decision–specially for my fellow PhD professionals–because we always were nice and warm in this bubble called academia. It can be really hard to push yourself out of that comfort zone, but believe me when I say that the industry can be very rewarding–not to mention that you can potentially make way more money than that you would've made in academia.

I entered the PhD program with a very good idea of what I was shooting for in my–both personal and professional–life: I am a sucker for utilizing data and quantitative methods to provide insight on different fronts. It is really hard for me to pick a field (such as labor economics, IO, or even macro) because what I care about is an interesting research question, the data, and the quant tools that I'll be using. I knew academia was not a good fit for me for two reason: first, because I feel that conducting research in academia can be a bit restrictive, and often times the results and findings may be interesting, but typically the objective is to get a publication in a top journal. Second, because although I think teaching is a very noble task–which I believe can be very rewarding–, I often had to deal with individuals who did not want to learn and rather care for the final outcome–and by this I mean the grade–of the class. These two facts go against all my–professional–beliefs: I love and thrive with plowing though data with an objective in mind–perhaps reduce costs, increase the number of customers, or examine the effects of offering a trial for a given service–in hopes that doing so will be used to mitigate whatever is going on. I also love and enjoy from learning, teaching, and debating with other people. I find it very useful because sometime other are able to pick up on things that you might be completely ignoring. That being said, I felt that an industry job would provide me with these things I was looking for. Particularly because if they spend big bucks in hiring you to do something, the result and outcome that you obtain will be highly valuable not only for your manager, but for the whole company. This is exactly what I always wanted and what I was envisioning when I started Grad school.

All this, besides the fact that academia can be a toxic environment. Even though I love nerding out with my peers, I was always the one that debated the least because I felt like oftentimes your peers would judge you, your research, and your decisions. And don't take this the wrong way. I am not saying that you should not share with them, I'm just saying that sometimes you might end up making decision that do not necessarily reflect your true desire just because of that peer-pressure. Anyway... I don't blame them. As PhDs we were trained to be problem finders, but I'd much rather be a problem solver. This is how I knew I wanted a job that would provide me with those things that make me thrive.

So, if this sounds like you and your objective is to land an industry, please do not waste your time looking at the possibility of getting jobs in academia. If you go on the job market and try to shoot for both type of jobs, it's gonna be really exhausting and your true-self is gonna wind up coming out at some point. That is, if what you really want is an academic job, that will be reflected in your interviews and they will decide not to move you forward in the hiring process, basically because you're not showing that you'd be a good match for the job. If what you really want is an industry job and go to the academic job market, you'll probably end up getting a job that will not make you entirely happy and you might regret it later. Either choice is fine, as long as it reflects your true-self.

If after reading all this you still think you really, really, really, REALLY want a job in the industry; then hang on tight, because I'm about to tell you all the things–or at least the most important ones–you need to know to be successful in your job search.

Okay, cool. Now that you're sure that you want an industry job, I'll tell you how I advise you to proceed in your jobs search. I'll use as input my own experience and what I would've done differently, which is not necessarily what I actually did when conducting my job search. In the next section you will read about what I actually did and I'll tell you my experiences on the job market.

Résumé

The first thing you need is a strong résumé. If you're a PhD candidate, your department–or you adviser–will require you to build your CV. If you wanna go ahead and do it, that's fine; because you will probably need to attach it to your final dissertation document. However, DO NOT use this CV to apply for jobs. Recruiters and hiring managers don't really care if you went to ABC meeting, or that you you published XYZ paper. So, unless the research that you presented/publish is likely to win a fancy award, don't allot a whole section to talk about these things. Rather, use a single-page format where you list i) a brief summary, ii) your education, iii) your work experience, iv) your research experience, v) your volunteering experience, and vi) you skills. Now, here's where you need to be really strategic, because this is the first step in the hiring process. A good résumé is what gets you the first screening call. You will most likely will be in contact with a recruiter or technical recruiter. But, imagine how many résumés they receive at large companies such as eBay, Google, Citibank, or PwC for one single opening. Because they receive a serious amount of applications, these companies use softwares that scan and read through résumés to select candidates using keywords. For this reason, your summary and skill sections are crucial to get you that call. Let's assume that your résumé has all the right keywords and was selected from the large pile of applicants. What the recruiter will do is to read through your résumé and see if it matches the job description. So, what you wanna do next is to make it easier for them to decide if you're a strong candidate. The first thing the recruiter will read is your contact information and the summary. Here's your moment to shine: write something very straightforward and short that where you mention why you'd be a great candidate for the position. A really good idea is to present some of your soft and transferrable skills. Once the recruiter reads this, they will know that you can potentially be a valuable asset for the organization. Next, the recruiter will look at the list of skills. Because you will likely be applying for a highly quantitative position, recruiter must make sure that you have the quant skills they need for this role. So, please list all those that make you shine as a professional. Include coding, project management, statistical methods, and all those skills you have that make you a strong candidate. Some people think including a list of skills is old-school, but think about it this way: if you don't list them, you'll make the recruiter read through your whole résumé and read the descriptions that you've included. If you make them do that, the message might get lost at some point, making you lose that first call. Believe me when I say that a recruiter will very much appreciate if you do their job easier.

Now that the recruiter learns all great skills you've got, now it's time for them to learn all the cool things you've done thus far. I know that going through Grad school–specially when you do it non-stop–does not leave much room to get working experience. Here you must be really cautious. I assume you've worked at least as a Teaching Assistant–or, in the best case scenario, as a Research Assistant– at your school. Please go ahead and describe those work experiences with facts that are quantifiable. Companies LOVE when you were able to reduce cost by X percent, improve process by Y percent, or led team of Z people. So please, go ahead and be specific. It does not matter if the only work experience you have is teaching! Just be honest and say all the great things you achieved that you believe a company would appreciate. This is a set of keywords that you may include in your work experience descriptions:

• Spearhead

• Lead

• Pioneer

• Analyze

• Manage

• Build

• Formulate

• Produce

• Generate

• Develop

Next, continue to sell yourself with the amazing research you've conducted. A good idea is to include and describe what you did on your dissertation. You need to be very careful here: do not use technical language–and this applies throughout your résumé. You may be likely to win a Nobel prize in Economics, but if you do not communicate your achievements effectively, the recruiter might lose interest in your candidacy. If you're successful at communicating your fancy research findings, you're showing that you have what it takes to share complicated topics in the business world; which is a very, very, very, VERY important skill to land an industry job.

Finally, it is important that you show you're not just a book worm who's able to accomplish any task. You need to show that you're a human-being who has a life outside your on-campus cubicle. For this, you will want to share your volunteer experience and hobbies. This is a very valuable token; use it well.

So, here are the highlights of this section:

• Make sure your resume is one-page long. It's okay if you reduce the margins to squeeze the info in; but if you use more than one page, most likely the recruiter or hiring manager will lose interest on you résumé.

• You may want to organize your résumé differently, but definitely start with a brief summary.

• List your skills.

• Describe your work and research experience using quantifiable results.

• Use as many keywords as possible so that your résumé stands out (see the list above, but also include coding, soft, hard, and transferrable skills).

• Show that you're also a caring human.

There are two resources I think are very useful and that I'd like to share with you. The first one is resume.io, which provides "professional field-tested resume templates that follow the exact ‘resume rules’ employers look for". My personal favorite is the New York template, because I feel like it makes it really easy to visually navigate though the document. The second one is Jobscan, which "is a tool that gives job seekers an instant analysis of how well their resume is tailored for a particular job and how it can be even better optimized for an Applicant Tracking System". Unfortunately, these two amazing resources are not free, but they are cheap and worth every penny. I do not receive commission from any of these companies, but my job search would've been significantly easier–or at least more manageable–if I knew about this in the beginning. It is also a really good idea to share your resume with friends or acquaintances who work in HR. They'll be able to tell you whether your résumé is Applicant Tracking System friendly. Also, please go to your University's career center. This is such a great resource that we tend to ignore as Grad students. These people are really smart and want you to be successful in your job search, so please rely on them.

For reference, you can view a copy of my résumé here.

Applying for jobs

Applying for job can be a very tedious process. I will give you some advice, not only with the purpose of making it easier for you, but to help you land that job that you want and deserve. I will tell you about the AEA/ASSA Meetings, applying over the internet, and the hidden job market.

• AEA/ASSA Meetings

Let's start taking about the AEA/ASSA Meetings. I have mixed feeling about this resource for PhD students who are trying to get an industry job. The reason is simply because only select companies and organizations will be there interviewing candidates. The good part is that if an organization interviews you during the conference, it's because the have hired PhDs before, therefore they know and understand how this business works and that it will take you some extra time to wrap-up at your school. I think it's better if you make plans to attend. If you don't, you'll be missing out on different experiences that may contribute to you interviewing skills–and you'll probably give your adviser a heart attack! So, prepare your job market packet, upload it onto your AEA profile, and don't forget to also include your résumé. Make plans with your adviser to have this package up and ready by October and expect to hear from employers by December to schedule the first round of interviews. If you're interested in learning about the logistics of interviewing at the conference and my personal experience, I will tell you all about it in the Learn from Sebastian's experience section.

• Applying over the internet

This is the most popular channel to apply for a job. A great resource is LinkedIn–by the way, I'd love to connect with you via LinkedIn! Feel free to shoot me a message there or send me connection request–but you can use other well-known job search engines such as Glassdoor or Indeed. The vast majority of the openings will be posted on the internet, but there's a caveat: sometimes–if not most–companies post job openings because they are required by law and to comply with anti-discriminatory regulations. In some cases, hiring managers already have someone in mind for that position. So, although oftentimes they already know you won't be selected to move forward in the hiring process, there's no way for you to know that. So just go ahead and apply to numerous job postings.

• The hidden job market

You are significantly more likely to get that first call from an employer if you are referred by someone. The hidden job market is the one that you access via networking. I can't stress enough how important networking is if you want to have a successful professional life, and it becomes particularly important when you're on the job market. If you're able to connect with someone in a company that is hiring, most likely that person can get you an interview, or at lest put in a good word and give a recommendation.

I feel like when we are in Grad school, we become so focused on our own research that we forget to constantly interact with our peers. And I am not talking about people in the same department, but people in different schools, professors, and people in general! So, you better start getting out of your comfort zone and talk to people. Talk to the person in front of you when standing in the check-out line, talk to the one sitting to you next on your next flight/event... Every day is a different opportunity! You never know, the next person you talk to might get you a job interview. I strongly recommend you to start using your LinkedIn to do some serious networking. Add professionals who are in the field you're interested in, and don't forget a personalized note along with the connection request and try to have a quick conversation with them. Some people are busy individuals or are not good at checking LinkedIn, but every now and then you will connect with someone cool who is willing to help you and guide you on your search.

Steps in the hiring process

The hiring process and they way they conduct interview changes from organization to organization. However, you should expect different types of screening and interviews that will help them decide whether your skillset and experience fit the company's needs for a specific job. A hiring process typically has the following stages:

1. Recruiter interview: they will ask you tell them about yourself. This is very important. They already have your résumé. They hate it when candidates just repeat what's on there. If you're interviewing with the recruiter it means they thing you might be a strong candidate already. So, here's your moment to shine: start by telling them what you currently do. Make sure you're able to bring up examples that fit in the position you're interviewing for–or at least show that you've got skills that fit in the job description. Then tell them about your work experiences and all those things you achieved and feel proud of, but don't get too technical. Use a very lite language and be on the look-out for cues indicating that they fully understand what you're talking about.

2. Hiring manager interview: If you're able to convince the recruiter that you're a strong candidate and they recommend your candidacy, then they would want to schedule a phone call with the hiring manager. This is the moment to get technical and nerd out. The hiring manager is probably the person you will work with and immediate supervisor, so they most likely have the skillset required for this job. For this reason, when you provide them with an answer when they ask "tell me about yourself", you can tell them what you told the recruiter, but utilizing a fancier and more technical language. Be ready to answer behavioral questions. I will provide you with tips for this and other types of questions in section 4.

3. Director interview: It is rare, but sometimes the next step is to interview with the Director of the area you're interviewing with. They are typically not very technical/quantitative individuals, unless it's the Director of Data Science/Analytics–or something similar. Regardless, it's always a good strategy to be chill and use a language that the typical corporate person will understand. From your conversation you'll pick up whether you're able to bring the level up.

4. Fly-out, video interview, job talk, and technical interview: After you successfully interviewed with the hiring committee, you'll be invited to interview with people who work for the organization. This round of interviews are typically done on-site, but the pandemic moved everything to a virtual setting. Now-a-days it's the norm that these interviews are conducted online. Once you receive the itinerary with the people you'll be meeting with, it's a good idea to look them up on the internet and LinkedIn to learn their role in the organization and what they do. Make sure you familiarize yourself with the software that will be used for the interview–the last thing you want is to cause any delays in the process. Sometimes they will require you to do a job talk or a technical interview, depending on the position you're interviewing for. Make sure you prepare for this step. Study and rehearse your presentation, and make sure you take only the time allotted. If it's a technical interview, make sure you study all the methods you've used and you're familiar with. I will give you advice on this front in section 4.

Most interviewing processes end here, and you should be hearing from them soon. The best thing to do is not to think about what you could've done or said differently in your interview. Once you finish your interview keep looking for jobs. You should only stop looking and applying once you receive and accept an offer.

Candidates' Etiquette

Hiring processes are often very complex procedures, particularly in large organizations. There are a lot of factors that the hiring committee has to take into account, basically because the costs associated to a bad hire are significantly high and nobody in the organization wants to carry that responsibility. It's precisely for this reason that networking is so important. Someone is working for X company and their team is hiring someone with A, B, and C qualifications; most likely the interviewing process will start with people within the team know–or with referrals. So, don't forget what I mentioned before and start building a robust professional network. Anyway, let's assume that in this case the team decided to go for option of having candidates apply for the opening.

Accepting or declining an offer

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