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<p>I really don’t think that is true. First, virtually all PhD candidates in engineering at MIT work on projects with commercial potential. That is after all the essence of engineering and even more so at MIT which has historically emphasized practical research over theory. There are many different labs outside of the Langer lab, (nearly too many to count) and you don’t have to be a rocket scientist to get a good industry job if you really want it. I believe there are actually more industry opportunities than there are actual PhD candidates. It requires a fair amount of dedication to want to stay on the academic track when you can make much more money by switching to industry. With the normal academic track involving one or two post-doc positions at an average of $50 to $60K, freshly minted PhDs easily earn double that by switching to industry. If you don’t like research you can go back to business school after a few years and move to management instead. Even if your thesis was not on the latest nanomaterial, it does not really matter. very seldom are you expected to work in the same area you did your PhD research in. </p>
<p>It would also carry over to PhD candidates in biology, chemistry, biochemistry and very much so in materials science. The “ideal” track for a plum research position at big pharma or biotech firm is a PhD from a top program. With all the connections of the MIT departments and labs to would have to be pretty lame not to get an offer on graduation. If Mollie, God forbid, did not get on the academic tenure track (which is nowadays all about getting that R01 grant), she would have no problems getting an excellent job with any number of biomedical companies recruiting at MIT and Harvard.</p>
<p>From my experience I just don’t see consulting or finance jobs as a realistic backup for STEM PhDs outside of a few select areas such as pure “quants” and even these jobs are now taken up by PhDs with degrees in financial engineering, not math or physics grads as was the case ten years ago. Investment banking and consulting firms will hire a select few undergrads and a number of grad students who have spent summers as interns but not straight PhDs. They have no use for them and the extra research experience is more a downside than a help. </p>
<p>VCs also have zero interest in hiring a PhD whether from MIT or Harvard. That is just not the profile they look for. A Sloan or HBS grad, yes, a PhD in biology or engineering, no way! Once you have been successful with your own startup, then a VC may hire you as an entrepreneur in residence for a while until you get your next venture funded. </p>
<p>Other career changes I have seen with frustrated STEM PhD candidates include going to med school, law school, public health, government agencies such as the EPA (or the NSA for EECs and math majors).</p>