4 Business Terms Employers Test PhDs With

Join Isaiah as he reviews some of the business terms employers expect you to master and how they might come up during the interview process

Here’s a quick rundown of this week’s episode…

• First, Isaiah explains why you should expect business terms to come up during the interview process, using supply chain as an example
• Next, Isaiah highlights the importance of understanding project management as applied to the industry setting
• Finally, Isaiah discusses what you can do to showcase your knowledge of quantitative analysis and accounting during your interview

From This Week’s Show… 

Why You Should Expect Business Terms Like Supply Chain To Come Up During The Interview Process

Do you know how our supply chain works?

A PhD I talked to last week was asked this question during an interview before we started working together and bombed it. It was his 4^th and final interview with the company and she didn’t get the offer.

Companies care about you having a basic understanding of business terms like supply chains.

I’m sure you have an idea of what a supply chain is but do you know how important it is for any business, or for all of business? Can you talk about it at length?

Supply chains are at heart of a successful business – without a good supply chain in place, a business can’t be profitable.

That means that you should expect the topic of supply chains to come up in your interview. Have a solid understanding of how supply chains work, where problems can arise, and the terminology used to describe each link in the chain.

What You Don’t Know About Project Management

Another seemingly obvious term is project management. You may know what it means, but you should also know how project management roles are structured in industry.

Chances are you’re already well-versed in managing several projects simultaneously, but in industry, project management is much more structured and includes specific phases and documentation.

There are also different project management styles like waterfall, agile, scrum, or six sigma. Familiarize yourself with these terms and be prepared to talk about them.

How To Showcase Your Knowledge About Quantitative Analysis And Accounting

Another term that comes up frequently is quantitative analysis.

While most PhDs have at least some experience in quantitative analysis, the difference here is that, in industry, quantitative analysis doesn’t just refer to the act of analyzing data – it also means using data to inform business decisions.

To get hired into a top position, you have to demonstrate that you can analyze data, come to meaningful conclusions, and then turn those conclusions into actionable results.

I want to next touch on accounting. If you’re not applying for a role in industry finance, you may not think this applies to you. But it does.

In industry, you will encounter a lot of accounting terms – terms like cash flow, profit income statement, balance sheet, profit margin, gross versus net, and the list goes on.

Research the company’s public accounting data to better understand the company’s primary focus and go into your interview having at least some understanding of the relevant terms.

If you’re ready to start your transition into industry, you can apply to book a free Transition Call with our founder Isaiah Hankel, PhD or one of our Transition Specialists. Apply to book a Transition Call here.