Vault’s Verdict

Putnam’s deep specialization in life sciences makes it a compelling proposition for anyone looking to build a career in the sector. Insiders note that this focus not only helps them develop expertise, but also creates unique career development opportunities in specific disease niches.

On a day-to-day basis, insiders appreciate the small company feel, as well as the opportunity to be part of a growing enterprise in an ever-changing field. While the work can be intense, with long hours being a part of the consulting territory, Putnam's non-travel model and respect for personal time and PTO contribute positively to work-life balance.

Compensation at Putnam, though considered below market level for entry positions, improves significantly with rapid salary progression and includes bonuses and perks. This transparent and merit-based compensation system is aligned with the firm’s ethos of recognizing and rewarding hard work and talent.

All told, Putnam will appeal to anyone seeking a nurturing environment, a strong focus on life sciences, and the opportunity to make rapid career progress at a firm that is developing a very strong reputation for high quality, leading-edge work.

Employee Reviews

Firm Culture

• “Culture and the way you feel when you enter an office should be valued a lot. Putnam does this well while also being top-in-class in their work.”
• “I believe that our long-term experience in the life sciences has enabled Putnam to generate an incredibly deep understanding of the space, and the ability to reliably answer key client questions. Of course, there are truly one-of-a-kind innovations, but by understanding how scenarios have played out in the past, Putnam can communicate important information to clients who may be navigating commercialization questions for the first time.”
• “One of the biggest and most respected firms to specialize completely in health sciences. Our clients include all of the top pharmaceutical companies. Also, the people at Putnam are unmatched - everyone is extremely intelligent and hardworking, on top of being outgoing and kind, creating a great work environment that makes me look forward to coming into the office!”
• “Putnam offers challenging work in one of the most rewarding industries, and provides unparalleled career development opportunities.”
• “The people that are at this company are both social and extremely intelligent. I saw an opportunity for great connections in and out of the workplace as well as an opportunity to be surrounded by like-minded people that care about creating quality work.”

Quality of Life

• “Because we don't have a travel model, we are able to have a better work/life balance. Hours can still get long but you're back home at the end of the day rather than at a hotel.”
• “Firm culture has deteriorated since the PE acquisition. Work/life balance is wildly inconsistent, with poor balancing of workload.”
• “Flexible hours but can be constricted due to working across various time zones. PTO policies are very good and time off tends to be respected, allowing for employees to actually recharge when needed.”
• “No travel requirements making sustainability in the role much better. However, occasionally travel opportunities do present themselves on some targeted projects. All consulting entails long hours, but at Putnam there is a focused effort to generate quality work without endless rounds of iteration, which helps junior team members with work life balance. Beyond standard time off, Putnam often schedules office events/full company days off which all team members appreciate.”
• “We work long hours, but it’s not as bad as other firms. Putnam is always respectful of my PTO. I love that they never make me travel.”

Career Development

• “All processes are informative and structured. There is an excellent balance between informative trainings and scheduled time to meet and interact with coworkers.”
• “As an intern, I had a comprehensive training at the start of the summer. It was super helpful that the internship program matched each intern with a mentor, and we got staffed on all of the same cases as them. I felt like I was doing the same things as an intern that the associates on my cases were doing, which I loved. I also think that because most of the trainings were with higher-level people within the firm, such as partners and principals, it made me feel more comfortable working as an intern, and I felt like I knew so many people within the firm. When I got a return offer to be a full-time employee, I immediately said yes!”
• “Best: quick promotion timeline and endless opportunities for career advancement. Company culture in the office is welcoming, productive, friendly, and exciting.”
• “One of the best aspects of the firm's career development opportunities is that leadership is incredibly invested in making sure that the firm retains not only top performers, but the people who are additive to the firm's culture. They ensure that we are challenged, supported, and promoted when deserved.
  One of the worst aspects of the career development opportunities at Putnam is that oftentimes, high performers end up getting pigeonholed into working with only one or two partners and don't get exposure to the rest of the firm's leadership team.”
• “Very slow progression opportunities. Training used to be strong in the past, but has been cut down after the PE acquisition and clearly shows in the worsening quality of work delivered to clients now.”

Compensation

• “As one of the poorer aspects, Putnam's compensation is fairly weak as compared to other opportunities within the consulting industry. It is marketed as ‘competitive compensation’, although many other jobs I've seen have been significantly higher salaries outside of the range Putnam offers for comparable work.”
• “Base salary in your first few years is definitely a bit below average for the market/competitors, however, after a few years because of our rapid salary progression, compensation is more than fair. There are bonuses and perks such as the health and wellness stipend every month as well as bonus & profit sharing at the end of the fiscal year.”
• “Best: signing bonus and end of the year bonus. The starting salary could be a little higher but I am very satisfied with the overall compensation package.”
• “The bonus is quite large, which makes me satisfied with my compensation. You can also expense a lot of other costs depending on your case.”
• “There are clear benchmarks for when we will receive pay jumps/promotions. This transparency is awesome and our compensation is very generous.”

Community Engagement

• “Based on my limited experience at Putnam, it seems to me that there is equal access to high quality work and promotion opportunities. Putnam has a ‘DEI Fellow’ within the company that changes every 6 months and is responsible for pushing DEI initiatives and improving hiring practices. The DEI Fellowship is considered a full-time role and replaces a case for that individual."
• “DEI fellowship program and affinity groups help bring DEI to the forefront of the culture.”
• “Diversity and inclusion are fundamental principles that shape Putnam's culture and operations. Putnam is dedicated to fostering an inclusive workplace where individuals from diverse backgrounds, experiences, and perspectives are not only welcomed but celebrated. The firm actively promotes diversity in its hiring practices, leadership roles, and throughout all levels of the organizations.”
• “Putnam is working on being a supportive space for women and LGBTQ+ people. Generally these groups are well-represented and the firm is always looking for ways to be more supportive.”
• “We have a DEI POD for supporting people from different backgrounds, as well as numerous women in leadership and a Women in Consulting group for peer support.”

Business Outlook

• “After acquisition, lots of things are still falling into place. It is just unclear how the situation will continue to develop as a whole.”
• “Amidst a tough economic period, especially for healthcare, our firm has been able to continuously drive revenue from my perspective. We have contributed to the most important life sciences issues of the year, and many top companies rely on us for strategic advice, so I am not that concerned with the firm's ability to drive business.”
• “Biotech and pharma is on an overall flat trend after the high-riding COVID years, but our outlook is strong.”
• “Putnam's leadership is incredible. They are super receptive to feedback from all levels of employees and actively roll out initiatives to address concerns that arise from that feedback. They have also done a great job maintaining the firm's amazing culture through the recent rapid expansion + acquisitions."
• "Very strong life sciences consulting firm that is continuing to expand in 2023 economy, whereas similar competing firms have considerably slowed hiring. A job at Putnam is secure with ample opportunity for promotion.”

Hiring Process

• “Critical thinker with great knowledge of the healthcare and life-sciences fields. Heard back within a week of the final round.”
• “Ideal candidate is humble and willing to learn, but also aspirational to want to advise senior business leaders making mission-critical decisions.”
• “Interview process is 2 rounds and highly competitive. The ideal candidate is intelligent, highly motivated, and willing to learn from all peers.”
• “It's a lot more competitive this year but also reflective of the market. Strong candidates we've said yes to in the past are not getting offers. Right now, we're looking for revenue generators and senior-level candidates who can bring in business."
• “The ideal candidate is interested in life sciences and working at our firm. They have done the research and are looking to advise a wide range of companies on life sciences strategies.”

Interview Questions

• “A typical interview includes traditional behavioral questions as well as a case study performance. Behavioral questions cover applicant interest, skill set and fit for the role, as well as provide the opportunity to learn more about the candidate personally. Case questions are typically qualitative or quantitative-oriented (we ensure to give both) to test structuring, creative and critical thinking skills. For an applicant to perform well on these cases, they must have a firm understanding of the life sciences.”
• “Case questions are usually market sizing, estimating peak revenue of a product, or providing a recommendation based on given context. Behavioral questions include ‘why healthcare consulting?’, ‘why here?’, ‘why you?’ in addition to questions about teamwork, leadership style, communication, and relevant experiences.”
• “Multiple case interviews (pricing, market sizing, etc.) and personality fit/behavioral interviews. Consultant level and above have to give a 45-minute presentation.”
• “The case questions that I had were related to drug pricing and market sizing for various diseases/drugs. I also completed a behavioral interview with multiple people within the firm, and a question session during the final round of the interview.”
• “What motivates you about the strategy side of the life science industry?”