Vault’s Verdict

Putnam’s culture exemplifies collaboration and learning, providing an excellent platform for a career working on some of the life sciences industry’s most challenging problems. Robust entry-level training prepares new consultants for success, a flat organizational structure allows them to make meaningful contributions early, and high standards drive on-the-job learning. 

High performers can often advance quickly through the company, moving to case team lead position in less than three years, then eventually to partner in eight to nine years. Those who seek mentorship out will find it, and the firm provides a formal career advisor to help shape your journey. As consultants build out their careers at Putnam, the firm offers a good work-life balance, with a hybrid work model, limited travel, flexible time off, and additional benefits such as a monthly wellness stipend.

Initial compensation, while slightly below the top of the market, is on the high side, and long-term potential is above average. Insiders love that the firm offers equal base pay at each level of seniority, driving pay equality, although some wish the firm offered additional incentives such as stock purchasing plans. With the backing of a larger holding firm and a life sciences industry rebounding from a post-COVID, insiders say Putnam’s business prospects look bright. So, if you’re looking for an exciting career in the life sciences, the time to apply is now.

Employee Reviews

Firm Culture

• “Best aspect is everyone is an excellent teammate up and down the chain of command as well as laterally. There’s a culture of collaboration and learning that’s really the central focus of the organization—it’s a key differentiator. I would say the firm is great for young grads. It is a very young boutique firm which will be a great transition for new graduates to professional life.”
• “Entrenched firm culture to allow for disconnecting and prioritizing when to work hard. For example, take it easy when it is easy vs. work hard when it is hard. Very generous PTO policy, like 25+ days. However, there’s variance in case quality of life quality depending on which partners or clients you work with.”
• “People-oriented culture that gives staff a chance to learn and grow.”
• “This job is not a 9-5 and I’m occasionally jealous of friends who can clock out. But the work is engaging and exciting and even when there are late nights, we always feel like we are in it together working with our teams. Weekend work is pretty rare, and vacation policy is generous—and that time is really protected so you can recharge and be ready to engage in work when you are back.”

Quality of Life

• “We have a nice balance of in-office and at-home remote working. With global teams and clients, travel is very manageable. I travel to other offices and to client sites, but it averages less than one day per week, more like two times per month.”
• “Minimal travel requirements and flexibility on work-from-home helps maintain solid work-life balance.”
• “As a professional services industry, consulting will require a great time investment, so the amount of time is to be expected. There is minimal travel given the changes in the world and requests of the clients for more hybrid/virtual work anyways, with some punctuated events (e.g., kick off, interim, final brief, landmark workshops) that may be in-person as needed.”
• “Putnam is very flexible with where you work, allowing for a hybrid schedule where employees are encouraged to be in office two times a week. We also are allowed fully remote weeks during holidays (Thanksgiving, Christmas, New Years, Fourth of July, Labor Day, etc.) along with two weeks of remote weeks of your own choosing. The time off policy is also very flexible and generous, encouraging you to take time for yourself.”

Career Development

• “Robust entry-level training program, plus trainings provided for management roles. Emphasis on informal mentorship and open access to reaching out to senior level management for time to discuss development.”
• “Putnam has great opportunity for career development, with new associates having the capability to advance to a case team lead just 2.5 years after starting. We also have fantastic opportunities for mentorship with a formal career advisor mentor, along with additional informal mentorship opportunities with those on your project teams.”
• “Rapid progression. Path to partner in about eight to nine years. Best in industry.”
• “The standard for quality work and client thought partnership is set very high, and it is consistently reinforced in every project and every project interaction, leading to a fast pace of learning and development.”

Compensation

• “The compensation is really quite good, towards the high end of the market. The only drawback I can think of is no long-term stock or equity grants.”
• “Seven years into my career and making a very generous amount all-in—hard to complain.”
• “Transparency in compensation at each level of seniority.”
• “Putnam gives us a wellness stipend of $75. They also have a platform that we have access to for various wellness things.”

Inclusion

• “Putnam supports inclusion efforts by allocating funds to various initiatives every year. We attend minority led conferences every year to bolster recruitment of diverse groups. There is an Inclusion & Impact Fellow responsible for ensuring diverse perspectives are shared throughout the firm. While there are efforts, there is a skew with actual employees. There is not much race/ethnic diversity among our ranks, and the partner/principal level seats are majority held by men.”
• “Very strong commitment to inclusion. Kindness and inclusivity is core to the Putnam culture. Consultants serve terms as inclusion fellows. Committees exist for inclusion. Affinity groups.”
• “As a woman, I feel Putnam is extremely inclusive and a safe space. I do feel that everyone at the firm has equal access to promotion opportunities and has the opportunity to succeed.”
• “Despite a challenging political environment for diversity, Putnam has maintained a strong focus as it is central to our business success.”

Business Outlook

• “Life sciences has had a post-Covid dip, but the environment is recovering, and the firm has a good balance of ‘boutique-like’ depth with the global scale, capabilities and backing of Inizio.”
• “High ongoing demand from core clients. Strong respect for Putnam’s focus on quality, excellence, and elite client service.”
• “General business is strong and business within my practice area is exceedingly strong. We have a great, talented group that will continue to support organic growth.”
• “Policy developments continue to impact the pharmaceutical industry, and while we are not a policy consulting shop, we are at the cutting edge of strategic work to help our clients navigate the implications for their drug pipelines and portfolios. This specialized expertise positions us well for the future.”

Hiring Process

• “You have an initial interview and then a final round with four sections (case, case/behavioral, speaking to someone more senior, and Q&A). I believe they are seeking a candidate who is very qualified, able to think dynamically, and communicate through problems.”
• “We receive an extremely high number of applicants every year, making it challenging to select just a few to start every year. Candidates are expected to go through two to four rounds of interviews, typically performing two cases total. Cultural fit is a huge factor; connecting with your interviewer is important. Additionally, the firm definitely seeks candidates from top schools in the country and doesn’t typically hire from less-prominent schools.”
• “The process will have multiple rounds, testing both analytics and team fit. We’re looking for people who will be strong analytically, are inquisitive and strategic thinkers, and will thrive in a team environment.”
• “Fast great process that’s targeted and efficient. Gives a strong realistic preview of the job, teammates, and expectations for career trajectory. Ideal candidate is someone smart, driven, curious, and collaborative, with interest in the life sciences/healthcare industry. Most importantly, someone open to feedback and with critical thinking skills that seems likely to offer interesting new perspectives, which is why they hire from broad discipline/major areas.”

Interview Questions

• “From my experience, I got asked to walk through a typical life science consulting case (qualitative and quantitative). A large part of the interview process was also behavioral questions.”
• “Market sizing, pricing, product valuation. Behavioral questions revolve around interests in healthcare/life sciences, problem solving, communication, and ability to be a team player.”
• “Typical questions include: Why do you want to work at Putnam? Why do you want to work in the life sciences industry?”
• “Market sizing, life sciences—focused case.”

Uppers

• “People, reputation, emphasis on quality, and scope of what the overall organization can do.”
• “I enjoy being challenged with the work every day and always learning something new.”
• “The collaborative, flat culture; great structure to learn.”
• “Interesting work, great people, upward mobility.”

Downers

• “Excellence can be demanding.”
• “Broader PE umbrella and Inizio ownership dilutes strength of core consulting group.”
• “Limited template-based work means every project is an interesting new adventure.”
• “Work/hours unpredictable at times.”