{"id":477,"date":"2021-02-15T23:57:52","date_gmt":"2021-02-15T20:57:52","guid":{"rendered":"http:\/\/phdcareerguide.com\/?p=477"},"modified":"2021-02-15T23:57:52","modified_gmt":"2021-02-15T20:57:52","slug":"expert-networks-can-provide-a-high-paying-source-of-extra-income-for-phds","status":"publish","type":"post","link":"https:\/\/phdcareerguide.com\/expert-networks-can-provide-a-high-paying-source-of-extra-income-for-phds\/","title":{"rendered":"Expert Networks Can Provide a High-Paying Source of Extra Income for PhDs"},"content":{"rendered":"<h2><span class=\"ez-toc-section\" id=\"Expert_Networks_Can_Provide_a_High-Paying_Source_of_Extra_Income_for_PhDs\"><\/span>Expert Networks Can Provide a High-Paying Source of Extra Income for PhDs<span class=\"ez-toc-section-end\"><\/span><\/h2><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_18 counter-hierarchy counter-decimal ez-toc-grey\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" style=\"display: none;\"><i class=\"ez-toc-glyphicon ez-toc-icon-toggle\"><\/i><\/a><\/span><\/div>\n<nav><ul class=\"ez-toc-list ez-toc-list-level-1\"><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/phdcareerguide.com\/expert-networks-can-provide-a-high-paying-source-of-extra-income-for-phds\/#Expert_Networks_Can_Provide_a_High-Paying_Source_of_Extra_Income_for_PhDs\" title=\"Expert Networks Can Provide a High-Paying Source of Extra Income for PhDs\">Expert Networks Can Provide a High-Paying Source of Extra Income for PhDs<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/phdcareerguide.com\/expert-networks-can-provide-a-high-paying-source-of-extra-income-for-phds\/#What_can_you_earn_through_expert_networks\" title=\"What can you earn through expert networks?\">What can you earn through expert networks?<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/phdcareerguide.com\/expert-networks-can-provide-a-high-paying-source-of-extra-income-for-phds\/#How_to_get_started_with_expert_network_consulting\" title=\"How to get started with expert network consulting\">How to get started with expert network consulting<\/a><\/li><\/ul><\/nav><\/div>\n\n<p>For most PhD candidates, time and money tend to both be in short supply.\u00a0 Fortunately, there is a large, but little-known industry that will pay you extremely well for sharing bite-sized chunks of knowledge.<\/p>\n<p><a href=\"https:\/\/expertopportunities.com\" target=\"_blank\" rel=\"noopener\">Expert networks<\/a> are a 20-year-old industry that generates over $1.5 billion in annual revenue by connecting management consultants and investors who need to urgently learn about a product, company, or market with people who are highly knowledgeable in that field. There are well over 100 expert networks around the world, facilitating over 1 million paid interactions with clients per year.\u00a0 With so much activity, there is a demand for people at all experience levels and with expertise in nearly any field, especially business, healthcare, and <a href=\"https:\/\/phdcareerguide.com\/career-information\/government\/\">government<\/a>.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_can_you_earn_through_expert_networks\"><\/span>What can you earn through expert networks?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Hourly rates paid by expert networks tend to be sky-high, starting at about $100 and soaring well past $1,000 for prominent executives, highly accomplished doctors, or former government officials.\u00a0 PhD students and recent doctorates will likely be on the lower end of that scale (until you gain more experience), but rates between $100 &#8211; $250 are very achievable.<\/p>\n<p>The standard expert network project is a one-hour phone call between the client and expert, where you generally provide a deep dive into the topic the client is researching.\u00a0 This usually entails providing an overview and data dump of what you know and then answering the client\u2019s questions.<\/p>\n<figure id=\"attachment_479\" aria-describedby=\"caption-attachment-479\" style=\"width: 300px\" class=\"wp-caption alignright\"><img loading=\"lazy\" class=\"size-medium wp-image-479\" src=\"https:\/\/i0.wp.com\/phdcareerguide.com\/wp-content\/uploads\/2021\/02\/Expert-Networks-Can-Provide-a-High-Paying-Source-of-Extra-Income-for-PhDsphdcareerguide.com_.jpg?resize=300%2C191\" alt=\"Expert Networks Can Provide a High-Paying Source of Extra Income for PhDs phdcareerguide.com\" width=\"300\" height=\"191\" srcset=\"https:\/\/i0.wp.com\/phdcareerguide.com\/wp-content\/uploads\/2021\/02\/Expert-Networks-Can-Provide-a-High-Paying-Source-of-Extra-Income-for-PhDsphdcareerguide.com_.jpg?resize=300%2C191&amp;ssl=1 300w, https:\/\/i0.wp.com\/phdcareerguide.com\/wp-content\/uploads\/2021\/02\/Expert-Networks-Can-Provide-a-High-Paying-Source-of-Extra-Income-for-PhDsphdcareerguide.com_.jpg?w=600&amp;ssl=1 600w\" sizes=\"(max-width: 300px) 100vw, 300px\" data-recalc-dims=\"1\" \/><figcaption id=\"caption-attachment-479\" class=\"wp-caption-text\">Expert Networks Can Provide a High-Paying Source of Extra Income for PhDs phdcareerguide.com<\/figcaption><\/figure>\n<p>Oftentimes, the client is <u>very<\/u> new to the topic and you are just providing some foundational information to get them up to speed, though some others have substantial experience of their own.\u00a0 In either case, the conversations are usually easy and engaging.\u00a0 Best of all, they are incredibly convenient; you schedule them at a time that works for you.\u00a0 You don\u2019t need to prepare anything and once the call is done, so is the project.\u00a0 There is no follow up or deliverable!\u00a0 Payment is usually sent directly to your bank account within one to two weeks.<\/p>\n<p>Some expert networks also facilitate surveys, which typically take 10 &#8211; 20 minutes to complete and pay $40 &#8211; $60.<\/p>\n<p>The downside of expert network consulting is that the volume of opportunities tends to be quite sporadic.\u00a0 If you\u2019re knowledgeable on a \u2018hot topic\u2019 like a company that is about to go public, upcoming regulatory change, or a new drug that is about to win government approval you could complete a handful of calls in just a few weeks.\u00a0 However, it\u2019s not unusual to go months between projects, either.\u00a0 Still, earning $1,000 &#8211; $2,000 per year is very achievable for active experts.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_to_get_started_with_expert_network_consulting\"><\/span>How to get started with expert network consulting<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Expert networks employ small armies of recruiters who spend all day identifying candidates who match the project criteria that they are trying to fill.\u00a0 These recruiters &#8211; nearly all recent college graduates &#8211; usually know little about the project\u2019s subject matter and are mostly focused on matching up keywords on candidates&#8217; profiles.<\/p>\n<p>The most common place they go to source experts is LinkedIn.\u00a0 In fact, you may have already received a message from an expert network in the past &#8211; many are disregarded because of the growing volume of spam in LinkedIn messages or because the offer sounded too good to be true.<\/p>\n<p>To get found on LinkedIn, be sure to use keyword-rich descriptions.\u00a0 Recruiters here focus on what you know, more so than what you\u2019ve done.\u00a0 A good rule of thumb is that if you could give a quality 30-minute presentation on a topic, you may know enough about it to complete an expert network consulting call.\u00a0 Make sure your area of study is described in clear and commercially applicable terms and that you have detailed descriptions of your work with current or previous employers.\u00a0 If you regularly use high priced services or products like software or lab equipment, make sure that is noted as well, especially if you played a role in making the purchase decision, implementation or training.<\/p>\n<p>Next, take some time to create profiles with a good handful of expert networks directly.\u00a0 Start with \u201cthe big five\u201d firms that comprise more than 50% market share:\u00a0 GLG, AlphaSights, GuidePoint Global, Third Bridge, and Coleman Research.\u00a0 There are numerous smaller and medium-sized firms that focus on a geographic region (particularly Asia, China, and India) or industry, particularly healthcare.\u00a0 With many firms, you can register as an expert directly on their website.<\/p>\n<p>Soon, you should start receiving occasional phone calls or invitations to apply for projects.\u00a0 Be sure to respond to these quickly, as recruiters will generally reach out to several dozen prospects to fill a few open slots.\u00a0 You\u2019ll need to respond to a few simple screening questions to qualify for a project.\u00a0 While you only need to provide a few sentences in response, make sure that these are precise and descriptive, showing how your experience and qualifications match well with what they are looking for.<\/p>\n<p>You\u2019ll typically only be selected for 20 &#8211; 25% of the projects that you apply for, and that rate may even be lower until you\u2019ve landed your first assignment and created a bit of a reputation with an expert network firm.\u00a0 Don\u2019t get discouraged.\u00a0 Do a great job on your first few calls and you can quickly establish yourself as the top expert in your niche, making you the go-to person on certain topics for future calls and sometimes opening the door to ask for a higher rate.<\/p>\n<p>These consulting calls can be an easy and lucrative way to supplement your income as a PhD.\u00a0 If you\u2019re looking for more strategies and advice on how to get started, check out this excellent step-by-step <a href=\"https:\/\/expertopportunities.com\/expert-network-guide\/\" target=\"_blank\" rel=\"noopener\">guide to expert networks<\/a>.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Expert Networks Can Provide a High-Paying Source of Extra Income for PhDs Table of Contents Expert Networks Can Provide a High-Paying Source of Extra Income for PhDsWhat can you earn through expert networks?How to get started with expert network consulting For most PhD candidates, time and money tend to both be in short supply.\u00a0 Fortunately,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":479,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"spay_email":""},"categories":[3],"tags":[79,80,81],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/phdcareerguide.com\/wp-content\/uploads\/2021\/02\/Expert-Networks-Can-Provide-a-High-Paying-Source-of-Extra-Income-for-PhDsphdcareerguide.com_.jpg?fit=600%2C381&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":494,"url":"https:\/\/phdcareerguide.com\/helpful-resume-tips-for-phds\/","url_meta":{"origin":477,"position":0},"title":"Helpful Resume Tips for PhDs","date":"19.03.2021","format":false,"excerpt":"Helpful Resume Tips for PhD's So, you\u2019ve graduated with a PhD? 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