What are associates and how do they fit into project teams?

Associates also play a key part in our project teams. PHB associates are generally on a "career track," working to become partners. They have advanced degrees (Ph.D.s in economics, MBAs or similar degrees) and often work independently, as well as on project teams. However, a number of projects are staffed only with partners and analysts. In these cases, analysts are expected to take on greater responsibility, but also have greater opportunities for learning.