should I take a risk and try to break into I-banking?
I recently graduated this past May from a Top 50 non-target with a 3.3 GPA as a Pre-Med concentration. I've always been a bit uncertain as to what to pursue, and found Medicine to be my calling before I became familiar with the opportunities within I-banking from friends/classmates/roommates etc. I took the MCAT this past summer, and scored average on the test, so my only option now is to attend an offshore Medical school in the Carribbean. I have a lot of hang ups about going, in particular the work load and living on a foreign island, but it seems to be the only opportunity I have at this point...
I applied for jobs even across the board, in order to gain some work experience before applying to an MBA program. However, the only possible career I could find was for an emerging Healthcare consulting company in the Midwest. Also, based on practice tests I realized that I would be unable to break a 650 on the GMATH. Therefore, my chances for breaking into a MM boutique investment banking firm would be grim at best. I realize that securing a residency from a foreign medical school will be an up-hill battle, but I have some relatives and family members who have prominent connections with many medical directors, and some of which assure me that they will try their best to secure a residency for me when I return from Medical school. I realize that I have no guarantee or solid networks in the banking industry, therefore securing an associate or even analyst stint now or in the near future will be next to impossible based on the caliber of my application.
Additionally, I realize that I may have the opportunity to join a thriving Primary care practice after I finish my residency in Internal Medicine, and the base salary seems far above the market rate (think mid-six figures). I realize that earning this kind of salary potential this late in the game, for a guy who's been 6 months out of college, and does not have the (1) i-banking internships (2.) Network (3) Pedigree/ grades would be almost impossible. Like anyone taking such a risk to pursue a professional degree, I do care about my financial well-being as anyone should.
Out of the two options I have -- Healthcare consulting work experience, then MBA at NYU, Gerogetown, or Darden, then possible break into ibanking at 26-27? OR should I take a risk, live in a developing country for 16 months, complete my medical training in 7-8 years then have decent opportunities within Mediicne?
Thank you for all the advice and comments, I realize the post is extremely long. I just want to see what anyone would do in my shoes.
you used the word "realize" 6 times
healthcare consulting -> healthcare i-banking
done
Go to this site:
http://allnurses.com/
I think this will help you much more.
I wouldn't necessarily want to go to med school in the Caribbean (although I believe this is semi common for under performers?) but I assure you there are worse places to live for a few years. Especially if you enjoy Rum.
Go save some lives.
My buds who are in residency tell everyone to not even think about going to a non-US medical program. The residency match is getting even more and more competitive for IMGs. Imagine having $300k to pay back and only getting a family practice residency in Detroit. Fuck that noise. And $500k/yr for family practice?! That's orthopedic surgeon territory. Try less than half of that - if your lucky. I agree with the Healthcare consulting.
Medicine to IB? WTF?
I strongly, strongly doubt that you will get 500K for primary care right out of residency. I don't know how you came up with this number, or if you have some "in" that makes your situation unique, but I used to be a headhunter for physicians and I think closer to 150K is more realistic.
omg, if you can make 500+ doing PRIMARY CARE then don't even bother with banking.
Thanks for all the posts and comments guys... I think I'm leaning on the MBA route, because it just seems a lot more glamorous than spending over 1 year on an offshore island... I also think I enjoy the quality of the work better as opposed to examining patients and sticking my nose deep into a Histology textbook all day.... In terms of the salary figure, my father owns a few clinics, and has about 3 PAs and 2 NPs working in each one. The beautiful thing about Primary Care is that you can leverage a lot of the procedures to NPs and PAs. So, while a specialist or surgeon may earn more per procedure, he is unable to leverage and can rely on less procedures for more money, where as for a primary care it's opposite. From experience, is breaking into Healthcare I-banking into a MM Boutique possible at the associate level in my case??
Yes, breaking into banking from MBA is not in itself all that difficult, because as you will realize that most people who have gone through this route earlier are now striving for the PE/VC/HF experience.
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