MD/MBA or try to break into finance?
I'm a current pre-med student having significant doubts about medical school and I'm wondering about transitioning into finance. I know there have been a lot of these posts but I've read them and still have questions I could use help with. I know it's a long post but I really appreciate your time and advice as I try to gather as much information as possible before making a potentially huge decision.
Backstory:
Neuroscience major and applied math minor at a top 20 undergrad school. I was back and forth about medicine throughout undergrad but eventually decided to apply because I enjoyed my clinical experiences more than my research. I never really considered other options (healthcare consulting briefly) and now in my gap year I'm having significant doubts. Reasons for doubting medicine: 1. I question my passion for it, which at a stage this early, is a huge red flag. Patient contact is being rapidly replaced with paperwork as PA's take over certain areas of medicine 2. the majority of doctors don't recommend a career in medicine. Many I've met and spoken with are jaded, overworked, underpaid, and burnt out. Luxury specialties like dermatology offer the big money and the relaxed lifestyle but I could never see myself happy as a dermatologist 3. Money is a huge factor. Currently $30,000 in debt from undergrad, completely on my own for paying for medical school and the usual concerns (lost earning potential, poor pay during residency, malpractice insurance etc...) combined with the attractive earning potential in finance.
Business interest: In my time off from school I started a small tutoring company which has been one of the most enjoyable, educational things I've ever done (I'm also doing bench research which I'm definitely not interested in). I have a passion for entrepreneurship and which set me on an MD/MBA path at the end of my senior year. I took the GMAT and got a 760 and I'm currently applying to only schools with MD/MBA programs. The combination of medicine and business definitely interests me (healthcare IB, hedge funds etc...) and I've done some investing in biotech companies on my own which I've enjoyed.
My question now is should I commit 5 years and a ton of money/debt to getting an MD/MBA if it's the business side that attracts me more? Is it possible to break into a finance job right away and skip the MD? It definitely doesn't seem worth it to do 5 years of MD/MBA just to leave for a banking job and never practice medicine. Additionally I've heard a lot of people say that an MD/MBA doesn't provide the opportunities you might think it does, it's really the years of practicing and clinical expertise along with an MD/MBA that make you a true asset to a company. But then again there are people like Jared Sender and Michael Burry who made the direct transition with huge success.
Right now I'm going to go through the entire MD application process (already applied so I go through interviews next) but I'm also looking to apply to IB and hedge fund jobs in the fall. I'm wondering what is the best way to get more finance experience to see if I really like it? Right now all I have to go on is some discussions with current I-Bankers, the fact that my personality and skills seem applicable to the field (self-motivated, hard working, analytical skills, problem solving, teamwork-->all things I would love to use in a career), and the fact that I've enjoyed working with my company so much (although I know that has nothing to do with the work or lifestyle of an IB analyst). I know MIT releases course materials online that I can look into. Should I try to get to take CFA level I or just learn as much about finance online as I can and talk to as many professionals as possible? I'm going to try to network for job opportunities but also with MD/MBA's to see what their experience has been like. I'd still love some advice on how to get more finance experience and what steps to take to try and break into a job opportunity. The only reason I'm even considering it is because my prep for med school has built a solid resume and GPA/test scores that I think could be attractive despite my lack of a business background. Thanks for the help I appreciate it!
Look up Cal Newport's blog and read his book 'So Good They Can't Ignore You' if you get a chance to. Bottom line, you should seek out challenges and try and build a rare and valuable skill set first, and from that you'll get the benefits most people equate with career 'passion' (competence, autonomy, and relatedness).
If you're interested in ever getting into the biotech/pharmaceutical industries, which you probably will be once IB/HF wears you out, then get the MBA. However, as you referenced, Jared Sender went into asset management directly and only got an MBA recently in an executive program. For finance, I think the CFA is your best bet at showing your competence/interest in finance, and the actual knowledge you would gain would probably outweigh what you'd get from an MBA classroom directly out of undergrad.
Check this link out: http://forums.studentdoctor.net/threads/physicians-in-the-pharmaceutica…
Good luck, and given your background and the fact that you're asking the right questions so early in your career, I'm confident you'll do well.
ps take as many financial modeling courses online as you can during your downtime, and then practice building models from scratch for any company that you come across. See how your valuations play out in the market, where you'll get the constant feedback necessary for 'deliberate practice.'
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