Is my career over?
I am currently a senior at an Ivy League. I did not get my return from my junior summer investment banking internship, and I had the shit luck of landing a consulting gig after a month and a half of prep. However, it is in life science consulting with a no-name boutique that focuses only on the pharma market access and commercialization. I feel like I can already see a career ceiling where my exit into pharma, even after an MBA, will probably get me to make a TC of 300-400K by age 35. The other option would be grind out and possibly join a biotech (though I don't really think they hire market access people), that is a Schrodinger box itself, where I bet 5-10 years of my career on something that I have no control over until Phase III results come out. My family friend, who is a genius scientist, recently failed a phase 3 after 15 years of effort, and all the effort and money went down the drain, so is his reputation. I really don't know if I want to sign on for a life gamble like that. I would much rather be an entrepreneur who has some control over the outcome through the process, despite the obvious uncertainty. I feel like such a failure compared to my peers landing top IB or like tech jobs that get them to mid 6 figures before they turn 30. I don't even see a possible way out of this, even with an MBA, as the job market for MBAs is also getting tighter and tighter, and probably only gonna be worse 5 years from now by the time I enroll. I am also quite old, considering that I will graduate from college at 23. I really just hope to get some guidance from the community to understand if I should just accept the fact that I probably will never be a high-earner or if there is still hope somewhere. Thank you yall so much.
Your career is far from over, and there are still plenty of opportunities to pivot and achieve your goals. Based on the most helpful WSO content, here are some key insights and actionable advice:
1. Perspective on Your Current Situation
2. Reassess Your Career Goals
3. MBA as a Reset Button
4. Comparing Yourself to Peers
5. Actionable Steps
6. Hope and Perspective
Remember, you're not alone in feeling this way, and many professionals have faced similar challenges. Keep pushing forward, and don't hesitate to seek mentorship or guidance from those who have navigated similar paths.
Sources: The Allure of Investment Banking, The Efficient Career Hypothesis: Almost All Jobs Are Priced In, I feel like a Failure
It’s over
Mind elaborating?
"....will probably get me to make a TC of 300-400K by age 35...."
"....understand if I should just accept the fact that I probably will never be a high-earner...."
I hate this website
My thoughts exactly.
“Is my career over?”
Hey there, just like every grinder out there, feeling a bit lost that’s all. Isnt banking total comp come to 300K near senior asso level?
Yes, actually more at Ass 2/3 level, but we’re also compensated to trade every single hobby and other piece of life we have outside of our careers to work (or atleast be online/available) 80-100 hours a week 50-51 weeks out of the year. Banking becomes your entire being. That is why we’re compensated the way we are. WSO is typically the only break i get outside of spreadsheets/emails/decks/teams.
Bump, good luck hope you get some help
You can always take it and re-recruit for healthcare banking gigs within the first year
Its not over until you say its over
It always buffs out
do you mind if I dm?
I'm an actual retard of a student with absolutely zero credibility, but yes.
Touch grass kid. Your career literally hasn’t even started yet.
I can understand this sentiment well. It's reminiscent of my own views when I was your age. I know painfully well that you've likely had this idealistic career path of Investment Banking for two years, Private Equity for two years, MBA into whatever else to carry you onwards and upwards and it all began with your first investment banking internship.
I've been in your shoes so often, I'm fairly certain we wear the same size. So I'll tell you what I learned then. The world is far more grey and far less formulaic than we imagine it to be. Your success is not purely a product of your work ethic (if only it were so simple), but rather a combination of your continued discipline, humility, and open-mindedness.
You're about to meet folks who've approached different phases of their lives and know other consultants or consulting firms, and other professional service folks. So approach them with genuine fascination and make the most of the opportunity you've been given.
There is no rulebook stating that you must pursue an MBA to re-recruit or that you're limited to the life sciences or pharmaceutical space. There's nothing stopping you from studying and mastering a separate industry from public research and creating a newsletter on key thematic trends of sub-ecosystems. There also isn't a rulebook in only recruiting on-cycle or exclusively for investment banking. Why not work a year in this boutique and exit to a T2 shop for their PE Due Diligence work? Why not work a little bit, and then try your luck in the VC space within health-tech? Why not reach out off-cycle to boutique IB shops and pitch them a stock? Any number of other options are out there if you consider them in good faith.
Also... you're 23. Not 30. Not 35. Not anywhere close, really. Your first job doesn't define you; I'm living proof of that. You're thinking that if you don't get this IB experience, then you're behind your peers or behind your max earning potential, or something of that nature I'm guessing. Well guess what? You could get an offer at Morgan Stanley only for them layoff 2.5k employees. You could invest your money in the stock market only to watch it crash in a once a decade event like COVID. You could lose your income in any number of ways from macro shocks with the current administration. That doesn't mean you won't polish off your resume at the receiving end or just give up altogether. It just means your expectation and reality are in misalignment and you've gained perspective for next time.
All this to say there are worse things in life than to not recieve an offer into investment banking. And on my end, I can't imagine anything worse than having to work in that field in particular, but to each their own.
tl;dr - there are worse things in life than being healthy, young, and employed.
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