PhD or MD for Life Sci MBB/ER?
Pretty much the title! I'm currently a student with a strong basis in drug development and biochem research. I'm very interested in the bench to bedside process, and although a majority of my experience is on the 'bench' side, I do want to focus more on the business and financial aspect of getting drugs to market.
I figured Life Sciences MBB consulting or ER would be a great jump-off point, but I want to get a grad degree first. I'm planning to finish undergrad, do an MD or PhD, an MBA, THEN join Wall Street
Question is, for my goals and aims, is the MD or PhD more valuable? Which one do firms want to see more? Which one is more impressive to big pharma clients in the future? Should I just do something other than Consulting or ER?
Thanks!
Either are good and each have their own perks (i.e., MD you understand the clinical dynamics, treatment flow, disease pathologies, etc. PhD you get more into the biology and technicals of a drugs mechanism of action, interactions etc.)
I feel like generally med school is harder... are you up for that? I think you should think about which path is most interesting to you rather than what is more valued. Both have their place in life science banking/consulting.
To be honest, they're both "interesting" in different ways to me. It's like you said, they each have certain strengths to them. It's tough to make generalizations but I feel like its harder to get into top med schools than it is top PhD programs. The PhD will take a year-ish longer too. Do you think that, at the point where I'll have the grad degree, I should go for an MBA as well? Ideally I'd be doing biotech-related business internships while in grad school, so the only upside for the MBA was the higher salary. IIRC, with a PhD (or MD) and an MBA I'll make 260 TC in consulting and a little less in ER, but both with 7-fig upside. The minutiae between the jobs (WLB, etc.) isn't really a huge issue for me right now.
The one thing that worries me is this. I've seen talking to non-clinicians who hold an MD and they've said that without residency and being an attending, the MD doesn't hold too much weight; It's mostly studying with your nose to the grindstone. The PhD is like carving out my own unique niche within drug development. It seems like it has much more practical viability.
I really like that medicine will have applicability throughout banking, and obviously, it's important to understanding business aims of big pharma. But adjusting for the time, saying that I did a thesis on the enhancement of neurodevelopmental prodrugs for Alzheimer's AND I've presented it at conferences and to VCs seems much more applicable to ER and consulting from a perspective of skills that translate. I'm on the fence. They both have really cool aspects.
My friend is the global head of biotech IB at MS/GS. He worked his way up without any advanced degrees.
I think the joint MBA/PhD program is your best bet.
Any specific reasons? Sorry, I just want to get some insight into what value each adds
If you are doing these degrees just to land healthcare banking roles, go do an MD over PhD.
PhD boxes you into biotech and is too much of a time commitment / low visibility into timing of getting the degree.
I have colleagues who did 5+ years of a PhD before dropping out to do banking - waste of time if you don’t end up getting the title behind your name.
MD translates across all sectors of healthcare and you will have meaningfully more flexibility to move when certain sub-sectors rotate out of favor (e.g. biotech to healthcare services to medical devices). It’s also only 4 years and you can skip the residency if you get a spot in banking.
Biotech is a volatile space so it’s good to not be boxed into it, especially in bear markets. Either way, PhD and MD is the same level of doctor in most bankers’ minds.
Just 2c from someone who moved to banking with an advanced science degree during the biotech boom.
Much appreciated! What are your thoughts on my reply to that in another comment? I'll paste it below.
"The one thing that worries me is this. I've seen talking to non-clinicians who hold an MD and they've said that without residency and being an attending, the MD doesn't hold too much weight; It's mostly studying with your nose to the grindstone. The PhD is like carving out my own unique niche within drug development. It seems like it has much more practical viability.
I really like that medicine will have applicability throughout banking, and obviously, it's important to understanding business aims of big pharma. But adjusting for the time, saying that I did a thesis on the enhancement of neurodevelopmental prodrugs for Alzheimer's AND I've presented it at conferences and to VCs seems much more applicable to ER and consulting from a perspective of skills that translate. I'm on the fence. They both have really cool aspects."
If the end goal is banking, it doesn’t matter that you didn’t do a residency. That only matters if you stay in a clinical role - which banking clearly is not.
Keep in mind, having an MD / PhD only gives you an edge when you start - your success after getting into banking will require the same work ethic / political finesse with finance roles.
Banking is something you want to start young - your runway becomes a lot shorter if you start your career at 35 vs. 25-30. I know plenty of associates who started at 35+ but they never quite ramp quite like the ones who got in earlier, and usually end up burning out and leaving before they get all the incremental benefits associated with banking experience.
You are better off using your prime years working and building relationships vs. residency / post-doc.
Keep in mind, this is if you are dead set on going to finance. But I would caution looking into this career path just for flexibility - it requires a lot of grit that is very different from academia / medicine.
I just love how people very casually mention MD & PhD in the same breath as though MD isn't infinitely more hellish or would (usually) give you any personal time for anything else asides studying strictly-medicine?
If you want ER/finance so much, why take something that's at best a roundabout route (a different path—to be more accurate)?
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