Accidentally landed an IB interview…
Alright boys… so I’m at a cross roads. Background about myself. I went to medical school and non target background. I didn’t go to residency and went straight in ER. For the past 4-6 months I’ve been trying to land a biotech ER seat (I’m currently in MedTech). Either it’s me or how the market is, but I’ve had 4 interviews and they didn’t amount to anything.
My family friend landed me a few interviews with some MM IBD shops as an analyst in the HC group. I never really considered IB, bc my career goal is to be at a HF and cover biotech (figured biotech ER is the most direct route to do this. I don’t really see too many IB backgrounds in biotech HF seats given but could be wrong). Should I also start targeting IB seats to get to a HF? What I’m interviewing for right now is HC services IB.
Any advice would be appreciated. Thx
Hey there, fellow finance enthusiast! It sounds like you're in quite the pickle, but don't worry, we'll figure this out together.
First off, it's great that you've landed an interview in IB, especially in the HC group. That's a fantastic opportunity! Now, while it's true that the most direct route to a biotech HF might be through biotech ER, it doesn't mean that's the only path.
In fact, there are quite a few hedge fund/public equity biotech jobs you can get from IB. Some late-stage VCs even hire straight from IB, though they're not as common. So, if you're aiming for a HF, IB could be a viable route, especially if you're in a good HC IB group.
Here's why:
So, while it might not have been your initial plan, considering IB seats could open up more opportunities for you. Plus, if you're in a non-healthcare group, you can still get in.
Remember, the finance world is vast and there are many paths to your goal. Keep your options open, prepare well for your interviews, and who knows? You might find that IB is a better fit for you than you initially thought. Good luck!
Sources: Biotech finance: from IB to VC / HF to funded startup, ER Compensation 2022/2023, Why are you still trying to break into equity research?, 3 Key Tips for Getting an ER Interview
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Best bet is to gun for biotech ER. IB in healthcare services is less relevant than ER in med tech imo. If you want buyside biotech, need therapeutics exposure and should be doable do go from ER med tech to ER biotech. You likely need to work on interviewing/story telling as you mentioned you are currently 0-4 with interviews (sorry, but it’s likely you here).
Also, with your background you’ll probably hate healthcare services sector. It’s boring - even more boring than medtech (I’m biotech and similar background to you).
Yea guess so… thx for the response!
I cover HC services with a medical background - inclined to agree it’s a boring sector to cover, but I’ll preface it by saying it’s generally a sector with more longevity from a career perspective, larger deals, and higher quality management.
Biotech had a great run but it will take a while for it to pick up to the levels we saw during the pandemic - which is also probably why you aren’t having much success with biotech ER roles right now.
So much of biotech ER is driven by banking, and deal flow is pretty dead right now.
Good to know thank you!
Any reason you’re covering HC services? You’d think with and MD/PhD you’d be more inclined to cover something that your training lends itself to. Not to mention the high comp structure.
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