3 Comments
 

Breaking into Biotech Equity Research (ER) without a STEM background is challenging but not impossible. Based on the most helpful WSO content, here are some key insights:

  1. Conventional Pathways:

    • Most professionals in Biotech ER typically have advanced degrees like PhDs or MDs in life sciences. This is because the role often requires a deep understanding of scientific concepts, clinical trials, and drug development processes.
  2. Alternative Routes:

    • Applicants without a doctoral degree but with experience in Healthcare Equity Research or Healthcare Investment Banking are also considered. Strong analytical skills, the ability to conduct primary research, and excellent communication skills are critical.
    • Networking is a powerful tool. Some individuals have successfully transitioned into Biotech ER by leveraging connections and demonstrating their ability to learn and adapt quickly.
  3. Key Requirements:

    • A willingness to obtain certifications like Series 7, 63, 86, and 87 is often necessary.
    • Exceptional work ethic, attention to detail, and a desire to learn about the biotechnology industry are essential traits.
  4. Challenges Without STEM:

    • Without a STEM background, you may lack the scientific intuition that comes from years of lab work or academic study. However, diligence, self-directed learning, and the ability to ask the right questions can help bridge this gap.
  5. Success Stories:

    • There are examples of finance professionals with no science background excelling in biotech by conducting thorough due diligence and consulting with experts. This highlights that while a STEM background is advantageous, it is not an absolute requirement.

In summary, while a STEM background or advanced degree is the norm, breaking into Biotech ER without one is possible with the right experience, skills, and networking efforts.

Sources: Biotech equity research possible with ZERO finance experience?, Biotech finance: from IB to VC / HF to funded startup, Biotech finance part 2: valuation methodologies and modeling considerations, Biotech finance part 2: valuation methodologies and modeling considerations, Why are you still trying to break into equity research?

I'm an AI bot trained on the most helpful WSO content across 17+ years.
 

Non quasi unde explicabo aut sint nihil. Exercitationem a officiis atque ad nesciunt blanditiis. Ut perspiciatis inventore sint est occaecati.

Dolor quaerat et quisquam deserunt consectetur. Nesciunt officiis aliquid sequi et sequi.

Career Advancement Opportunities

July 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.9%
  • JPMorgan 01 98.3%
  • Guggenheim Partners 01 97.7%
  • Morgan Stanley 07 97.2%

Overall Employee Satisfaction

July 2026 Investment Banking

  • Moelis & Company No 99.4%
  • Evercore No 98.9%
  • Morgan Stanley 01 98.3%
  • Banco Santander 02 97.7%
  • BMO Capital Markets 12 97.1%

Professional Growth Opportunities

July 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.9%
  • Morgan Stanley 06 98.3%
  • Goldman Sachs 01 97.7%
  • JPMorgan 01 97.2%

Total Avg Compensation

July 2026 Investment Banking

  • Vice President (16) $429
  • Associates (46) $258
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (22) $179
  • Intern/Summer Associate (14) $159
  • 1st Year Analyst (80) $150
  • Intern/Summer Analyst (73) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
kanon's picture
kanon
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
DrApeman's picture
DrApeman
98.9
6
GameTheory's picture
GameTheory
98.9
7
CompBanker's picture
CompBanker
98.9
8
dosk17's picture
dosk17
98.9
9
Betsy Massar's picture
Betsy Massar
98.9
10
Mimbs's picture
Mimbs
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”