Biotech ER does not pay that much
Just saw a lot of NYC job postings with salary ranges. I used to think biotech pays high but mostly between 100k to 150k. Biotech hires mostly PhD, MD. They can easily make 150k in industry with working 40 hours a week. Why would they come to work for sell side? Puzzling. A lot of buyside also directly hires from industry even those without finance background.
The salary ranges are probably base only. Before the layoffs, I heard first-year biotech associates were getting 200-300, more on the higher end.
I would be surprised first year associates can get to the higher range of the 200-300 even in a hot sector like biotech, unless they have prior work experience post PhD/ MD. In that case, they would be first year in this industry but not “associate 1” per se.
No. My comp at an MM with good presence in biotech was $140k all in first year and probably would have been $175k all in second year. Associates did not make more than $200k.
My figures are based on inflated 2020-21 salaries. I know many associates clearing well above 200+ covering biotech/software/etc.
$140 all in seems low for associate 1 (post MBA) in biotech even prior to COVID.
Were you PhD or MD?
Base salaries are uniform across sectors for juniors.
Please next time think critically about what you're writing.
Bet you felt real smart after typing this
Pretty much half the reason I type on this site, so yeah, thanks for noticing
Following on from earlier comments by @bulugawhale, @anonymous_IV, and @GenericUsername119, I had always been under the impression that all in comp for an Associate would be more akin to what GenericUsername119 outlined
unless they have prior work experience post PhD/ MD. In that case, they would be first year in this industry but not "associate 1" per se.
While I'm planning a pivot into Biotech ER, I'd nevertheless be coming in with a PhD + experience running a medical writing boutique & having been CSO of a VC-backed startup, so any additional color would be much appreciated, gents
It really depends on how much the firm/team values your experience and how much power “leverage” lead analyst has in making the case on how much the firm want to pay you. You can potentially come in as an associate 2 or 3 and be looking at close to mid 200s at a good firm.
It really depends on how much the firm/team values your experience and how much power "leverage" lead analyst has in making the case on how much the firm want to pay you. You can potentially come in as an associate 2 or 3 and be looking at close to mid 200s at a good firm.
Thanks for the heads up, anonymous_IV ― those are valuable qualitative & quantitative data pts I hadn't even considered beforehand, given that my focus was primarily on Associate I roles covering SMID caps either at BBs or healthcare specialty MMs
Can I ask how old you are?
Still trying to decide which of the DTC epigenetic tests to buy in order derive my biological age, so ¯\_(ツ)_/¯
Just kidding ― happy to discuss via PM
You get an MD/PhD, go to ER for 3-4 years, then go industry where you move into either BD, CD or strategy. From there you can pivot to C-level role, PE or to VC.
You're not factoring in residency (~$55k/year +$5k/year for 3-7 years) or post-doc (also low) time.
Banks pay ~$250k all-in in ER for a 1-2 yr experienced associate with MD or PhD. Buyside is ~$250-$400k minimum guarantees in biotech. If you become idea-generating or P&L tied, that's jumping to $500-$700k minimum and upwards of a few million if you crush it. If you're a PM or Managing Partner of a fund, earnings potential is unlimited.
And lastly sometimes people make decisions not just based on pay, but on other factors as well.
Could you please give us some names/examples of firms that pay that much compensations for medical scientists and physicians !
I honestly think these figures are just exaggerations.
Any BB lol.
Associate 1-2 base is like 150-180 (I forget the exact numbers but that's ballpark). 70-100k base isn't impossible.
I run a biotech hedge fund. I’m very aware of market rate for analysts and my own comp historically, as well as comp at most established SMs and MMs in biotech.
Is it possible to break into biotech as an associate without an MD/PhD? I have BS in Biomedical Science, does that give me any credibility at all? (For reference, I’m going to start applying for ER this fall, currently a research analyst in AM)
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