Breaking into Biotech ER out of Undegrad?
I'm a sophomore at a top STEM school hoping to break into Biotech ER or L/S out of undergrad, targeting top boutiques that specialize in Biotech (Evercore, Leerink, Cowen, Cantor, and BBs). I'm only really interested in public equities, so while I will still probably recruit for IB, it's more transferrable to VC/PE/CorpDev than publics.
I'm a dual Bio / Econ major, have a lot of prior Bio-related academic research, and an L/S Buyside internship next summer at an SM specialist Biotech HF.
I would love to get people's insights on the best way to try and leverage ER offers with a Biochem B.S, as most people come in with PhDs/MDs, and there aren't typically as structured processes as for IB (with their SA -> FT pipeline).
Ah, breaking into Biotech ER straight out of undergrad is a jungle gym, but it sounds like you're swinging in the right direction! Here's how you can leverage your background and experience to stand out:
Dual Major Advantage: Your dual major in Biology and Economics is a potent concoction for Biotech ER. It shows you've got the scientific knowledge to understand the nitty-gritty of biotech companies and the economic savvy to analyze their market potential.
Research Experience: Your academic research in Biology is a golden banana. It demonstrates your ability to dig deep into scientific data, a skill that's highly valued in ER, especially in a specialized field like Biotech.
Internship Experience: The L/S Buyside internship at a Biotech Hedge Fund is a treasure trove of relevant experience. It's a clear signal to employers that you're serious about this path and have some practical experience to boot.
Networking: Start swinging from vine to vine in the networking jungle. Reach out to alumni from your school who work in ER, especially those in the Biotech sector. Use platforms like Wall Street Oasis to connect with professionals and seek advice.
Tailored Resume: Customize your resume to highlight your relevant coursework, research, and internship experience. Make it clear that you have a strong foundation in both the science and the financial analysis of biotech firms.
Pitching Yourself: When you're reaching out to firms, be clear about your passion for public equities in Biotech. Articulate how your background, while not a PhD or MD, brings a unique perspective to the table.
Interview Prep: Be prepared to talk about your research and internship in detail. Also, brush up on your technical skills. The WSO Interview Prep resources can be a great help here.
Leveraging Offers: If you do get an offer, you can use it to expedite other processes. Be tactful and express your strong interest in the firm you're communicating with, but let them know you have a competing offer and ask if there's a way to accelerate their timeline.
Remember, while PhDs and MDs are common in Biotech ER, your unique blend of skills and experiences can make you a standout candidate. Use your scientific background to demonstrate deep industry knowledge and your econ skills to show you can translate that into actionable investment insights. Swing confidently, future Biotech ER analyst!
Sources: Top 10 Undergrad, Top 10 MBA... Unemployed 3 months, 2 not great offers to decide between, How to leverage offers, Guide To Evaluate a Biotech Company, How to Contact an ER Analyst and Get a Response, Best France/Europe Research firm
Goodluck. It’s been done before, but right now I know MDs and PhDs who are struggling to do so.
A lot of the non advanced degree people you see in the field came in during the biotech bull run in 2021.
However you might be a better fit for a non smid cap team.
I’m in biotech ER with an MD.
Bump
Op DM me? Similar career goals could prob learn from each other
Does your undergrad allow joint MS? know two guys who did this and ended up in biotech ER. I’m not aiming for this industry so know very little, but maybe it helped them compete with all these advanced degrees.
Unfortunately not which sucks-most of my peer schools allow this and most of our coursework is grad level anyways (50/50 grad and undergrad students in most of my classes)
maybe that’s just selection bias as opposed to a useful trend (guys passionate enough about biotech to break in are also exceptionally capable at a STEM field). Again idk anything about biotech ER recruiting.
have you tried bx life sci? know they are hiring interns for 2025
You could also break into medtech ER, and then pivot into biotech.
Thanks-also I have the option of returning to my buyside L/S shop after undergrad. How would a ~200M L/S shop compare to A few years in Medtech and Biotech ER if my hope if eventually being at a BVF/RA/orbimed type firm.
Find dependent. Most people at orbimed hired also do have advanced degrees, but at some point none of that really matters. This is a meritocracy at the end of the day.
I basically did this same thing. Although you have a leg up on me with the internship at a specialist shop - so congrats on that.
Take advantage of the summer, you'll have great insight on the buyside and how it interacts with sell side research.
The best thing that you can do is follow your own "coverage." Pick a couple of names, smid caps, mid caps, and 1-2 large cos in the single digit billions. Know the names, access ER from your school's databases and see what people are saying about the stock. Read transcripts, filings (10-Ks are great at getting to know a company without any prior knowledge), news articles, etc.
If you have time, create you own model and valuation of the Co. Determine from there (plus your own opinion of future clinical trial readouts) if the stock is under or overvalued. Write a report on the name. This will help hone your thinking. If you do both of these, you have an amazing work product that you can send to people when you network with. You'd be amazed at the initiative this shows and how you can "hustle" and stand out from other candidates.
My advice is applicable for a research role regardless of sector: Write a company research report and build an excel model and send them to lead analysts at various banks, and ask 15min of their time to chat about your interest. In the report, talk about your price target/ investment rating (buy or sell only), including a brief company background, investment thesis (why you think a company should trade at this price), catalyst(s) and time horizon that will drive stock infection to reach your price target, and risks to your investment thesis. Then discuss in detailed on why these catalysts are important and why they’re being under-appreciated by the current market. For the model, depending on the company/sector, the main focus is generally on revenue build and income statement. 90%+ of candidates don’t do this and this is one sure way for you to stand out among hundreds of applicants out there (we get hundreds of resumes per opening).
Thanks super helpful although I’m curious if we should really reach out to lead analysts? I assume you’re talking about the MDs that have associates working under them. I thought they’re too busy and it would be better to network with their associates, any thoughts on this thanks
Talk to the associate to learn about the team and company culture but send the report and model to the lead analysts because they are the ultimate decision makers. If you send them the report along with the resume, I’m almost certain they will be read briefly. And if you’re not getting a response after a day or two that probably means the lead analysts are either not interested and/or they’re not hiring.
99% of the time the lead analysts don’t care about their associates opinions on who to hire/ who are bad candidates. Yes the associates can probably get you an interview spot but it would not improve your chance of landing a spot in the end. Your best bet is to get lead analysts attention.
Reach out to analyst… associates can’t and won’t really do anything for you imo.
When I was in med school I spoke with everyone to build up my convections, but after graduating really only analyst helped me land a job.
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