Currently in biotech consulting and just accepted a strategy role at a major pharma services company. Without an MD/PhD, what are my chances at breaking into biotech ER over the next few years if I hammer applications, networking, SIE, and online modeling classes?
Anything else I should consider to increase my odds? Also coming from a non-target background for what it’s worth
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Ah, the quest for biotech equity research (ER) is a thrilling one, especially coming from a biotech consulting background! Based on the most helpful WSO content, let's break down your situation and strategize your leap into the biotech ER realm.
Non-Traditional Background Advantage: Your current trajectory in biotech consulting and strategy role in a major pharma services company is actually a strong suit. The story of a user in the WSO threads, who was a medical doctor with clinical experience before jumping into biotech ER, highlights the value of diverse experiences. Your background can provide unique insights into the biotech sector, making you an appealing candidate for ER roles.
Networking and Applications: Networking is your golden ticket. A user shared their success in landing an ER role by networking and applying aggressively, even without a traditional finance background. Start building relationships within the biotech ER community. Attend industry conferences, join relevant forums, and don't hesitate to reach out to professionals in the field for informational interviews. Remember, persistence is key. As one user mentioned, it only takes one offer to break in.
SIE and Online Modeling Classes: Passing the Securities Industry Essentials (SIE) exam and taking online financial modeling classes are excellent steps. These not only bolster your resume but also ensure you have the technical skills required for the job. A user emphasized the importance of being able to tie together their story with their skills, even without direct finance experience.
Writing Equity Research Reports: Consider writing 1-2 equity research reports on your own, as suggested by a recent grad in the WSO threads. This demonstrates initiative and provides tangible evidence of your analytical skills and industry knowledge. It's a great way to stand out during the application process and interviews.
Non-Target Background: Coming from a non-target school or background isn't a deal-breaker. Focus on leveraging your unique experiences and skills. A user from a non-target school with no-name internships managed to break into ER by persistently swinging the bat. Your non-traditional background, coupled with your industry experience, can be a compelling narrative if positioned correctly.
Additional Considerations: To further increase your odds, consider pursuing the CFA or other relevant certifications. While not mandatory, they can add credibility to your financial acumen. Also, actively contribute to financial blogs or platforms to showcase your knowledge and analytical skills in the biotech sector.
In summary, your journey to biotech ER might be unconventional, but it's far from impossible. Embrace your unique background, hammer on applications, network relentlessly, and continuously hone your skills. The biotech ER field values diverse perspectives and analytical prowess, both of which you're well on your way to demonstrating. Keep swinging, and you might just hit that homerun.
Sources: Simplified Guide to Breaking in as Non-Target (EASIER THAN YOU THINK), Recent grad looking to get into ER seeking advice, ER Compensation 2022/2023, 3 Key Tips for Getting an ER Interview, Q&A: Non Target, 4 Years in ER to PE
I’d say pretty high. I’m new in the industry so take what I’m saying with a grain of salt, but if we see another bull run in biotech they’ll hire anyone who knows what a lipoprotein is (look at people in 2020 who got into ER associate seats). I’m not saying they’re incompetent but some of them only had a bio degree (not challenging at all (I’m a bio major)).
You just need to be persistent and network especially if your timeline is a few years.
Out of curiosity why biotech ER? Jw.
Completely disagree with this take. Are you at a bucket shop? For an average+ bio ER seat, it’s very competitive and will continue to be.
Shops that’ll take anyone (imo): HCW, JMP/Citizens, BTIG, Roth, Wedbush, maybe missing some others.
lol nope I’m at a BB.
Just get an MD or PhD…
Nice thanks. Can I get one at Whole Foods?
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