Has anyone else found biotech equity research to be a tough field to break into?
Seems like most positions have hundreds of applicants. With such a limited number of seats available in ER, I’m a bit perplexed at how people are going about recruiting. Not to mention this unfavorable market as well. I’d appreciate tips if you have. If it matters, I’m completing a PhD shortly.
It’s been tough given bank collapses. I’m not in Biotech but one of the top guys in my space worked at CS. I talked to him at a conference and he’s bringing a few of his associates along with him to his next shop. Also places like SVB specialize in biotech ER. You’re fighting against guys with experience. My prediction is that it will get better come next bonus season.
It seems competition includes new hires completing advanced degrees, plus experienced associates leaving shops in groups. The talent pool is extremely qualified, I agree.
I covered biotech for a bit - recruiting is heavily market / capital driven, and pharma / biotech was already going out of favor before SVB went under (and they banked a lot of biotech cos). Though I think it won't be as helpful in short-term, I would recommend networking with both sellside AND buyside guys, so that when a spot opens up, they can send your resume over to anyone and everyone. A lot of the MDs / partners at most biotech funds I met were on the board or committees for universities (e.g. research institutes, med schools) and orgs (e.g. MD Anderson, Moffitt, etc.) and they donate a lot of money - long shot but you'd be surprised at how nice people can be if you ask politely. I've only heard of one person who got a job that route, but gotta cast net wide. Try also going fund by fund (e.g. Perceptive, Pharmakon, Casdin, RTW, etc.) and networking with research associates just to hear how people got their jobs - juniors tend to be more receptive to flattery.
Hundreds of applicants per position is nothing. Thousands of applicants apply for a single position in banking sectors. So keep trying.
I guess this results from oversupply of PhDs just like oversupply of engineers.
I have once met an engineer who work as a clinical coder in insurance company which requires medical knowledge of diseases LOL.
I've found job boards which say they prefer people with the relevant science/ technical backgrounds for biotech ER. This has been asked in interviews too
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