PhD, engineer to Equity Research
Hello. I am seeking some advice on breaking into ER from the experienced Monkeys here and would appreciate any input. I want to know if there is anything I can do besides networking like crazy. Do you think if it is beneficial to get my feet into finance first like some quantitative positions if there are opportunities in some banks and then go from there?
A little background about myself: I received my PhD in science from a top public research university and currently work in R&D at a big healthcare product company. I passed three levels CFA and took some MBA courses in financial modeling when I was in graduate school.
When I graduated about two years ago, I was considering an alternative career to the more traditional tracks like ER/consulting but did not make it. Then I got an offer from my current employer. It was a great company and I really wanted to get out of school so I accepted it. After I started working in R&D, I have been feeling miserable and do not think I want to pursue this for the rest of my career. So I want to pick up ER again.
When I was applying to the ER positions before, I drafted a 30-40 pages report on a biotech company and sent it with my application but never heard anything back. I trade stock occasionally and start following the market more closely in recent years.
Some friends suggest part time MBA but I currently live in dallas and want to relocate soon so I don't want to attend a program here. Another reason is that I really do not see a lot of value without relevant working experience although I have met people who switched careers into ER through it. However, I started an online statistic master degree in a very good program which could be carried around even if I move. I sort of want to integrate data science into my background.
Really appreciate any perspectives. Thank you!
If you have a similar background, you should PM me. It is fun to share experiences.
I'm sort of in a similar situation. My take is only biotech/specialty pharma equity research position will sometimes take PhDs and these positions are very limited. But since you passed all levels of CFA and statistics courses, maybe you will have a shot at other entry level finance gig or consulting opportunities too.
You have a PhD in science that demonstrates an ability to dive into scientific literature and have passed all 3 levels of the CFA, you are a competitive candidate in the healthcare space. With an engineering degree, I would suggest focusing on the medical devices/technology positions rather than biotech/pharma.
Now, there are not many of these positions out there. What you should do is research who the analysts are in the field and contact some of them for informational interviews. This is not only solid networking and your best path into an interview, but will also prove very helpful in determining both how you could improve your candidacy and if this is the actual path you want to pursue. Best of luck to you.
Thanks for your input! Li-yi and BioTekkie.
No problem. I want to edit my original advice, though. If you have passed all 3 levels of the CFA, you might not need to limit yourself to just the "sciencey" sectors, only if you want the research to be relevant to your PhD. I would suggest networking with analysts from any sectors that interest you, but be sure that you are aware of current trends and news in that sector before reaching out. If you have a couple of stock pitches in your pocket in case that comes up, you are doing well. It will take time to break in, could even be a year or more, but just keep contacting analysts, getting those phone interviews, and you will get there.
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