A Biotech Career Decision
Hey guys. I'm an SA at a top biotech EB with a special background. I'm also pre MD/PhD and have a couple papers published and good medical volunteering (albeit I need more hours). I need to decide between a surefire life at the bank (work my way up or exit to a non-advanced degree friendly biotech investing shop e.g. BCLS/BXLS) and retire relatively early and end with $15MM in the bank.
Or I can go for the MD/PhD, continue making company pitches along the way and eventually start my own biotech HF.
I'm stuck deciding between the two and am looking for color on both. I'm smart and work like a deranged rabid animal btw and I believe that I can do well in either role. Here are my pros and cons:
Career banker/biotech GE:
Pros:
- Predictable career path
- Pick up hard skills right away
- Gives me structure
Cons:
- Feels like bitching out
MD/PhD potentially residency potentially fellowship then HF then start own shop:
Pros:
- Would become top 5 most knowledgeable biotech investors on Earth (I have a unique quantitative biotech background)
- Create legacy
- Achieve crazy dream
- Independence
- Learn a lot and have decent interest in medicine
- Confident I can get top 10 med school if I work hard over the next two years
Cons:
- Would have to take 2 gap years to bolster application
- Potentially delays earnings by 15+ years
- Gonna be entering workplace while bankers reach peak career
Looking for some advice. Seems like a pretty simple high vs. low risk decision to me. But if anybody has thought through something like this before or has advice/warnings I'd appreciate it.
Based on the most helpful WSO content, here's a detailed breakdown of your situation and some advice:
Career Banker/Biotech GE Path:
Pros: - Predictable Career Path: You have a clear trajectory in the banking sector, which can provide stability and a structured career progression. - Immediate Skill Acquisition: You'll gain valuable hard skills right away, which are crucial in the finance and biotech sectors. - Structured Environment: The banking environment offers a well-defined structure, which can be beneficial for career growth and development.
Cons: - Perception of Settling: You might feel like you're not fully challenging yourself or reaching your potential, which can lead to dissatisfaction over time.
MD/PhD Path:
Pros: - Expertise: You would become one of the top biotech investors globally, leveraging your unique quantitative biotech background. - Legacy Creation: This path allows you to create a lasting impact and achieve your ambitious dreams. - Independence: You would have the freedom to start your own biotech hedge fund, leading to greater autonomy. - Learning and Interest: You have a strong interest in medicine and would learn a lot through this path. - Top Med School Potential: With hard work, you are confident in securing a spot in a top 10 medical school.
Cons: - Gap Years: You would need to take 2 gap years to strengthen your application, which delays your progress. - Delayed Earnings: This path could delay your earnings by 15+ years, which is a significant consideration. - Late Entry: You would enter the workforce later, while your peers in banking might be at the peak of their careers.
Advice:
Evaluate Your Long-Term Goals:
Consider Your Risk Tolerance:
Think About Work-Life Balance:
Seek Mentorship:
Reflect on Your Passion:
Remember, both paths have their own merits and challenges. It's important to choose the one that aligns best with your personal and professional aspirations.
Sources: Advice From an Advisor to Senior Wall Streeters, Help. Feeling Lost, Advice From an Advisor to Senior Wall Streeters, PE professional, what's your process while judging an investment?, Advice on career and the switch into investment banking
as someone on a similar path, imo both of your choices aren’t as forecastable as you may think; just do what u would be happy doing! the pros and cons you’re weighing are so unforecastable and unstructured (even the first option, there’s so few IB analysts even from EB that go to biotech buyside, low seat turnover, no routine recruiting), that probability adjusted, the assumptions in ur pro/cons just don’t seem rock solid; it’s not like a MD/PhD or differentiated research topic makes the better investor either. For me at least, cannot imagine spending 7 years doing something tangential to my passion so the former’s my choice:)
Are you for real? You’re an undergrad and already think you will one day become a top 5 biotech investor in the world simply bc you know some math and got an MD/PhD? You need to be humbled by life pronto. MDs and PhDs are a dime a dozen in biotech buyside. Slow your horses bro jfc
ur probably right. but im gonna lock in and chase my dream.
He hasn’t even gotten into med school tf?
This is the funniest / most delusional post I’ve read in a while. I work at one of the places you mentioned and can assure you that it’s absolutely nowhere near as easy as you make it out to be.
ngl I'm reading this shit back and I'm laughing so hard. it sounds insane. I'm gonna do the MD/PhD but holy fuck im a funny psychotic mf
You're clearly a very smart guy but life is going to humble you quickly
Humility would go a long way
Happy to chip in with $300 when you fundraise for your HF. That should set me up for retirement.
More seriously, focus on yourself a bit more:
- what do you want to do? Residency/fellowship are a grind with low income. If you hate it in your first week, are you going to get through with a good output?
- if you really have an urge to go for the science first, why don’t you? If you hate it, you can always turn around after a year or 2 and go for an IB analyst gig. There is no shame in saying « I went for the science but in the end it wasn’t the right track for me »
- IB exits to biotech investing are not that common. VCs and HFs like phds and people with technical experience.
- I see colleagues who « manage their biotech investment fund » and their work is not worth a basic analyst note from Jefferies. 1) because they don’t have the training you get in Ib, and 2) because they have a day job.
You can’t play pool with a 15 year trajectory, life will go in the way somehow. So focus on what you know you will enjoy doing for 2 years and then re-assess.
Guys stuck at career crossroads unsure what to do. For context I'm an SA at top BB/EB.
Should I either:
- Continue safe IB/PE route and retire with $15MM.
- Received an offer to become campaign staffer in republican party. Confident I can rise the ranks and become top 5 presidents of all time. This has more prestige but less money unless I rinse book deals.
- also been accepted into MIT maths PhD programme. Confident if I lock in I can become top 5 quant investors on earth. I have a quant strategy which i think will compete with RenTech.
- I also entered the NBA draft and was picked #12 by the Detroit Pistons. I didn't focus on basketball enough given my prior commitments but confident if I lock in I can be T5 players of the next generation.
- pursue my startup idea. Came up with a cool tech startup idea. Confident that I can raise >$1Bn in funding given how good the idea is but unsure if I want the entrepreneur lifestyle.
Any input/insight is appreciated guys since I'm stuck at this crossroad in life.
Lolololol I’m an MD on the Buyside. Get into med school first lil bro.
Bet I'll send u my acceptance letter lil lil bro
Sure thing circle back with your MCAT score bud.
Or even finish med school. Lmao, not a breeze by any means.
Tbf hardest part is getting in. Most don’t let you fail out. You have to fuck up bad to do this
Biotech banking does NOT set you up for a career in biotech investing. ER (specifically for biotech people) would be much easier, you should make the switch
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