Breaking into IB with unconventional background as med student
Hey everyone,
I'm a first year med student who has really come to realize the drastic time commitment becoming a full attending would take, and as I have met more people working in IB I have realized that it was something I had never even considered during college/high school but I'm really drawn to it (despite the harsh working conditions which I'm totally comfortable with tolerating).
Some background info:
23-year old who graduated from Johns Hopkins with a GPA of 3.95+ majoring in Public Health. Scored 98th percentile on MCAT and currently go to a t20 medical school in NYC. My experiences all consist of research, volunteering, and tutoring in physics/orgo + other teaching roles during my gap year.
^So off the bat I'm aware that my lack of experience is my most severe drawback and will be the hardest thing to overcome. From brief conversations and research the main thing that I could seemingly rely on (if anything) is my schools–though I know Hopkins isn't particularly known for business–and stats that somewhat 'screen' me as a competent worker. I am under no assumption that doors will magically open for me just from being a medical student though and I don't mean to give that impression.
I wanted to get your thoughts on how I should go about approaching this attempt to break into investment banking ideally as soon as possible. I am already studying technicals and know that a lot of self-studying will be involved. I'm also considering completing the Wall Street Prep course which I know doesn't hold much value as a certification but can be useful for learning the material. Potentially also considering taking the SIE. I also have a partner from a T5 target school through whom I am sure I could at least get coffee chats with other analysts and potentially associates working at firms already.
Has anyone heard of a story similar to mine? I know it's not conventional and I don't expect it to be easy. I know summer internships would be difficult to do as deadlines have either passed (and they also start while I still have school) or they accept only undergrads typically. From what I've researched, my best shot would be through heavy networking and trying to get hired as some sort of lateral hire at a small healthcare boutique firm.
My main questions are:
-Does my background at least help take me from 'absolutely hopeless + zero experience average IB aspirer' to 'maybe he has a chance'? I am nowhere near arrogant enough as to assume that what is already a very difficult path for finance students with internships would be any easier for me, and a hint of delusion is already being assumed.
-From now until June/July (first year of med school allots me surprising amounts of free time) if I spent a large portion self-studying + coffee chats/networking, can I expect some sort of strong indicator as to whether I could considering taking a leave of absence from my school for a year? This is my biggest constrant. My school allows me to take a year LoA but I would ideally make it before start of second year after summer break in Mid-august.
-What will be my biggest hurdle in the hiring process if I went through with it and what would you do? Getting an interview? Overcoming the stigma of having no experience if I even make it to the interview stage (assuming my technicals are well-developed by then)?
-Humor me for a second and assume I manage to make this transition without some miracle from God. How would this route to success look like? 100+ emails to alumni + connections through my partner already in finance -> 10% of emails becoming actual chats and following up a few weeks/months later and implicitly asking for referral -> smaller % of those becoming interviews -> starting as analyst in (most likely healthcare) field?
Thank you everyone and I appreciate all feedback and advice (be it harsh or supportive). I imagine many would just say to stay in medical school, or that my situation is hopeless and I don't know what I am doing, and I totally get that. I am fortunate to be in this position and I know I sound crazy to want to go into investment banking when i have already met people at my school who have done the opposite. I would just like to emphasize that I haven't burned any bridges yet, but I do feel very confident that if this is a change I could make that I would love to pursue it. This first year of medical school will likely be the last time I have this amount of free time and so I imagine if I ever were to attempt some sort of career pivot the time would likely be now.
Breaking into investment banking (IB) from a non-traditional background like medicine is challenging but not impossible. Based on the most helpful WSO content, here’s a breakdown of how you can approach this transition:
1. Does your background give you a chance?
Yes, your background does give you a chance, especially if you position yourself strategically. Here’s why: - Academic Excellence: A 3.95+ GPA from Johns Hopkins and a 98th percentile MCAT demonstrate strong intellectual capability and work ethic, which are valued in IB. - Healthcare Knowledge: Your medical background and public health major can be leveraged for healthcare-focused investment banking roles (e.g., healthcare M&A or life sciences groups). These groups often value candidates with deep industry knowledge. - Networking Potential: Your partner’s connections and your ability to network aggressively can help you overcome the lack of direct finance experience.
However, the lack of finance internships and direct experience is a significant hurdle. You’ll need to craft a compelling narrative about why you’re making this pivot and how your unique background adds value.
2. What should you do between now and June/July?
Use your free time wisely to build both technical skills and a strong network: - Technical Skills: - Study financial modeling and valuation techniques. Wall Street Prep or similar courses can help you get up to speed. - Consider taking the SIE exam, as it shows initiative and basic financial knowledge. - Networking: - Leverage your partner’s connections to set up coffee chats with analysts and associates, especially in healthcare-focused boutiques or groups. - Reach out to alumni from Johns Hopkins and your medical school who are in finance. Use LinkedIn and alumni databases to identify potential contacts. - Focus on building genuine relationships rather than immediately asking for referrals. - Story Development: - Develop a clear and concise narrative about why you’re transitioning from medicine to IB. Highlight transferable skills like analytical thinking, attention to detail, and resilience. - Emphasize your interest in healthcare finance and how your medical background provides a unique perspective.
3. Should you take a leave of absence (LoA)?
Taking a leave of absence is a big decision and should only be considered if you have a clear plan and strong indicators of success. By June/July, you should aim to: - Have a solid understanding of technicals. - Build a network of contacts who can provide guidance and potentially refer you for roles. - Gauge whether you can secure an internship or full-time role within a year.
If you’re not seeing traction by then, it may be better to continue medical school while exploring finance opportunities part-time.
4. Biggest hurdles in the hiring process?
5. What does a realistic path to success look like?
Here’s a potential roadmap: 1. Networking: Send 100+ personalized emails to alumni, healthcare-focused bankers, and other connections. Aim for a 10% response rate and follow up diligently. 2. Coffee Chats: Build relationships through coffee chats and express your interest in healthcare IB. Focus on boutique firms or healthcare groups at larger banks. 3. Referrals: Convert some of these relationships into referrals for internships or full-time roles. 4. Interviews: Prepare thoroughly for technical and behavioral interviews. Use resources like the WSO IB Interview Guide. 5. Entry Point: Start as an analyst or lateral hire at a healthcare boutique or middle-market firm. Use this experience to build your resume and potentially transition to a larger bank later.
Final Thoughts
Your path is unconventional, but it’s not hopeless. Many have successfully transitioned into IB from medicine and other non-traditional backgrounds. The key is to: - Leverage your unique story and background. - Build strong technical skills and a robust network. - Be persistent and prepared for rejection.
If you’re truly passionate about this transition, now is the time to act. Use your free time wisely, and don’t hesitate to take calculated risks. Good luck!
Sources: Medical School --> IBanking, 3rd year Harvard Medical School student thinking about high finance transition- am I being realisitc?
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