From medicine to investment banking

Your plan is ambitious and well thought out, but there are several factors to consider based on the most helpful WSO content:

1. Transitioning from Medicine to Investment Banking

• Breaking into investment banking from a non-traditional background like medicine is challenging but not impossible. Your medical degree and healthcare expertise can be a significant advantage if you target healthcare-focused industry groups at elite boutiques (EBs) or bulge brackets (BBs).
• Pursuing a MiM in France is a good step, especially if you attend a target school with strong placement in investment banking. Networking will be critical—leverage alumni networks, internships, and informational interviews to build connections.

2. Starting in Europe (London or Paris)

• London: Offers the best deal flow, compensation, and exit opportunities in Europe. However, competition is fierce, and hours can be grueling.
• Paris: While the culture may be more traditional, there are strong local boutiques (e.g., Messier Maris, Bryan Garnier) and American banks with healthcare groups. Compensation and deal flow may be lower than London, but it’s still a solid starting point.

3. Elite Boutique vs. Bulge Bracket

• Elite Boutiques (EBs): Generally offer more exposure to the full deal process, which can be formative for someone with your entrepreneurial aspirations. However, hours can be just as long as BBs, and work-life balance is not guaranteed.
• Bulge Brackets (BBs): Provide formal training programs, brand recognition, and broader exit opportunities. If your goal is to join a sovereign fund in the Middle East, BB experience might carry more weight.

4. Concerns About AI

• AI is expected to automate some entry-level tasks in investment banking, such as financial modeling and data analysis. However, the human element—relationship building, strategic thinking, and deal negotiation—will remain critical. Your unique background in medicine and healthcare could make you more valuable in roles requiring industry expertise.

5. Long Hours as an Analyst

• The long hours are a reality in both EBs and BBs. However, if you’re focused on the long-term benefits (networking, exit opportunities), this trade-off might be worth it. Many professionals endure the analyst years to open doors to private equity, venture capital, or entrepreneurship.

6. Alternative Path: Staying in Medicine

• If you’re passionate about healthcare, staying in the medical field and exploring opportunities in healthcare entrepreneurship or venture capital could also be rewarding. This path might offer better work-life balance and allow you to leverage your medical expertise more directly.

7. Suggestions for Your Plan

• Focus on Target Schools: Ensure your MiM program is from a top-tier school with strong IB placement (e.g., HEC Paris, ESSEC, ESCP).
• Network Aggressively: Start building relationships with professionals in healthcare-focused IB groups and sovereign funds.
• Internships: Secure internships in IB or related fields during your MiM to gain relevant experience.
• Consider Sovereign Fund Path Early: If your ultimate goal is to join a sovereign fund, explore direct entry opportunities post-MiM or after a short IB stint.

Final Thoughts

Your plan to transition into investment banking and eventually entrepreneurship is solid, but it requires careful execution. The long hours and competitive nature of IB are real challenges, but the opportunities it provides—especially in networking and exit options—can outweigh these drawbacks. If you’re committed to this path, focus on building a strong foundation through your MiM, networking, and internships.

Sources: https://www.wallstreetoasis.com/forum/investment-banking/pros-and-cons-ib-vs-pm?customgpt=1, A1 Lateral: Guggenheim or Euro BB? (CS/Barclays), Picking the Right Group, Citi, Lazard, Jefferies, Fidelity, Morgan Stanley, Investment Banking in Paris