Healthcare to Healthcare Investment Banking
Hi All!
After 8 years in the healthcare sector, I'm looking to transition into IB. How I can best leverage my experience to maximise my appeal as a candidate for an internship or analyst role?
Thanks in advance!
Based on the most helpful WSO content, here are some strategies to leverage your healthcare experience for a transition into healthcare investment banking:
Highlight Relevant Experience:
Network Strategically:
Prepare for Interviews:
Showcase Your Work Ethic and Adaptability:
Gain Relevant Skills:
Tailor Your Resume:
By leveraging your healthcare experience and strategically preparing for the transition, you can position yourself as a strong candidate for an internship or analyst role in healthcare investment banking. Good luck!
Sources: Advice for summer and return offer rate?, [Experience] Road to PE - Investment Analyst in a MegaFund, Need advice on my internships options for this summer, Q&A: 1st Year Analyst at MM IB, How to Thrive on Your Research Internship
What role do you have, are you a cleaner in a hospital or a doctor?
I worked in operations, consulting, international policy, and research.
When you say you have 8 YoE in Healthcare sector, what specifically is your experience.
Were you a med student? Did you completed FY1/FY2? Specialty Training? Or were you a nurse or a PA?
I worked in operations, consulting, international policy, and research.
You’ll most likely need to get an MBA and transition through there as this is the case for the majority of people looking to pivot into IB
I've looked into it! I'd ideally like to avoid an MBA due to the cost; however, understand if that's my only option.
I tried to do this at the MBA level and failed. I came from more of a clinical operations background. If you come from a finance / accounting / analytical background within the healthcare industry, it should be really easy to make this transition via a top MBA.
Thank you--this helps a lot. What were the greatest barriers you came across?
I came from a healthcare service / provider background. IB advisory in that space tends to be a lot numbers driven (LBOs etc.). Literally had a HR from a target healthcare coverage group bank from my campus gate-keep me from getting a first round interview despite multiple alumni helping me in the process (granted, I don't think many of them really saw me as a top candidate at our school). I didn't have any finance / accounting / business oriented expeirence within healthcare and she essentially took me off the short-list they had. A large reason why this may have happen though is their top candidates at our school were already signed before they reached out for first rounds.
Got a lot less pushback from the few biotech / pharma bankers I spoke to at a boutique healthcare investment bank. Granted, that boutique bank had a few VP / Directors with medical degrees / PhDs. They did hire non-traditionally outside of traditional undergrad / MBA circles.
I’m sorry, but I really don’t think that you really understand or wants what this entails.
You won’t get an analyst role with 8 years of experience. Internship even less so.
You need to figure out what you are bringing to the table, and how to leverage this. An analyst basically has only a lot of time to work, and very little skills, and will learn IB as it goes.
With 8 years of experience, you need to figure out where you can bring your years of experience with you. Forget GS or « bank tiers ». If you can find a boutique or small bank with strong expertise in CRO and regulatory services providers, maybe you can leverage your experience? Do you have i vestment experience? Industry connections? Is there a segment of equity research that would make sense?
Thanks for this! Few follow-up questions/responses to your queries:
- Would I not get such a role just due to the amount of work experience I have (i.e., They would prefer someone fresh out of Uni or at the beginning of their career, rather than someone who's changing career paths)? I would really love to to work in a role where I can learn IB as it goes.
- I don't have any investment experience; however, I do have a lot of connections.
- There are many areas in equity reseach I'm looking into (e.g., healthcare services, healthcare information technology (IT), medical devices, biotechnology, biopharmaceuticals, and specialty pharmaceuticals).
Thanks again!
Start reaching out to those connections and see if they can make introductions. Don't wait around too much. Just having strong connections doesn't guarantee they will be willing to help you if you lack the skillset for the roles you want. If you're lucky, these connections will help you get a role that gives you a chance to utilize some of your previous skillset and to build a new one that's oriented around what you want.
Thanks again everyone for your help!
MBA probably the only realistic option, that said your work exp is strong / seen as an advantage as 'non traditional'. Just need to execute and GMAT and you should be fine
Sounds good! Thank you!
can you start as an A1 with 0 modelling experience?
I've heard mixed things! I have taken many courses in financial modelling to boost my application.
Network 3x. Not just because to get a role, but to learn more about the industry. With your background, I'd shoot more for ER, because I think it's easier to leverage that. With IB, things are more tricky, especially when you are based in the US. Are you based in the US btw? MBA route is the standard one in the US but again the problem is as someone else mentioned that too that you may not succeed in getting an IB associate role. Frankly speaking I'd focus my networking efforts on ER and PE Ops, especially those which have healthcare portcos. Plus, take both IB/PE modelling courses
Thank you, this helps a ton! I'm exploring ER as we speak. I have a few calls coming up in that area, so hopefully they lead to something! I'm in the UK. I have looked into an MBA, but would prefer to break in via an entry level role or through an adjacent industry as your suggested. I will definitely focus on ER and PE, and see where they lead! Thank you!
To OP: Thanks for clarifying. In the UK getting an IB role with your background is extremely difficult imho. The main problem is that you don't have direct financial experience which seems to be key for IB and you would be likely get grilled over that. Don't do MBA in the UK unless you want to (most likely) waste your money. The only reputable school would be LBS, but don't be lured. I am personally sceptical if LBS really gives an edge. I mean it's extremely helpful for non-UK based people to break into the British market, but otherwise I have serious doubts if it makes sense, both based on attending their events and speaking to alumni. Everyone says their degree helps with networking, but let's be real - you can get a role through networking without spending 100k or more on LBS (not counting the cost and joys of studying for GMAT). The only thing I would suggest you to consider if you keep struggling to lateral would be MSc Finance part-time at LSE. It's a strange programme in the sense that the content is the same like their FT programme, but that one is done part-time and accepts people without finnace/econ backgrounds as well. It costs around 45k so much less and can be completed in the evenings while working FT. But the degree from LSE is not an advanced one per say however it might be used as such depending on circumstances. Anyway, I still recommend trying to land a job without any additional degrees, just focusing on enhacing your modelling skills and general basic finance knowledge. I personally know someone working in ER with Phd in Biotechnology and biotechnology career history so imho healthcare ER is the most accomodating towards such candidates. IB would be a different story though. And best of luck!
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