Medical device (orthopedics) Sales to IB
Hi all,
I’m 31 years old. Im a territory manager for Zimmer Biomet. I’ve been in medical device sales for the duration of my career (since I graduated undergrad from University of Florida in 2010).
I live and work in NYC. I’m thinking heavily about trying to transfer into IB.
I’m looking for advice. Is the transition with it financially? Would I be required to go back to school for an MBA or would my industry experience get me into a position somewhere?
I’d like to work in healthcare/med devices IB.
Thoughts??
Thank you in advance.
IMO you would for sure need to go back to get your MBA.
No doubt you will need an MBA brotha
Post mba what would be an honest income expectation as an associate?
Also, of course I would apply to the big banks here in nyc. Are there any other firms you would recommend applying to (outside the big banks)?
From reading around the forums and asking current MBA students at the program I am matriculating to, the starting salary for BBs are 125K out of school and then 150 for your first raise.
There was also a recent Bloomberg article stating that Morgan Stanley raised salaries to 150 for associates and this may trickle down to other BBs as well.
You would definitely need an MBA to make this transition without any relevant finance experience. If you are already 31 you will be on the older side, so start to take the GMAT and work on applications if you are serious about applying.
As for banks, there are plenty of boutique healthcare shops to look at. Piper Jaffray has a great medical device group, and other good healthcare specialty banks include Cain Brothers, Leerink, MTS Health Partners.
runNYC11 thank you. When you say I’m on the older side, would I be far older than most (too old for the transition) or is it still a reasonably feasible move? Will I be viewed as an outcast due to my age? Honest opinion.
I have a few friends who started their careers in finance IB and (at my age now) they are in the VP stage at UBS. Past analyst, associate, etc.
you are going to need an MBA IMO. In terms of if it is worth it financially... I think if you can land a top 15 MBA program it will bring you a lot closer to IB. If not then I would pause.
You can try to get into business development at your current company or a competitor and make the jump after a couple years. Definitely not guaranteed though and may have to relocate to company HQs.
You are making more money with less hours now (assumption) than you will as an associate and you will have to shell out for an MBA and forgo two years comp...Hard to justify that one.
Best of luck.
depends what your comp is like now
Good luck!
One person's opinion: I'd get an executive MBA at Columbia or NYU then look into healthcare VC, PE, management consulting, or corp dev (at your current company or a different one). Believe it or not, sales is a the most common path to the C Suite in medical devices. Add an MBA to your sales experience and you could get on a fast track to a much more lucrative career, risk adjusted, than IB would give you. (And your quality of life will be way better).
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