Medical School --> IBanking
Hi everyone,
I'm a 2nd year medical student at a mid-tier school, went to University of Michigan following the premed track with the intent of becoming a doctor. Long story short, I've realized I'd rather pursue a career in investment banking. I know some will probably be skeptical, but I've done my homework and given it a lot of thought. My question is what is the best way to enter/side-door into IBanking while being in graduate school?
I'm having trouble getting internships since I'm not in undergrad anymore, which is a requirement for many of them, and haven't had any luck applying to analyst positions because of the lack of finance experience (most of my experiences are volunteer work with AmeriCorps, club leadership positions, hospital jobs, tutoring, etc.), although I have been taking online courses and reading books for the technical questions and skills but don't think companies will take those seriously. I'm at an awkward in between, and was wondering if anyone had tips whether to focus on full-time analyst positions vs. internships, or even something else.
The only caveat is that I can only take 1 year off from school if I decide to come back for whatever reason, so I haven't been considering getting other financial experience (consulting, accounting, VC, etc) so that I can instead get the true experience of IB. Finishing school with the MD to get into associate programs is an option, but I want to avoid taking on 2+ years of medical school debt if possible.
Would love to hear any thoughts or advice. Thanks in advance.
as a current analyst in IB - stay in med school...
I’ve seen people do it (finishing med school and then transitioning). Your best bet might be business school. As you say, internships are required, so the MBA/Summer Associate route might be the way to go. I’d try to connect with those that have done it and alumni from your school (UMich is lowkey a target) and take it from there. But whatever you do, finish med school..
From a candidate perspective, I wouldn’t want to be seen as someone who starts things but doesn't finish them. Raises questions/red flags as to why didn't they finish the MD.Plus, getting an MD is something to be proud off and that you can leverage anywhere. If I'm already in med school,halfway through, and switch I know later on I'll look back and regret not finishing.Money is certainly something to consider, but does the additional ~125k outweigh the prestige/respect that comes with the MD? (Ofc assuming the med school is known)If you truly want to switch, I'd say do it. I'm sure there's other people that can give better advice on the mechanics of doing it, but my advice is to get the MD first.
If you can stomach the last 2 years use UMich’s network and you’ll land something. Some healthcare boutiques (that pay very well, btw) might be interested in your background also
For the love of God, stay in medical school
See this topic and particular comment for example: https://www.wallstreetoasis.com/forums/its-2-years-you-got-this#comment…
You can find many more such experiences on WSO, and that is despite this site already living in a bubble. Now imagine how bad it is if you‘re not on the WSO mindset..
I am going back to medschool from banking myself, would strongly recommend you stay out of finance
Lol at monkeys a year out of school giving OP career advice when they've only been in the seat themselves for a few months. OP - no point of wasting two additional years of your life finishing up education (plus incurring a ton of additional debt) in something you know you're not passionate about. Whether you pull the plug now or two years down the road, the end result is the same. Is a MD title really worth the ROI (time and money sunk) if you end up working in a sector where your education is completely irrelevant? No one in IB is going to call you doctor even if you finish med school.
I can't speak on your behalf, but my gut feel based on the OP is you haven't "de-risked" what a career in IB means for yourself yet. To be completely candid, your post doesn't ooze passion for finance, which leads me to believe the compensation is the primary underlying motive (feel free to interject if I'm incorrect in my assumption). Nothing wrong with that - just know that there's tons of precedents that suggest focusing on money alone doesn't provide career longevity in the industry. There's a lot of "BS" in the day to day life of a junior, and it's up to you to thoroughly sniff that out (and either choose to accept / reject that from the outset) before taking the leap of faith. Do you know what analysts and associates do? Have you spent all of your waking hours for weeks on end creating charts in Excel, aligning tables in PPT and moving around logos while being sleep deprived? Have you ever turned comments for lawyers at 2am because your footnotes are missing periods? If not to any of those (just to name a few), full stop and figure out what the job actual entails before jumping into the deep end. I love IB from a senior perspective as much as anyone (in it for the long haul), but I'd be lying if I said some of the stuff we deal with as a junior is completely superfluous and adds zero value.
If you are truly set on IB, I'd suggest mastering accounting / finance concepts on your own time, and trying to find a HC focused boutique (not the EVRs of the world - literally 10 man boutiques) that is willing to offer you an internship, paid or unpaid. Once you get some relevant experience under your belt, bigger firms will start taking you more seriously and hopefully you'll be in a position in 6 months - a years' time where you can interview for top IB roles. If all of this sounds tedious to you and not worth the opportunity cost, I'd say the switch into IB probably doesn't make sense for you.
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