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.

 

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.

 

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.

 

I'm only commenting since most (not all) of the other comments here are between questionable and bad, and I want to give you good advice.

First, I'm afraid you're going to shoot yourself in the foot if you quit medical school. You're going to be in debt no matter what you do, so just accept that fact and move on. Get through MD and learn as much as you can along the way.

Next, really ask yourself: are you trying to get to IB, or are you trying to leave medicine? I'm going to assume you're trying to leave medicine and IB seems cool but you could do just about anything since it's more about leaving medicine. If you're solely focused on getting into IB, this is a diff discussion as you may find out you hate it and you've made a grave mistake. But if all other options to you > being a doctor, then read on.

Overall tip for you: Don't do an MSF...that's bad advice. The only thing you need to do is get an MBA. It's the easiest path to break in. I said you'd be in debt right?

You actually have a great path ahead if you exercise patience and willingness to take on debt and wait for the prize. You should take 1-3 years (starting now) to figure out what you want to do with your life. You can't go work at GS today...fine. And I'm guessing you can't join a top MBA now...fine. Go do stuff that'll build your business acumen, orient you well for an MBA, and orient you well for a IB job. Use your summers to take a business-type internship in biotech/pharma. Or after graduating with an MD, have a full-time job lined up with a major biotech or pharma company that will give you exposure to business (maybe try BD or even corporate venture if you can get it, or at least something to build your acumen). And make it clear that you, at some point, want a job that gives you big picture perspective (so not just lab work). Rotation program would be ideal, though not sure if those are available to you. You should also talk to as many people as you can to get them to describe their jobs to you.

So you go work for a biotech/pharma for 1-2 years. In the meantime, at night, study for the GMAT. You might even knock out level 1 of the CFA if you are that interested in finance. Then apply for a top MBA (top 10 or bust). You'll have a good application (an interesting background, presumably good grades, differentiated corporate experience, a trajectory into finance through a CFA if you do that, or work experience that makes you want to pursue IB, and a clear story to become a HC banker). And with an MD, you'll be wanted by a lot of groups during recruiting if you want HC banking, which you will.

Go intern during your summer, get the offer, then decide if you wanna continue in HC banking (where you offer the most value and have highest demand) or if you go do something else (another banking industry, or consulting). 

Two reasons why I'm prescribing this to you: first, what I just laid out is your highest path to success in terms of getting an IB job, creating options along the way, maturing your understanding of jobs outside of medicine, and developing a clear story that will bring you success. You might like working at a big pharma/biotech and want to stay on, or you may change to consulting, or you may be headhunted by an investment firm. But all along the way you build a network, marketable skills and experiences. Second, I'm just afraid your long-term rewards and happiness will not be as high if you take the first seat that opens to you (like joining a small regional boutique where it isn't as easy to move up to the big banks) vs. if you take the MBA and land a good bank. You can aim for a smaller seat and save years and lots of money, or you can position for a bigger seat and pay up in time and money...but ultimately put yourself on a better trajectory.

 

The world is horrifingly stupid. That's why brand names matter. Being able to tell people you're an MD will help you get a job (easier to know what to do with you) and MBA.

I'm saying you should first complete the MD, then line up a job in biotech / pharma where you work for 1-2 years (you can figure out how to get there...can't imagine biotech/pharmas don't want to hire MD's with an interest in business), then after 2 years get a top 10/15 MBA and use that degree to move into IB or consulting. 

I have a feeling you're gonna have a better resume and experience following my steps than if you take the first open IB HC or consulting seat that opens up to you without getting an MBA. There's an ocean of difference between a banker at GS and a small regional boutique, so to maximize optionality, you should focus more on taking the most interesting jobs that you can get rather than taking whatever job is willing to open a seat to you. 

Last thought: maybe you should talk to professors to see if they can connect you to people who could be helpful to you, for side work experience or a conversation or something else.

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