Mixed background, interested in ER
Hi WSO,
I am a 27 yo college grad interested in pursuing ER in the healthcare/biotech sector. Unfortunately, my resume is a bit meandering as I have explored a few possible careers, and I suspect this may hurt me trying to break into finance. Briefly, I have two undergraduate degrees (BA ethics, BS biology from non-target school) and have been tailoring my resume for medical school, but recently have been second guessing the time commitment and debt required to enter medicine. My cumulative GPA is around 3.8 and I scored >90th percentile on the MCAT, so I likely would be a competitive medical school candidate, but lately I have found myself more interested in moving into the business side of healthcare/biotech. ER seems to be a good fit for me from what I know so far, as I really enjoy following biotech developments and research and could see myself really enjoying using that information to inform transactions.
I've taken entry level economics and accounting courses and I'm working through the WSO modeling lessons. Work experience wise, I've mostly focused on the clinical side or things rather than bench research, and have spent time working in the ER as a medical scribe. Since I was planning on medical school, I also have >500 hours of volunteer work in several different fields, though I'm not sure if ER firms care about that.
As of right now, I'm considering whether I should try to land an internship to try to get some financial analysis experience or aim for a biotech startup position then apply for an MBA. While looking for jobs, I intend to study for CFA 1 and am considering taking a few more business related classes to fill in gaps in my knowledge and make sure I have my bases covered to be able to apply to a competitive MBA.
Any advice as to modifications to my plan or other options to consider would be greatly appreciated.
I'm interested to see what answers you get.
I'm also looking to move into ER, although I'm currently working full time at the moment.
I see you mentioned that you are looking to take the CFA Level 1, maybe our situations are different but I have taken a different stance, it might be useful to give you some perspective.
I have chosen not to undertake the CFA (at the moment) and instead focus on 1. Networking 2. Building my own models and reports.
My reasons for this are, the CFA is a huge undertaking, time wise. As I'm currently working, I think a better use of my time would be to network with other people currently in ER and learning about models etc. (I will probably get the Wall Street Prep package to speed this along).
When I get to an interview I want to nail the technical questions (or exams), the CFA will allow me to do this but I would also need to consume a lot of information that is not directly relevant to break into ER.
I do value the CFA and will almost certainly look to add the designation to my CV once I am working in the industry, but at the moment, when I am outside looking in, I feel my time is better spent networking and working on nailing the technical aspects.
Every situation is different and there is no one fit for all, but I just thought I would share my view with you.
Thanks for the input! I'm still figuring out what path offers the best chance of success, so hearing about your plan is useful. You mention that you are working full time in Asset Management? If you don't mind me asking, what is your background and how did you land that position? Do you see it as being beneficial with the end goal being ER?
Sure, I studied business in college, with minimal exposure to finance classes. After I graduated I landed a job in an Asset Management firm in a Controlling and Reporting role. I don't dislike my current role but I by no means enjoy it or find it interesting. I was very unprepared leaving college and had no real plan, took the first job I was offered and feel like I am paying for it now.
To answer your question, I don't think my current role will help me at all, even feel it will hinder me more so...there is a real stigma regarding coming from back/middle office and moving for front office.
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