IB -> Med School?
Been in an IB gig ~1 year. Hours, comp, etc. are all pretty standard. Aside from questioning life decisions when grinding on models at 3am, started to think if the juice is worth the squeeze. Seeing the WLB from senior bankers made me realize I want to get out of the industry eventually, but thinking broader than that I think I realize that having a corp dev role working much better hours won’t make me fulfilled.
While a drastic change, started to think about med school. While I would effectively be destroying any sense of financial freedom, and be a more of a slave for the next 10 years, at least I’ll be able to look myself in the mirror and tell myself I’m doing something good compared to making the rich richer. Plus, think in a way the IB / doctor personality types align pretty well (grinders, high achievers, intelligent, etc.)
On the off chance anyone has actually gone the same route, what are your thoughts / opinions?
Based on the most insightful WSO threads, transitioning from IB to med school is a rare but not unheard-of path. Here are some key considerations and advice:
Alignment of Personality Traits: You're correct that both fields attract grinders, high achievers, and intelligent individuals. However, the motivations and rewards differ significantly. Medicine requires a deep passion for patient care, science, and long-term commitment, while IB is more transactional and financially driven.
Time and Financial Commitment: Med school is a massive investment in both time and money. You'll be looking at 4 years of med school, 3-7 years of residency, and potentially fellowship training. This means delayed financial independence and a significant opportunity cost compared to staying in finance or transitioning to a corporate role.
Fulfillment and Purpose: If your primary driver is to find a career with more purpose, medicine can be incredibly rewarding. However, it's worth noting that the day-to-day grind of medicine (long hours, bureaucracy, and emotional toll) can also be draining. Make sure you're not romanticizing the field.
Transferable Skills: Your IB experience could be an asset if you decide to pursue healthcare-related fields within medicine, such as hospital administration, healthcare consulting, or even roles in biotech and pharma. These areas might allow you to leverage your finance background while still contributing to the healthcare space.
Exploration Before Commitment: Before making the leap, consider shadowing doctors, volunteering in healthcare settings, or even exploring roles in healthcare finance or consulting. This will give you a better sense of whether medicine is truly the right fit.
Alternative Paths: If your dissatisfaction stems from IB's lack of purpose, you might also explore roles in impact investing, ESG (Environmental, Social, and Governance) finance, or non-profits. These could provide a sense of fulfillment without the drastic career shift.
Ultimately, the decision comes down to your personal values and long-term goals. If you're truly passionate about medicine and willing to commit to the sacrifices it entails, it could be a fulfilling path. However, ensure you've thoroughly explored all options and understand the realities of both fields before making the jump.
Sources: 3rd year Harvard Medical School student thinking about high finance transition- am I being realisitc?, Give up medicine for ibanking? (Undergrad at Northwestern BS MD), Medical School --> IBanking, The Allure of Investment Banking, The Allure of Investment Banking
bump
What about a startup with an impactful mission after 2 years of IB?
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