MD/MBA to PE?
Hi, this is a pretty non-traditional route, but I will be getting my MBA/MD at Vandy (top 15 MD, top 35 MBA) and am thinking of healthcare PE. I got into the MD on a fullride so why turn it down?...but with the uncertainties of healthcare as a practicing physician, I decided to tack on the 1 year MBA, save a year, and add more options to my career with my new credentials. Now, while the MBA is usually geared at healthcare administration, I intend to consider the healthcare PE sector....afterall blackstones healthcare PE CEO was an MD first and then got his MBA later.
What are your thoughts of having such MD/MBA credentials and how it can help me fit in the career of healthcare PE? It sucks but I unfortunately have zero work experience and really wish to add on some credentials and hopefully due a 3-month internship at a good PE firm (I have some connections from my best friends at the top of their respective fields in law and business who can help me land something)....but as crazy as a career path it may seem, what are your thoughts and how may PE firms evaluate this?
Thanks.
I don't think it's impossible you could make your way into PE with that background, but it would certainly be a lot better if you want to Harvard (not to state the obvious, but....). The good news is that you have connections. Try to start with an internship while you're still studying, and then move your way into a healthcare IBD position as an analyst post graduation. You're not going to start out as an associate w/ an MBA and no experience, even if you do have an MD. After 1 or 2 years in an IBD healthcare group you'd be an excellent candidate for healthcare PE.
My guess on this one would that be the hardest step will be to get that IBD spot (it may actually be impossible), and also to stomach working with fresh 22 year old graduates when you're already a fucking doctor with an MBA. But once you get an IBD spot (assuming you can, using your connections), then I have a good feeling about your chances for healthcare PE... Why on earth would they choose another analyst over you if they could have someone who was an MD as well as an IBD trained number-slave? You'll have a chance to make up for some time lost when other pre-mba associates leave to get an mba and you already have yours so you can just stick around or lateral or whatever.
I don't know this from experience but my logic tells me this could work out for you. It's similar to the guys in REPE that have come here about spending 2 years in REIB, but previously they spend years studying to get a masters in architecture. There's no reason we need architects to invest in property (certainly we don't need more than one), but there's no reason for us not to take someone who is an architect as well as a trained banker if we can... they have tons of opportunities to add value through their knowledge of what we're investing in.
Have you considered looking into VC? With your background, you would be a much more qualified candidate for VC over PE (due to your medical background + MBA). As stated above and in excess on this site, it is very difficult to break into PE with a traditional background, and even more difficult when you do not come from the typical path (ie IBD experience, internships, top school, etc.) Of course, there are exceptions to the rule, which is where your connections come into play.
Returning to the VC suggestion - I work in VC and have a non traditional background as such (no medical background, but IBD experience in healthcare, internships, and right connections). The majority of VC firms are going to value your background - and I think if you were able to gain a relevant internship (healthcare related at boutique, VC, PE shop, etc.) it would position you greatly to be a candidate at a firm that values Phds. - and there are a lot of them. Depending on your medical background, you will have a thorough understanding of deals to be looked at (medical devices, pharma, just as an example) and you can target your search to firms that specialize in your medical capacity. Perhaps if you expand on your background I can offer a more targeted response and possible firms that may be of interest to you.
Also - you have already subjected yourself to enough torture through med school / MBA - don't do it again trying to place yourself in an incoming IBD class.
^that's true. The VC suggestion makes sense to me as well... I was merely suggesting one potential path, but VC could certainly be a fit as well.
Agree, VC will value the PHD far more than PE will. Non traditional backgrounds (ie, not finance related) are reserved for the operations guys which typically have experience running a company to help advise on other portfolio companies. Wouldn't see the need for a MD at a PE shop, unless you ran your own healthcare company and bring some valuable industry knowledge to the table.
Take this info with a grain of salt as you are getting it from some analysts and associates....
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