Possible to break in after PhD?
Hello guys,
So I am a UK-based chemistry integrated masters grad who have no prior experience in ib. My only experiences are a year in industry during my degree in a pharmaceutical company as a development chemist and worked in a research organisation as an assistant scientist after graduation. Recently I was contacted by my professor I knew at university and he offered me funding for a PhD, which I agreed to go back this fall.
I went to a non-target Russel group uni, I know my chance is slim, but is there anything I can do to break in.
I’m 23 now and by the time I finish my PhD I will be 27… I would imagine that is too late? I saw a few internship agents who charge you a small fee (just a grand) and would line you up with a boutique and you can work remotely with them, is there any point of doing so considering my lack of experiences?
Thanks!
Literally any comments/suggestions are appreciated. Just want to know my chance and what other people think about my situation.
Have you looked at Equity Research? You skills will be valued more and depending on the group you're in, it's generally more intellectually stimulating. Biotech is a hot space right now and will continue to be for the foreseeable future
Thanks for your reply!
I did think about equity research, but I would imagine for both ib or equity research, firms would not like my background (non-target, too old when I finish my PhD)…
Also my area of chemistry is a bit of a weird niche and it is not so quantitative interviewers would like it to be….
I would not discount yourself because of your age. At least in the US, there are plenty of ER 1st years in biotech that are ~30 years old. Try looking around on linkedin for biotech associates in the UK, I'd imagine it's similar.
Again, whatever you did your thesis on won't be relevant to the job. What is more important is understanding the concepts, and being familiar with literature etc. I'm on a biotech team and have no grad school experience, it's what you make of it and how you sell yourself
Goldman hire PhDs in London into ER from life science backgrounds every year to focus specifically on life science research so it is definitely possible.
To make yourself more competitive I would do the following:
Good luck!
Thanks so much for your suggestions, will defo start from there.
For financial fundamentals you mentioned, is WSO courses adequate? I am also sitting Nov CFA level 1 as I was too bored during pandemic, if I’m lucky and passed, should that be helpful for intern applications?
Yes, the WSO guide is fine, as is the other programmes like BIWS, WSP. A free version is the Macabus models you can download and build out again yourself.
CFA would be very favourable indeed. That speaks to your interest in investing etc.
A further note that I will add - while I am not sure what area of chemistry you specialise in, if you are focused more on medicinal chemistry, then you could also target VC funds focused on Life Sciences. These will typically be much better hours and there is growing interest from investors in this space.
Do ER, you have industry specific knowledge and skill + allows you to leave to a biotech focused fund at HF
Thanks for your reply.
What I am concerned about is the fact that I come from a non-target?
Also I would imagine internships are important? What kind of summer internships should I apply for?
A lot of buy-side biopharma funds take people right from PhDs. Look at Flagship which is more of an incubator at this point but I have seen some at Orbimed, 5AM, and Atlas to name a couple.
Thanks for the reply!
While I’m doing my PhD, is there anything I could do to boost my CV?
Anything really that shows aptitude in understanding the biopharma model and how to value a company while also demonstrating an ability to really understand the science. For this you can really either do IB or ER, plenty of people in ER make it to the buyside for biopharma. I would say look at smaller research shops like HC Wainwright, Brookline Cap Markets, and their competitors.
Per other comments, life science is hot right now - if you were at a target uni I'd say you'd have a reasonable shot, but I think finance could be tough with lack of experience + lack of brand.
I would look into consulting as a first step, where your lack of prior experience might not be too much of an issue and there's less resistance to PhDs. I am aware of - just to throw out an example - McKinsey hiring a fifth year medic for a SA position (they converted) from a lower RG uni (not going to name which one) without any real work experience. But while MBB/Tier 2 would be great, I would generally aim for specialist firms - Charles River Associates comes to mind as one of the big players in this space. Networking can be much more effective in consulting, whereas true non-targets are basically stuffed for finance recruiting unless you're diversity. If you can network with someone with a few years at the firm and get a referral, you can often get past the HR screen and then it comes down to your interviews, not your resume. Go on LinkedIn and find someone at a firm you're interested in with a similar background to you and start building a relationship.
Would also consider that some - generally very competitive - HFs will sometimes take non-quant (but generally still STEM) PhDs if they seem like they can add knowledge for a specific sector, even if they don't have much finance experience. Might be worth shooting your shot for some of them, but do be aware that 90% of the PhDs they will hire will be Oxford/Cambridge/Imperial and maybe another 90% of those will be something very quant heavy.
EDIT - two other thoughts...
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