PhD to Finance

If your heart isn't it, get out now. A masters in biochem is more than enough background and academia to become an expert for equity research purposes. I would say pharma analysts have to go deeper into the science than most industry groups, but it sounds like you are sharp enough in that area.

Any thoughts on how to make me a better candidate. I mean, I'm taking an accounting course and a finance course next term (w/ undergrads.. even though I'm a PhD student) But I was curious if my COMPLETE UTTER LACK of any work experience would prevent me from getting an equity research role at like a Goldman/JP/Credit Suisse/Hedge..

Any thoughts?

Additionally, would sales & trading be an area I could also parlay my science/analysis skills well too?

All the best

Im in the same boat, PhD but left at MS in Electical/Mechanical Eng w Comp sci: no formal finance but cofounder startup experience.

Equities research you say, ive been looking into a S&T role also, leaning more towards trading, but honestly im not sure yet where i would add the most value since ive never worked in the area. I know my technology, so research is worth considering if im not a good fit for trading. Any thoughts?

Similar situation here. PhD in Biochem currently working as a postdoc. I've also passed level I of the CFA and have been able to get two phone interviews. However, they both went nowhere and the sticking point seemed to be my lack of financial modeling experience. Will this always be the case?

I'll have to peruse that guide and hope it fills in the gaps. Another problem that I've had, which is much bigger, is that I'm stuck in the rut of sending out resumes to anonymous HR departments in response to online job ads. I know this is where networking comes in, but getting an actual person to pick up the phone has been difficult at best and that's when I have a phone number in the first place.

I think I have a relevant point of view here - I finished a life science PhD about 4y ago then joined a pharma equity research group as an associate. I've since moved on but my transition out of the lab is still fresh in mind.

First of all, I'd say that if you are 3y away from getting the PhD and you can't stand it, then try like hell to find a job and leave school - that's too long a time to be miserable. That said, I'd say that for roles in finance where a bio-based technical background is really valued, you will be competing with a bunch of PhDs and MDs who are willing to get paid the same as you just to get in. Simple supply / demand. Just look at mopman's description of his/her profile - and no job.

I recommend to anyone trying to transition to equity research from the lab to first try like hell to learn the basics of accounting, finance and modeling (can be done!) then be aggressive about calling up analysts and introducing yourself. There is regular turnover in equity research (obviously less than in years past) - you never known when you reach an analyst who just lost his/her associate.

Since I've been asked by doctoral students several times before, in my opinion, a PhD in healthcare equity research is valued (from most to least): biotech, pharma, medtech/devices, HCIT, services. Biotech is first by a lot.

hope that helps anyone.

One more question before I post my resume. Hopefully, it's quick and painless, but how would I list one of the breaking into wall street tutorials on my resume? Would I just list the experience in financial modeling or would I actually want to attribute it to the course?

A little tangential question here. Is it advisable to consider management consulting in the pharma/biotech industry as a path towards equity research? My impression is no, especially given the fact that I'd be entering consulting after my PhD and it would seem a highly circuitous route. However, from what I've read, business development at a pharma/biotech company is an exit opportunity for both fields making me think that many of the skills are highly transferable. The pros of consulting are the much more open and transparent application and recruitment process. The con is that, well, I really want to do equity research.

Any advice or comments?

to mopman's post: I'd say that mgmt / strategy consulting is a great first step out of a PhD into the business world - a great first step because you will receive training (how structured depends on the firm size usually) in tangible skills such as market modeling, powerpoint/excel, deconstructing big questions into things that can be analyzed objectively, general business acumen, working under pressure and intensely, etc. For these reasons consulting is a great platform to move into industry in a variety of roles, or finance, both sell- and buy-side included. However, if you know you want to get into equity research, I'd say use the flexibility afforded by your PhD (ie. precisely when you finish is usually flexible to some degree) to fight your way into an ER associate role right away. I did it, I know many who have done it, and like I said in a previous post, your degree in ER is most valued in biotech, so start there. It won't be easy as I've noticed most associates getting hired into good healthcare ER groups recently not only have an advanced degree but also some business experience (tough job market raises the bar), but it's still very possible with some geographic flexibility and lots or effort. A great differentiator is to get some business experience while in your PhD program - this can be anything, a part time internship or consulting project, some finance / accounting classes, basically you want to show that you have been committed to making the jump from academia for a while and not just another PhD that is looking around without any conviction. good luck to you.

AAR, very helpful post thanks to everybody who has given feedback.