Activities during Break year(s) (Investment banking)

[yenuwine]

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Hey everyone,

I'm looking for some opinions in order to help me decide what I should do after college and before med school. Here's my situation: I just found out I got a job offer for investment banking (healthcare group) at a bulge bracket firm, but I'm still 85% sure I will still go to med school after the typical 2 year analyst stint. I will be taking at least a year inbetween college and med school, taking this job would most likely extend that to two years. I guess what I really would like to know, is what people think a stint in investment banking would look like to adcoms? My reasons for wanting to do it are: money (would drastically reduce the huge burden of med school tuition), interest in business and finance (I have plans for doing the joint md/mba program), and just challenging myself to develop practical business skills (communication, leadership, blah blah) as well as gain new experiences. I'm sure I could spin it positively during an interview, but objectively how does it look? Also, my alternatives are teach for america or study abroad. Do any of these alternative drastically enhance my chances more so than the others? Let me know what you guys think. Thanks for your responses.

 

[JDWflash44]

sounds like a great opportunity, but my only question is how do you go to interviews while working in I-banking? I know people that do it and they work insane hours, 70-90 hour weeks. Remember medical school interviews are all during the week and my only question would be how do you get the time off??

Jim

 

[SpyPuts]

I have nothing terribly constructive to add, but I must say that this is a great question and I hope someone else has a good answer for you.

If I may pry: what college major, GPA, northeastern school, or other qualification(s) helped you to land this position? I'm not at all familiar with what stats are taken into consideration for admissions/jobs outside of basic science, but I'm interested in taking a year off myself and am looking into other possibilities. Thanks much.

 

[yenuwine]

JDW...That's an interesting question. That's kind of why I feel it will have to be a two year deal. My second year I will actually be able to use some of my sick days/vacation days. I told them during interviews that it was likely that I would be applying to med school. Plus during the 2nd year, I probably wont care if I get promoted or not since if I'm applying to med school it means I'm going to med school and not trying to work my way up.

mbkcd...in terms of how to get a job, it is not terribly difficult if you go to a target school (usually top 10-20 type undergrads). I actually am on the west coast. They claim to be open to any major and well I guess I am an example of that as I majored in electrical engineering and computer sciences. GPA should be above 3.5 (3.7+ ideally), should have shown an interest in business/finance through classes or extracurricular activities, good SAT scores are a plus (yea they still stick with you). In my cover letters and resumes I made it obvious I was interested in healthcare banking and this group tends to interest the least amount of people haha (more people are interested in tech, media, financial sponsors/institutions). Let me know if you have any other questions.

 

[DrBowtie]

Not sure how it will translate into medical school advantage but I think it is cool.
Start posting in the MD/MBA forum if you have/want some business discussion. I am sure a perspective like yours would be appreciated.

 

[yenuwine]

Any opinions would be greatly appreciated!

 

[silas2642]

Hey everyone,

I'm looking for some opinions in order to help me decide what I should do after college and before med school. Here's my situation: I just found out I got a job offer for investment banking (healthcare group) at a bulge bracket firm, but I'm still 85% sure I will still go to med school after the typical 2 year analyst stint. I will be taking at least a year inbetween college and med school, taking this job would most likely extend that to two years. I guess what I really would like to know, is what people think a stint in investment banking would look like to adcoms? My reasons for wanting to do it are: money (would drastically reduce the huge burden of med school tuition), interest in business and finance (I have plans for doing the joint md/mba program), and just challenging myself to develop practical business skills (communication, leadership, blah blah) as well as gain new experiences. I'm sure I could spin it positively during an interview, but objectively how does it look? Also, my alternatives are teach for america or study abroad. Do any of these alternative drastically enhance my chances more so than the others? Let me know what you guys think. Thanks for your responses.

Dude, if you're 85% sure you want to be a doctor, that's not enough. It's too hard of a road to go down unless you're 100% sure. I'd say give investment banking a shot and see what you think about medical school 2 years from now. If it's right, it'll work out. If it's not, it won't

 

[nicholasblonde]

yenuwine...I'm attending a flight school and building a bunch of flight hours so my Uncles (southwest and fedex captains) can hook me up w/ a job if I don't get in this year (I'm a re-applicant)....so I-Banking before matriculation doesn't really sound that crazy to me, since I'm doing something way more risky and having-nothing-to-do-with-medicine.

I think having that wall st experience to talk about in an interview would set you apart in a good way if you spin it right...just say some bs about "I saw how cold the business world was, and I wasn't happy just making tons of money...blah blah blah." Certain adcoms love that bleeding-heart shiz-nit.

Did you do business for undergrad or did you do science? I'm sending out resumes to the bulge-bracket firms also, since they might hire me b/c of my 34mcat/3.97 bio major cum GPA. After getting wait-listed at NYU and Cornell, then not getting in this summer, I figure I might fare better 30 blocks south in the financial district.

If you have any suggestions on which firms hire science guys PM me!

Good luck man.

 

[Shredder]

Not sure how it will translate into medical school advantage but I think it is cool.
Start posting in the MD/MBA forum if you have/want some business discussion. I am sure a perspective like yours would be appreciated.

seconded. ive seen md/mba brochures that list investment banking as a career option. not sure how that works out but it sounds cool. healthcares a business, and ppl like us will be running it.

 

[studentstudent]

Warning, the financial aid talks during med school interviews usu mention that if you have a high paying job your applicant year, it will affect your financial aid (they assume you can put more in). So maybe do the business thing for two years, then do something like teach for america that barely covers essentials and apply for med school that year. You'll have the $$$ and the experience, but you won't feel like you were ripped off in the financial aid package because you worked 70 hrs a week at a relatively high paying job.

 

[Shredder]

Warning, the financial aid talks during med school interviews usu mention that if you have a high paying job your applicant year, it will affect your financial aid (they assume you can put more in). So maybe do the business thing for two years, then do something like teach for america that barely covers essentials and apply for med school that year. You'll have the $$$ and the experience, but you won't feel like you were ripped off in the financial aid package because you worked 70 hrs a week at a relatively high paying job.

what an incentive for trying to do ones best. anyway going from ibanking to teach for america is 😱

 

[yenuwine]

Warning, the financial aid talks during med school interviews usu mention that if you have a high paying job your applicant year, it will affect your financial aid (they assume you can put more in). So maybe do the business thing for two years, then do something like teach for america that barely covers essentials and apply for med school that year. You'll have the $$$ and the experience, but you won't feel like you were ripped off in the financial aid package because you worked 70 hrs a week at a relatively high paying job.

That's a very interesting point. I felt like I got screwed in terms of financial aid for college and I do want to make sure I get the best package I can get for med school. So the aid is heavily dependent on what income you bring in during your applicant year? How about in previous years? Is there such thing as parent's contribution by this age? This may actually be a determining factor as it might limit the role of money in my decision.

 

[glp]

That's a very interesting point. I felt like I got screwed in terms of financial aid for college and I do want to make sure I get the best package I can get for med school. So the aid is heavily dependent on what income you bring in during your applicant year? How about in previous years? Is there such thing as parent's contribution by this age? This may actually be a determining factor as it might limit the role of money in my decision.

your parents income still counts for most schools. i think i-banking for two years before med school is insane. you will make decent money but really the first two years, you are cheap labor. the reason people are willing to do it is bc they can then get into a good b-school or move on to better money at a hedge fund/private equity fund. plus most firms are in expensive places to live, your salary will be nice, but your expenses will be high. you will probably be able to save alot less than you think. if i were you, i would do teach for america. but everyone is different. i dont think you would be wrong doing it, but i my personal opinion would be to do something less stressful for less money.

 

[unfrozencaveman]

Hey- as someone who has done this, you are kind of caught between a rock and hard place on this one. If you want to pursue an MBA, defintely, DEFINITELY get the biz experince. Getting into b-school is difficult to do without it.
On the other hand, prepare to work your ass off. The two year analyst positions are punishing to say the least. People complain about residency on here, and this is just as many hours, so if you want to die in ten years, investment banking to med school to MBA to residency is a great way to accomplish that.
That being said, my business experience is turning into a huge plus in terms of my application (and people told me it might be a negative-- seen as career jumping).
Anyway, that answers nothing really. Enjoy.

 

[Mutt]

So, how much are they going to pay you?

 

[bgreet]

Dude, if you're 85% sure you want to be a doctor, that's not enough. It's too hard of a road to go down unless you're 100% sure. I'd say give investment banking a shot and see what you think about medical school 2 years from now. If it's right, it'll work out. If it's not, it won't

That's kind of a holier than though statement.... how can anyone really be 100% sure of what they want to do at any point in their lives?