Help needed for recent grad

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shammgod23

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  1. Pre-Medical
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Hello all. I have just graduated and am applying to med schools. I wish to pursue the MD/MBA, and most likely go into the biotech/pharma management or work for a management or boutique consulting firm. I've talked to a bunch of people and they've told me to gain experience in business during my year off. My problem is I don't know where to look for an internship for the fall or spring or both. Most biotech/pharma's have summer internships rather than internships during this period of time. I have business experience from undergrad (I majored in econ and took finance and accounting) and I really want to land some sort of business job to gain experience for the future. Any suggestions what type of job I should look into, where I should look for a job, and plainly what I should do?
 
Just so I understand correctly, you plan on going to med school, but have no intention of ever practicing medicine? Are you planning on the MD being a big boost for your business career? If so, I would caution getting the MD just to pad your resume; it's A LOT of work, time and money that I would argue is better spent going straight into business (as I see my peers with houses, retirement plans, and 5x salaries who never went to med school...). The days of 1.7% consolidated student debt are over; that 100k+ for med school alone is quite a burden when interest rates are at 5%+. Plus there are all those years when you were not making money to save for a house, 401k, etc.

You may have a hard time finding a quality, one-year long consulting or business experience. As you mentioned, the only short-term hiring that these firms do is usually an internship (2-3 months over the summer mostly); and even with internships, one of the main goals is to recruit for full-time workers, but if you are not going to be available for full-time work again for 5 full years, it makes you a much less attractive candidate. You are looking for something that is not standardly offerred, so it's going to take some higher-up folks to pull some strings for you (try family connections, undergrad alumni connections, etc). On the other hand, you could not disclose that you are planning on leaving after one year and apply for a full-time job, and then leave (although all the time off you will need for med school interviews in the fall will be hard to cover up). You may be burning a bridge there, but that's something you will have to weigh.
 
bluejay68 said:
Just so I understand correctly, you plan on going to med school, but have no intention of ever practicing medicine? Are you planning on the MD being a big boost for your business career? If so, I would caution getting the MD just to pad your resume; it's A LOT of work, time and money that I would argue is better spent going straight into business (as I see my peers with houses, retirement plans, and 5x salaries who never went to med school...). The days of 1.7% consolidated student debt are over; that 100k+ for med school alone is quite a burden when interest rates are at 5%+. Plus there are all those years when you were not making money to save for a house, 401k, etc.

You may have a hard time finding a quality, one-year long consulting or business experience. As you mentioned, the only short-term hiring that these firms do is usually an internship (2-3 months over the summer mostly); and even with internships, one of the main goals is to recruit for full-time workers, but if you are not going to be available for full-time work again for 5 full years, it makes you a much less attractive candidate. You are looking for something that is not standardly offerred, so it's going to take some higher-up folks to pull some strings for you (try family connections, undergrad alumni connections, etc). On the other hand, you could not disclose that you are planning on leaving after one year and apply for a full-time job, and then leave (although all the time off you will need for med school interviews in the fall will be hard to cover up). You may be burning a bridge there, but that's something you will have to weigh.

Thank you for your post bluejay. The money isnt really an issue, and I guess I'm going to keep searching for an opportunity somewhere, do you recommend any specific internships at a specific company for next summer, like at genentech, or pfizer? or any of these opportunities are good experiences?
 
shammgod23 said:
Thank you for your post bluejay. The money isnt really an issue, and I guess I'm going to keep searching for an opportunity somewhere, do you recommend any specific internships at a specific company for next summer, like at genentech, or pfizer? or any of these opportunities are good experiences?

Sure, those are terrific companies to work for. You should decide if you want to work in industry, consulting, finance or another piece of the business world that intersects with health care.

For industry, the big split is pharma, biotech and med device. Each type of company has pros and cons tied to their products (i.e., pharma small molecules are cheap to produce, have a high margin and are vulnerable to generics whereas biotech products tend to be complex molecules like antibody fragments that are more process-intensive, commanding a higher price, with less competition and lower volume of sales; each has somewhat unique regulatory and competitive issues, etc).

Top Pharma companies include Pfizer, Merck, J&J, and AstraZeneca, among others. Their US headquarters tend to be located in the New Jersey/New York areas, so the most opportunities will be there.

Top Biotech companies include Genentech, Amgen and many others (many more niche or smaller players here). They tend to be located in California.

Med Device companies include Medtronic, J&J, Guidant, among others. They are more geographically distributed.

These companies may hire summer interns at the undergraduate level, but you have to ask yourself what skills you would bring to the table (not having an MD, MBA or extensive work experience may make this a tough sell). You need to think about where in these companies you want to work. Marketing? Sales Rep? R&D/Clinical trials? Business Development? You need to figure out your interests and then try to match them up with potential opportunities at these places. Search for any personal or academic connections to help get your foot in the door, as simply sending in your resume is unlikely to get much of a response.

Then you can look at consulting. There are the big management consulting firms (top firms are McKinsey, Bain, BCG, Booz, etc) and then there are health-care specific players. Consulting can be a nice experience if you have not worked much in the past, so I would look into it. These companies hire people after undergrad alone to be analysts, so it may be a good fit (they usually want you for a bit more than a year, usually 2-3, but it could still work).

Finance jobs include investment banking, private equity, venture capital, hedge funds and others. I have less experience with this type of job, but there is potential for more money here.

Anyway, you should try to focus on the industry that you are most interested in, and then the function within that industry that most appeals to you. Once you figure that out, decide if there are any geographic limitations to where you can work (do you have to stay put where you are now or can you go to any job in the US?). Then seach for contacts to get your foot in the door, have coffee with people, get your resume polished and circulated, start trying to get interviews and so on.

Good luck!
 
bluejay, thank you again, I wish my advisors at school were 1/10th as helpful as you, gluck w/ everything
 
shammgod23 said:
bluejay, thank you again, I wish my advisors at school were 1/10th as helpful as you, gluck w/ everything

That's some great info from bluejay. Pounding the ground and talking to people is the way to go. I found two of my formative work experiences through professors and their contacts. Good luck, and post other questions we might be able to help with. It is not as easy to explore interests that span fields.
 
If you're going to take 1 year off to get business experience, you might as well take 2 years off. It will significantly broaden your range of options (at least without lying about your plans during the interview). It will also give you a better experience. You won't be interviewing during the first year and you'll have more time to learn the job, and therefore more time to excel.
 
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