Investment banking internship?

[CoolRunnings]

Hey all,

I'm a junior pre-med finance major and considering doing an internship at a top investment bank in NYC this summer. I would hopefully be getting a job in a healthcare group, and may even look into healthcare consulting instead. How will this be looked upon by ADCOMs at top schools?

Thanks

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[Coastie]

Don't go to medical school, rock the internship, and stay in the investment banking world. Don't necessarily do a healthcare related internship, even if you decide eventually to do medical school (which you absolutely should NOT with that sort of opportunity), because adcoms like to see people have a life outside of medicine, especially at the top schools.

Hey all,

I'm a junior pre-med finance major and considering doing an internship at a top investment bank in NYC this summer. I would hopefully be getting a job in a healthcare group, and may even look into healthcare consulting instead. How will this be looked upon by ADCOMs at top schools?

Thanks

 

[Funky]

Hey all,

I'm a junior pre-med finance major and considering doing an internship at a top investment bank in NYC this summer. I would hopefully be getting a job in a healthcare group, and may even look into healthcare consulting instead. How will this be looked upon by ADCOMs at top schools?

Thanks

I think it depends on how you can spin it. Schools like people who are well-rounded and non-cookie cutter pre-med students. You could say that this experience helped you in this or that way. When aplying to med school though, make sure you have some clinical experience because none will hurt you. But aside from that, i say go for it! 🙂

 

[Maxprime]

You're being an idiot.

If you want to be a doctor, why don't you do something medically related over the summer? I'm not saying this for the sake of admissions, but for wanting to become a doctor.

At least PM me the group/firm so you don't make an even worse decision. I interned at one of the bulge's and got destroyed over the summer - 2 of them are notorious for abusing interns. If you go through with it, I can give you a suggestion of what to know so you aren't worthless your first week. You can obviously spin it in a positive way (how future administrators need to know how to fund new ventures, etc.) but it'd be a lot easier to spin a summer shadowing a physician in the field you want to go into.

FYI, the only reason to do an internship is to get a full time position after graduation. The $5k/month or whatever they're paying you will, shockingly, not be worth it. If an ADCOM knows anything about the IB world, he'll know all you did was put numbers from one column into another column and then made them pretty in powerpoint for 18 hours a day.

 

[Law2Doc]

You're being an idiot.

If you want to be a doctor, why don't you do something medically related over the summer? I'm not saying this for the sake of admissions, but for wanting to become a doctor.

At least PM me the group/firm so you don't make an even worse decision. I interned at one of the bulge's and got destroyed over the summer. If you go through with it, I can give you a suggestion of what to know so you aren't worthless your first week.

FYI, the only reason to do an internship is to get a full time position after graduation. The $5k/month or whatever they're paying you will, shockingly, not be worth it. If an ADCOM knows anything about the IB world, he'll know all you did was put numbers from one column into another column and then made them pretty in powerpoint for 18 hours a day.

Actually the biggest mistake folks who go to med school make is not exploring other options before applying. That's the whole reason folks are supposed to go to college before med school, be "well rounded", and why non-sci majors and nontrads are so seamlessly welcomed as applicants, notwithstanding only having taken the minimum prereqs. Most of the first year angst of "is this really what I wanted to do" comes from the fact that folks didn't explore other options. The person who actually checks out other things is much better served than the person who spends another 3 months in a healthcare setting after already doing the requisite amount of volunteering and shadowing (assuming OP has done this). Sounds like you had a bad experience, but also sounds like you learned that the grass isn't greener on the other side of the IB fence -- which is going to keep you from wondering if you are on the right path. That, in and of itself, makes such a job worth it. I suspect for every jaded type like you who hated an internship, there were a handful who found their calling. So the internship was of great success as a filter.

Adcoms respect those who are well thought out. Folks who have researched other options are always better thought out than folks who just apply to med school without ever considering non-healthcare options.

 

[Maxprime]

Actually the biggest mistake folks who go to med school make is not exploring other options before applying. That's the whole reason folks are supposed to go to college before med school, be "well rounded", and why non-sci majors and nontrads are so seamlessly welcomed as applicants, notwithstanding only having taken the minimum prereqs.

I couldn't agree more - and after re-reading the OP, I realized he wasn't asking about doing it 'for medicine' as I assumed. I wrote/spoke too quickly.

If you're doing it to see if the IB world is for you, all power to you. It'll be a fun couple of months and you'll learn more about real finance than you did in all of undergrad. Do yourself a favor and plan something to celebrate at the end of the summer, you're going to have a decent pile of money and need a rest.

A lot of people go directly to IB because of its reputation, but shop around at the other groups. Some trading floors have internship programs and it is a million times more fun to be clueless on a desk than clueless in an office. The quant groups have a steep learning curve, but are much more intellectually stimulating - powerpoint is the end and not the whole product. Also, with the market blowing right now, try pick a sector that's up for the year or else everyone will be pissed and people will be getting laid off.

 

[CoolRunnings]

At this point I do want to go into medicine. I had a finance internship a couple of years ago at a firm and decided it wasn't for me (this is actually when I changed to pre-med.). The job, however, wasn't the same as investment banking at all, and part of me is still interested in doing this for a couple of years and then looking into medical school.

I spent last summer taking summer classes, doing research, and shadowing a doctor. I currently spend 4/hrs week in a clinical setting, a few hours a week volunteering, and several (5-10) doing research, so I think my application will be good enough in this sense.

The main reasons I want to do a summer internship in banking/consulting:

1. Test my dedication to the field of medicine
2. Make some money rather than spending it (as I would if I was taking classes)
3. Spend some time in the city
4. Learn more about finance/business to complement my degree
5. Hopefully work in a healthcare group and learn more about this increasingly important side of medicine

In the future I see myself going to medical school (perhaps MD/MBA) and being involved in the business of medicine either in finance or from an economic policy standpoint.

Thanks for all of your responses.

 

[Maxprime]

You sound like you have your head on pretty straight for someone still in college. I did IB before med school and really enjoyed what analysts do. If nothing else, if you plan properly you may graduate med school almost debt free! Just remember to enjoy yourself in this process and best of luck.

If you want to look into the policy side of things, look at graduate programs in public policy and the like - don't narrow in just on B school. I have a friend who quit practicing to go back to do just that and is really enjoying it.

 

[Compass]

Anyone who can write down 5 reasons they want to do something should by all means go for it. Sounds like great fun, and great experience! Except that the making money should be more like "investing in continuing education" rather than "making money."

 

[Coastie]

Wow, brilliant advice (not to mention personable) from someone who isn't in the medical profession.

@ Maxprime

You're being an idiot.

If you want to be a doctor, why don't you do something medically related over the summer? I'm not saying this for the sake of admissions, but for wanting to become a doctor.

At least PM me the group/firm so you don't make an even worse decision. I interned at one of the bulge's and got destroyed over the summer - 2 of them are notorious for abusing interns. If you go through with it, I can give you a suggestion of what to know so you aren't worthless your first week. You can obviously spin it in a positive way (how future administrators need to know how to fund new ventures, etc.) but it'd be a lot easier to spin a summer shadowing a physician in the field you want to go into.

FYI, the only reason to do an internship is to get a full time position after graduation. The $5k/month or whatever they're paying you will, shockingly, not be worth it. If an ADCOM knows anything about the IB world, he'll know all you did was put numbers from one column into another column and then made them pretty in powerpoint for 18 hours a day.

 

[Coastie]

Good reasons. Hey, do stuff outside of medicine before medical school. It's a good thing for top adcoms.

At this point I do want to go into medicine. I had a finance internship a couple of years ago at a firm and decided it wasn't for me (this is actually when I changed to pre-med.). The job, however, wasn't the same as investment banking at all, and part of me is still interested in doing this for a couple of years and then looking into medical school.

I spent last summer taking summer classes, doing research, and shadowing a doctor. I currently spend 4/hrs week in a clinical setting, a few hours a week volunteering, and several (5-10) doing research, so I think my application will be good enough in this sense.

The main reasons I want to do a summer internship in banking/consulting:

1. Test my dedication to the field of medicine
2. Make some money rather than spending it (as I would if I was taking classes)
3. Spend some time in the city
4. Learn more about finance/business to complement my degree
5. Hopefully work in a healthcare group and learn more about this increasingly important side of medicine

In the future I see myself going to medical school (perhaps MD/MBA) and being involved in the business of medicine either in finance or from an economic policy standpoint.

Thanks for all of your responses.

 

[MajorPsoas]

I had the same opportunity just this past summer. I was offered an internship at Goldman Sachs in NYC but during the interview, it became quite obvious that I was more interested in medicine than in finance. The interviewer was very pleasant about letting me know that I probably wouldn't get the internship - only because they want to hire someone to work with the company from these internships. There is absolutely nothing wrong with venturing into non-medical fields, however, if you know you aren't going into the financial industry for sure, leave that sweet-ass internship for someone who will. Spend that time doing something else instead - travelling is always fun.

 

[fireflygirl]

I strongly encourage you to test your IB interest through your internship. I worked in IB for two years at a major firm and that's what helped me realise that I needed to be in medicine. While I was in it, I was miserable but my uncle who also was an IBer at one time told me to get through my analyst training program because I had started it, and I should be committed to finishing it. And now looking back, I realise how much better off I am because I did go through it. I have business skills now that many veteran docs don't have and I have experiences that have made me more well rounded and more prepared to go into medicine. And there were some wonderful perks to the life that I still miss. But I feel more confident now of where I am going and all the work I have put into preparing myself for medicine. And it has been a great source of inspiration for my personal statements and interviews; and I can see that a lot of interviewers are intrigued to know why I changed careers and appreciate me more for having the experiences and insight I do have becuse of my time in the IB world.

I wish you all the best Cool Runnings - have fun with it and learn a lot! And enjoy all the craziness that comes with it...

 

[batman1983]

From my experience, I think working at an IB will not hurt you, but it doesn't help either. I think Med Admission committees give more preference to ppl that do research or volunteer than to ppl that work at an IB(even though anyone that has worked at a IB knows that it is a harder sacrifice, in terms of work hours, stress, and etc, compared to working in a lab or volunteering). Yet, there are certain schools that know this and actually have preferences for applicants that have the atypical premed credentials. There are also certain skills/experiences/exposures that one can get working at an IB that can separate you from other applicants. You just have to make sure to still do other premed activities, like volunteer or research.

Personally, if you can do it, I would recommend taking the internship. I believe one of the greatest mistakes a premed can make is to not have a backup to medical school (in case they don't get in or decide that its not for them). While the pay may not be that great compared to fulltime positions, you would still be making more than most ppl in college. Thus, it gives you some financial flexibility, as well as the opportunity to have a good backup to medical school. Just make sure you know what you are getting into. While the work itself is not neccesarily challenging(unless you are in certain trading desks, which you apparently are not), the politics, stress, and long work hours can be a drag.

 

[DescentFan]

I'm actually working as a paralegal in a multibillion dollar law firm in New York City right now. With the long hours and psychological duress aside, I've been told that working in a non-health job while applying to medical school can indeed hurt. I'm experiencing that right now (only three interviews out of 13 schools applied; one possible waitlist; two too early to tell). Although I have decent GPA, MCAT, and ECs, I feel that ADCOM members probably view my working experience as a lack of dedication to medicine...

...which is not true; I as well as many undergrads fresh out of college badly need the money.

 

[etf]

the $5-15k you make this summer will come in handy for application fees. i say go for it.

 

[fireflygirl]

While I do agree with Batman and DescentFan, I still encourage you to go for it. However, as per their advice, I would advise you to find the time (and depending on what you do in banking, you CAN find the time), to work even just a few hours on the side. My brother did a pre-med cirriculum as an UG and has always had an interest in PR and marketing, and is doing a 1 year internship while applying to medical school right now as part of his glide year. He has a fantastic profile and has gotten acceptances and interviews at a broad range of schools including Ivies. But he also works a few hours a week in a lab that he has been working at since he was an UG. So I would advise you to stay involved somehow with healthcare but also pursue the IB internship to test other possibilities.

Also, if do go into banking, find out what companies your IB works with to do community service. When I was in banking, I did all types of community service a few times a year as part of my job which made it easier to stay involved with my long range goals of healthcare.

 

[StealthNerd]

I'm actually working as a paralegal in a multibillion dollar law firm in New York City right now. With the long hours and psychological duress aside, I've been told that working in a non-health job while applying to medical school can indeed hurt. I'm experiencing that right now (only three interviews out of 13 schools applied; one possible waitlist; two too early to tell). Although I have decent GPA, MCAT, and ECs, I feel that ADCOM members probably view my working experience as a lack of dedication to medicine...

...which is not true; I as well as many undergrads fresh out of college badly need the money.

I gotta disagree here, going more with the "well rounded is good" view. I've been told that my unique experiences are a good thing. And, at the least, I know that although I don't mind what I'm doing now it doesn't turn me on like medicine does. Really it all comes down to how you spin it. 🙂

 

[the10isplyr]

sorry if this is way off topic, but...

How did you guys get hooked up with these IB internships, were you finance/business majors? Is it possible for pre-meds to get it who aren't pursuing a business major?

 

[Funky]

sorry if this is way off topic, but...

How did you guys get hooked up with these IB internships, were you finance/business majors? Is it possible for pre-meds to get it who aren't pursuing a business major?

I think you have to be some sort of finance/econ major to get hooked up because you have to show that you've taken some business classes but maybe there are some internships without a requirement. Ask your career center in your UG.

 

[thoffen]

As usual, Law2Doc is on point. If you do ANYTHING (legal, of course 🙂) because it interests you, it can only help you for medicine. If it doesn't interest you, though, don't do it just for the money.

 

[batman1983]

sorry if this is way off topic, but...

How did you guys get hooked up with these IB internships, were you finance/business majors? Is it possible for pre-meds to get it who aren't pursuing a business major?

I was exposed to it because I doubled in business and bio, and all the ppl in my business major talked about IB internships and jobs. From my experience, you dont need to be a biz/finance/econ major to get into IB(a lot of science and engineering majors get into IB industry groups), but it does help since it gives you more to talk about during an interview. In addition, a lot of it also depends on the UG school you go to. Most of the IBs only recruit at a few selected schools, so it can be hard to get into the field if you dont go to one of those schools. You can still get in, but it requires more effort on your part.