Should I Accept Drug/Hedge Fund Advisor Position?

[AllDay24]

Hi all:

I received an email from Mosaic Research Management and wanted to see if this is legit? I just graduated from med school and they got my email from a paper in a well-known journal since I was the corresponding author. I do have a decent amount of knowledge about the drug and disease in question. I don't want to do much work outside of the hospital since I am just starting my residency, but didn't want to pass on it if it is a really good opportunity.

Email text below (redacted):

"A hedge fund client of ours asked me to reach out and gauge your interest in working with them as an advisor for a consulting project they’re working on related to drug treatments for [general disease]. Specifically, they are a hedge fund who has some strong thoughts about the potential role for [drug I wrote a paper on] in [specific form under the umbrella of the general disease above], and would like to have you as an advisor as they move forward with this thesis.

This should be a great information exchange and also a paid consulting engagement (and not much of a time commitment)."

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[Money Moniker]

You jump on anything with the phrase "Hedge Fund" in it. If it's a legitimate Hedge Fund, the only people who end up making less than 7 figures in the whole building are the janitors.

 

[anbuitachi]

I thought we aren't allowed to take outside jobs when in residency?

 

[Psai]

I would run it by your residency program director to be safe. A lot of programs have rules against other employment while you're in residency. It does sound like it could become a good opportunity.

 

[IMGASMD]

I would run it by your residency program director to be safe. A lot of programs have rules against other employment while you're in residency. It does sound like it could become a good opportunity.

This.

If I read your history right, you’re going into derm? Make sure you know the rules or at least have a good sense of what the rules are. You don’t want to jeopardize your future career by being kicked out of residency.

 

[Raney Schauer]

If they ask you to put in a single penny, walk away it's BS and possibly illegal.

 

[atomi]

I would run it by your residency program director to be safe. A lot of programs have rules against other employment while you're in residency. It does sound like it could become a good opportunity.

In cases like this I would say it's better to ask forgiveness than permission. IMO it is unreasonable/unethical/probably non-enforaceble/illegal for a program to place restrictions on business activity you conduct on your own time. It's your time and your business. If want to spend my free time drinking beer and playing grand theft auto, nobody is going to say anything. If I want to spend my free time trading bitcoin, running a website, reviewing docs as a consultant, buying and selling on ebay, whatever, then that is equally nobody else's business. Moonlighting is different and programs that try to classify non-medical work as moonlighting are overreaching.

I have had outside business interests in residency not related to medicine. It is not that uncommon. However, if you engage in any sort of business/work/investment/whatever that makes you money outside of residency, you would be wise to play it close to the chest. Even if nobody tries to prohibit you from doing it, you aren't going to be popular among residents if you're brining home 4x their pay, nor attendings if you are earning close to what they do, and they'll look for a reason to burn you. There's no reason for anyone to know, and if it is significant enough that it is interfering with your duties as a resident such that someone finds out or suspects you've got a side hustle going, then you shouldn't be doing it in the first place IMO.

 

[deleted480308]

They can always hurt you more.

Don’t do it without written permission

 

[atomi]

If they ask you to put in a single penny, walk away it's BS and possibly illegal.

Presumably this is legit 1099 work and not a "unique investment opportunity."