The Student Room Group

life sciences grad into banking/finance career?

Hi guys, I'm going into my final year of a quantitative pharmacology with medical sciences degree and am exploring careers. I have an interest in finance but wanted to know how to get my foot into the door?
Does any have any networks/ resources that I could benefit from?
My degree is still STEM and is very quantitative but the quantitative components are just very unrelated to the finance world as it is mostly focused on health science and laboratory work.
Thanks
Do you have a particular aspect of finance that interests you?
depends on what area of finance you want to go into, investment banking don't care about the degree at all as long as its from a target university but quant finance will require a maths/physics degree normally.
You can go into investment banking with a degree in classics if you wanted to, so that area won't matter. Ditto for stuff like accounting. For more mathematical areas like I think risk, or actuarial science, you might be preferred to have a "numerate" degree e.g. maths, physics, engineering, CS, maybe economics. For quant finance you would normally need at least a masters if not a PhD in a highly numerate subject like maths or CS, ideally with a good deal of computational/programming work.
Original post by artful_lounger
You can go into investment banking with a degree in classics if you wanted to, so that area won't matter. Ditto for stuff like accounting. For more mathematical areas like I think risk, or actuarial science, you might be preferred to have a "numerate" degree e.g. maths, physics, engineering, CS, maybe economics. For quant finance you would normally need at least a masters if not a PhD in a highly numerate subject like maths or CS, ideally with a good deal of computational/programming work.

certain "quant "-centric investment companies like prop shops tend to hire out of undergrad though as that's their main recruiting pipeline but yeah agree with everything else. That being said if you go to something that isn't a firm target its best to study the most relevant course available (or something concrete like maths/CS) for IB. Warwick too ig
Original post by NovaeSci
Do you have a particular aspect of finance that interests you?

Yes I'm most interested in asset and wealth management, thanks for your reply btw. Very grateful
Original post by leviticus.
depends on what area of finance you want to go into, investment banking don't care about the degree at all as long as its from a target university but quant finance will require a maths/physics degree normally.

Firstly, thank you for your reply. What is the best way to get some experience in investment banking? Also once a person gets some experience in there, will they be able to transfer those skills to a more quant field?
I'm not too familiar with that pathway, but I believe there are qualifications such as CISI, CFA and Chartered Wealth management qualification. I'm only mainly familiar with CFA, which is something you require a degree for, but it can be in any subject. It's more to prove you have the ability to tackle the qualification.

Check out this article and check out the qualifications:

https://citywire.co.uk/wealth-manager/news/qualifications-that-will-earn-wealth-managers-big-bucks/a1226879

Also, check out this as I believe asset- and wealth- management are different.

https://smartasset.com/financial-advisor/asset-management-vs-wealth-management#:~:text=While%20asset%20management%20is%20focused,protected%20over%20the%20long%20run.
(edited 2 years ago)
Original post by liverpool10*
Firstly, thank you for your reply. What is the best way to get some experience in investment banking? Also once a person gets some experience in there, will they be able to transfer those skills to a more quant field?

define more quant field? Quant is a noun in finance, not an adjective. Your degree won't cut it for quant trading/research so I'd largely ignore it since its not even relevant to asset management really. Investment banking is pretty straight forward but competitive: You have the bulge bracket banks and the elite boutiques which pay the most/are the most prestigious/offer the best exit opportunities into buyside gigs like asset management. Below these you have middle market banks, then regional boutiques. For BB/EB/MM you need to go to a target school or at the very least, a semi-target. These are well documented on this site so I'm not going to list them - you would ideally do a spring week at a few banks in first year, convert into a summer internship for second year and then get a full time job offer. Getting into investment banks outside of grad schemes/summer internships is basically impossible. Probably best to try to break into a regional boutique by networking as they have less structured recruiting, also try big 4 audit/corp strat since they care less about universities and you can lateral into investment banking from there.
Original post by NovaeSci
I'm not too familiar with that pathway, but I believe there are qualifications such as CISI, CFA and Chartered Wealth management qualification. I'm only mainly familiar with CFA, which is something you require a degree for, but it can be in any subject. It's more to prove you have the ability to tackle the qualification.

Check out this article and check out the qualifications:

https://citywire.co.uk/wealth-manager/news/qualifications-that-will-earn-wealth-managers-big-bucks/a1226879

Also, check out this as I believe asset- and wealth- management are different.

https://smartasset.com/financial-advisor/asset-management-vs-wealth-management#:~:text=While%20asset%20management%20is%20focused,protected%20over%20the%20long%20run.

for reference these don't really help in investment banking/AM recruiting if you have 0 prior work experience/aren't applying through pipelines. Can't speak for wealth management and its entire possible you gotta do them at some point in your career but for recruiting they're unnecessary.
Original post by leviticus.
for reference these don't really help in investment banking/AM recruiting if you have 0 prior work experience/aren't applying through pipelines. Can't speak for wealth management and its entire possible you gotta do them at some point in your career but for recruiting they're unnecessary.

True, but if they research the different qualifications, it will also provide an outlook on what is involved and lead to reading articles that give more advice on the subject, etc. It's like CIMA and ACCA: you need to have been working in finance a while and advanced, to land positions these qualifications are for. But it doesn't hurt researching them to have an idea of what pathway you may go down in the future and to provide knowledge for when that happens. You then have a good idea of how you intend to progress over the next few years and which opportunities to take and which not to. I didn't have this knowledge and took a job at the council, then realised that they push you down the CIPFA pathway. If I hadn't have researched the qualifications I was hoping to take in the future, I would have had no idea and ended up continuing at the council and the experience I gained would have been totally different to what was required. But I researched shortly after and was early enough in my career I could correct the pathway and I switched to an Assistant Accountant at an actual company, rather than the public sector. Mind, I've given that up to study Physics and Astrophysics now, so didn't matter in the end, haha
(edited 2 years ago)
Original post by NovaeSci
True, but if they research the different qualifications, it will also provide an outlook on what is involved and lead to reading articles that give more advice on the subject, etc. It's like CIMA and ACCA: you need to have been working in finance a while and advanced, to land positions these qualifications are for. But it doesn't hurt researching them to have an idea of what pathway you may go down in the future and to provide knowledge for when that happens. You then have a good idea of how you intend to progress over the next few years and which opportunities to take and which not to. I didn't have this knowledge and took a job at the council, then realised that they push you down the CIPFA pathway. If I hadn't have researched the qualifications I was hoping to take in the future, I would have had no idea and ended up continuing at the council and the experience I gained would have been totally different to what was required. But I researched shortly after and was early enough in my career I could correct the pathway and I switched to an Assistant Accountant at an actual company, rather than the public sector. Mind, I've given that up to study Physics and Astrophysics now, so didn't matter in the end, haha

I mean I'm not disagreeing the qualifications/exams are useful; I just wanted to point out that they're not a prereq for recruiting into entry level positions in IB/AM as I see a lot of uni students asking if they should do the CFA to break in when its not a good use of time. Physics and Astrophysics is p dope tho ngl
Oh yeah, you are definitely right regarding experience. I was lucky in finance as I started on a finance traineeship, then progressed to finance assistant after a year, before I even started my AAT Level 2. I was in the right place at the right time with the traineeship, and in the second job, I was given a chance as I was still under-experienced and under-qualified. Sometimes, you just have to thank life for small mercies and to act upon opportunities when they present themselves.
Original post by NovaeSci
Oh yeah, you are definitely right regarding experience. I was lucky in finance as I started on a finance traineeship, then progressed to finance assistant after a year, before I even started my AAT Level 2. I was in the right place at the right time with the traineeship, and in the second job, I was given a chance as I was still under-experienced and under-qualified. Sometimes, you just have to thank life for small mercies and to act upon opportunities when they present themselves.

^ this is like 70% of finance recruiting and p insightful actually - thanks
Original post by leviticus.
^ this is like 70% of finance recruiting and p insightful actually - thanks

The funny thing is that every job I got within finance has been through an agency, ha. The traineeship was with the jobcentre for people who have been out of employment for around 20 weeks (took time out of work to concentrate on getting into finance) and around 5 months later the traineeship appeared after failing to land finance assistant roles from lack of experience. So was very lucky! Then my other jobs have been through agencies like Reed, Platinum, Hays, etc. They have been a mix of permanent positions paid by the company, and actually being paid through the agency. Agencies are useful for this.

To the OP: I started with no previous qualifications. Since you (will) have a degree, you will find it way easier to land a graduate entry position. So it won't be as hard (or maybe I should say lucky) as it was for me. But it just goes to show you can achieve anything if you focus and have a resolve; even if you start from nothing.
(edited 2 years ago)

Quick Reply

Latest

Trending

Trending