This blog is based on conversations with two doctors who made the decision to leave the NHS after their junior doctor years to pursue careers in investment banking. It’s important to note that the insights shared here are anecdotal, coming directly from these two individuals, and not from investment banking recruiters or employers.

Some of the resources mentioned are paid, and while they can certainly help strengthen your application, they do not guarantee a job in investment banking. This isn’t an all-encompassing guide, but rather a deep dive into a niche topic that certainly warrants further exploration. Enjoy the read!

🤔What is investment banking?

An Investment Banking Analyst is usually an entry-level role within an investment bank, where individuals assist senior bankers across various areas such as corporate finance, mergers and acquisitions (M&A), raising capital, and financial modelling.

Analysts devote much of their time to building financial models to evaluate the worth of companies or investment opportunities, using techniques like discounted cash flow (DCF) analysis, comparable company analysis, and precedent transaction analysis.

They are also responsible for preparing pitch books—comprehensive presentations that include market insights, financial data, and strategic recommendations. Additionally, analysts contribute to due diligence by conducting research on industries and companies, analysing market trends, and assessing potential risks. They help ensure the smooth progress of deals by preparing reports, coordinating logistics, and assisting with client communications.

The role demands a strong understanding of finance, meticulous attention to detail, and the ability to work long hours, often ranging from 80 to 100 hours a week (usually 9am to 1 am), particularly during peak periods.

Analysts need to be highly skilled in tools like Excel and PowerPoint, as much of their work revolves around financial modelling and creating presentations. Although client interaction is minimal, analysts frequently support senior bankers in meetings and help prepare client-facing materials. After gaining experience in this role, analysts typically move on to positions as associates or transition into other finance-related fields such as private equity, hedge funds, or corporate finance.

Despite the challenges of the job, it provides valuable experience and serves as a solid stepping stone for a long-term career in finance.

How to get started at university

🏢Internships, Internships, Internships!

When you’re in medical school and looking to break into investment banking (IB), securing an internship at a bank is the best way to get your foot in the door. These internships provide tangible evidence to employers that you understand the demands of an IB role and have the skills to thrive in that high-pressure environment, greatly boosting your chances of landing a graduate position.

The most competitive internships are typically offered by bulge bracket banks, followed by boutique and regional banks. However, if you can’t secure an internship at one of the top-tier firms, it’s still worth reaching out to smaller banks to inquire about opportunities or even offer to volunteer to gain valuable experience.

At the undergraduate level, banks don’t require a specific degree, but if you’re studying medicine, it could be advantageous to consider applying to the healthcare investment banking sector.

Internship Opportunities

Berenberg Careers: Summer Internship Programmes

Bright Network: List of Current Investment Banking Internships in London

JP Morgan: Investment banking analyst internship

HSBC: Investment banking internship

Don’t rely on these links, have a search online for yourself and utilise LinkedIn to reach out to people!

📄Internship Application Tips:

  1. CV:
  • Finance CV Format: Use a finance-specific CV template and seek feedback from IB professionals.
  • Relevant Experience: Highlight any involvement in finance-related societies or events.
  • Entrepreneurship: Show any experience in starting a business, society, or contributing to a startup.
  • Leadership: Demonstrate leadership roles in university projects or extracurricular activities.
  • Coding Skills: Proficiency in Excel is essential, and Python can be especially useful for financial modelling and data analysis.
  • Cover Letters: Tailor your cover letter for each application, ensuring it’s formatted correctly and addresses your specific interest in the role.
  • Certifications & Exams:
    • Bloomberg Market Concepts (BMC) and CISI Introduction to Securities & Investment exam are highly recommended for IB roles. If you are going to do any exam do the CISI Intro to Securities and investments as this gives you more than enough financial knowledge for interviews and applications putting you at the knowledge level of other undergraduate applicants with financial backgrounds.
    • CFA Level 1 may be helpful to show commitment, though it’s optional.

2. Aptitude Tests:

  • Paid Resources: Invest in high-quality paid resources for better preparation and results.
  • Practice Tests: Prepare for the verbal reasoning and logic-based aptitude tests like the UCAT

Interview Tips:

  • Demonstrate Financial Knowledge: Be familiar with key concepts like profit growth, valuation methods, and securities.

  • Explain Your Motivation: Clearly articulate why you’re transitioning from medicine to investment banking and how your skills transfer to the field.

  • Stay Updated on Financial News: Keep up with market trends by reading sources like the Financial Times and listening to podcasts like AmplifyMe Market Maker. Books like The Undercover Economist are also valuable for gaining industry insights.

  • Showcase Transferable Skills: Emphasise how your medical background—such as analytical thinking, problem-solving, and attention to detail—can be a strong asset in the fast-paced world of investment banking.

🏙️How to Get Started in Investment Banking as a Doctor

If you’re currently in F1 or F2, you can start applying for graduate roles in investment banking (IB) by positioning your foundation years as an extension of your undergraduate training. This can allow you to apply for IB analyst positions, particularly in healthcare-focused IB roles.

However, be prepared for a competitive process—many applicants will face multiple rejections. Much like applying for specialist training in medicine, securing a job in IB requires you to optimise every part of the application. Whether it’s refining your CV, perfecting your cover letter, or networking with professionals in the field, the tips outlined earlier can significantly increase your chances of success.

If you’re past F1 and F2, or if you’re looking for an alternative route into IB, you could consider pursuing a master’s in finance or an MBA. Universities like Oxbridge, LSE, Imperial, and LBS offer some of the most prestigious MBA programmes, but these routes come with higher costs and require a significant time investment. On the plus side, these qualifications often provide a more structured entry into investment banking, as many recruiters actively target MBA cohorts.

When applying for a Master’s or MBA, ensure that your personal statement includes a clear and robust career plan, explaining why you’re making the shift and how this qualification will support your future goals. At the postgraduate level, applications and interviews often place more emphasis on financial modelling during case studies, so it’s crucial to practice and build your financial modelling skills in preparation.

Pros and Cons of Transitioning from Medicine to Investment Banking

Pros:

  • High Salary: Investment banking offers a competitive starting salary, typically around £65k, with the potential for bonuses ranging from £20k to £40k.

  • Exit Opportunities: After 2-4 years, many investment bankers move into highly rewarding roles in Private Equity, Hedge Funds, Management Consulting, or Corporate Finance.

  • Global Reach: If you’re interested in international career opportunities, investment banking offers roles in financial hubs such as New York, Los Angeles, and San Francisco, making it a great choice for those looking to work globally.

Cons:

  • Demanding Hours: Expect long hours, often reaching 100-hour weeks, which can be physically and mentally draining.

  • Intense Work Culture: The work environment in investment banking is known for being highly competitive and fast-paced, which can be tough to manage long-term.

  • Less Direct Impact: Unlike medicine, where you help people directly, investment banking focuses more on financial outcomes and corporate performance, which may feel less fulfilling for those used to patient care.

  • High Burnout Rate: The pressure, long hours, and high expectations contribute to a significant burnout rate, which is something to seriously consider before making the leap.

Overall, the personality traits that tend to thrive in investment banking are those of hard work, competitiveness, a focus on financial gain, and intellectual rigour. While the field may appear glamorous to some, the reality is often long, intense 13-hour days spent in front of a screen. If you’re highly motivated by financial rewards, this career path could be a good fit. However, it’s worth noting that many analysts tend to move on after 2-4 years, seeking exit opportunities that often come with better pay, improved work-life balance, and greater job satisfaction.

📚Resources mentioned:

CISI Introduction to Securities and Investments – https://www.cisi.org/cisiweb2/cisi-website/why-choose-a-CISI-qualification/foundation-exams/introduction-to-investment-the-foundation-qualification

CFA programmes – https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam

The Undercover Economist – https://timharford.com/books/undercovereconomist/