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From medicine to investment banking (and back again)
Trainee
From medicine to investment banking (and back again)
Whilst I was the only medic in the team, there were also other professionals who had made the leap into banking, including former lawyers, members of the armed forces and PhD students. The excitement of playing an integral part in transactions that would litter the business pages of the papers and dealing with clients on a day-to-day basis also came with perks such as free taxis, business lunches and occasional trips abroad. It was a good time to be in the City – a buoyant global equity market meant that the number of transactions was rising. I gained a large amount of experience in a short time, working upwards of 80 hours a week. As a medic, as well as being familiar with working under pressure I was also able to provide business insight into transactions involving pharmaceutical and other healthcare companies.
Caroline Asprey
Why the change? From an early age I was sure, like many in the profession, that I wanted to be a doctor. The dream became a reality after 6 years at medical school in Oxford and a year working as a house officer. However, whilst nearly all of my peers were planning their future medical careers and choosing their specialties, I wasn’t even sure that I wanted to continue as a medic. The reality of the sometimes cumbersome mechanics of the NHS, and time spent talking to doctors already on their way up the career ladder, made me question whether medicine was the right choice for me. Although I know some of my peers experienced similar doubts and questioned whether the grass was greener elsewhere, understandably few, on the balance of time and motivation invested, gave up the dream to find out. The ‘greener grass’ that I chose was investment banking, a life in the City where global capitalism is played out at its most dynamic, efficient and exciting, and six- or seven-figure bonuses are possible. I took some time out to travel and applied for jobs within the corporate finance departments of the investment banks. Unexpectedly, a medical degree coupled with minimal financial experience didn’t seem to faze the interviewers and I found myself a job with a large investment bank in London.
Returning to medicine The dynamism and efficiency of the business and the competitiveness of the environment was exciting, but I began to realize that I missed contact with patients and the hospital environment. After 2 years I handed in my resignation letter and planned to rejoin the medical training ladder. I hoped to bring back to medicine the experience of working in a profession where achieving the best possible outcome in the time available and focusing on the most important stakeholders are key.
A worthwhile experience? I have now seen for myself that the grass is different but not necessarily greener. I am still glad that I had the opportunity to see at first hand a totally different industry and quell my doubts about medicine. Although the number of doctors entering investment banking is still relatively small, I believe that the knowledge and skills acquired during medical training can be transferred into the City. If you happen to be wondering about a change in career, have an interest in business and financial matters and enjoy working in a competitive and dynamic environment, investment banking may just be worth looking into. ◆
Working as a corporate financier My team worked with large companies, providing advice on financial strategy, capital-raising and mergers and acquisitions.
Caroline Asprey BMBCh qualified at Oxford University and completed her PRHO year in Northampton and Oxford, UK. Subsequently, she worked for an investment bank in London for two years, advising FTSE 350 companies. Conflicts of interest: none declared.
THE FOUNDATION YEARS 4:2
87
© 2008 Elsevier Ltd. All rights reserved.
From medicine to investment banking (and back again)
Whilst I was the only medic in the team, there were also other professionals who had made the leap into banking, including former lawyers, members of the armed forces and PhD students. The excitement of playing an integral part in transactions that would litter the business pages of the papers and dealing with clients on a day-to-day basis also came with perks such as free taxis, business lunches and occasional trips abroad. It was a good time to be in the City – a buoyant global equity market meant that the number of transactions was rising. I gained a large amount of experience in a short time, working upwards of 80 hours a week. As a medic, as well as being familiar with working under pressure I was also able to provide business insight into transactions involving pharmaceutical and other healthcare companies.
Caroline Asprey
Why the change? From an early age I was sure, like many in the profession, that I wanted to be a doctor. The dream became a reality after 6 years at medical school in Oxford and a year working as a house officer. However, whilst nearly all of my peers were planning their future medical careers and choosing their specialties, I wasn’t even sure that I wanted to continue as a medic. The reality of the sometimes cumbersome mechanics of the NHS, and time spent talking to doctors already on their way up the career ladder, made me question whether medicine was the right choice for me. Although I know some of my peers experienced similar doubts and questioned whether the grass was greener elsewhere, understandably few, on the balance of time and motivation invested, gave up the dream to find out. The ‘greener grass’ that I chose was investment banking, a life in the City where global capitalism is played out at its most dynamic, efficient and exciting, and six- or seven-figure bonuses are possible. I took some time out to travel and applied for jobs within the corporate finance departments of the investment banks. Unexpectedly, a medical degree coupled with minimal financial experience didn’t seem to faze the interviewers and I found myself a job with a large investment bank in London.
Returning to medicine The dynamism and efficiency of the business and the competitiveness of the environment was exciting, but I began to realize that I missed contact with patients and the hospital environment. After 2 years I handed in my resignation letter and planned to rejoin the medical training ladder. I hoped to bring back to medicine the experience of working in a profession where achieving the best possible outcome in the time available and focusing on the most important stakeholders are key.
A worthwhile experience? I have now seen for myself that the grass is different but not necessarily greener. I am still glad that I had the opportunity to see at first hand a totally different industry and quell my doubts about medicine. Although the number of doctors entering investment banking is still relatively small, I believe that the knowledge and skills acquired during medical training can be transferred into the City. If you happen to be wondering about a change in career, have an interest in business and financial matters and enjoy working in a competitive and dynamic environment, investment banking may just be worth looking into. ◆
Working as a corporate financier My team worked with large companies, providing advice on financial strategy, capital-raising and mergers and acquisitions.
Caroline Asprey BMBCh qualified at Oxford University and completed her PRHO year in Northampton and Oxford, UK. Subsequently, she worked for an investment bank in London for two years, advising FTSE 350 companies. Conflicts of interest: none declared.
THE FOUNDATION YEARS 4:2
87
© 2008 Elsevier Ltd. All rights reserved.