Alternative Science Careers

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An interesting and well paying alternative career for scientists to consider is a Brand Manager at a pharmaceutical company. Brand Management equates to Marketing. Therefore, a Brand Manager is in essence a marketer of a specific brand within a company.
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Responsibilities of a Brand Manager:

Typical responsibilities as a Brand Manager include scanning the business environment, identifying market needs, performing market research, and developing marketing plans and strategies. Responsibilities specifically to the pharmaceutical or medical device industry include developing a market plan to achieve prescription, sales, and profit goals, as well as development of forecasts of brand sales, expenses, and market shares. A brand manager typically analyzes the physician demographics, reimbursement factors, and other market conditions affecting the assigned brands and therapeutic areas. Duties may also include training sales employees and providing strategic guidance.

Pharma Brand Manager Position Requirements:

Generally, a Brand Manager posting in the pharmaceutical industry requires a bachelors or masters degree in engineering, science or pharmacy with at least 5 years of relevant work experience, which may include pharmaceutical field sales, sales management, and/or marketing experience. Some positions may also require a MBA with a few years experience.

If you don’t have the experience, it is recommended to start out as an Assistant Brand Manager or Assistant Product Manager to get the experience. Many of these positions require a bachelors or masters degree but no experience. As an Assistant Brand Manager, you will have the opportunity to work with a brand group that typically includes a Brand Manager and two or three Assistant Brand Managers. This allows the opportunity to get experience in Marketing, with the intent in moving up the ladder to Brand Manager, and possibly Marketing Director.

Additionally, candidates must demonstrate good communication skills and often must be willing to travel.

Good luck in marketing yourself into marketing!

Technorati Tags: Brand Management, Brand Manager, Business, marketing, Marketing and Advertising

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The Graduate Management Admission Test (GMAT) exam is now easier to access, owing due credit to aspiring business students worldwide. The GMAT exam is a standardized assessment, delivered in English, that helps business schools assess the qualifications of applicants for advanced study in business and management. It is required by most schools as part of the application process.

According to the Graduate Management Admission Council (GMAC), there is a rise in demand for GMAT testing centers due to the increasing interest in those wanting to take the exam. Since 2006, there has been a 25 percent increase in GMAT examinations taken with nearly 267,000 candidates taking the exam in 2009.

The increased interest may be due to the economic conditions. People are getting laid off and going back to school is becoming an option. Peg Jobst, Executive vice president of GMAC, states “The need for skilled managers in a global economy is fueling the growth of quality management education programs around the world”. Jobst believes that “increasing access to the GMAT will provide schools with a bigger pool of candidates to choose from.”

The GMAT test is obtainable at registered test centers all around the world with periodic and on-demand testing conducted on a regular basis. The number of GMAT applicants is gaining international popularity. Last year represented the first time since its inception in 1954, that there were more candidates taking the GMAT outside the U.S. than there were American test takers. The data collected shows the imperative role China and India have played on the progress of business and management education outside of the U.S., confirmed by the large numbers of students taking the GMAT exam in those countries.

The data above can be both positive and negative for science students wanting to also get a business degree. On the positive side- there are more opportunities and areas to take the exam. However, since the number of those taking the GMAT has increased, this may mean that the competition to enter business schools may also have increased.

The GMAT exam measures basic verbal, mathematical, and analytical writing skills. It does NOT measure knowledge of business or job skills. As a scientist, the mathematical and analytical writing skills acquired in the scientific training may be a competitive advantage on the exam. However, verbal and written communication is also very important on the exam. As this is often a weaker side as a scientist, it is imperative to study and prepare for the exam to ensure your scores will be competitive based on the school you would like to attend.

There are many useful websites and books that offer GMAT study aides. One site, mba.com, offers free GMAT test preparation software that gives practice sections for each type of GMAT question, with answers and explanations for each question. The software is available for free to registered users of the site.

Take a look at the following articles for a more thorough explanation of the GMAT exam, as well as tips for success:

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• Test Prep: 6 Tips for GMAT Success (usnews.com)
• New MBA Scholarship Competition for GMAT Test Takers (prweb.com)

JP Morgan is a global financial leader serving the broad and varied needs of one of the largest client franchises in the world, including corporations, institutional investors, hedge funds, governments, and wealthy individuals in more than 100 countries. They have internship positions available specifically for those pursuing PhDs, including science degrees.

JP Morgan has flexible deadlines for PhD internship applications. However, demand for summer internships is intense, so the earlier you apply, the better your chances. For their PhD programs, all full-time and summer internship positions will have start dates in and around summer 2010. Their website states that “applications will be accepted on a rolling basis.”

There are two types of positions available for PhDs- Quantitative Research Summer Internships and Summer Associate Positions in Fixed Income Strategy.

As a Summer Associate in Quantitative Research, your responsibilities may include, but are not limited to:
*Developing a new valuation model, risk measurement, or financial analytic that will impact a particular trading business or corporate risk calculation
*Evaluating quantitative methodologies – identifying and monitoring model risk associated with derivative valuation models
*Assessing the appropriateness of quantitative models and their limitations for valuation and risk management
*Designing efficient numerical algorithms and implementing high performance computing solutions
*Designing and developing software frameworks to support financial analytics

As a Summer Associate in Fixed Income Strategy, your responsibilities may include, but are not limited to:
* Keeping abreast of market developments
* Developing client-oriented research on fixed-income cash and derivatives markets
* Generating timely trade ideas, both strategic and tactical
* Partaking in significant client interaction, including presentations
* Econometric modeling of fixed income markets
* Programming of models

You can apply for these positions online at http://careers.jpmorgan.com/student/jpmorgan/careers/us/apply/online.

The website also states that “if your summer experience is a success, you may be offered an opportunity to work full-time after graduation or part-time during the school year.”
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Baird is a well-known wealth management, capital markets, asset management and private equity firm with client assets of more than $75 billion. Baird offers internships at its headquarters in Milwaukee as well as at branch offices across the country. Currently, there is an opening listed on their website for an equity research associate intern this summer in Milwaukee.

Job Description: The equity research intern plays an integral role in the research process. Interns typically join a focused industry group and work closely with Analysts. Equity Research Interns provide quantitative support for industry- and company-specific research and assist with field research. We are looking for individuals with strong computer and analytical skills, and a basic understanding of finance and accounting.

Qualifications and Requirements: Current enrollment in a Master’s degree program required. Candidates must have a proven academic record (minimum GPA of 3.5/4.0). The ideal candidate will have the ability to work within a team and on a self-directed basis; excellent analytical, written, and verbal communication skills; and advanced computer skills using Microsoft Word and Excel. Significant hours are required.

To find out more information, visit their website at http://www.rwbaird.com/about-baird/careers/careers.aspx. To find this specific position, search US Opportunities under the Job Category “analyst.”

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I came across an October 2008 Nature article by Jason Brown on the venture industry titled “So you want to be a venture capitalist?” It is well worth a read for any of you aspiring to have a career in venture capitalism. A couple of takeaways from the article:

– Venture capitalists provide both financing and guidance to companies that have technologies that have great potential. It is important to realize that a large part of being a good venture investor is not just providing the upfront money, but also providing your expertise to aid in the companies success.

– Responsibilities as a venture capitalist include performing due diligence to thoroughly evaluate investment opportunities, negotiating investing terms, and providing ongoing support to the management team.

– There are many different pathways to become a venture capitalist, but there are a limited number of entry-level positions, making it challenging to get into right out of school. Getting biotech or pharmaceutical industry experience first can open the door to landing a position.

The article goes into more detail about what venture capitalists do, their main responsibilities, and transitioning out of the laboratory. To read the entire article, click here. You do need a subscription to access the full text article, but most of you as graduate students and post-docs should have institutional access.

Technorati Tags: alternative science career, career opportunity, venture capitalist

Entering the investment community is a great career option for those looking outside the typical science careers. In particular, those with a science degree can become an equity research analyst. Equity Research Analyst Job Description: A research analyst researches macroeconomic and microeconomic conditions along with company fundamentals, as well as collects and analyzes financial information in order to make investment recommendations on stocks in specific sectors. With a science degree, the most appropriate sector to work in is the healthcare sector, which includes pharmaceutical, biotechnology, and medical device companies, as well as hospitals and other healthcare companies. Responsibilities include building financial models, researching industries, and communicating analysis and investment recommendations in research notes. Additionally, in the healthcare sector, responsibilities include analyzing clinical data and utilizing scientific information to make sound judgements. Within the investment industry, most analysts tend to work either for buy-side investment firms, where they research stocks for an in-house fund; or sell-side firms that write research reports for buy-side firms. Buy-side firms are investment houses that manage their own funds. In these companies, analysts research companies as they look for stocks to add to an investment fund. They also track the stocks that are in a fund’s portfolio in order to determine if the fund’s position in that stock should be sold.At a sell-side firm, analysts evaluate and compare the quality of securities in a given sector or industry. Based on this analysis, analysts make reports with recommendations on the stock, such as buy or sell. To learn more about buy- or sell-side analysts, read the article “Testing 3 Types of Analysts” by Rick Wayman. Junior Analyst: With only a science degree, it is most likely to get hired as a junior analyst. A junior analyst is an entry level position that works closely with a senior analyst. Junior analysts have similar job duties as the senior analyst, but most do not make final decisions on buying or selling stocks. Tips for Success:

• It is recommended to have some business knowledge and is suggested to take a few courses in business, economics, and accounting. There must be a general understanding of the income statement, balance sheet, and cash flow statements, as well as basic financial ratios that offer valuable snapshots of the health of an organization or business trend.

• Two recommended websites that are great tools in understanding basic investment principles and financial information are www.investopedia.com and www.fool.com.

• Begin preparing by keeping up to date on the healthcare industry in general. Read industry journals and/or look up healthcare news through google. Also, keep up to date with financial information. Read the “Wall Street Journal” and “Barron’s” to familiarize yourself with the equity industry. These are also great resources to watch for job listings.

• Get as much experience as possible while still getting your degree. Seek school year or summer internships working with an equity analyst. Most equity firms offer internship programs. It is best to speak with your business department to determine if they have a program set-up through your school. The business director should also be able to give you the contacts necessary to find a program.

Technorati Tags: analyst, equity, healthcare, investment, research