Science MBA Combo? The short answer: yes! The long answer: yes, because career opportunities in the STEM business space are more abundant than ever, and it’s never been more useful to bring a wide range of skills to a position. An MBA can be the perfect complement to a science degree, supplementing a technical grounding in science with some highly sought-after business skills.
A solid foundation
Science degree holders are often already well-versed in many of the skills required to succeed in business. These can include research skills, data analysis skills, and the ability to communicate high-level concepts. With a little bit of instruction, these skills can easily be applied in a new context. In addition to applying them to lab work and problem-solving on a chemical level, a science-and-business expert knows how to apply them within the context of a whole company.
STEM Science MBA
Some highly specific MBA programs offer tracks for STEM, healthcare, and other fields. This is in response to the ever-growing need for specialized business experts. If you’re thinking about doing an MBA, consider applying to a specialty program that will not only teach you the standard content of this classic degree, but how to apply these lessons to your chosen field.
If you do find yourself shopping around for STEM MBA programs, make sure you have your screening process down pat. Prioritize programs whose curricula offer a direct pathway into the role you’d like to land afterwards. And should you be called in for an interview, be sure to clarify what companies recruit from the program, and the kinds of positions that are up for grabs.
Career opportunities for a winning combo
For those who’ve graduated with a STEM degree and go on to pursue a Science MBA combo, career prospects abound. Many positions require a blend of technical science acumen and more hands-on, management-focused business skills. If you can bring both to the table, you’ll be a piping hot candidate.
Financial analyst: a financial analyst in the life science space can choose to work for a company, or to work as a freelance consultant. In either case, your primary role will be to offer financial and business advice to biotech and pharma companies.
Quality control specialist: this position involves overseeing research processes to make sure they comply with all applicable regulations. That might sound dull, but there can be an element of creativity, too: this job can also involve making recommendations to improve the efficiency of the research process.
Sales account manager: A sales account manager for a life science company may indeed find that they can work in a scientific field they’re passionate about, while receiving no shortage of opportunities to schmooze with customers. For the right person, managing a sales account in a field they love can bring the best of two worlds to the work experience.
Product manager: an employee in this role oversees the development of new products in the life science and biopharma space. This could involve monitoring lab work, advising a marketing team about current project specs, or advising businesses on what products to develop next.
Advantages of a diverse skill set
Biotech businesses are some of the hottest on the market right now, and at present the industry is only growing. As a result, life science employers are more in need than ever of employees who understand their businesses on both a micro and macro level. Surprise surprise: the science MBA combo lends itself beautifully to just that.
Another benefit of getting an MBA post-life science undergrad: more interactive career opportunities. After years of highly detail-oriented and isolated lab work, some scientists hunger for more interactive, people-facing employment. If you can relate, take note: an MBA will bolster your chances of finding a socially dynamic position that still calls upon your years of rigorous scientific study.
The perfect position for your background
Clearly, the science-MBA combo has never been timelier. Employers nowadays are looking for a blend of soft skills and hard skills, and the moment they see that winning duo of specialties on your resume, they’ll know without any further investigation that you possess plenty of both. If you’re looking for an interdisciplinary position that incorporates the full range of your skills, Sci.bio’s recruitment services can help you find it.
Workforce statistics from the past two years paint a concerning picture of the biotech recruiting sector in 2023. The COVID-19 pandemic led to a boom in hiring and growth, but now that the initial biotech demand is leveling off, many companies are ‘right-sizing’ to pre-COVID-19 levels. Statistics predict the growth of the biotech sector slowing in 2023, in part to rising inflation.
The overall trend means biotech companies are slowing down their hiring. It’s not clear how much growth will slow in 2023, and hiring managers might wonder whether it’s worth adding more workers to the payroll if layoffs are coming. Due to its ability to consolidate and diversify their portfolio, Big Pharma is in a stronger position than agile biotech start-ups, but industry experts still urge caution.
Attracting Biotech Talent in 2023
Despite an economic slowdown, the biotech sector is continuing to grow, and companies are still looking to hire top talent. Here are a few ways biotech recruiting is filling positions and attract candidates.
First, it’s important to understand candidates’ motivation for switching roles, because there are many professionals considering a job switch, even if they’re currently employed. A lot of candidates are seeking appropriate salary increases to combat inflation. Or, perhaps instability at their current company has created a threat of layoffs.
As a recruiter, there are several ways to appeal to these candidates and fill your client’s vacancies.
Highlight remote, hybrid and flexible working options. Thanks to rising gas prices, commuting is expensive, and many employees don’t like feeling pressured to come into the office. Flexible working remains a high priority for jobseekers as they explore new roles.
Emphasize supportive work culture for new hires. Work culture is not just about throwing money at employees, but thoughtful initiatives to support new hires and integrate hybrid teams. The COVID-19 pandemic has left many workers feeling adrift from their colleagues, and they want to better integrate into their teams, virtual or not.
List opportunities for career growth and developmental opportunities within the company. The new hire is more likely to make long-term commitment to the role if they think they can progress in their career without needing to switch companies again.
With over ten years’ experience serving biotech companies in the Boston area, Sci.Bio knows how to guide your company through economic changes. Schedule an appointment with us today to learn more.
Where can you access top talent other than LinkedIn, a site where candidates are inundated with recruiter messages and your own email risks getting lost in their inbox? There are a few underexplored avenues to find biotech jobseekers, and with a bit of creativity you can expand your candidate pool.
Leverage Existing Connections
The most efficient way to find fresh job candidates is to ask your existing clients for referrals. Your clients will know who in their network is looking for new opportunities, or who is dissatisfied with their current job and could be persuaded to change companies.
Another source of talent is through auditing former candidates you worked with in the past: check in on those previously considered for roles to see if they’re looking for new opportunities. After all, just because they weren’t a suitable match for your previous vacancies, it doesn’t mean they won’t be a good fit for your current openings.
Broadening your recruitment sphere
After you’ve tapped your current network, you can broaden your reach through local opportunities. Get involved with regional biotech organizations: attend their networking or professional development events to meet other attendees who may be considering a career change. Reach out to conference presenters or hosts at these types of events – the people who participate in panels, conferences and high-profile volunteer roles are often looking to strengthen their resumes with an eye to new roles. Even if that’s not the case, conference presenters are usually well-connected and may be willing to refer candidates to you.
Make sure you’re not limiting your search to graduates of the local biggest universities, and recruit from historically black universities and colleges (HBCUs), small liberal arts colleges (SLACs) and local community colleges. At these smaller colleges you may find candidates with less conventional resumes, but who have acquired a valuable set of skills through different routes into the job market.
College faculty like having recruiters come to speak to their students about career paths, which allows you to connect with STEM graduates in-person before they start applying to entry level positions.
Other places to find hidden jobseekers
In addition to using LinkedIn, check expat forums and Facebook groups for professionals. Members of those groups may be receptive to new opportunities that are tailored to them, rather than being cold-called on LinkedIn about jobs that don’t match their skillsets.
The final way to expand your talent pool on LinkedIn is to note who is interacting with your job posts through likes, comments or shares. This kind of online engagement is often a sign of someone considering a career move or preparing to apply to new roles, even if they aren’t advertising the fact on their profiles. Reach out to those posters and offer to chat with them about their career goals.
As a recruiter you often go to the candidates, but it’s also possible to encourage candidates to come to you. Hold a recruitment agency Open House – make the event worthwhile for local job seekers to visit your recruitment agency, meet the recruiters, and learn about the companies you partner with.
Life Science Jobs – When you think about what it means to be employed in STEM, do you think of syringes, microscopes, and lab coats? If so, you’re not alone! In reality, however, lab jobs are just one path you can take as a life science graduate.
Within STEM and biopharma, there are many hidden-gem positions that simply don’t get as much attention as they should. If you have an interest in science but also enjoy analysis, management, or communications, there is no shortage of exciting and non-traditional job prospects out there for you to explore.
STEM (Life Science Jobs) and Business
Not all STEM positions are primarily scientific. Most will require at least a foundational understanding of STEM concepts, but some also call for a strong big-picture grasp of business operations.
As such, if you possess both a science background and a keen understanding of economics, markets, and/or human behavior, you’re in luck. Job-seekers with passions for both science and business can consider the following options:
Medical science liaison: this position requires both people skills and a knack for clearly communicating important information. The main duty associated with this role is the provision of medical product information to key players in the pharma and life science industries.
Life science recruiter: if you have a strong network and enjoy the thrill of the chase, this position may be for you. Recruiters in the life sciences have the chance to make new connections across many different fields, and to gain an insider perspective on the back-end of science-based business operations.
Biopharmaceutical sales rep: if you have an advanced science degree, a go-getter attitude, and are a self-professed “people person”, you may find a perfect match in this position. The earning potential is very high, and for the right fit, the work environment can be exhilarating.
STEM and Communications
Any job in scientific communications will require both a keen analytical mind and the ability to articulate high-level concepts. If you’ve cultivated that elusive blend of “soft” communications skills and “harder” data and research skills, this may be the niche you’ve been searching for.
If you’re interested in finding a job in this field, here are some positions to keep on your radar:
Technical/Medical Writer: If you feel comfortable communicating scientific concepts to wide audiences, consider looking into medical or technical writing as a career. Some science writers work on a freelance basis, while others are employed by corporations.
Science Journalist: science journalism is similar to technical writing, but potentially broader in scope. A scientific journalist produces copy for not only scientific media but also blogs, websites, newspapers, etc.
Scientific Instructional Designer: this position is ideal for anyone with a teaching background as well as a scientific mind. Instructional design is a growing field, with many roles currently available at life science/biotech companies.
Another path less travelled: health informatics
When it comes to lab-coat-free science positions, health informatics jobs are just about as good as it gets. For one thing, they tend to pay well. And for another, the work they involve usually proves to be both stable and stimulating – the perfect combo. Positions in this field tend to involve management, advising, communicating, and/or analysis. If you possess one or more of these skills, consider that HI could make for a very fulfilling career path.
Here are just a few health informatics jobs available today:
Clinical Informatics Analyst: this position is all about the data. It involves compiling and analyzing health information, and using that analysis to make policy and workflow changes within an organization.
Health Information Technology Project Manager: think regular project manager, but with a little added expertise. For an employee in this role, projects often center on the implementation of new technology and the optimization of existing workflows.
Health Informatics Consultant: often contracted for on a per-project basis, an employee in this role advises a healthcare organization on health-informatics-related challenges, questions, and initiatives. Because of its broad scope, the nature of this position can vary greatly from client to client.
Look before you leap (into a career)
Depending on your skill set and personality, a lab position may be ideal for you. But no matter where you end up, you’ll never regret having explored your options. Remember: modern career paths are not always linear! What you learn now could come in handy years down the line.
Whether you’re looking for a medical writing position, a senior lab job, or just for some career guidance, Sci.bio’s recruitment services can help you get where you want to go.
A week ago, you were scared you’d bombed every interview. Now, you’ve suddenly got too many job offers! This is a great position to be in – yet it can still be stressful. How do you choose between two, three, four different options? And if you’ve only got one nailed down, but expect another to come in soon… how do you manage the uncertainty?
With more than one offer on the table, you’ll naturally want some time to weigh your options. Here are some tips on how to address this situation with hiring managers – and ensure you end up making the right choice.
Buy yourself some time
Rule number one: always show enthusiasm! You can let an employer know you’re excited about a great opportunity without giving them a definite “yes”. Ask the hiring manager when they need to have your answer, then plan to make your decision within that time-frame. If you need more time than they’re offering, you can be honest about your situation and ask for a few more days. If you keep your tone respectful and reiterate your excitement about the position, they’re unlikely to hold this against you.
Once you know how long you have to decide, don’t hesitate to ask questions. Employers like it when you take initiative and want to find out everything you can about an opportunity.
A bird in the hand…
What happens when you get an offer for a perfectly decent job, but you’re 80 percent sure that the amazing position you just interviewed for is also going to work out?
In this situation, you can speed-track your mission to hear from your first-choice employer. Your first option is to create a reasonable delay. Perhaps you can ask your current offer for additional clarification on a point mentioned in the interview, or request to meet with employees at your level if you haven’t already.
Another possibility: let the other employer know that you’ve received an offer already, and you’d love to know when you can expect to hear back from them so you can make the right decision. This approach is a little riskier, but if handled with care, it can actually increase an employer’s interest in you – it shows them that you’re in high demand.
Think concretely about each offer
Say you’re deciding between two offers. Position one offers a snazzier office and builds on your previous work as a data scientist. On the other hand, position two boasts a generous benefits package and lets its employees work from home two days a week. Both positions sound great, and you’re at a loss to decide which one is “better”.
In this situation, you’ll want to look beyond the job descriptions and consider the specifics of each position. Imagine the layout of your space, what projects you’d be working on, and who would be on your team. Chances are, you’ll end up gaining some insight into which one is the better fit.
Additionally, keep the following factors in mind:
Growth opportunities. If you accept this job now, where will you be in 5 years? Are there exciting advancement opportunities within the company?
Corporate culture. This highly popular term refers to anything from work-life balance to how a company’s managers treat their teams. According to one survey, corporate culture is the biggest reason that candidates opt for one employer over another.
Professional network. Are you going to meet people that can help you learn, grow, and reach new career milestones later down the line?
Benefits. Does this company go above and beyond to ensure their employees are taken care of? Factor in what they offer in terms of paid vacation, health insurance and sick days.
On the other hand, there’s no need for an entirely objective approach. When all is said and done, your gut instinct knows better than any pros-and-cons list. Trust it to guide you where you need to go.
Keep calm and carry on
Even in the height of your angst, don’t forget that many would kill to be in your situation! And bear in mind that whatever you decide, every job has its pros and cons. That said, you should take as much time as you can to work out which job will suit you the best.
If you’re looking to level up your career in the life sciences, Sci.bio’s recruitment services can help you land a position that checks all the most important boxes.
