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Career Resources
Based on the most helpful WSO content, here's what you need to know about the BofA Healthcare team to provide your brother with informed advice:
Deal Flow: The BofA Healthcare team is known for having a solid deal flow, especially in its fintech sub-vertical. This indicates a dynamic environment with a variety of projects and opportunities for analysts to work on, which can be a great learning experience.
Culture and Work-Life Balance: The culture within the team has been described as improving, with efforts being made to balance work and life better than in the past. However, like many investment banking roles, long hours are common, but the group's culture can make these more bearable.
Turnover and Team Dynamics: There has been a decent amount of turnover, but the team has also increased its headcount. This could suggest a period of growth and opportunity within the team. It's also indicative of the team's resilience and adaptability.
Exit Opportunities: While not explicitly mentioned, investment banking roles, especially in a sector as vibrant as healthcare, typically offer strong exit opportunities. The experience gained in dealing with a variety of transactions can be invaluable.
Senior Leadership: Having a well-respected senior with ties to the team can be a significant advantage. It might offer mentorship opportunities and a smoother integration into the team, which can be crucial for career development.
In summary, joining the BofA Healthcare team could offer your brother a robust platform for learning and growth, with exposure to a variety of deals and a culture that's evolving positively. However, it's also important to consider the demanding nature of the role and ensure it aligns with his career aspirations and lifestyle preferences.
Sources: Credit Suisse, Barclays, and Jefferies Healthcare, BofA Houston Work Culture/Deal Flow?, Any insight on Blackstone's Healthcare team?, B Riley, Blair, Stifel, Baird, Lincoln - Any Insight?, Information on BofA FIG
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Very bloated group, especially at the senior associate level... just like every other group at BofA. Would be very surprised if they’re hiring… significant pay below street and you probably won’t get much deal experience, but could hide and collect $200k+.
All of that said, the group has a decent reputation on the street in terms of market share, relationships, etc.
Sorry, I was referring to an Analyst stint. Does the group really get no deal flow? I am a little surprised And in terms of pay below street, do you mean always or just this past year or two? Thank you
Some deal flow but experience will be hit or miss because the group is so big, and deals have been hard to come by the past few years. Know a lot of people who have been there over 2 years and have zero M&A deals under their belt.
BofA across the board awarded awful bonuses to analysts and associates the past 2 years. Significantly below street. Good years are obviously better on absolute terms, but they still pay below street.
I’ve also heard BOFA HC is bloated but that should be less of a concern at the analyst level. Base will obviously be street but yes all-in has been below street last couple of years. Will be a bit on the sweatier end but PE exits are definitely available. Hopefully someone else has more concrete information but above poster seems reasonable albeit from an associate perspective.
Out of curiosity, how’s your experience with IG DCM been? I’m curious about hours / lifestyle. Understand the work can feel a bit bland after a while but wondering what you think of it.
Thanks! I would guess that the bloated issue will self resolve shortly (read: Covid hires reaching VP promo and won’t get it). Who knows. Any insight into deal flow? And when you say sweaty, what do you consider sweaty for this team?
On the IG side, the days aren’t too long, but they are quite intense. You are always on. Stepping off the desk is a no no for more than 15 minutes for lunch. The pace is in between a sales & trading desk and banking desk, which makes sense in a way. Personally, I like the job as a means to an end, but I also have never had any interest in PE (in my opinion, the glory days are dead and there’s too many people entering the space at the junior level to support a true career). It’s not for everyone, but if you like finance, want to get paid well, and don’t care about buyside, good gig.
This is pretty anecdotal based on friends but “sweaty” in the sense that it’s not a lifestyle group. Expect the 80 hours as a junior, flexing downwards in slower periods and busier in a live deal situation. The point of joining the group as an analyst would really be the buyside looks. It’s a solid coverage group at a well respected bank.
Good to know about DCM. Pros and cons r what I’ve been hearing. Fewer weekly hours but less periods of downtime due to proximity to the market/ better weekends. Weaker exits and then relatively comparable junior pay.
Would you say you’re at 60 hours a week then with limited weekends?
Definitely seems like a solid spot to be in
It’s tough to say for the 60. I’d say on average, 60-70. But those 60-70 are true “working” hours with almost no downtime so they are pretty exhausting. At the same time, I’m still on my work phone 24/7 so it’s not like you’re just “off” at 7pm or not checking it on weekends. Weekends are sporadic, but definitely not the norm to grind weekends unless it’s quite hectic.
It’s not a bad place to be, but I also think that my friends in coverage think it’s much easier than it really is. It’s no walk in the park. While coverage you are “available” much longer, most of my friends on those teams work for a few hours, wait for comments for a few hours. When I am at the office, I am actively working (often intensely) the entire time (similar to s&t in that sense but less intensely than them). Also, It’s not like you have 47 turns of a deck before your MD sees it. You need to get it right the first or second turn. Different kind of pressure You need to know what you’re talking about at a much more junior level vs having many layers of buffer. These are not pros nor cons, I am just sharing reality and will let you make of it what you like.
It has a pretty solid reputation (not amazing but not bad) on the street (I cover healthcare in a product group) but have heard every single BofA group is bloated
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