Wolfe Research Healthcare Services

Hey I'm good friends with someone who has first hand knowledge of the HC services team (can't specify if current or former for obvious reasons)

Showed him your post and he wrote the following (and told me to share): - You're expected to work 6 days a week, Sunday - Friday, and be on call on Saturday year round. Working on Christmas Day, Thanksgiving weekend (the whole thing), etc is expected.

• A short day is under 14 hours. If an email comes from the analyst before midnight, you are expected to respond and stay up as late as it takes to finish the request.

• Don't believe the hype about higher pay relative to firm / street. This place is nothing special considering we're a ranked team in a hot/complex sector. The lack of a 401k match further compounds this inequity.

• Extremely high turnover of associates. Average associate tenure is under 1 year (not a typo). The analyst was hired about 3 years ago and has lost six associates. Team structure revolves around 3 associates, but one guy stayed for multiple years because he was promised coverage and recently rolled off - the other two spots are where the six associate turnover count comes from.

• Extremely high turnover of admins. This is the only team i've ever seen burn through multiple admins. I think it's on the 3rd or 4th admin, but i've lost track over time.
• During the interview the analyst will tell you that he will help you get to the buyside. Ask him how many associates he's helped WHILE AT WOLFE (-- very important point) and then verify by speaking with the actual associate (-- also very important point). With this team and firm, you need to independently verify everything.
• Alternatively the analyst may say that he can fast track you to getting coverage. I would recommend you follow the same advice as the above, but make sure you account for survivorship bias by including some of the associates who left since they obviously didn't get coverage at Wolfe.
• Ask for our initiations. All of them. Considering it's basically a new team for every initiation, he won't be able to hide the turnover that way.
• In the case of the associate that got his own coverage, he's still involved in the HC franchise. Be extremely careful around him, he has a track record of being very willing to throw people under the bus to advance his own career.