Deciding - UBS,CS "Buy Side Insights", Bofa & Evercore Restructuring
First, I’d like to thank everyone on this forum. While I’ve only been lurking the information has been extremely valuable. I attend a semi-target (private school below the Mason-Dixon Line) and have four offers that I am deciding between. I know these threads must get tiresome but an input is greatly appreciated.
Offers:
UBS – IB generalist, although I have a number of contacts in healthcare so I have a good chance of placing into that group. I am leaning towards this option as I have really liked everyone I’ve meet.
CS “Buy-Side Insights” – Not traditional I-banking but nonetheless interesting. I could probably leverage an offer in that group to move to a more traditional group. Also, I liked the majority of people that I meet.
Bofa – IB generalist, I have contacts in LevFin and Fig. Interestingly, my interviewer noted that they have very strong LevFin and healthcare groups and he did not speak highly of UBS. Is this true? Everything I’ve read seems to suggest that UBS has the stronger healthcare group.
Evercore Restructuring – Obviously an excellent boutique. Seem like good guys, very smart. Restructuring is attractive in the current market but I’m not sure about starting my career at a boutique.
As I said before thanks for any advice.
Congrats on your offers. Sounds like you have an interest in Health Care. HC at BofA is one of their larger groups, but UBS has the better group (BofA does alot of smaller middle market deals, UBS does less volume but bigger deals, and the group is slightly smaller). Your BofA interviewer didn't speak highly of UBS because for some reason UBS is disliked by many throughout the street. The group is renowned sweatshop, and the bankers are somewhat crass, not to mention aggressive.
Evercore is a great option, as well. I don't think you'd go wrong starting at this particular boutique, while I do see your point. I think the only question is if you'd like to be in a restructuring group. Toss CS Buyside Insights out given your other options.
For me, I'd rank UBS and Evercore right up there, BofA a distant third, and CS BIG not even a consideration.
GameTheory, thanks. Yes, I do have an interest in healthcare although I don't know how deep it runs. I'm in a similar place, I am strongly considering UBS and Evercore. It's difficult because they are so different.
Healthcare bankers suck; they are the first to admit this. If dems take the Exec Branch, who knows how long much of healthcare is even around for?
Restructuring at Evercore provides great rep and every freaking buyside opportunity you could want. Plus they will have lots of work.
I'm assuming you're referring to the democrats pushing for reformed (some will argue socialized) universal healthcare plans. You're only referring to managed care (health insurance) and it's future. To be honest, managed care is just a small part of health care investment banking. Small because while there are some large, publicly traded managed care companies, they rarely do large acquisitions, and most of them have corporate development teams for smaller acquisitions. They use banks for pretty generic stuff, like investment grade bonds, maybe the occasional convert, etc.
Health care investment banking also covers biotech, biopharma, big pharma, medical devices, lab services, health care staffing, hospitals and LTACs, assisted living and skilled nursing, CROs/CMOs, distribution, diagnostics, medical equipment/suppliers, even retailers that have little to do with health care (think Walmart and CVS/Caremark). I think it's safe to say health care banking is pretty safe in the long term regardless of who is in office.
Now, if you're in consumer/retail...
Why do you think healthcare will go down the tubes if the democrats win?
I'd take UBS.
Either way you're going to be working lots of hours, so I wouldn't factor that into my discussion.
I think it really boils down to just how much you are interested in health care and what you think you want to do after your stint in the IBD is over.
At UBS it would be much easier to switch between groups if you end up thinking you're not a very good fit with the Health Care guys (even though you do now). Evercore though would provide better exit ops I believe, as they are one of the top 3-5 boutiques.
If I were you I'd go with my gut instinct and choose the group you felt most at home with. You're going to be side-by-side these guys - you need to like them.
Is this for SA or FT? UBS Healthcare is a very well regarded group. It's reputation for being a sweatshop however is deserved. You definitely want to be where the deal flow is though. If this is for an SA position you can definitely get the flavor of all the different groups during your summer. If this is for FT, you may not get into the "top" groups as most of this will likely have been taken by returning SAs, especially this year.
It's for a SA position.
Evercore Restructuring - great firm, great people, and restructuring is the place to be for the moment. The BB's are laying off many
You're a little late to this discussion!
why is CS buyside insights group bad?
I second Evercore. BB's are overrated.
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