I'm currently finishing up my first year at a mid-tier bank on the west coast. We are going to be choosing our full-time groups soon.
My question is: will choosing healthcare put me in a position to only do healthcare related stuff down the road? The issue is that our tech group isn't really getting anything done while our healthcare group has a good amount of deal flow. What I want to do after my analyst stint is to join a PE shop. What I don't want to happen is to limit my exit opps and only being able to work in healthcare focused PE shops or companies.
Unfounded worry? If anyone has any thoughts or opinions, that'd be greatly appreciated.
Healthcare is quite broad as a sector. What kind of deals would you be working on: healthcare services, med-tech, pharma, biotech, etc.? Pharma and Biotech might get you more pigeonholed but I don't think HC services or med-tech would. Also consider what kind of products each groups mostly do (best to have few closed M&A deals on your CV rather than 10 follow-ons).
I suppose you were a generalist during your first year and worked on deals in other industries, so I wouldn't worry too much and go where the deal flow is if I were you.
Any other thoughts?
No it doesn't limit your opportunities. I know former healthcare and FIG analysts that went on to generic PE jobs. There are a lot of healthcare-focused shops out there though if you find you like the industry.
I have a friend working at a BB healthcare group who says the opportunities are just as good their as anywhere else
Healthcare is a very solid sector, but if you don't want your exit opportunities to be limited to healthcare focused PE firms, you may want to think it over.
That said, I don't know why you would shy away from such opportunities. There are a ton of healthcare PE shops out there that do very well. Healthcare reform and continued legislative changes will only reinforce the demand for intelligent individuals with healthcare knowledge. A large amount of the analytical skills you build in IBD are transferrable across a wide array of industries. Healthcare, real estate, and a few other sectors focus on industry specific metrics / trends / valuation techniques that have some nuances a generalist / industrial / tech / etc. IBD analyst will not be as proficient with.
healthcare is limited to healthcare pe. However its not as limiting as oil, gas, fig, real estate, mining.
that makes sense because Energy/FIG/RE is limited to Energy/FIG/RE PE. thanks, bro!
Does the same issue apply to GS/MS HC analysts? Or would their exit opps. be much broader?
healthcare can still get pe. the other stuff like energy and RE rarely get pe. they go into corp development or crappier jobs like repe.
I personally know several guys from MS Healthcare that have gone to top PE shops and HFs. Definitely not limiting, and as EuropeanBob said, the sector is very broad
i know analysts from all the groups mentioned and if ur at gs or ms its not a big deal but at any lower bb it matters what group you are in.
it definitely does not limit your exit opportunity. come on, let's be honest, are you really a healthcare expert after being in a healthcare banking group for two years? you may think you are, but trust me, as soon as you enter the buyside, or go into an industry job, you'll realize that you really don't know jack, and that your greatest takeaway after two years of banking was how to pretend that you know more than you actually do (not an insult; this is an important skill for banking)
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