i am really interested in pursuing a career in healthcare investing on the pe side. i recently got an offer to join gs’s hc group but have heard terrible things in terms of culture / exits. i also have an offer for ms as well but don’t have guaranteed hc placement. i have to decide in the next week and would appreciate any guidance !
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gs hc placement is great idk who told you it’s bad? Generally all 5 main GS coverage groups place incredibly well. I’d go to MS bc they’re supportive of PE recruiting…also congrats on the offers you lucky bastard :)
What is their MF placement like relative to other HC groups ex. JPM & other GS groups? It doesn’t look like there’s much or any GS HC representation at Apollo/H&F and I only found one at Blackstone for corporate private equity.
jpm naturally is gonna have better exits considering they’re the best BB HC group. Apollo and H&F will hire more EB folks considering apollo likes their associates to be well-versed in credit stuff. You’re gonna get all the looks you want. Also, ppl who are at GS are more about the prestige and less about the PE exits compared with PJT or EVR guys, so naturally less will exit to PE. You’re at GS in a solid coverage group, so if you don’t convert in on cycle it’s not bc of your bank/group
Del
TMT >= FIG
IND
CRG
HC
Nat Res
GS hc is obviously below tmt/fig and a notch below industrials as well but still has decent exits for healthcare roles. MS culture wise seems better given GS HC had a major walkout last summer
would echo that there was a big walkout last summer. have heard hc is worse relative to other nyc groups (tmt / consumer / fig). i would shoot for ms for sure bc their hc team has been a lot more active on all the mega mergers in the pharma space. also if u make it known u want hc during group placement and network with the entire group that side of the equation shouldn't be an issue. ms hc def has a lot better culture, so with a better culture and exits, i see ms at the best choice by far
Go to GS HC. MS group placement is too risky, you could end up getting placed into something you really don't want. A few of my friends were gunning for certain coverage groups and ended up getting placed in real estate/other groups that were their last choices. I had the same dilemma and I chose a GS coverage group as my senior connection couldn't guarantee that I would get placed into his group (sponsor/m&a).
Things have changed a bit at MS, now RE and FIG recruit separately:
So effectively you can only get placed into their 'good groups': M&A, Media Comm, C&R, Industrials, HC, Sponsors, Transporation, and Tech
GS HC has strong exits, and you already have group placement. Would be a risk taking MS, if you really want to be in HC. But MS is much better in terms of culture overall.
GS HC is at the end of the day still Classics at GS. Having said that, if you are really looking for a group with strong culture MS might be marginally better here. Also it depends what vertical in HC u want. MS is stronger in life sciences and services because of their senior presence. I would do a cost benefit analysis and talk to more people in each group
No way that you can consider healthcare to be on the same level as tmt or even industrials. maybe the shell of the groups legacy
did gordon dyal leaving really gut the group that much? would assume it’s still strong bc of house accounts but idk
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Don't take advice from college kids on here who haven't been through group placement. You have an offer in your preferred group from what many consider to be the best investment bank in the world, take it.
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incoming 2023 in MS healthcare & I’m glad I chose to avoid the sweatshop and low. bonus pool that is GS healthcare culture is more important than you think if you spend 80 hrs a week with people
For your career? Any GS classic group over MS. Don’t care what the interns in here say. Don’t overthink this.
Source: I’m an investor at a large HF and hire ppl
curious as to why?
Tactically: Because with GS classic I know there wasn’t an M&A product group doing all the work while you moved around logos. The way GS structures their coverage means you likely had outsized exposure to real deal work and you were almost certainly solo staffed on your deal as a junior so I know for sure you actually did all of that work. At other large banks product groups do a lot more of the lift and the client teams can sometimes have 2-4 analysts and 2-4 associates on them. Some boutiques you get this quality experience too, but the EB world is very hit or miss whereas GS churns volume every year, by everyone in those groups.
Career: you will be shocked how much more credibility the GS name gets you over the life of your career. You will always have your foot in the door in anything you want to do later, which makes things so much easier down the road. GS “alums” like to hire GS, whether that’s fair or not. And they’re scattered in a lot of impressive corners of the world. Your class will be part of your network for life and, on average, they end up in pretty good places down the road - finance and elsewhere.
You certainly won’t be alone because most of us wanted HC and generally HC groups are ranked CVP > JPM > GS > MS. I would echo some of the above posts that I took GS HC because of risk in placement. There’s also several PE shops that recruit almost exclusively out of GS, you’d just have to work since it’s tier 2 (TMT/FIG, IND, HC/CNR, everything else).
What do you mean by tier 2? I’m assuming HC has first dibs at life science/healthcare focused shops but are most MF spots going to TMT/FIG and IND as a result of self selection?
I’d attribute a lot of it to self selection. The CNR group exits less to MF just due to the profile it attracts and same with HC which is why they’re lower tier. Take this with a grain of salt since this is 2nd hand info I’ve heard from current analysts/past GS.
Tier 1B or tier 2 group in a tier 1A bank seems totally fine to me. Given you want to be a healthcare investor it’s a no brainer
Is it worth attempting to rerecruit to CVP for full time? It seems like the culture is much better and exits are just as strong if not better. I feel like I’d be splitting hairs between JPM hc and GS hc but CVP comp, benefits, culture…
No not if you’re going buyside at 2 or 3 year mark
If you want to be an investor, GS > CVP is a no brainer imo. The perks associated with being a GS alum will last a lifetime and it will open countless doors for you. If you ever work with clients in Europe / Asia / actually anywhere outside the US, your CVP name won't carry much, if any, weight.
How feasible would it be to lateral from a top group at GS to an EB
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