Healthcare groups with good culture & half-decent WLB?
Seems like every HC group on the street these days is either super sweaty, incredibly toxic or both. I'm not asking for a normal life here, but does anyone know where a guy can look to just have some time to breathe in this coverage?
Based on the most helpful WSO content, it seems that industry-specific boutiques or middle-market firms that have strong cultures and are not toxic sweatshops are highly recommended. These firms have a ton of healthcare deal flow under $1 billion to go around.
However, it's important to note that the culture and work-life balance can vary greatly even within the same firm, depending on the specific group and the people you work with.
As for larger banks, there have been some mixed reviews. For instance, the healthcare group at JPMorgan has been described as a sweatshop with a high turnover rate, but there are also positive comments about making it into a decent group within the same bank.
Remember, it's not just about finding a group with a good reputation, but also about finding a group where you fit in and can thrive. So, do your due diligence, network, and try to get a feel for the culture and work-life balance of the specific groups you're interested in.
Sources: PJT RSSG Culture?, WSO 2022 Investment Banking Work-Conditions Survey (Part 2/3), Private Equity shops with the best work/life balance, Best healthcare groups?
This is actually a pretty helpful comment from the AI bot
Agree. Hilarious that it knows JPM HC is a sweatshop filled with hardos lol
Why? It doesn't say anything of substance...
not jef
I am curious what makes you say this. Did you/someone you know work there and did they say how many hrs/week they were doing in HC and what culture was like?
Unfortunately healthcare is naturally sweaty due to 1) high dealflow (across services, pharma, tech, outsourcing) and 2) extremely high competition. Every bank has a healthcare team and there are a million healthcare-focused banks (TripleTree, MTS, Cain, Edgemont, etc.). Pitches end up becoming a ton of work because you are competing with pretty much the entire universe (compared to say, FIG or consumer, which have much more limited coverage).
Also - within pharma / biotech specifically, because most transactions happen at the asset / drug level, and each asset can be transacted in an infinite combination of ways (licensing, royalties, asset sale, PIPE) across geos (Japan, RoW, US, EU, etc.) you just end up having to track a ton of stuff. Idea books end up being 30+ pages because you present so many potential drug targets.
Evercore.
EVR NY HC is one of the most sweaty EVR teams but somehow manages to be one of the good EVR culture teams at the same time
How does EVR NY HC compare to the Menlo HC office?
Can you elaborate on what you mean by this? Is the group’s better culture a result of senior attitudes or the fact that most hardos at EVR want to get into the media + telecom/tech groups. Also, does NYC HC have a better stance on working from home? Incoming SA at EVR nyc.
England & Co. I have heard phenomenal things about. Ziegler as well. Both HC focused boutiques.
I think the WSO chatbot was right, you'll have better experience WLB-wise with a solid, focused boutique than you're going to have pitching MM Biotech financings at Cantor Fitz or acquisition targets at JPM.
None. Every HC bank/group is a sweatshop, even the shitty ones. Source: I work in a mid-tier MM healthcare group and it's a sweatshop. Senior bankers create meaningless projects/analyses with science shit that is over my head.
I work at a HC focused boutique and this might be one of the most true things I’ve ever read.
Heard great things about MTS Health Partners as well.
Ditto to this. The majority of the firm are a great mix of intellectual minds. Always enjoyed conversing with some of the bankers I know there. Many (not all, but more than most other HC groups) of them really do have a passion about healthcare. Great culture, long hours though. Pay well too. I consider them an industry boutique that is on par with some notable EB HC groups.
Any insights into MTS in 2026?
Houlihan HC. The team legit parties every 3 days and buys bottle service. Awesome culture, street pay. I’d say that’s the best of both worlds
Which office in particular?
This is a joke, right? Every post on this site about HL HC describe it as hell on earth
no joke. the nyc guys have a blast. deal flow is great too
Definitely didn't get this vibe when I interviewed with one of their offices. Guys are MM deal machines though, will give you that.
This has gotta be cap
Good culture but these guys grind
For anyone in HC (particularly biotech & pharma) banking, what exit opps are you looking at if you’re deciding to leave IB? It seems like a PhD or MD is a requirement for any Life Sciences VC or Growth fund. Thanks
Probably b-school honestly
Goal is to move to a life sciences fund then b school or corporate in an adjacent sector
So then would you say it’s not a necessity to have a life sciences adjacent degree to get into a life sciences fund from HC IB (assuming most analysts have a finance background)
Ziegler, Leerink, HJ Sims
One of the key challenges in biopharma is that everything gets stale very quickly.
There is an insane amount of data coming through. Trial results from a company. Competitive landscape. A deep dive on a single molecule can easily be 20-30 pages.
I get banker’s pitchbooks of 100+ pages regularly. Then you compound that by the complexities (biology, technologies, etc) and the fact that the average analyst doesn’t have a life sciences background.
By comparison, the standard BD exec has a phd + functional experience and focuses on a narrow area. Even equity research analysts for biotech are specialised.
On exits if you work in biopharma: corporate development (not BD) in the larger companies work well. In smaller companies too because there usually a split between the evaluation team (i.e. leads the scientific evaluation) and the transaction piece. Scientists are great at assessing a molecule, but bankers are better at working through deal dynamics.
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