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May 31, 2024
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JPM has one of the best HC groups on the Street. Remember though... any HC group will be a sweatshop.
what is it about HC that makes all groups sweatshops?
variety in clients in terms of lifecyle / advisory needs. Also, a huge space (providers / med-tech & devices / pharma / insurers / HCIT) with a ton of variability in business models. So low barriers to entry (lots of new companies), tons of activity (especially M&A right now), of which much is driven by insurer-driven reimbursement cuts & pharma pipeline drying out (so tax inversions to drive offshore value.
TL;DR....lots of clients. Lots of variety in clients. Low barriers to entry for advisors --> lots of pitching. Ton of structural change --> lots of M&A activity. Great space to be in.
OP is gonna work really hard regardless of HC or M&A. But, ultimately depends on what you're more interested in. It seems like unless you're looking to go to a megafund you don't need to worry quite so much about which ibd group you're placed in. It's still at JPM and on top of that their HC group has a good reputation. I don't see a whole lot to be gained by going to M&A... unless you really don't care about the HC industry.
wow good work, HC is predicted to be one of the major areas of M&A growth going forward so at HC group would give you a lot more diversified experience than an M&A group
JPM M&A is a strong group at the firm, though Sponsors usually beats it in terms of placement (their MDs really go to bat during recruiting and the entire group is supportive during the process). You can't go wrong with either of those groups there.
They also have one of the strongest healthcare groups on the street; however, you can read numerous threads on here with a couple real gems shared by current or former healthcare bankers who describe how much it sucks at the junior level. In essence, healthcare is where it pays to invest years learning the industry and its myriad nuances (and therefore is better for someone interested in a career in banking). At the junior level, you're continuously behind the curve simply for not knowing every detail of every subsector and can wind up leaving after 2 years without real mastery.
For exit opps, JPM M&A.
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