Lazard Healthcare vs. CS Healthcare
Lazard has arguably a stronger name than CS, CS HC places very very well at megafunds. Also the CS healthcare group did one of the biggest LBOs in history (33bn Hospital Corp of America), not sure what Lazard HC has done...
which would you choose?
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damn you are a fucking baller
Seeing Lazard's Capital Markets as a whole, they seem stronger for me. Heard their coverage is strong on healthcare distributors, providers and pharmacy benefit managers. They have great people like Tom Gallucci and the folks at CS HC are actually from Lazard. Maybe I like them too much. BTW, why would you ask this?
Lazard's Capital Markets franchise is a seperate business than their core M&A advisory business...
In your case, if you're comparing CS IBD, you're likely comparing with Lazard's core advisory business. Is Lazard a strong name? Yup. Within the industry, it has stronger brand recognition than CS, but with the caveat that if you go anywhere outside of the US (especially Asia), I can guarantee you no one has heard of Lazard Freres before whereas CS is a pretty global brandname.
Also, Lazard's advantage is that you work in a small team environment and learn a lot. However, downside is that in a sense, you're really pigeonholed. Most of what you will work on is M&A- it's even more of a pigeonhole because it's M&A within a specific Industry.
Last thing to consider is culture. I know people at both, and I can tell you it's like Day and Night. Lazard is a down-to-business type of culture. Business formal everyday, WILL GET WORKED LIKE A HORSE. Pay is at least top bracket on the rest of the street. You learn a lot.
CS on the other hand, is definitely one of the most relaxed, conservative banks on the street. It's a very collaborative type of environment, and definitely an easier pace. Doesn't mean you won't work hard- you will, but it lacks the competitive urgecy you will see at Lazard.
Both places have their merits, and if you are good at either one, you will place well into the buyside (although I imagine if a megafund is specifically what you want, it could be easier going from Lazard). Keep in mind though... even at Lazard getting into a megafund is no walk in the park. And you will be facing the best of the best from Wharton.
Lazard Healthcare M&A, is an ABSOLUTE sweatshop. One of the tougher groups at the firm. However, each analyst placed into a top 3 PE fund...so just something to consider
100-120 hrs / week
most groups at lazard are sweatshops.. healthcare is not more of a sweatshop compared to say FIG...
thanks for the advice. I understand Laz is a huge sweatshop, but aren't all investment banks sweatshops with those kind of hours? The marginal increase in hours over other banks probably doesn't make a difference in the 100 hour range.
I am not sure if each group does its own M&A, but it's Lazard Healthcare, not necessarily M&A. Perhaps that's a subgroup.
Each group at Lazard does its own M&A similar to GS's structure. Industries are sub-groups of the M&A umbrella. Therefore, if you got the job you would be a Healthcare M&A Analyst or Industrials M&A Analyst.
^ Second part is not true. I know someone at FIG who also works on Industrial projects.... you are a m&a analyst focusing on a specific industry but by no means do you belong to that group as an analyst.
Yea, it is understandable that you can get staffed on certain projects for other teams that are understaffed, but your priority is to the group you are assigned to after training
Lazard doesn't do ECM/DCM/LevFin, aka it only does M&A.
(it does have a seperate Capital Markets arm, but that's been spun off)
CS HC places very very well at megafunds? Can you give some examples?
Also, I don't think they were in any of the big 3 HC deals last year
ex. first year analyst already has offer at Carlye...
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