These are very different opportunities but would appreciate any insight comparing the options. Where does each group stand in 2021? Interested in hearing about the Associate and VP levels.
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All sweat but solid
Prestige: JPM HC > Lazard C&R > Moelis (Gen?)
M&A: Moelis > Lazard C&R = JPM HC
Culture: depends
I think it totally depends on what coverage area you like? If you like healthcare JPM is a no-brainer, CR then Lazard, and if you're undecided go to Moelis. At the associate and VP level it's less about exit ops and more about what sector you want to spend your career in.
Thanks to both of you. Any insight into WLB in these groups?
Sweaty, sweaty, and sweaty
Anecdotally, I've heard Lazard C&R isn't as sweaty as the other two... any truth to this?
Isnt Moelis NY no longer generalist?
This is for the associate level – it's generalist for year one and then you pick a group.
All 3 are at the extreme range of sweatshop. Great banks/groups though.
Can only comment on Lazard C&R:
Strong group with intelligent people, good long-standing client relationships. Have done some massive deals. Very long hours, but seemingly nice and respectful people. Highly international group (a lot of the group is originally European); as a result, is a bit more formal and doesn’t have as much of the American fratty feel you’ll find in some other groups.
A lot of their seniors started as analysts, and it seems like the type of group that fosters talent well if you want to be a career banker and are willing to grind.
Best of luck.
JPM HC is a top group without a doubt. I haven't really dealt with Moelis or Laz much (dealt with Laz HC but not Laz C&R). JPM HC will work you to the absolute bone without a doubt but if you're interested in getting deep deal exposure I know the D/MDs in that group are down to give star analysts more responsibility on deals if they get tapped to do so. It's also segmented in that the life sci deals in biotech and pharma are broken out as well as the CRO/CMO/CDMO coverage along with services coverage. My view may be outdated as the last time I had direct interaction with folks in this group was a few years ago when I was actively involved with recruiting associates at my MF (HC-specific group). We always viewed the JPM HC folks as top notch along with GS / MS and others
Anecdotal, but have a couple buddies at JPM IB, and I’ve frequently heard them mention HC as being one of the top groups there, especially for analysts looking to go into HC investing roles after. During undergrad I recall a couple LSM kids going for it.
Also, OP appears to be looking for info about associate/VP level. Not sure if that changes anything you’ve said as I’m sure it’s a great group overall, but I assume analyst exists/experience and such wouldn’t be of too much interest to him
You're totally right about JPM hence why I said they are a top group at the beginning and supported them as the best in HC IB if that wasn't clear.
But yeah for Assoc. / VP hard to say as I don't really have much to offer. Just wanted to offer my experience / stellar perception of the group.
There's probably no group better for healthcare than JPM. As an aspiring HC banker, I'd take that over the others.
Centerview HC is better, at least as far as M&A is concerned.
LAZARD ALL DAY.
I’m in line with the other above posters it seems. These are three of the top groups on the street / in the world. I figure the decision may best come down to whatever you may prefer “fit” wise. Like if you enjoy one of the spaces more (the moelis one is basically being a product banker compared to the other two from what I can tell) and/or if you felt like you may enjoy working with the people at one of the firms over the others. If you have an idea of what you may want to do after 2-3 years as an analyst (or a few years as an associate/VP if that is the level you would be coming in at / are considering), that may help guide a decision for you. Either way, good luck and best wishes :)
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