How does coverage group recruiting work
I'm thinking of doing a double major in Economics and Biology from a target school to recruit for healthcare M&A next year. How does recruitment for a specific coverage group work? In my initial interview, should I just talk non-stop about my interest in combining Bio + Econ to work in healthcare M&A? Also, when applying to PE firms, do you apply to a specific coverage group and is it advantageous to have a specialized interest?
Thanks
Most healthcare groups recruit from generalist pools, so you shouldn't really mention healthcare in your initial interviews as most of the people you talk to/interview with won't work in healthcare, and having interest in only one group is not a good idea.
Once you land the offer you have to go through group placement - networking with the groups to land in a group. This is where your major and interest will help you a lot, but group placement is never guaranteed and you have to be okay with the idea of working in industrials or whatever if you don't make it into your top group.
If you don't want to chance it you can recruit to healthcare-only boutiques (Cain, MTS) but your PE opportunities will be much smaller as these are Tier 3 brands
Just as a quick follow up question. Is there a point in doing a double major in Bio and Econ then? I definitily have an interest in the pharmaceutical sector and would love to learn more about it, but would it help at all for recruiting?
Thanks
I don't think it would super help for generalist pool recruiting (imo it could actually hurt as Bio is a hard major that may tank your GPA) but it would help you land healthcare as a group.
If you are 100% set on finance and not looking for potential pre-med, I would skip the bio major (maybe do a minor) and try to get healthcare-focused internships instead. I don't think you need to do a really difficult double major just for group placement. If you have a healthcare internship or involvement and can talk pharmaceuticals M&A you will be set. Most people's group placement process is "Which group at X bank is the best" so having a demonstrated interest, either with a minor, activities, or internship - is plenty to stand out in the group process
Thanks for the advice. I'm still considering pre-med and am thinking of doing an MD/MBA to pursue medicine after 10-20 years in the industry. That's why, I'm quite certain I will do a bio + Econ/finance double major. I don't plan on taking the super hard pre-requisites (organic chemistry etc...) until junior year, so I don't think it will be too harsh on my GPA. Will it really offer no benefits for generalist pool recruiting? How else can I tell my story on why I did Bio + Econ double major in my first round interviews (I was planning on just saying I want to do healthcare coverage group). Thanks a lot for your advice and time.
I really wouldn't walk into a first-round generalist BB interview and say you want healthcare.. it's just not how recruiting works since they don't recruit you for a specific healthcare seat + the person you're talking to works in a different group, and it makes it seem like you'd be unhappy not being in HC. It's like rushing a fraternity and telling every other house you only want SAE.
For asking why the major combo, I'd just make something up that puts you in a good light... i.e. you've always been a technically minded person and enjoy the intricacy/difficulty of the major even though you don't intend to go to med school. And then start talking about all of the finance things you do. People don't tend to push on this, if you have a somewhat decent answer and turn it back around to finance you're all set
Agree with the other comment, as well, forgot about it but there are some non-NYC offices (LA/SF) that recruit on their own and are healthcare-specific if you want to skip the generalist pool song and dance
Molestias voluptatibus accusamus aut non ipsam. Quae iste qui quo rem suscipit illo. Ut ipsa quas sapiente est. Tempora ullam ea quasi eum.
Eum illo quos consequatur dignissimos voluptatem vitae ducimus eum. Molestias placeat modi nobis ex repudiandae. Sint delectus voluptate quo culpa veniam ab. Culpa et explicabo aperiam sit blanditiis eos non.
Et nisi et dolor in ut. Similique ut officiis quod ullam sed.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...