Don't like my IB Coverage/Sector Focus
Hey all - I'm currently a 1st year IB analyst in a healthcare coverage group. I find the sector uninteresting and I don't have any passion for it. The problem is, a lot of my PE opportunities that HHs show me are specifically for healthcare.
Would you recommend that I just go for healthcare PE, given that's the easiest and most seamless way to get into a top PE fund? Or, should I lateral groups, either at a different bank or internally and then recruit from there?
Would love to hear if anyone else has been in this situation.
I was in this situation. The reality is that it’s just too late to lateral to another bank now. Depending on bank, you may be able to pivot momentarily into another team - but I know my bank would have never allowed this. What you need to do is tell HHs that you’re looking for PE opportunities in other coverages. Be open about it. If you’re getting approached on LinkedIn, remove your team from your experience ASAP. Call it something like ‘M&A’ and be done with it.
thanks a lot. Why would you say it's too late to lateral? I've only been on the desk a few months now. Thought most analysts lateraled after a year?
Why would it be too late to lateral? Started Feb and lateraled to a different bank for next year. So it’s clearly possible.
just wanted to say I’m a 1Y and can’t stand HC either
Talk about your interest in HCIT or services, and use that as an impetus to pivot to tech/software/services. You should be open to touching HC, but you need some sort of tangible way to point to why you want to pivot to make it sound genuine.
You see a ton of weird pivots - I’ve seen so many nat resources -> software that it’s confusing. Just have a story and backbone.
Look—
Life is certainly too short to be spending it doing shit that you’re not interested in; the other advice here you’ve gotten is good. The only other thing you might want to reflect on is (I) why do ya dislike healthcare and (II) what do you think ya will like better and why ?
Healthcare is a growing sector, a lot of moats around regulation, have a lot of business model characteristics making it good for PE, etc. Know software , for example , is a lot sexier , but when you spend a lot of time looking at shitty business enablement software , it is less sexy than you might think .
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