I have a platform offer at BAML and I need to decide which groups I'd like to try to get in to. Along with these two, FIG is my third choice. But I'm having trouble picking between these two.
Assume that I like the people equally. I have xp working in Healthcare/biopharma, so I know I'd be interested in that space and can speak about it intelligently. But I've also followed M&A for the better part of the past year.
Which group has better exit opps to PE (most important to me at this point), better culture, better hours?
Basically, which one would you choose?
Thanks
BAML M&A
PMed you.
M&A
M&A the more deals you can be involved with the better. Congrats, hoping I can get there too!
I'd like some insight on this as well. I know M&A is a fairly solid group at BAML. Does Healthcare have a strong rep too? Not familiar with Healthcare.
Not sure, but unless OP likes HC, better to go w/M&A.
Work in M&A and express an interest to focus on Healthcare deals...
Both are flagship groups at that firm so you can't go wrong with either, though you will sweat in both...
Pick a better third choice than FIG just in case you whiff on HC and M&A... FIG has no transferable skills to PE except for some rare FIG PE shops like Stone Point
M&A, no brainer. Potentially give you exposure to a good mix of buy-side and sell-side advisory engagements. BAML's made a big push the last few years to strengthen their M&A advisory brand and seems to be working.
http://www.mergermarket.com/pdf/MergermarketFinancialAdvisorLeagueTable…
Go for a better third choice. I am thinking FS r Lev Fin. Of the two M & A has a far better platform than HC. I would go M & A.
Like most people said, go for M&A. But don't go for LevFin like the above post (in my opinion). It'll be more difficult to break into PE from BAML LevFin, despite it being a top group
Could you bring some more color to this point? BAML Lev Fin is always ranked 1 or 2 with JPM, curious about why they don't have good PE placement.
Most Levfin groups don't actually do the modeling and BAML is one of them. You'll get a fantastic experienced closing many deals and learning all there's to learn about debt instruments... but you still won't work on the models themselves.
It's not to say you can't break in to PE, it's just more difficult. You'll get better looks at M&A
I'm sorry but in this case TheBlueCheese is wrong.
First off kid, go M&A, don't you dare go Healthcare. 1. Product groups are better than most coverage groups because you will get a generalist exposure to a breadth of industries and M&A is fairly relevant to a lot of the buy side. 2. Banks go after the biggest fees. Is it health tech and health IT that have big IPO's or M&A ops? NO! -- you will be largely doing therapeutics and pharma deal and this will pigeon hole you for exit ops often.
Now, to address TheBlueCheese, I'm sorry but you're wrong. Lev Fin will place either as good or better than M&A out of BAML for the Buy Side. It's an odd fact but BAML's Lev Fin group is just incredibly strong. It's won't place you in Apollo but I personally know analysts that have placed at General Atlantic, Norwest and GTCR from that group.
Now, back to the OP. Where do I feel my credibility comes from? I originally interviewed with JPM's healthcare group so I really researched the space a while back. I then ended up on a Healthcare VC Fund and BAML's HC groups pitched us a bunch. If you like healthcare then it's a fine, if you aren't sure what you're thinking, then go M&A, get generalist industry exposure and plan on not sleeping much. Good Luck!
I knew I'd get some backlash, and that's why I said "in my opinion."
Some thoughts: --Healthcare's been one of those coverage groups across the Street least affected by the economic downturn. Just look at some notable deals within the healthcare space the past several years and you'll find that there are various huge M&A deals (see Amgen). You'll get good experience and good looks for PE. And if you like this space BAML is a great place to be. --Lev Fin at BAML does NOT place just as good or better as M&A or some of the better coverage groups. Yes, BAML's Lev Fin group is top notch. Yes, you can get into great PE shops. But it'll be more difficult, and I personally haven't seen too many BAML Lev Fin guys at PE shops because they do NOT primarily work on the modeling. More common exits out of that group are 3rd year/associate promotes, different coverage groups, and credit funds.
To the OP: My suggestion is go with M&A as your top choice, and then the next two should be whatever industry/product that interests you the most and people/culture you think you'll fit in well with. If PE is really important to you, however, take a good look at the generalist groups like HC, Industrials, C&R, TMT. RE is top notch (probably top RE on the Street) but it will pigeon hole you even more so than FIG. Only do it if you want to be a RE guy (or definitely go into RE PE) for life.
Anyways, this thread is almost a month old. I'm sure the OP's made a decision by now...
Well then.... now we got ourselves a party.
To clarify:
I think that BlueCheese is a bit off when he says that LevFin at BAML doesn't handle modeling. They do a great deal of financing models, just not as many LBO / DCF models.
That said, what he is saying is generally true: the experience you get in LevFin is much better suited for credit funds than it is PE. BigBambino lists a few notable names to which LevFin analysts have exited, all of which are accurate.
However, in terms of overall placement judged by the proportion of analyst classes that receive offers at top MM PE funds, M&A just has better numbers. Both are great groups to be in.
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