NR needs fast help; Healthcare banking; Will Shower you in SBs

Nouveau Richie's picture
Rank: Neanderthal | 3,479

Hey guys,

For recruiting season, I've been targeting tech pretty heavily, but have just received a spur-of-the-moment interview in a healthcare group at a bank that would far and away be my superior offer. I've used the search function pretty extensively already, but most of the relevant info is a bit dated.

I obviously don't need to become an industry expert in the next 24 hours, but would love it if people could tell me the fundamental info to study that people get dinged for not knowing. For example:

-Current M&A market activity and perceived market direction
-Major industry and advisory players
-Macro trends to look out for
-Public policies to know and their impact on the industry
-Any resources that FT Healthcare bankers use regularly
-etc.

Anyway, I don't need info for the sake of sucking up or pretending I have any expertise in the matter, I just don't want to look like some fucking idiot.

What's in it for you? I have a WSO credit balance of 95 and will graciously reward insightful comments.

Thanks guys,
NR

Comments (9)

Feb 16, 2011

Richie I know nothing but what I do know is, You'll do well. hahaha

Also good luck

The answer to your question is 1) network 2) get involved 3) beef up your resume 4) repeat -happypantsmcgee

WSO is not your personal search function.

Feb 16, 2011

I used these to prepare (found them using search function on this site):

http://www.fiercehealthcare.com/
http://www.bna.com/products/health/
Check out the sites for some firms that specifically target the industry (Leerink Swann, Cain Bros.) to learn about how deals are broken down (medical devices, biotech, pharma, etc.). I'd also just dive into WSJ articles for some news on recent transactions and learn up on a couple of big players' financials in Yahoo Finance. Some off the top of my head that are in the news now are Pfizer, Tenet, and Community Health Systems.

Honestly though dude, I'd be careful about how much you claim to know about their industry of expertise (especially after only a night of studying). They won't expect you to know much, and if you speak too confidently about something that they specialize in you could get burned. That's just from my experience though: it's better to show an interest in learning more about the group than to pretend you know everything about it already.

In any case, good luck, man. I hope it works out for you.

Feb 16, 2011
Feb 16, 2011
GenghisKhan:

You want to cram?

http://www.waldenmed.com/newsletters.asp[/quote]

BINGO!

Thanks so much GK.

Feb 16, 2011

Black, thanks man. Gonna do my best to make sure you aren't wrong.

irishpoker03:

Honestly though dude, I'd be careful about how much you claim to know about their industry of expertise (especially after only a night of studying). They won't expect you to know much, and if you speak too confidently about something that they specialize in you could get burned. That's just from my experience though: it's better to show an interest in learning more about the group than to pretend you know everything about it already.

In any case, good luck, man. I hope it works out for you.

Irish, thanks for the links, I appreciate it. As for my potential insights, I completely agree with you. I have no intention to feign knowing anything about the industry and plan on only giving my perspective when asked about it. That being said, nothing about my resume says I would be a good fit for healthcare, just for banking in general, so I feel like they're going to ask the traditional "why healthcare?" bit.

Thanks again though man, I seriously appreciate the help.

Feb 16, 2011

I don't know crap about healthcare, but I feel that it's a bad idea to fake knowledge. It'll be easy for them to catch you in some BS which will reflect pretty badly. I think it might be a better idea to try and figure out how you can convincingly tie 'healthcare' into your story.

Either way, GL man

Feb 16, 2011

Again, definitely agree with you cartman. Just want to reiterate that I'm just trying to know the base, the absolute minimum so that it doesn't seem like I'm disinterested or just applying for their name.

I think if I can pick up on a few macro trends (literally can be as basic as "all the baby boomers are dying") I would feel more comfortable that I'm not completely bull-shitting.

Best Response
Feb 17, 2011

Some random facts:
we use biocentury, which is a publication that updates drug statuses and HC company news.
Know the Phase 1, 2 and 3 process before a drug is commercialized. Know that alot of biotech companies are public yet have not been profitable for decades, waiting for the day they develop the next Viagra.
These biotech focuses alot on orphan diseases.
Alot of them have 0 debt because they are not profitable, and not surprisingly, cap structure is not a big deal with these MM biotech firms
We value pre-revenue companies using comps more than DCF (due to obvious reasons), and we compare companies based on the drugs in their pipelines and at which Phase of the approval process they're in. So a biotech firm with their lead drug in Phase 2a will be compared to other public biotech firms with lead drugs in Phase 2a trials.
Alot of these pre-revenue public biotech firms' share price fluctuate based on speculation and bets on clinical trials' successes, not on earnings like Wal-Mart and IBM.

Just come off as you understand that you will have a steep learning curve in terms of regulations and medical jargons starting out, but you're willing to learn because you have an interest.

Hope this helps, it's all over the place so I apologize in advance. Alot of this is on biotech firm or what bankers call "life sciences". There are also medical devices and medical services groups, also under healthcare...

Feb 17, 2011
Comment

Went from a poetry major to finance... funny how life works isn't it?