Anyone have any insights into Provident Healthcare Partners in Boston? Boutique, HC services focused bank. Seems to be a pretty small group and have heard good things about culture from folks there. Would be curious if anyone has insights into comp, WLB, and additional color on culture.
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From a friend who interned there when I was thinking of applying - Fantastic culture, lean deal teams, lots of exposure to senior management + its not just a straight hierarchal line as seniors take suggestions from analysts/associates. The culture is really tight knit and apparently lots of them are friends outside work as well. Work life balance is probably the best in banking. Analysts work maybe one weekend a month and maybe 60-65 hours a week - sometimes much less. Their CEO is a huge work life person and doesn't think staying in the office till 12am is productive.
Comp is below street for base but their bonus structure equals it out. I think how it works is that on each deal you get a bonus so it stacks. Friend said a 3rd year analyst pulls in upwards of 200k - again because the team is small bonuses are better. The team has a bunch of team events including closing dinners/sports games in the box/ team trips/Friday Lunch. So overall WLB is amazing and comp is solid for how much work you put in.
On the work side - analysts and associates do some sourcing as they are in charge of specific healthcare verticals but most of this is just passed onto interns as they have co-ops and interns. However, he said he hardly did sourcing as they were flooded with deals. Closed 14ish deals last year and on track for 18-19 apparently this year. On the con side obviously the deals are in the LMM range < $150mm and not much complex modelling. If it were me I would definitely go there as a Principal/MD who take in a solid amount but also have an actual life. Exits are probably none but again most of their analysts stay long-term and or lateral. They also opened up a new office in New York and are hiring there I'm pretty sure. (Also have one satellite office in LA)
This is incredibly helpful! Do you have a figure on their base? Just curious how much below market is really below market. Agree with everything you've mentioned about the culture and team. Something that sticks out to me is that deal sourcing element? Isn't that not common at junior levels? What portion of the day becomes sourcing / more classic IB activities. I ask because I wonder if Provident potentially pigeon holes you in some ways. What did your friend end up doing? Did he end up returning or going elsewhere? If elsewhere, why?
Unfortunately no I don't have an exact figure - the only ball park I have is 3rd year coming in at around 200k. For the sourcing I definitely don't think its a huge part of the day. From what he said it is mostly in the background and only happens when there's nothing going on. But even then its not cold calling its just putting things into Salesforce and sending an email at some point. I had the same thoughts of sourcing as well and he told me 95% of the work is IB work, and they have a couple of IB people who like actively mentioned they want to do more sourcing. Also he said recently the seniors were just getting deals rather than relying on sourcing - so it may just disappear as they get bigger. My friend interned as a sophomore and used it to go to a MM - he wanted to work on larger deals and get more modelling experience. But he did say lots of the guys there coming in as associates stayed to become VP's - Directors etc.
Overall, highly recommend as a place to work!
Incoming freshman, do you know if they take unpaid interns for off cycle/summer internshpis?
They do but in the fall it may be hard since they take co-ops from northeastern - but Summer for sure. But they will definitely pay you, managing partner won't make you work without pay its not Tobin lol. Your best bet is to try and contact an Analyst and network in - need to show interest in healthcare services and maybe even read a bit about what the firm publishes and bring it up in conversation.
Definitely sounds like a nice place to lateral at as a mid-level/senior banker.
Does anyone know what the updated figures may be for pay across analyst and associate roles?
Can’t speak to WLB/culture but know a few people who lateraled out of there to a variety of banks (including both MM and BB/EB). Would honestly say the amount of laterals is kind of a red flag, either means the WLB sucks or the pay sucks, otherwise people wouldn’t leave. It’s not like all of their laterals are going to CVP either (some pretty run of the mill MMs if you look on LinkedIn), so that would lead me to believe pay is very below street or something else is wrong
Their base is 50K; however, apparently they get bonuses for deals they close but living off a 50K base is definitely very tough
50k base for all analyst levels? Geez, in Boston too.
I can't comment a ton but did have a first round interview with them several years ago. My interviewer was kind of a jerk and probably one of my worst experiences in an IB interview (doesn't speak to entire firm but just the one guy). I also remember a friend who worked there telling me comp was below street overall and Glassdoor strongly supports that with the few data points. I think maybe a good place to lateral as a mid-senior level banker as I've anecdotally heard only good things about the culture.
They have solid LMM deal flow in healthcare services that tends to lean toward physician services. Tenure is strong, almost all the VPs and up have been there for their entire careers. Above posts are correct about the WLB being strong.
As far as their comp model, it is one of the more unique you will probably see. Bases are lower than street however every time the firm closes a deal, everyone at the firm is bonused according to their title and this is paid out immediately. If you worked on the deal you are paid a discretionary amount over and above the base bonus - this is basically determined by the MD on the deal. If the firm has a good year (which they have recently) you will exceed street comp and be getting these bonuses ratably throughout the year rather than at the end of the year like a typical banker. This comp structure is part of the reason the firm culture is so strong - closing a deal means the whole firm is getting paid and people celebrate accordingly.
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