Comments (9)

Most Helpful
Aug 12, 2021 - 12:11pm

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)

  • Associate 1 in CorpDev
Aug 12, 2021 - 12:53pm

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? 

Aug 12, 2021 - 1:06pm

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. 

Aug 12, 2021 - 1:10pm

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.

  • Intern in IB - Gen
Aug 12, 2021 - 1:12pm

Okay thank you. SB'd

So from my understanding from ur comments above, it seems liike it would be a really good oppurtunity/resume builder for freshman summer.

Aug 12, 2021 - 1:14pm

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