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learning about investment banking?

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learning about investment banking? [#permalink]

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New post 12 Jun 2008, 19:25
Hi folks,
I'm trying to learn a bit more about investment banking, particularly how IB and the healthcare sector interact. Does anyone have suggestions for:
- books/guides I should review?
- websites that would be helpful?

I'm also wondering:
- what's a work day like for you?
- what is your favorite part about being in IB? what do you dislike?
- books/websites I should review that might offer this kind of info?

I'd appreciate any thoughts you have on this! :)
Thank you very much,
ac.

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Re: learning about investment banking? [#permalink]

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New post 12 Jun 2008, 19:37
I'm not well aware of any books written specifically about healthcare banking.

However, most investment banks are split out into industry and product groups. Product groups would be things such as M&A, Leveraged Finance (for private equity transaction financing, etc.) and industry groups are things like Technology, Media, Healthcare, Industrials, etc.

So, most investment banks have a group dedicated to assisting healthcare clients with all of their financial needs. Healthcare groups at investment banks, just like the healthcare industry in general, I think tend to be fairly large and lucrative. I would venture to guess that they work the same hours as most investment bankers and have similar responsibilities - it's just that they focus on the needs of healthcare clients and tend to know that industry inside and out.

If you reach out to members of the healthcare groups at top schools, I'm sure that they could assist you with more specific information. I think a lot of people from Wharton HCM go into healthcare banking every year.
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Re: learning about investment banking? [#permalink]

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New post 12 Jun 2008, 21:26
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New post 12 Jun 2008, 21:46
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Basically, investment bankers do two things. They raise money for clients, and they advise on mergers and acquisitions. Of course, that's totally simplified and they do many variations on those two themes.

So for raising money, they can help firms issue debt, issue equity (or IPO), issue converts or preferred, securitize assets or receivables, private placements and lots more more exotic things.

For mergers and acquisitions, banks help firms buy other firms, put themselves up for sale, put divisions up for sale, spin off divisions; banks may help private investors raise money and form companies to buy public companies and make them private (LBO) and lots of other stuff as well.

Health care is similar to most other industries (industrials, media, tech, etc.). Compared with other industries, merger activity (and pitching for such business) is a big part. It won't come as a surprise that big deep pocketed firms are constantly looking for companies to acquire. If the market is hot, health care IPOs are common. There is relatively little securitization (as compared with Real Estate for example).

As far as what you do, your role as an associate will be pretty similar regardless of your industry group. You'll prepare models, examine comparable companies and create pitch books, and if you're lucky you'll work on executing deals. Having some industry knowledge might be marginally helpful, and having some personal interest in the businesses you are covering could be a plus.

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Re: learning about investment banking? [#permalink]

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New post 12 Jun 2008, 21:50
pelihu wrote:
Basically, investment bankers do two things. They raise money for clients, and they advise on mergers and acquisitions. Of course, that's totally simplified and they do many variations on those two themes.

So for raising money, they can help firms issue debt, issue equity (or IPO), issue converts or preferred, securitize assets or receivables, private placements and lots more more exotic things.

For mergers and acquisitions, banks help firms buy other firms, put themselves up for sale, put divisions up for sale, spin off divisions; banks may help private investors raise money and form companies to buy public companies and make them private (LBO) and lots of other stuff as well.

Health care is similar to most other industries (industrials, media, tech, etc.). Compared with other industries, merger activity (and pitching for such business) is a big part. It won't come as a surprise that big deep pocketed firms are constantly looking for companies to acquire. If the market is hot, health care IPOs are common. There is relatively little securitization (as compared with Real Estate for example).

As far as what you do, your role as an associate will be pretty similar regardless of your industry group. You'll prepare models, examine comparable companies and create pitch books, and if you're lucky you'll work on executing deals. Having some industry knowledge might be marginally helpful, and having some personal interest in the businesses you are covering could be a plus.


I was waiting for you to pitch in :) Well put.
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Re: learning about investment banking? [#permalink]

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New post 13 Jun 2008, 05:23
pelihu wrote:
Basically, investment bankers do two things. They raise money for clients, and they advise on mergers and acquisitions. Of course, that's totally simplified and they do many variations on those two themes.

So for raising money, they can help firms issue debt, issue equity (or IPO), issue converts or preferred, securitize assets or receivables, private placements and lots more more exotic things.

For mergers and acquisitions, banks help firms buy other firms, put themselves up for sale, put divisions up for sale, spin off divisions; banks may help private investors raise money and form companies to buy public companies and make them private (LBO) and lots of other stuff as well.

Health care is similar to most other industries (industrials, media, tech, etc.). Compared with other industries, merger activity (and pitching for such business) is a big part. It won't come as a surprise that big deep pocketed firms are constantly looking for companies to acquire. If the market is hot, health care IPOs are common. There is relatively little securitization (as compared with Real Estate for example).

As far as what you do, your role as an associate will be pretty similar regardless of your industry group. You'll prepare models, examine comparable companies and create pitch books, and if you're lucky you'll work on executing deals. Having some industry knowledge might be marginally helpful, and having some personal interest in the businesses you are covering could be a plus.


Thanks very much pelihu! This is very helpful in giving a lay of the land of both what IB is about and what an Associate does :)
I'll now take a look for other threads out there about crossing into IB, etc to really understand what that process is like.

Thanks again,
ac.

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Re: learning about investment banking? [#permalink]

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New post 13 Jun 2008, 05:36
Here's how banking and healthcare intersect:

Image

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New post 13 Jun 2008, 06:29
^ LOL. Priceless input as always, Rhyme! :lol:

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Re: learning about investment banking? [#permalink]

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New post 14 Jun 2008, 07:10
TimeSquareDesi wrote:
^ LOL. Priceless input as always, Rhyme! :lol:



Just trying to help. :)

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New post 15 Jun 2008, 19:28
LOL! Thanks Rhyme! :lol:

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Re: learning about investment banking?   [#permalink] 15 Jun 2008, 19:28
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