This past summer, I had the invaluable opportunity to intern for 10 weeks at Morgan Stanley’s Investment Banking Division within their Healthcare Group. Going into the internship, I was both excited and nervous, uncertain about what to expect. Looking back, the experience exceeded my greatest expectations.
During the internship, I worked directly with major healthcare companies, which were valued in the multi-million to billion-dollar range. I took on various responsibilities, including conducting detailed financial valuation analyses – such as public company benchmarking, projections, and standalone financial modeling – that helped assess the upside and downside of potential transactions.
One project I worked on involved evaluating a take-private transaction, where we identified a 30% base cost synergy within the target’s operating expenses. This synergy was found between a private health services company and a $1.5 billion market cap dental care facilities company. Additionally, I contributed to preparing valuation materials, including Discounted Cash Flow (DCF) and Discounted Equity Value (DEV) analyses for a board meeting involving a distressed $130 million health information services company. The goal was to assess the company’s standalone value for existing shareholders.
Through this experience, I gained a deep understanding of complex financial transactions within the healthcare sector. I also learned the importance of patience and determination, especially when stepping into an unfamiliar situation. I quickly realized that it was perfectly okay not to have all the answers or skills on the first day, and that the necessary skills will develop over time. This growth mindset enabled me to tackle challenges with confidence, and I now feel more prepared to continue navigating the role of an investment banker next summer as well!