TMT used to be Media & Telecom, tech joined the party later. For instance, as noted above Barclays/MS still have separate Tech and M&T groups - these days there are some cross-synergies though. Media and Telecom - latter provides the pipe for the former, and sometimes ventures into owning it. Tech provides the underlying infrastructure to make it all work and sometimes overlaps as well, e.g. YouTube.

 

thanks boutiquebank4life, what are your thoughts on growth/future prospects for all these tech groups? I'm looking to enter as a FT analyst in June 2011 and wanted to get your thoughts. I know there's no crystal ball, but do you feel GS' recent troubles will affect its tech group, or will Boutros' departure from CS sersly affect it? What are your friends thoughts on the future for these tech groups? Do you think we will see the emergence/fall of certain tech groups?

 
Best Response
theintern:
thanks boutiquebank4life, what are your thoughts on growth/future prospects for all these tech groups? I'm looking to enter as a FT analyst in June 2011 and wanted to get your thoughts. I know there's no crystal ball, but do you feel GS' recent troubles will affect its tech group, or will Boutros' departure from CS sersly affect it? What are your friends thoughts on the future for these tech groups? Do you think we will see the emergence/fall of certain tech groups?

Holy shit dude you are really overanalyzing this. TMT at any top bulge bracket is a very desirable IBD group. I don't know why college kids have to trivialize the bulge brackets and their respective groups so much with arbitrary rankings and subjective opinions. Outside of GS and MS, getting the opportunity to work in TMT for JPM, CS, BAML, or BarCap is an extremely good opportunity. Generally speaking, the difference between these are minimal.

 
theintern:
youngblood, wat r ur thoughts on UBS Tech?

Personally, I would stay clear of UBS with offers from other firms because I have a buddy who was in UBS tech the last year and hated his life to the point of lateraling to another BB. But, when I say stay clear, that is with the assumption that you have other IBD options. The point is, you should focus on securing an offer before worrying about the minutia of BB/group rankings.

That being said, getting to work in TMT, M&A, Sponsors, LevFin, etc...at any top bulge bracket is going to give you an extremely valuable experience with quality opportunities going forward. It's my opinion that you should focus on securing offers first, then after accomplishing as much, follow your interests based on each groups culture/people/work-description.

 

theintern - your questions are inherently flawed - I highly doubt you (or anyone) has a significant chance of getting multiple, group-specific, TMT offers from BBs. Now, assuming that were the case, you'd have a much simpler X vs. Y choice to make, rather than this nebulous "rank all the BB TMT groups" question you're asking now. Further, if you do in fact get these offers, a huge factor will be the people with whom you work - you do not want to spend 70-80-110 hours a week with people you abhor, even if it is at GS TMT (yes, college kids, we saw you just came a little bit there).

Since you clearly want to be in TMT, that should be your goal, rather than an ultra-subjective, and probably unreasonable, goal of shooting for "most prestigious with best exit opps" group.

In short, agree with youngblood on the broad outline.

 
DaCarez:
theintern - your questions are inherently flawed - I highly doubt you (or anyone) has a significant chance of getting multiple, group-specific, TMT offers from BBs. Now, assuming that were the case, you'd have a much simpler X vs. Y choice to make, rather than this nebulous "rank all the BB TMT groups" question you're asking now. Further, if you do in fact get these offers, a huge factor will be the people with whom you work - you do not want to spend 70-80-110 hours a week with people you abhor, even if it is at GS TMT (yes, college kids, we saw you just came a little bit there).

Since you clearly want to be in TMT, that should be your goal, rather than an ultra-subjective, and probably unreasonable, goal of shooting for "most prestigious with best exit opps" group.

In short, agree with youngblood on the broad outline.

Well said dude.

 

And the thing is, while GS and MS are generally considered to be the best of the best, there are reasons besides prestige to join a firm. Barclay's is growing immensely, for one, and that can offer a lot to someone who wants to learn or actually start a career in IBD.

"You stop being an asshole when it sucks to be you." -IlliniProgrammer "Your grammar made me wish I'd been aborted." -happypantsmcgee
 

DaCarez, I'm simply trying to hear about people's and their friends experiences with these tech groups..given that they work in the industry and have way more knowledge than I do. People and culture matter the most to me, but I'd like to focus my networking efforts at firms with strong tech groups in order to learn more abt the ppl and culture. Any info would be really appreciated.

mas 1987, wat other groups do you think are growing immensely?

 
theintern:
Thanks youngblood, appreciate it. Do PE's or VC's have any preference for analysts from specific IB groups, such as tech? Does the fact that both PE's/VC's and IBD tech groups are mainly in San Francisco provide any advantage in recruiting?

Unfortunately I don't have the answers to those questions, because I haven't gone through PE recruiting yet. But, it's important to know that PE and VC are extremely open-ended industries with a wide variety of sector focus and recruitment preferences. That being said, there are a lot of TMT-focused VC and PE funds. Also, the skills developed by TMT analysts are probably fairly transferable to other industries, which hints to its desirability among incoming coverage analysts. By the way, though tech is largely based out of SF, TMT is largely based out of NYC still. So, west coast and east coast firms naturally pull from the best of both, as you would think.

 

@youngblood: I hear the same about UBS.

Here is the problem I hear with UBS, coming from a couple guys that left before their 2 year stint was over after working consistently 120+ hour weeks:

IB is done by the relationships that senior managers have. UBS lost a lot of their best managers during the recession because they refused to pay them what they were worth. Even before the recession, however, UBS's IB had a different take on the industry. As opposed to relying on senior managers' relationships, they decided they had to work twice as hard as everyone else (coming from being a wm firm they were kind of an underdog). This did work for a while, until the recession.

The thing that was especially bad about the last two years was that they were working even harder then analysts previously had AND got shitty bonuses. In one of the groups of one of my sources it got so bad that the group head started a new policy. Pretty much what it said was if a pitch book was over 30 pages the VPs and MDs on the project had to throw $20 into a pot to take the analysts out to really nice dinners or parties or whatever every quarter. If the book was 40+ pages, they threw in $30, 50+ is 40 and so on and so forth.

So, while that kind of worked, I hear that a couple of the VPs just got pitchbooks that were too long and started cutting random pages.

Anyways, secondhand info, but the sources are definitely legit. UBS is a sweatshop

"You stop being an asshole when it sucks to be you." -IlliniProgrammer "Your grammar made me wish I'd been aborted." -happypantsmcgee
 
theintern:
mas1987, do you think UBS Tech can improve in the future or is the brand name damaged beyond repair?

I would be wary of the UBS tech group specifically, considering a couple years ago, the 2 heads of tech left to Centerview.. and in the past couple months Brian Webber (the most recent global head of tech) and John Joliet (head of software) both left to join Moelis & Co.

However, their TMT in NYC which focuses mainly on media and telecomm isn't a bad group at all.

 

No clue, Im just regurgitating what I was told by an analyst at UBS

"You stop being an asshole when it sucks to be you." -IlliniProgrammer "Your grammar made me wish I'd been aborted." -happypantsmcgee
 

Skills in this industry are always desirable. The issue is over opportunity cost. The skills of an associate typically don't extend that much further than an analyst (associates are pretty much analysts that know what they're doing and have a lot more responsibility). Having these skills is good, but if you're not planning on staying at the firm, why not leave for the company you actually want to work for? You'll need to build up your reputation and credibility all over again, and switching careers in your thirties doesn't sound fun. Not to mention, why would you want to work the hours if you're not in it for the long-haul?

In the tech industry, there can be a lot of flexibility for people that know the space well (probably more so than other industry groups), but look at associates at places like GS, MS, and Qatalyst. They're some of the best for tech, and those guys are probably staying at the firm for their entire career. Most don't even enter the group after BSchool. They come straight in as analysts.

 

Ipsa quas facere voluptatum eos. Totam odit minima vero provident magnam temporibus omnis. Autem nihil amet neque rem in.

 

Explicabo expedita molestias at nihil quod eaque. Doloremque provident eius voluptatem laborum sequi nam. Iusto tenetur est expedita iure mollitia eius maiores. Iusto corporis esse aut totam cum ut iure.

Neque totam animi qui. Voluptas quasi fuga quisquam odio eaque odit.

 

Dolorem incidunt vel reprehenderit quia voluptatem quaerat velit. Inventore esse illum quia odio.

Aperiam similique enim non similique perspiciatis vitae illum. Magnam dolore omnis et beatae et. Porro et rerum consequatur velit perferendis amet accusamus aut. Ut nihil blanditiis enim voluptatibus eos. Laudantium saepe consectetur earum rerum. Consequatur sit sed praesentium omnis sed veritatis.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
kanon's picture
kanon
98.9
6
CompBanker's picture
CompBanker
98.9
7
dosk17's picture
dosk17
98.9
8
DrApeman's picture
DrApeman
98.9
9
GameTheory's picture
GameTheory
98.9
10
bolo up's picture
bolo up
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”