Can FT Partners Ever Become a Desirable Firm?
So FTP has gotten a lot of shit on this website for their sweatshop hours, grinding their employees to the bone, poor internal mgmt. and exit opps. What would it take for them to be considered a elite boutique focused on fintech / what would need to change? I guess to a level of "prestige" as PJ Solomon, Dyal & Co, M Klein, and Liontree? Feel like they are still considered a bank of last resort for many even though they seem pretty legit and top in their space?
I think one of the biggest factors that will always hold them back (literally even through their name) is that they are so niche. Looking at tiny deals related to payment software and vendors probably gets super dull, so the quality of work can never be that engaging for most people.
Makes sense, but fintech is hot atm. FIG isnt the most engaging for most ppl either, but i feel like ppl would still take fig at BB over FTP?
Big fintech deals like Visa/Plaid are hot right now, but those aren't the caliber of deals that FTP does.
You're right about FIG which is largely boosted by being at bulge brackets, but I don't have a good answer about why that group is popular at firms like GS.
I’ll bite as someone who worked at FTP for a year before lateraling. The biggest problem with FTP is that they can’t retain talent. this is a vicious cycle that causes them to keep re-recruiting and as such pick up folks who would be a poor cultural fit / nonideal background. If you look at the employees backgrounds on linkedin, most dont come from top notch schools, and it doesnt matter for them bc they just need horsepower to churn the work out. Due to the amount of deals that they are working on (check league tables to see the crazy volume), they need bodies to be staffed up, so they opt to hire those who can just take the hours as opposed to personable or even friendly ppl - during my interviews they kept reiterating how much commitment would be required and behavioral questions centered around this topic.
The analyst class as a whole is not very tight / everyone looks to leave bc of the hellish hours. when someone does leave, it becomes even worse for everyone else as they now need to shoulder the load. Hell, even the interns were working 6-7 days a week till 1-2 am on the daily.
Then theres the firm internal issues - it feels stifling and cold to work there as the culture is passed down from the top. The MDs there are workaholics and one of the guys is so intense that he will basically pull allnighters at the office so fck no facetime bs. Expense policies are very strict and theres a massive clawback for not completing analyst program. Theres also an unlimited pto in effect but in reality you end up taking far fewer days than if you were just given set number of days. As for work, FTP reaches out to a hella lot of investors and you need to track all communications (not that you dont at other firms but FTP really boils the ocean) so theres a ton of admin work involved. FTP also advises a ton of tiny fintech startups so its more cap raises than anything else which means exits are pretty limited to growth or corporate if you dont lateral.
All this to say that FTP would have to completely shift its mindset if it were to ever achieve elite boutique status by being a lot more selective in their hiring and in the deals they take on.
Yikes, I knew FTP was not great before, but didn't know it was that bad.
Lol, wasnt there a comment floating around that lateral analysts are so desirable from FT simply on the basis of their ability to grind? Seems from your description thats accurate. Congrats on makin it thru the fire bro.
Obvious troll spreading bogus info. I've been at FTP for 3 years and can attest to the above being total BS. Do some actual homework other than on WSO people.
Hi Steve
Welcome to the party Steve - please get off WSO and pay attention to your family
Mind if I ask where (generally) you lateralled to? Am curious surrounding lateral optionality at FTP
Anyone knowing that they're doing with their interns? That by itself should be reflective of culture and/or performance
They don't sponsor. Fuck 'em
what makes you think you somehow deserve sponsorship
I'm going to a much better firm than FT partners
All else equal, don't you think a firm would be able to raise the average caliber of analyst given a larger pool from which to choose from?
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