Need some solid advice - JPM TMT/FIG
Hi Guys,
What are everybody's views on JPM's TMT and FIG practice in terms of an analyst experience. I'm thinking about the analytical modeling experience, prestige, exit opportunities, how recruiters view the groups, deal flow, the people (if anyone has worked at both) all the usual metrics. I'm also considering whether the uncertainty in the markets will affect one of these more or less. Lastly, I heard that JPM's FIG practice does its own M&A work whereas TMT works with their M&A practice which can hamper an analyst's modeling experience.
Any insightful views? Appreciate the help
FIG does their own m+a. There are analysts in m+a who cover tmt, but i'm sure you'll still get all the skills you need working in tmt... theres plenty of work to go around
FIG is too arcane and specialized. i would not recommend it.
both of the groups put in extremely long hours, however you'd probably work longer hours in TMT. within fig you will do your own m&a, and you not be using ebitda to do your models. instead you will be using ddm (dividend discount model). this is a harder method that is only applicable for FIG companies, hence cain's comment that FIG is too arcane and specialized, however there are a ton of PE shops that invest in FIG companies and will want to hire FIG IBD analysts. In TMT you will probably have a few more exit opps, most notably VC. In terms of deal flow, neither of the groups is at the top of the league tables, and the market conditions should definetely hurt deal flow for both groups. I have friends that work in both of these groups, so if you want me to go into more detail, feel free to message me.
Wow, it never ceases to amaze me what people will say about things they clearly know nothing about.
TMT is the most sweatshop-like group at JPM, bar none. Very strong large cap telecom and media practices. Uneven tech practice with selected areas of strength like fintech, but overall a second-rank practice.
Understand that the cross-staffing system means that a TMT analyst does the exact same thing as an M&A analyst would do on an M&A deal. Just not as well (my M&A bias comes through there, but there's some truth to it, since the TMT analyst invariably has less M&A experience as his M&A equivalent). There are no analysts in the M&A group who "specialize" in TMT. Jimmy would have the ass of any RM who tried that.
FIG is a totally different animal than non-FIG investment banking. Some very stong bankers who I respect a ton, but FIG is a place you go when you want to do FIG forever. Anyone who tells you that doing FIG M&A will position you to do conventional M&A is lying to your face. Lastly, FIG is not that demanding lifestyle-wise, no matter what their guys would have you believe.
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