Technology IB Guides & Advice
Hey. I've gone over the 400 question guide and got it down. I want to do tech IB and am wondering what good resources there are. If any of you have guides, websites or any other stuff I should check out, please let me know. If there is anything else I should know, please let me know. I am shooting for BoA, Lazard, Goldman, or Qatalyst.
Hey there! It sounds like you're on the right track with your preparation. For tech IB, there are a few resources that come highly recommended based on the most helpful WSO content:
Axios Pro Rata, TechCrunch, TermSheet: These are considered some of the best resources for staying up-to-date with tech M&A and VC/PE deals.
Stratechery by Ben Thompson: This is a paid newsletter, but it provides highly detailed coverage of tech business happenings with a finance/strategy focus.
CBInsights, BI Intelligence, Forrester: These are paid resources, but you may be able to get trials. They often post reports on company websites if they're featured in the reports. This could be a great way to understand a specific niche.
FT Partners and MeriTech: They have frequent research publications and a public comps database for SaaS, Consumer, FinTech etc. respectively.
LUMAscape: This is well known for adtech.
Remember, it's not just about understanding the range of tech, but also about understanding the specifics within the internet, software, and hardware/networking/data sub-sectors.
As for the firms you're aiming for, Qatalyst is a clear cut above the rest in the EB space, especially for tech. They get plenty of looks from all headhunters but have more people interested in VC than any other EB. Evercore, Lazard, Moelis, and PWP also have strong and comparable practices.
Keep up the good work and keep swinging from those branches! You're doing great.
Sources: https://www.wallstreetoasis.com/forum/investment-banking/tech-ib?customgpt=1, TMT prep, Technology IB Coverage Group - Exits, Interview Preparation, etc.
No standard guides as such.. 400q is a standard but it’s not a mechanical manual to get an IB slot ….
but here are a few things you should do your research before
1. Are you recruiting for tech in NY or SF? Each bank has different set of practices in each location (for example semis are exclusive to SF) so while networking and interviewing align your interests to the practice in a particular location
2. Once you have the above nailed down, research on who the MDs are in a particular location, recent deals done, key metrics of the deal and have a thing or two to say about it (while gushing about it)
IB folks love it when you stroke their egos
3. My personal advice, not have a fav vertical just yet, be open to learning across verticals, I have seen more candidates loose slots because they came in with a strong pov on which verticals they wanted to work, IB staffing is demand/supply based and best get what they want
4. Last but not the least Network, Network, Network - having atleast one person who thuds the table for you is more important than anything else, leverage to max any personal connections (directly/indirectly), doesn matter if it feels un-meritocratic
Believe me if Banks were to win deals solely on their creds, there would not be boutiques, personal connections are everything in this industry
I’m working in tech banking, I've noticed that many of my MDs are connected on LinkedIn with MDs from other investment banks whom I'm interested in reaching out to. My concern is that they might contact my bank's MDs if I reach out to "network," but my intention is more about inquiring about opportunities to lateral over. Is this a valid reason not to reach out?
First reaching out to MDs is going to get you nowhere in terms of recruiting… these ppl are too busy, too high strung to give a shot about what you want.
IMO best to reach out to folks who are one level above preferably who is a friend of friend or something
Else get on the mailing circulars of the recruiters
I found this blog and guides helpful: tmtbanking(dot)com
The SaaS CFO website is helpful for software knowledge / stats
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