Hi everyone,
Hope you're well. I was wondering if anyone could give me any advice on the technicals required for TMT and where to learn these?
how to network with the TMT team to impress to get the team selection at the SA level?
And how to strike the balance of having a technical + personal networking coffee chat?
Thanks - appreciate the help.
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To excel in TMT (Technology, Media, and Telecom) technicals and networking, here’s what you need to know:
1. TMT Technicals:
Key Areas to Focus On:
Where to Learn:
2. Networking with the TMT Team:
How to Impress:
Balancing Technical and Personal in Coffee Chats:
3. Striking the Balance in Coffee Chats:
By combining strong technical knowledge with genuine interest and thoughtful networking, you’ll position yourself as a standout candidate for the TMT team. Good luck!
Sources: An Overview of Technology Media and Telecom (TMT) - Part 2 of 2, An Overview of Technology Media and Telecom (TMT) - Part 2 of 2, An Overview of Technology Media and Telecom (TMT) - Part 1 of 2
First, each letter of "TMT" is quite different from the others, and within each, there are important sub-categories as well. The modeling approach, valuation methodologies, trading multiples, KPIs, etc. all vary depending on which category you focus on.
For example, even within "Technology" (first T), how to analyze and value a semiconductor company is vastly different than how to analyze and value an enterprise SaaS company which is vastly different than how to analyze and value a data center REIT.
You should look into the deal history of the group you are applying for to get a better sense of where the group focuses and tailor your preparation to that.
If this is a bulge bracket coverage group where they play across all spaces, then you can probably focus just on the fundamentals and perhaps dive deeper into one category you're interested in that you know the firm has dealt with before. Obviously, try to get a sense of the firm/group's product focus as well (e.g., Are they mainly doing capital raises or M&A? One or the other exclusively? Both equally?)
I wouldn't get too technical in networking calls in terms of trying to show off your technical knowledge of the space, as it can come across as contrived.
The purpose of networking calls is to give you a better sense of the job, including the sector focus, so this should be a natural area of discussion. Goal is to come across as well-read on the firm/group and asking follow-up questions from your own research to gauge whether your interests align with the firm/group. Do your due diligence first based on public sources online.
You can thread in some technical knowledge in there, but again, try not to sound overly-rehearsed, and try not to subject the person you're networking with to a technical interview...Tie it back to a question about the nature of the role, not just a random question related to the sector.
For example, I wouldn't ask, "I saw you guys advised on [insert sellside deal] and the sale price implies a 5x ARR multiple, whereas my research shows that precedent transactions in this space have been closer to 7x for a 20% revenue growth company. How did you justify such a discount given that company was growing revenue at 25%?"
But it's fine to ask something like, "I saw that there have been several large technology IPOs in 2025 so far after a dry spell over the last few years, many of which were private equity portfolio companies in the enterprise SaaS sector. I saw you guys have advised on quite a few deals in that space. Have you seen any shift in deal flow towards IPOs as opposed to M&A? Are you guys working more with private equity now compared to years prior?"
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