Would you leave a Tech BB for FT Partners?
All,
I'm an analyst 1 at a west coast BB tech group (one of BofA, CS, Barlcays, Citi) and I'm considering a lateral to FinTech Partners. I know FTP can be kind of a meme on here, but they've been doing quite well with dealflow, have higher comp, and I'm interested in fintech VC/growth down the line whereas my bank doesn't have a ton of fintech flow.
The main thing I'm worried about is a downgrade in 1) exit opportunities and 2) overall name brand and credibility offered by a BB.
Thoughts?
Deal flow has been solid (MoneyLion, loan depot, Payoneer) but I'm not sure that exits are good
~ dO wHaT yOu LoVe ~
I would say that anything you can get out of FTP, you can get much more easily out of a tech BB group. It doesn't matter if you don't have fintech dealflow, just read up on the space in your spare time and show interest during recruiting. They aren't looking for fintech experts right out of the gate.
Ofc. I love coins.
If you're laser-focused on growth/vc fintech or exiting to the fintech industry, then they are the best shop. Otherwise would stay at your BB for more optionality
you're saying that FTP offers better fintech exits?
Stay far far away from ftp. Toxic culture aint worth it homie
This is not the right move at all. Exit opps from FT are most commonly lateraling to banks like yours. You are doing the opposite. It is also absolutely not true that you will get better exit opps into FinTech related opps like VC or GE. The reason being that at the analyst level, you don't really know that much about the industry regardless so firms would rather just go with someone from a BB instead who is perceived to be a better candidate with better experience. All prestigious exit opps you see of prior employees are all people who had specific familial connections (Blackstone, Olayan, etc.).
Also, culture is so toxic that it's not uncommon for people to be hospitalized or have to be forced to take a few weeks off to recover (not vacation). Know someone personally who worked so hard they just disappeared for a couple weeks and neither the firm nor the individual ever want to talk about what happened.
I know FTP analysts that would kill to be at Barclays or BofA
Don't do it. One of the hardest working persons I know left after 11 months due to culture.
This is not abnormal at all at the firm. Half the analyst class if not more has usually lateraled before the end of their first year.
Worst culture on the street for west coast banking bar none. Avoid
Their NY office is just as bad btw
Would highly advise against doing this. I was A2A at a top west coast tech group so have had a lot of exposure to where analysts are going. The opposite is the kind of move people are looking to make. You said it yourself, this is a downgrade both in terms of exit opportunities and name brand. If you're set on lateraling and are looking for the best VC/growth exits (even in fintech), aim for Qatalyst, GS, or MS. EVR JP LAZ are also solid but less familiar with exits coming out of those.
How do you see exits from the rest of the BBs?
Any in particular? I have a few buddies at CS and BofA and to give you a better idea they're at MM tech buyout, strategy at large cap tech company, and mid-tier growth shop. This may or may not be representative of others but it's my experience. In general, I see far fewer at top buyout/growth shops or hedge funds but there are many factors and it's possible.
I would rather get arrested and sentenced to time in the state pen than work for ft partners.
FTP has little to no placement with big GE players like TA/GA/Insight, and like others have said, BB Tech does have a better exit opportunity. FTP exit does include corporate development/strategy if that is something you are interested in. In terms of culture, it is clearly a sweatshop, but some comments are clearly biased in this forum so take with a grain of salt. My suggestion is to reach out to friends who have first hand info, or just take an interview to see if there is a fit.
How far down the road are you planning to move to VC/GE? Sure, FTP might pay a little more than BB, plus I'm not sure if I agree that FTP has zero PE placements. But if your goal is to move to VC/GE, you should make that move now rather than lateraling to another bank. It just doesn't make sense. If you lateral now and spend another 2-3 years at FTP, you might lose your window and have to wait till you're D/MD at whichever bank to make the same move.
Also, you might think you want to "specialize in fintech" now, but being a generalist at a brand name bank (BB) will open more doors later on, so think carefully. Nobody outside of finance (or outside of west coast even) will recognize the FTP name.
Barista girls love FT boyz.
Don't do it. Their exits are very weak. You don't need to specialize in fintech to exit into it. Everyone there would love to have your current job.
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