Bulge Bracket Industrials vs. TMT vs. FIG?

Hello! I was hoping that someone could shed light on which group would provide me with the best learning experience for exits into PE? Will any of these groups pigeon hole you? As in if I am in TMT, will I not get to work on bigger deals because of the nature of the industry compared to Industrials where there are many established, big companies (more of them)?

I have read that Industrials provides you with a very good transferrable skillset from a modeling perspective, is this more so true than TMT or FIG? It seems like in the TMT space a lot of the deals are ECM/IPO deals and there is not as much M&A compared to Industrials?

Does anyone have any knowledge of this or have resources to check which space there is more M&A or activity in general?

Would appreciate any advice anyone has about the differences between these groups and how anyone decided which of these to pursue.

Does anyone have any knowledge of the best Industrials, TMT, and FIG groups on the street solely considering bulge brackets out of the top tier (JPM, GS, MS). As in Banks such as BAML, Citi, Barclays?

Comments (9)

May 13, 2020 - 9:26pm

so there's more groups then just those 3. but you're thinking too hard about this. if you're at a bulge bracket you'll have a shot at PE. TMT is not specialized and generally everyone wants to do TMT. FIG is more specialized but you can still go to general corporate private equity if you're in a good enough FIG team (or even if you aren't). there's a lot of general questions in your post and I would say the answers are all out there in prior WSO threads so I encourage you to do some searching.

May 13, 2020 - 9:30pm

Hi!! Thank you so much for this!! Ya like I feel like everyone wants to do TMT and im like not sure if its because if its good for modeling or what thats why like im confused. Like how is industrials? Is it like just as good and deal flow wise?

May 13, 2020 - 9:48pm

You're just getting the sexiest deals in TMT. the hot Tech IPOs but also some massive M&A deals. Industrials is still fine. and to be honest, it doesn't matter because you have like 1 month of on the desk experience before PE on cycle recruiting so everyone makes up deals anyways (turns pitches into "potential deals"). I'm just being realistic if that's what you're worried about for PE recruiting.

May 13, 2020 - 10:03pm

Oh I see. thankss. like i'm more concerned about like my banking experience I can get because I dont think im like going to do PE so I mainly want really good deal exposure IB exposure so i'm not sure which group to pick

May 13, 2020 - 10:08pm

TMT, Industrials, FIG generally.
if at GS do TMT, FIG then Industrials
I think Baml FIG is decent. not sure about the other mid tier BB groups for those 3 industries specifically. just making sure, you know there's like healthcare and consumer/retail and NR and a bunch of other groups right? or did you already decide TMT/FIG/IND are your favorite 3

May 13, 2020 - 10:11pm

okay cool thanks!!! i think like i like those industries a lot and like def just want to get the best exposure that I can. I just know that like TMT is competitive like a lot of elite boutiques / offices in cali / MS GS JPM are like the main players so like idk if it would be worth it at a mid-tier like BARC / BAML / CITI

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