What types of exit opps are there for tech investment bankers? Not only limited to PE - eg what type of corp strat jobs are options/how does banking help you get non-finance jobs? Also, is it possible to switch from PE to Corp Strat (eg. would you need an MBA, start from the most junior level, etc)?
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You would not need an MBA to jump from the buy-side to corporate strategy and/or development as many individuals, especially at large tech companies, understand the quality and relevancy of one’s work experience having worked in banking or on the buy-side.
In terms of exit opportunities, corporate development’s would mirror those of other coverage groups. For a tech banker, especially at a bulge bracket, think about the largest tech companies out in Seattle and San Francisco. Many of these groups are led by former senior bankers, especially at Amazon, Apple, Netflix, Microsoft, and Facebook. It should go without saying that these firms are quite busy within the acquisition space.
Does this still apply to MM TMT? Or are the exits different?
Thanks for the insight! Specifically, I was wondering if it would be possible to go from tech banking/PE to a tech firm's internal consulting group? (less so corporate development). Also, how does recruiting for tech firms after banking work - is it as structured as on-cycle / off-cycle for PE?
I do not cover the tech space, but I would assume that hiring would be “off-cycle” and ad-hoc based on each firm’s needs. You can use LinkedIn as a screen for different members of the internal strategy teams and probably even determine a few relevant contacts.
I would be proactive in my reach out, especially if positions weren’t available at the time. I would want to be on their radar in the event that something surfaces unexpectedly.
How would these corporate exit opps compare for tech bankers at EBs on the West Coast who lack the same name recognition as BBs? (Lazard, PWP, Evr, CVP, Moelis SF offices)
bump
Really would depend on the group. Given that corporate development is usually a group run out of large-cap tech (since M&A is typically a form of growth more common for larger companies that see accretive revenue after acquisitions) it seems intuitive that EBs that have developed relationships with corp dev through large-cap buyside transactions would be your best bet. Additionally, working for a bank that represents large-cap buyside would position you with the best experiences for corp dev recruiting (since that's what you're doing at these tech firms).
A few relationships that come to mind: PWP and Paypal. I also assume that Woody Young there still has a solid relationship with AT&T.
Centerview and Cisco, Qualcomm, Dell: These three firms all have corp dev arms and will definitely be familiar with EBs (if not prefer analysts from EBs like CVP) given that they choose boutiques to run their deals. Also Moelis represented Dell in VMWare-Pivotal.
Lazard and Google, Intel, Visa, IBM: Most likely people at Google will actually be MORE familiar with analysts at Laz and would probably give them a preference over BB analysts if they did choose to join their corp dev arm.
In the end, these examples are just that. Examples of the relationships EBs have in the corp dev space. Most people in these tech firms come from IB/PE and have a solid understanding of boutiques in the space especially EBs. You won't be docked coming from a pure advisory firm most of the time and might even get preferred treatment if you exit to a tech firm with established relationships in the group (like PWP-Paypal or LAZ-Google). Another note is that analysts in my tech group (EB) could have left to top corp dev teams but 100% of the past few classes have still chosen to go to PE, HF, Growth. The pay is just astronomically better, but obviously the lifestyle isn't.
Interested as well
I would assume so?
Again, those in corporate strategy and development roles would have presumably heard of your platform, no? Many people in tech aren’t as obsessed with the stratification of league tables and “the most elite groups on Wall Street.”
Of course, let’s be careful of our use of the mid-market classification. Are we talking three-man shop in Arkansas or are we talking reputable firm with a built-out presence across the globe?
Someone feel free to correct me should I be misguided.
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