Financial Technology Partners info
Found this company's summer internship listing in my college's career portal and wanted to ask about the company. Basically the reputation, working hours, and exit opps (there is a thread on this already but that was five years ago and the field this company's working in should have only grown since then). Also any diff between the SF and NYC offices?
Sweatshop but you work on mega deals. Easily there till about 12 AM to 2 AM every night.
does it pay comp like the EBs then?
Background: I used to have a lot of friends who worked there.
Their internships don't pay (unless they changed things this year). Also interns get assigned one deal each, but the rest of their time is basically Salesforce database population and other scut work. If you're going to be a freshman or sophomore intern though, the internship is a good stepping stone (unless you can find something better).
NESCAC is spot on in terms of hours. They also work 90% of saturdays.
Most deals they do are actually pretty small ($20-100mm sell sides or capital raises). They do a few big deals a year which they promote on their website, but this isn't representative of their "typical" deal. Their deals also seem to take longer to close than I experienced in banking (probably since the deals are smaller?).
Exit Opps: Again if you're a freshman or sophomore intern, this is actually a good step in the right direction. But if you're thinking about being a full time analyst, know that their analysts struggle with exit opps. Generally you can get into startups and small time (PE (obviously tech or fintech related). It's really tough to go buyside in a different coverage area (like if you worked there and decided you didn't want to do fintech) and most buyout funds won't give FT Partners analysts interviews. It's sad because the analyst are generally bright / good guys.
Jesus. zMaerick is an obvious troll. If you had ANY friends there, you'd know that everything you just said was false. I do work there and nothing, absolutely nothing, you said is remotely true. They pay all the interns, the interns were working on multiple deals and I believe we just had 7 interns accept full-time offers; we do lot of mega-deals and exit opps are great if you like Vista, Google Capital, StonePoint, Parthenon, Coatue and others. We work hard, no problem, as all we work on is live deals. I'd just DM any analyst or associate on LinkedIn and ask them. I doubt you have any friends that work there, as if you did why would you completely make stuff up and say anything negative that would hurt your so called "friends". Nice attempt to troll.
Define mega-deal. To me that means at least >$1bn, and the vast majority of their deals are well under that. Note that the tombstones on the FT Partners website don't include dates, so they can be misleading (again, they are not representative of the average deal). Anyone can confirm that by googling the deals to find announcement dates.
The exits you cited are true, but it's also true that they are the highlights of the last 5+ years of exiting analyst classes. Given there are something like 8 analysts per class (maybe more?), that means the top 1-2 analysts may pull off something like that, but it's certainly the exception. Also the Coatue and Vista analysts you mentioned were major exceptions (the former was a smart, charismatic ex-college football player with personal connections and the latter had a personal relationship that helped him a lot). Don't believe me? Check LinkedIn.
Note the analyst attrition after 12-15 months is also very high, and the majority aren't going to good buyside gigs when they do leave. Again, anyone can confirm this by doing a LinkedIn search for ex-analysts and seeing where they are now.
It's true that most analyst time is spent on live deals (as opposed to being a coverage analyst at a bulge bracket where that may be closer to 30% of time spent), but there are a lot of debt and equity raises (>50% of deal flow) given it's Fintech and the current valuation environment there, and as I mentioned before, FTP's deals take longer to close. Also there's a lot of time spent on things with no-value add to the analyst experience (database entry, tons of decks even relative to normal banking, writing emails for senior people since their senior guys are staffed on a ton of deals per MD).
All I can say for anyone reading this is use your common sense. Know that FT Partners puts a lot of time into patrolling this website after the bad PR they got a few years back on this site (you can find it if you search for it).
If your best offer for a full time position is FT Partners, it's OK, but if you're ultimately trying to go buyside, you may need to lateral or leverage some personal connections you have (especially for buyout PE or hedge funds). If you're an intern and this is your best offer, take it and leverage it into a full time offer at a firm with stronger buyside exit opportunities.
I've heard analysts work a ton. Not sure on exits, but quibbling about the firm's deals seems improper. They do really nice deals and are highly respected in MM FinTech.
Definitely gives junior bankers the chance to learn quickly and gain great experience. Analysts are thrown into the fire in terms of what is asked of them but they have a great support system to help them early on. The deals are all very unique and range from small equity financings ($1bn).
That being said, they do work very hard and the exit opps relative to the experience are not that great. As has been mentioned, the top analysts in each class, with connections, may land a great gig, but it is not the norm.
Sweatshop but deal flow is really strong.
My understanding is that SF is their main office and NY office is just a small satellite for senior bankers; don't know if any junior bankers work there.
Are their SA positions still unpaid?
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