TMT prep

I used some of these resources when I was recruiting for Tech IB a few years ago, but I read or listen to most of these on a daily basis now.

• First read through both parts of Wall Street Playboy's Detailed Look at TMT and BIWS' article on Tech IB. Some of this is a bit outdated but it's important for you to know how the group is structured at most banks, and basics on each sub-sector

• Email Newsletters: Axios Pro Rata, StrictlyVC, Fortune Term Sheet, Stratechery (Paid), several VC firms also have newsletters (Sequoia, A16Z, Bessemer, etc.)

• News Sources: The Information (paid but think they have student memberships), TechCrunch, Axios, The Verge, Techmeme

• Podcasts: 20MinuteVC, Masters of Scale, A16Z, Invest like the Best, Evolving for the Next Billion, plenty more here

• Research: Gartner, 451, CBInsights, BI Intelligence, Forrester (all paid but may able to get trials. Gartner and Forrester reports are often posted on company websites (resources, insights, or blog sections) if they're featured in the reports - this would be a great way to understand a specific niche). Several small boutique IBs post reports on specific sectors with comps and recent acquisitions. FT Partners has frequent research publications that are helpful to keep up to date on FinTech. MeriTech also has a public comps database for SaaS, Consumer, FinTech etc. LUMAscape for adtech is well known as well.

I don't believe there's a solid "guide" or "primer" on tech for IB. Even if there were, I'd advise digging deeper - really try to understand a space (or a few) within the internet, software and hardware/networking/data sub-sectors. You can go through public filings (S1s in particular, and 10Ks), earnings call transcripts and M&A presentations with detail on what management foresees, key trends shaping the industry, how the sector is valued / key metrics, etc. You could, for example, dig into Shopify and Etsy for a better understanding of eCommerce, and then choose a few private companies and learn more about them as well (Endless list but Bolt or Clyde are some examples in eCommerce checkout). Also follow top VCs on Twitter and get to know what they're observing. A step up here would be to participate in conversations or post content yourself - this will help if you're interested in VC down the road.

Although definitely helpful once you hit the desk and for buyside, I wouldn't advise spending too much time on SaaS metrics if you're prioritizing for interview prep. More often than not, you won't know more than the interviewer, and will likely dig yourself a grave by mentioning you're really interested or know SaaS well for IB interviews.

Other tips observed from sitting on the other side of interviews - pick lesser-known companies when you're asked for info on "companies you are following", and don't pick obvious trends when you're asked to talk about recent shifts. It's really obvious when an interviewee is truly interested in tech, so if you want a real shot at top TMT groups, prove it.

The industry is broad and there's something for everyone to be interested in. I'd recommend learning a lot about sub-sectors that interest you, while still showing you have a general understanding of the broader industry. Good luck.