TMT vs. Consumer/Retail

Fancy Clown's picture
Rank: Monkey | banana points 59

Hi All,

I just wanted to see if anyone could give me any ideas about the placement opportunities at BB between the Consumer/Retail space and the TMT sector.

Assuming roughly equal quality of groups at the bank and being at a non-GS/MS/JPM BB, where would you be looking? I have heard good and bad assessments of each as far as their ability to place for PE relative to one another. Which would you say is more 'in demand' in buyside recruiting? In particular, I would go in with the assumption at the Media and Telecom practices are stronger than the Tech side.

Thanks again!

Comments (8)

Jun 23, 2013

I think Consumer/Retail would probably suit someone better for PE because sponsors are usually looking for companies with slow, steady growth etc to pay down debt (not like tech companies). Tech might be better if you are looking to go into VC.

Jun 23, 2013

What about the Media/Telecom aspects of TMT?

Jun 23, 2013

You make a number of assumptions that aren't exactly valid and then rule out several banks which have strong groups in those respective industries.

At the end of the day, when headhunters are looking at candidates outside the traditional powerhouse groups, they're not looking for a specific industry or product group, they are looking for quality of work performed. 'Quality' here equates to 'how many and what kind of deals did this kid do?'

This is why product groups (M&A, LevFin, Restructuring) have a better rep online than industry groups, because at weaker banks, more pitching is done than mandates are won (by default, think about it; DB's Media/Telecom group consistently loses to GS, MS, and JPM in bake-offs ... UBS Sponsors loses to JPM because of the balance sheet ... Barclays FIG loses to GS FIG ... and so on and so forth). The logic of so many forum-goers here is that "deals = better hireability," so people say product groups are better because you aren't stuck pitching, you get to execute.

If you are at a "lower" BB that doesn't have a historically strong group (i.e. Barclays Nat Res, CS Sponsors, Citi M&A), your placement should be based primarily on who you connect with the best. When recruiting season rolls around, what will matter most is how many deals you've gotten on (and if you're in a group where people like you, you'll have been staffed on the better deals that come through) + how well you networked (did you reach out to the right headhunters, impress them with your soft skills, and win them over vs. the cocky prick from MS M&A who expects to be given every interview because he knows his group's prestige).

Dec 10, 2014
APAE:

This is why product groups (M&A, LevFin, Restructuring) have a better rep online than industry groups, because at weaker banks, more pitching is done than mandates are won (by default, think about it; DB's Media/Telecom group consistently loses to GS, MS, and JPM in bake-offs ... UBS Sponsors loses to JPM because of the balance sheet ... Barclays FIG loses to GS FIG ... and so on and so forth). The logic of so many forum-goers here is that "deals = better hireability," so people say product groups are better because you aren't stuck pitching, you get to execute.

I know this is an old thread, but can someone clarify this. I'm assuming product groups means more deals, a lot less pitching, correct? Whereas in industry groups, you'll be doing a lot of pitching and some deals but it helps you build relationships and strengthens your knowledge of that one industry which is good if you want to stick to it. Is that correct?

Jun 23, 2013

I wasn't making invalid assumptions, I'm giving you the current situation at the bank which I am returning to. Their communications and media practices are stronger than the tech practice. I'm just trying to get an idea of the implications of my industry on my future opps. I feel I will likely get M&A in both from the analysts I've talked to. I am curious if all else equal there was anything else I should know.

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Apr 7, 2015

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Apr 8, 2015

Echoing APAE here: specific to bank you're entering and exit plans. For example, I've heard that Barclays TMT tends to be a bit of a sweatshop (a lot of pitching and very little execution), though in general TMT would give you more versatility. It's going to depend on the actual group, so ask contacts at the specific bank; I doubt PE/HF is going to rule you out based on the superficial industry difference between the two.

Apr 7, 2015
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