WSO Elite Modeling Package

  • 6 courses to mastery: Excel, Financial Statement, LBO, M&A, Valuation and DCF
  • Elite instructors from top BB investment banks and private equity megafunds
  • Includes Company DB + Video Library Access (1 year)

Comments (60)

Learn More

300+ video lessons across 6 modeling courses taught by elite practitioners at the top investment banks and private equity funds -- Excel Modeling -- Financial Statement Modeling -- M&A Modeling -- LBO Modeling -- DCF and Valuation Modeling -- ALL INCLUDED + 2 Huge Bonuses.

Learn more
Aug 20, 2009 - 10:30pm

I know Lazard has an SF office, presumably for TMT. But, out of sheer curiosity, where does Boston fit in? If I recall, a lot of their TMT practice is out of there as well.

Aug 20, 2009 - 11:37pm

TMT used to be Media & Telecom, tech joined the party later. For instance, as noted above Barclays/MS still have separate Tech and M&T groups - these days there are some cross-synergies though. Media and Telecom - latter provides the pipe for the former, and sometimes ventures into owning it. Tech provides the underlying infrastructure to make it all work and sometimes overlaps as well, e.g. YouTube.

Jun 1, 2010 - 4:32pm

DB tech..if you check out merger market and only selected the tech industry, you will see that it's actually ranked #1.

UBS tech is falling apart, do not go there unless it's your only offer.

CS tech is still really good

Not too sure about JPM, but can't imagine it to be too bad

GS- it's GS

And no, I don't work for DB.

Jun 1, 2010 - 11:02pm

thanks boutiquebank4life, what are your thoughts on growth/future prospects for all these tech groups? I'm looking to enter as a FT analyst in June 2011 and wanted to get your thoughts. I know there's no crystal ball, but do you feel GS' recent troubles will affect its tech group, or will Boutros' departure from CS sersly affect it? What are your friends thoughts on the future for these tech groups? Do you think we will see the emergence/fall of certain tech groups?

Jun 1, 2010 - 11:27pm
theintern:
thanks boutiquebank4life, what are your thoughts on growth/future prospects for all these tech groups? I'm looking to enter as a FT analyst in June 2011 and wanted to get your thoughts. I know there's no crystal ball, but do you feel GS' recent troubles will affect its tech group, or will Boutros' departure from CS sersly affect it? What are your friends thoughts on the future for these tech groups? Do you think we will see the emergence/fall of certain tech groups?

Holy shit dude you are really overanalyzing this. TMT at any top bulge bracket is a very desirable IBD group. I don't know why college kids have to trivialize the bulge brackets and their respective groups so much with arbitrary rankings and subjective opinions. Outside of GS and MS, getting the opportunity to work in TMT for JPM, CS, BAML, or BarCap is an extremely good opportunity. Generally speaking, the difference between these are minimal.

Jun 1, 2010 - 11:49pm
theintern:
youngblood, wat r ur thoughts on UBS Tech?

Personally, I would stay clear of UBS with offers from other firms because I have a buddy who was in UBS tech the last year and hated his life to the point of lateraling to another BB. But, when I say stay clear, that is with the assumption that you have other IBD options. The point is, you should focus on securing an offer before worrying about the minutia of BB/group rankings.

That being said, getting to work in TMT, M&A, Sponsors, LevFin, etc...at any top bulge bracket is going to give you an extremely valuable experience with quality opportunities going forward. It's my opinion that you should focus on securing offers first, then after accomplishing as much, follow your interests based on each groups culture/people/work-description.

Jun 1, 2010 - 11:42pm

theintern - your questions are inherently flawed - I highly doubt you (or anyone) has a significant chance of getting multiple, group-specific, TMT offers from BBs. Now, assuming that were the case, you'd have a much simpler X vs. Y choice to make, rather than this nebulous "rank all the BB TMT groups" question you're asking now. Further, if you do in fact get these offers, a huge factor will be the people with whom you work - you do not want to spend 70-80-110 hours a week with people you abhor, even if it is at GS TMT (yes, college kids, we saw you just came a little bit there).

Since you clearly want to be in TMT, that should be your goal, rather than an ultra-subjective, and probably unreasonable, goal of shooting for "most prestigious with best exit opps" group.

In short, agree with youngblood on the broad outline.

Jun 1, 2010 - 11:52pm
DaCarez:
theintern - your questions are inherently flawed - I highly doubt you (or anyone) has a significant chance of getting multiple, group-specific, TMT offers from BBs. Now, assuming that were the case, you'd have a much simpler X vs. Y choice to make, rather than this nebulous "rank all the BB TMT groups" question you're asking now. Further, if you do in fact get these offers, a huge factor will be the people with whom you work - you do not want to spend 70-80-110 hours a week with people you abhor, even if it is at GS TMT (yes, college kids, we saw you just came a little bit there).

Since you clearly want to be in TMT, that should be your goal, rather than an ultra-subjective, and probably unreasonable, goal of shooting for "most prestigious with best exit opps" group.

In short, agree with youngblood on the broad outline.

Well said dude.

Jun 1, 2010 - 11:43pm

And the thing is, while GS and MS are generally considered to be the best of the best, there are reasons besides prestige to join a firm. Barclay's is growing immensely, for one, and that can offer a lot to someone who wants to learn or actually start a career in IBD.

"You stop being an asshole when it sucks to be you." -IlliniProgrammer "Your grammar made me wish I'd been aborted." -happypantsmcgee
Jun 1, 2010 - 11:50pm

DaCarez, I'm simply trying to hear about people's and their friends experiences with these tech groups..given that they work in the industry and have way more knowledge than I do. People and culture matter the most to me, but I'd like to focus my networking efforts at firms with strong tech groups in order to learn more abt the ppl and culture. Any info would be really appreciated.

mas 1987, wat other groups do you think are growing immensely?

Jun 1, 2010 - 11:54pm

Thanks youngblood, appreciate it. Do PE's or VC's have any preference for analysts from specific IB groups, such as tech? Does the fact that both PE's/VC's and IBD tech groups are mainly in San Francisco provide any advantage in recruiting?

Jun 2, 2010 - 12:04am
theintern:
Thanks youngblood, appreciate it. Do PE's or VC's have any preference for analysts from specific IB groups, such as tech? Does the fact that both PE's/VC's and IBD tech groups are mainly in San Francisco provide any advantage in recruiting?

Unfortunately I don't have the answers to those questions, because I haven't gone through PE recruiting yet. But, it's important to know that PE and VC are extremely open-ended industries with a wide variety of sector focus and recruitment preferences. That being said, there are a lot of TMT-focused VC and PE funds. Also, the skills developed by TMT analysts are probably fairly transferable to other industries, which hints to its desirability among incoming coverage analysts. By the way, though tech is largely based out of SF, TMT is largely based out of NYC still. So, west coast and east coast firms naturally pull from the best of both, as you would think.

Jun 2, 2010 - 9:33am

besides TMT, what do you guys think about Consumer/Retail? It's pretty neat group to be in and offers highly transferable skills. Plus, all PE firms (besides the industry specialized ones) tend to acquire consumer companies, more so than TMT ones.

Jun 2, 2010 - 10:19am

@youngblood: I hear the same about UBS.

Here is the problem I hear with UBS, coming from a couple guys that left before their 2 year stint was over after working consistently 120+ hour weeks:

IB is done by the relationships that senior managers have. UBS lost a lot of their best managers during the recession because they refused to pay them what they were worth. Even before the recession, however, UBS's IB had a different take on the industry. As opposed to relying on senior managers' relationships, they decided they had to work twice as hard as everyone else (coming from being a wm firm they were kind of an underdog). This did work for a while, until the recession.

The thing that was especially bad about the last two years was that they were working even harder then analysts previously had AND got shitty bonuses. In one of the groups of one of my sources it got so bad that the group head started a new policy. Pretty much what it said was if a pitch book was over 30 pages the VPs and MDs on the project had to throw $20 into a pot to take the analysts out to really nice dinners or parties or whatever every quarter. If the book was 40+ pages, they threw in $30, 50+ is 40 and so on and so forth.

So, while that kind of worked, I hear that a couple of the VPs just got pitchbooks that were too long and started cutting random pages.

Anyways, secondhand info, but the sources are definitely legit. UBS is a sweatshop

"You stop being an asshole when it sucks to be you." -IlliniProgrammer "Your grammar made me wish I'd been aborted." -happypantsmcgee
Jun 4, 2010 - 5:01am
theintern:
mas1987, do you think UBS Tech can improve in the future or is the brand name damaged beyond repair?

I would be wary of the UBS tech group specifically, considering a couple years ago, the 2 heads of tech left to Centerview.. and in the past couple months Brian Webber (the most recent global head of tech) and John Joliet (head of software) both left to join Moelis & Co.

However, their TMT in NYC which focuses mainly on media and telecomm isn't a bad group at all.

Jun 3, 2010 - 10:02pm

No clue, Im just regurgitating what I was told by an analyst at UBS

"You stop being an asshole when it sucks to be you." -IlliniProgrammer "Your grammar made me wish I'd been aborted." -happypantsmcgee
Jun 24, 2010 - 4:27pm

Do you think skills as a TMT associate are desirable for jobs in industry? Would it be an advantage to work in TMT for 2-3 years as an associate then transfer to an industry position (corp dev, corp finance) at a TMT company vs entering one of those positions straight out of bschool?

Jun 24, 2010 - 11:05pm

Skills in this industry are always desirable. The issue is over opportunity cost. The skills of an associate typically don't extend that much further than an analyst (associates are pretty much analysts that know what they're doing and have a lot more responsibility). Having these skills is good, but if you're not planning on staying at the firm, why not leave for the company you actually want to work for? You'll need to build up your reputation and credibility all over again, and switching careers in your thirties doesn't sound fun. Not to mention, why would you want to work the hours if you're not in it for the long-haul?

In the tech industry, there can be a lot of flexibility for people that know the space well (probably more so than other industry groups), but look at associates at places like GS, MS, and Qatalyst. They're some of the best for tech, and those guys are probably staying at the firm for their entire career. Most don't even enter the group after BSchool. They come straight in as analysts.

Mar 9, 2014 - 5:14pm

GCA for tech (specifically internet)

Qatalyst for mega tech deals

Allen mostly media

Sagent for Tech

Pacific crest is more like bookrunners

Guggenheim (probably spelled it wrong) - media, doing the hulu sellside now

Mar 9, 2014 - 5:20pm

Lol dat two year zombie.

"I did it for me...I liked it...I was good at it. And I was really... I was alive."
Start Discussion

Total Avg Compensation

July 2021 Investment Banking

  • Director/MD (10) $853
  • Vice President (36) $363
  • Associates (210) $232
  • 2nd Year Analyst (121) $152
  • 3rd+ Year Analyst (28) $146
  • Intern/Summer Associate (102) $144
  • 1st Year Analyst (449) $132
  • Intern/Summer Analyst (358) $82