Should be fine either way, but I think TMT is going to make things easier. The more senior you go, the more they expect you to know industry experience. So if you're just doing M&A for like healthcare companies, getting a tech corp dev or PE spot is going to be trickier.
Great video as always! I have considered TMT but am thinking that I should go in the other direction and try to do Oil and Gas, Natural Resources or Real Estate. What vertical would you say is the most niche? And could you still jump to the buyside even if you work in a vertical that is more niche and that has less deal flow such as Natural Resources? Thanks!
I would say real estate is probably slightly more niche than natural resources just because there's an entirely different industry and set of players for real estate finance. Real estate PE is a completely unique world, whereas there are still some NR businesses that are EBITDA based. Can definitely jump to the buyside if you do NR. Arguably even easier to do so because there's less talent chasing those jobs.
@@PeakFrameworks Interesting! I actually had a PE interview with a RE PE shop and they definitely were looking for candidates with deep domain expertise so that makes sense. Thanks so much for your reply! :)
If you're not sure about any industry in particular, I would recommend to enter consumer or industrials due to their broad coverage and different subverticals. Valuation wise, they won't pigeonhole you
got any opinions on firms splitting Tech and Media/Telecom into separate groups - do any of the things you talk about here change when its one of these as opposed to TMT?
If it's split out, the pure tech group tends to deal with all the Internet / Big Tech / consumer tech businesses, so that's likely the group you want for the most direct experience. I think most headhunters will still sort of lump you together into the TMT category though, so I don't think it'll change your finance exit opps very much. I can see it impacting your corporate exit opps a bit more.
In your video about PE / HF, you mentioned that many people jump to HF after PE which is the path I'm on since not sure which one I want to do yet however, I'm currently looking at Growth Equity roles. Would you say that going into Tech Growth Equity has the same level of optionality as normal PE for jumping to a tech focused HF?
I think normal PE is still going to be the most optionality. For HFs specifically I think a lot of them hire out of pure PE shops (lots of MF PE people go to HFs). Growth equity is probably better for VC though, so a bit of a trade off.
Great video! Specific to your experience at EVR, did people network for groups like tech prior to starting full time or did people usually just network once the formal matching process started?
I did not, but in hindsight it probably wouldn't have hurt. I didn't summer at Evercore so I was at a pretty big disadvantage for the matching process. You can probably do a little bit of networking to improve your chances slightly.
Thank you Matt. Can I ask what your thoughts are on corporate lawyers? Have they been value-adding to your deal making process? Would be great to know your thoughts on them (us?)!
They are extremely hard working and I respect their grit. They work harder than most IB and PE people and are always on call. Definitely very value add when I was an associate because I didn't know anything about deal structuring or market legal terms.
Just wanted to give you a sincere “thank you”. Seriously. I’m 19 and currently in the Navy. My goal is to attend an online university and hopefully transfer to a target after my contract ends (I’ll be 23 by then). I know it’ll be difficult, especially when it comes to internships and actually getting accepted into a target. With that being said, I deeply appreciate every single video you put out because honestly, I’m at a point where I just need guidance. IB is what I want and I know that, and I strive to break in. Thank you.
Great rundown, Matt. Because I always had a counter-career (I didn't follow the crowd or any normal career trajectory), I would have chosen (1:27) either Real Estate, Natural Resources, and/or Industrials. I think while TMT is sexy and cutting edge, the foundation of an economy is still built upon these 3 industry groups. To echo a few other commenters, I too would like to see videos on all the industry groups. Thanks!
