New here? Every junior finance job in London, each one explained in plain English. Start with what the words mean, then work down the board.

Technology, Media & Telecommunications

TMT spans distinct business models - B2B SaaS, cloud infrastructure, embedded finance, adtech, vertical SaaS, marketplaces, consumer platforms, superapps, creator economies. Each has different mechanics, so identify which model a posting actually concerns. For SaaS, learn the vocabulary: ARR, MRR, NRR (above 120% elite, below 100% means revenue is leaking), GRR, Rule of 40 (growth + EBITDA margin ≥ 40), Magic Number, Burn Multiple. For consumer and marketplace work, the words shift: GMV (not revenue - $1B GMV at 2% take is only $20M), Take Rate, DAU/MAU (above 50% sticky, below 20% weak), ARPU versus ARPPU, LTV/CAC (target 3.0x, below 1.0x destroys value). Contractual businesses forecast retention from signed deals; non-contractual platforms rely on network effects as the retention mechanism itself. Cohort analysis beats blended averages almost everywhere in TMT - selective cohort reporting is a classic red flag. So is take-rate compression, understated CAC (often 2-3x the headline), over-adjusted EBITDA, and customer concentration above 20% from the top ten. Worth knowing the structural weaknesses too: social-graph platforms hit demographic ceilings and content fatigue; zero-to-one platforms face multi-homing and thin per-transaction margins; hardware-software hybrids carry supply-chain risk and margin drag from the hardware side.

Sector coverage · from the G2G library

The whole story of this desk is a chapter in the G2G library.