Need advice on BofA Hong Kong vs UBS London, thx in advance!
Hi guys, I got SA offers from BofA HK and UBS LDN IBD, struggling to choose between these two and would love to hear any advice from you guys.
BofA HK:
Pros
-
High base salary, after tax salary almost doubled compared to London
-
High return rate, 2023 HK IBD return rate 90%
Cons
- Concerns about China market, which could lead to junior level lay off, bad deal exposure, and poor exit (Need more advice on this one, cuz I'm not sure whether the market will turn better when I'm at A2 or A3)
Pros
-
Better deal exposure and technical training
-
More exit opportunities (can exit to elite boutiques or PEs? Not sure if it works for an Asian who speaks no European language.)
-
Diverse environment
Cons
-
Poor return rate (Heard it's like 25% for 2023 summer class? basically due to CS acquisition)
-
Lower salary. I've never lived in London before coming here for the master's degree so I've no idea how's an analyst's life like here in London. In Hong Kong you can eat outside everyday without worring about the price and live in studios
Basically three things I would like to learn more about, as I mentioned above:
-
UBS recruited its 2023 summer intern before CS crisis happened, so the return HC plan for 2023 summer intern class must be quite accidental. It is possible that it goes back to normal this year? If its not having that many HC, it shouldn't be hiring so many interns for 2024
-
Any possibilities that HK IB market goes better in the coming years?
-
It is necessary to start learning a European language if I choose UBS, for better fitting in London culture?
Thanks a lot for your insights in advance guys!
I were in the same shoes between a top2 BB HK and Mid BB at London, and I went for London.
It is ultimately based on your priorities.
- Is it money? Then HK
- Is it training and exit? London, even your goal is to return to mainland in long run, MF in China will still prioritize NYC/LDN bankers.
- Is it family commitment in mainland ? Then HK
- Is it culture? Then HK
IMO HK candidates can already fill MF and most of respected Chinese PEs vacancies. Not hard to double check on LinkedIn
Yes so I've heard - Chinese PEs will reach out for LDN bankers only when there's no suitable HK candidate
Thx so much! really helpful
My priority is career development i.e. technical training, deal exposure, the only problem is that if I don't get a return offer, there's no talking about career develpment in the first place. My friend suggests I take BofA, secure a return offer first, and target at London graduate/off cycle next year. Do you think this is viable? I personally doubt the value add of a HK summer internship to compete for London positions, and I don't come from a target undergraduate shool for London BB
I agree with the above comment.
I'd choose UBS London. This year's poor return rate was due to the merger. That'll change next year for sure.
London salaries are a joke - agreed. But the salary progression is quite attractive and ultimately, Europe is a more attractive market for investment banks (higher fees). That won't change in the course of the next few years.
And no, I wouldn't waste my time learning another language. You won't be able to reach C1 in time and if it's lower, it doesn't provide any value. Try improving your English to perfection instead.
Thanks so much! Really appreciate your insights. Indeed caring too much about entry level base salary is a bit short-sighted
Choosing between two communist hellholes are we?
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