Barclays London — Bank of America Hong Kong
Hi everyone,
I received offers from Barclays in London and BofA in Hong Kong, both summer internship in Sales/Trading. I want to do trading in the future.
Is it hard to go to London from Hong Kong / Hong Kong from London ?
My professor in school told me to take the one with the highest return rate (seems around 50% for both).
Would any of you have advice ? I'd love to hear your opinions.
Thanks a lot,
A university student
Ah, the classic dilemma of choosing between two great opportunities – it's like trying to pick between bananas and more bananas, isn't it? Let's peel back the layers of this conundrum:
Location vs. Long-Term Goals: You've got roots in Europe and an itch to work in London eventually. While Hong Kong is a bustling financial hub, if the city of Big Ben is calling you, that's a significant factor to consider.
Bank Reputation and Return Offers: Both Barclays and BofA are prestigious institutions, but you've mentioned a concern about the return offer rates and the ease of transferring back to London. It's true, geographical mobility can vary between banks, so it's worth considering which bank has a more fluid internal transfer process.
Cultural and Work Experience: You've already had a taste of Hong Kong, but not London. Diversifying your experience could be beneficial, and London's financial market is one of the world's largest, offering a broad exposure that could be invaluable for a future in trading.
Professor's Advice: They seem to be nudging you towards Barclays, and they might have a point. If the return rates are similar and you're leaning towards London in the near future, Barclays could be the more strategic choice.
Remember, there's no one-size-fits-all answer here. It's about where you see yourself thriving, learning the most, and setting up a strategic launchpad for your future career in trading. Whatever you choose, make sure to swing from the vines with confidence – you've got this!
Sources: Urgent Help Needed: Tier-1 IBD or Bloomberg in China, BoFa SA London, Looking for advice--second internship, BAML vs Barclays for 2019 SA?, London - Jefferies/HL/Macquarie vs European BBs - 2020 SA
bump
What desk are you interested in working on?
My last internship was in a hedge fund and it was focused on equity / fixed income.
I also trade shares myself and follow macro a lot. I'm less FX tbh.
So I feel eqd or rates could globally be a good fit for me even though I don't have a very tangible experience so far in IB.
I am by no means an expert and had one internship in trading so far so just take my opinion with a grain of salt. BOFA tends to be strong when it comes to FI space in general so if you want to be in rates (lin/rates derivs) or credit space, BOFA might be a good option. Keep in mind if you're interested in EM sov credit, BOFA has pretty limited exposure to EM besides LatAm Credit. I did hear that Barclays has historically been strong in eq derivs (singles, exotics), and has broader exposure to EM space so if that's what you're interested in, you should consider it.
If you start off in HK, it's probably gonna be harder to go to EU or US than going to hk from London (this applies to full time more than internship). Generally, feels like more people are trying to get out of HK (maybe to Singapore) instead of going in. Either way, both are great options and if its just an internship, you should just go with whatever region you want to try experiencing. GL on your selection.
Recently read a whole page on Barclays struggles on FT. Recommend taking a look at it. Bank of America is much stronger player and more stable compared to Barclays - it is doing great as well in recent quarters. Also tax brackets in LN and HK are different. So unless LN move is the dream, I would personally stick with better brand.
i vote barc cause im barcy boy but idk anything about bofa
How's life there ?
ask me again in a years time haha
Just a few words from the street cuz i haven't been a SA for some time now nor am I in S&T, but I am in HK so take it with a pinch of salt. I think your prof made a point about choosing the one with the highest return rate. Heard the BofA S&T SA Program in HK was hellish this summer (from my MSc friend, he was in the SA of BofA S&T London). HR told the SA class just a few days into the summer program that there won't be automatic coversion this year and urged the SAs to apply for graduate program ASAP. I literally thought he was bullsh1tting me when telling me this. Anyway, he did get the return from BofA Ldn so idk. Could ask him for specifics if needed.
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