I am currently considering the possibility of doing an exchange internally from the NYC office of my bank to the hong kong office. I would like to know what the potential pros and cons of the move would be.
A bit of background: I am a 2nd year associate in a successful group of a top tier bank. The exchange would probably be for 6 or 12 months, preference would be for 6 months as I would like to be backin nyc for a full year for my promotion year (LT planis to be in NYC). I do not speak any Asian language.
What are the pros and cons of such a move? Is there a risk I would not be able to come back to the nyc office? (I don't think so but have you heard of is happening?). Would that blow promotion chances up? Any bonus risk?
I have been told that the technical level of the pitches is lower than in the US but that the client exposure junior people get is higher (which would actually be a positive for me).
Any thoughts would be appreciated.
This is a step backwards, no? Why would you go out there? Are you explicitly getting paid more or at least getting promoted?
Partly personal reasons, mostly because of the increased client potential exposure. Rationale is that it would be for less than a year, and I'm still an associate so I can still do it now. I intend on getting promoted in NYC when I come back. Financially it is better I reckon with taxes being lower, etc. but that it not the reason why I'm going there.
I do agree that LT it would probably be a step back.
Hong Kong is an awesome place, and if you can go there for 6-12 months, you'll have a blast. I don't know anything about issues with internally transferring/moving back though, sorry.
HK rocks. Only do it if they throw some fringe benefits your way, such as temp membership into the American Club. It is really hard to do a lot of "american" style socializing(tennis, golf, etc) without belonging to an expensive club, and of course there is LKF which is awesome.
Go! You only live once and you can't put a price on the opportunity to see the world
Again it depends on what you value, but I'd do it, especially since its only 6 months...
YOLO
International exposure is highly coveted, especially if you work in HK. However, I do recommend at least a year as 6 months isn't really a lot of time. This isn't from personal experience, but from friends and people who have made such move.
Need advice - trying to move to Hong Kong (Originally Posted: 02/19/2008)
I need some advice on how to land myself a HK offer, and I can appreciate some inputs.
I have 2 years+ LBO experience at a middle market PE shop in New York, but oddly I have no banking background so no "formal" training whatsoever. But being that I am the only associate in my shop and have completed handful of transactions, I figure my skill set is comparable to associate level guys in banks... then again of course, I've never seen a pitch book before.
For family reasons, I NEED to move to Hong Kong this year. Originally I was hoping to find a similar middle market PE shop, then research told me LBO in China has not reached a scale seen here. So I figure a couple years in banking would complete my resume nicely.
I am looking for M&A roles in relatively well known banks, (doesn't have to be BB, Lazard would be fine for example). I've contacted the usual headhunters (Michael Page, SearchAsia, etc.), all of them said my credentials look good, but so far I've not gotten one interview.
So I am at a lost, hoping to find some advices here - 1. it may be my "lack of local exposure", I speak fluent Chinese, but never worked in Asia before. It's so chicken-n-egg, I'll never get my Asian "exposure" until I get a job there 2. is it my age? I am in my 30's, changed career into finance after MBA 3. am I talking to the right headhunters? Should I submit directly to banks? I still have some bank recruiter contacts from my MBA days 4. is it important for me to take to trip to Hong Kong? How should I prepare for such a trip so I can get interviews lined up? 5. is it market condition? are they not hiring?
Any feedback is greatly appreciated...
A lot of international banks in HK recruit in oversea (US, Europe), Apply for an associate internship or full time.. just send out as any applications as possible.. Most of them actually do look at the online submissions. However, if you do have contacts, call them..
Ling~
"5. is it market condition? are they not hiring?"
asia is considered an emerging mkt---banks should be hiring more people
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