Investment Banking in India

Hi Everyone,
This might be of the track but does anyone know about the Investment Banking scenario in India?

Its a great emerging market and I have heard a lot about the live style of I bankers there does anyone have any idea?

Any inputs will be appreciated

 

I had the fortune of doing my internship in an I-Bank in India. Inspite of having an option of working in UK, i decide to experiment the Indian Market. Well from my experience, it is a totally different style of working. Firstly being the nascent stage most groups and not fully developed. Even in the bulge barket firms in India, most analyst/associates work in all areas and all sectors and the VPs have approximately 2-3 groups under their review.

Obviously being an emerging market the margims for these firms are higher than other markets.

 

Entry level analysts in India can earn 50-60 lakhs (spelling?) from what I've heard, Since there isn't an "analyst" level there, I'm assuming that's what I heard regarding entry level associates. Since that's only entry level, I guess that's its entirely possible to earn 170k in bonus, since one crore is roughly 250k, so earning 1.5-2 crores as you move up probably implies bonuses of upward of 170k.

But damn, that's a SHIT ton of money in Indian terms. I really, really need to break in here somehow lol.

Pretty women make us BUY beer. Ugly women make us DRINK beer.
 

oldmansacks is spot on.

I am a final year student at one of the IIT's considered to be the most prestigious college in India. I can confirm that it is almost impossible to break into IB FO positions in India without 2-3 years of work ex as CA or completing your MBA from one of the top IIMs( 2 years again) and 90% of these hires are for Analyst position (yes there is one). From my university, JPM recruits 2-3 kids for sell side ER but no one for M&A.DB,CS,GS recruit for Middle office/operations/Quant positions etc.

I think that this article is a bit flawed.I know my seniors who are making 1-1.5 crores (200-300k), but that is not in India,but in Singapore.They are usually amongst the top 10% in IIM (only top 3).A 2nd year analyst in India makes around 20- 25 lakhs ( 50 k) in salaries + 10-25 lakhs (40k) in bonuses which makes it 90k in total, a huge sum in India.Just to give you an idea,a luxurious apartment costs around Rs. 35000 (800$ )per month in Delhi and you can spend around 200$ every weekend, eating/partying in 5 star hotels here.You would still be saving close to 70k.

Sounds a lot!!

 

BB Associate from Mumbai here, the 170k bonus figure is more likely to be a top bucket 2nd year or a 3rd yr associate.

Base is typically $110-120k for associates and for analyst 1s base is around $70k. IIM grads typically get hired as Analyst 2 /Analyst 3. Bonus is 75-125% of base.

Heirarchy is normal 3 years Analyst, 3 years Associate-Vp and so on.

There are undergrads but few and far between, mostly relationship hires or guys who moved after a couple of years in the back office.

Mumbai IB salaries are higher than NYC on an absolute basis (must be near double if you take into account PPP) but still lower than HK and more or less at par with Singapore.

Its crazy honestly, but well its all crazy anyway till the bubble bursts.

 

^Yeah man, living in India is a huge adjustment. I'm working here right now, and even simple things like taking the train/bus, or even figuring out where the hell you need to go is SO much more complicated than in America, and its even worse in Mumbai. The roads here aren't labelled properly and even people living here have to constantly ask people on the road where to go when traveling someplace new, whereas in the US you can just pop in your GPS/read signs and you're good. If you have family though, then it can be a fun place, but otherwise, I couldn't imagine doing it.

Randomguy, do you mind me PMing you? I'm an undergrad wanting to do banking/consulting in India and could potentially use some advice if that's OK with you.

Pretty women make us BUY beer. Ugly women make us DRINK beer.
 

Guys,

I asked some guys who worked at JPM in India and they told me that the numbers aren't true. Most of the work the guys hired from IIT/IIM end up doing outsourced jobs. Its only the cream who end up doing THE work.

Read the report closely again, the numbers are mentioned for Asia and not India alone. I know guys in Singapore, HK getting paid at that level.

Also please google for CEO compensation India and you will realize that most of the CEO's end up getting 200k-500k. So obviously 2-5 year experienced kid wont be getting $170k.

Couple of years back I had heard a MD of GS who shifted to Reliance Retail for $1mn and that had hit newspapers etc.

I believe the euphoria has been subdued on the forums as well :)

 
anticipation:
Guys,

I asked some guys who worked at JPM in India and they told me that the numbers aren't true. Most of the work the guys hired from IIT/IIM end up doing outsourced jobs. Its only the cream who end up doing THE work.

Read the report closely again, the numbers are mentioned for Asia and not India alone. I know guys in Singapore, HK getting paid at that level.

Also please google for CEO compensation India and you will realize that most of the CEO's end up getting 200k-500k. So obviously 2-5 year experienced kid wont be getting $170k.

Couple of years back I had heard a MD of GS who shifted to Reliance Retail for $1mn and that had hit newspapers etc.

I believe the euphoria has been subdued on the forums as well :)

This is also true. Not sure about Mumbai. but there are places in India (Bangalore comes to mind) that outsources investment banking services. I had an interview with HSBC Bangalore and the group was pretty much a support group for IB but the people called themselves Investment Banking Analysts. They probably do the DD for bankers elsewhere in Asia (Singapore, China...) You still get to look at interesting markets but all I am saying is that there are groups (mostly BBs) in India that act a support team for other IBD groups that are still part of the deals process, so do YOUR DD before you take action. I personally would dread working in these groups, but if you are horny to work in emerging markets it might be a good opportunity.

 
anticipation:
Guys,

I asked some guys who worked at JPM in India and they told me that the numbers aren't true. Most of the work the guys hired from IIT/IIM end up doing outsourced jobs. Its only the cream who end up doing THE work.

This is incorrect. IITs are undergrad engineering colleges while IIM are post grad B schools. IIM grads do not join the back office roles (which you refer to as outsourced roles above), they are hired for front office roles, typically as 2nd yr analysts (India client coverage, M&A, ECM etc). Also most IIM grads do join the BBs in offices at NY/London/HK/Singapore in the IB teams there.

Important to note that in India MBA grads from IIMs usually have 0-2 years of work ex and have their MBA degrees by the time they are 23-24, so they are not taken in as associates like US Bschool grads.

IIT grads (undergrad engineers) and CAs however do get hired in the back/middle offices where they support global and Indian front offices. Clearly they get paid much lower amounts (US$30-40K all in)

anticipation:
Also please google for CEO compensation India and you will realize that most of the CEO's end up getting 200k-500k. So obviously 2-5 year experienced kid wont be getting $170k.

Couple of years back I had heard a MD of GS who shifted to Reliance Retail for $1mn and that had hit newspapers etc.

I havent heard of this GS guy and Reliance Retail is hardly the place I wud expect a GS MD to go! Do you have a link?

CEO compensation and Ibanker compensation have no correlation in India given that there aren't too many professional CEOs in India. A very high majority of Indian business are family run businesses across large caps and small caps (be its Tatas, Birlas and Ambanis or the smaller infra/real estate firms).

Also there are very few companies in India with >$10 Bn Mcap, so any comparisions will have to be made with US midcap CEO salaries ideally and I think they are in line with the US levels.

This link should help

http://business.rediff.com/slide-show/2010/aug/04/slide-show-1-indias-h…

Appreciate the fact that the numbers are indeed crazy and might be difficult to swallow, but there are probably a sum total of 40-45 BB associates in India and given the very high focus on the Indian IB market from all major banks(GS/MS//JPM/Citi/ML/UBS/CS/Nomura/Rotschild/Lazard/DB/Barcap) it is inevitable that there is a major demand supply gap.

So yes the numbers are accurate and will last as long as global banks look to build their India teams and there is supply of limited talent with relevant experience.

 
anticipation:
Dont get me wrong, If you have seen wall street 2: money never sleeps, Langella seems to be cribbing about the guys from Mumbai tumbai the unknown unseen people.

Maybe you are right and I'm wrong. Its raining money in India.

Haha, I hope you aren't seeing the world through the drivel that Hollywood feeds you.

I am right, you are wrong, but a few hundred people getting paid in a country of 1.2 billion would hardly qualify as raining.

This is a country of extremes with the world's most expensive house and the world's largest slum a couple of miles from each other. Bankers just happen to be on the right side of the extremes.

 

If you consider all BBs in India, only 5-6 IIM grads have received offers from GS+CS+BAML+MS+Citi+JPM in Front Office M&A roles in Mumbai for the 2014 batch. This is typically the number of fresh hires each year. These are entry level positions, pegged at 2nd year analyst (vs. globally). Fixed pay is 30Lacs to 37Lacs range. I dont have any idea about the bonus range. Other mid-level IBs and Indian Banks' fixed pay is in 18-22L range for entry level roles out of MBA. Undergrads from IITs cannot get into Front Office M&A in the current market. However, back office / support office / middle office opportunities are available and that industry is fast growing.

 

I understand that a lot of banks recruit MBA grads for IB placements abroad nowdays. Are there a lot of IB Associate opportunities in India? Also, what's the compensation for a first year IB Associate in India?

 

The pay won't be the same. Typically pay amounts in banks reflect the cost needed to maintain a certain quality standard of living. You will still be able to live very well, but don't expect to be pulling in US-level compensation (if you're payed in rupees)

Then again, my knowledge is based on the fact that I know some analysts at BB firms in Singapore who got paid less than they would have in the US. I could be wrong about India.

"Yes. Money has been a little bit tight lately, but at the end of my life, when I'm sitting on my yacht, am I gonna be thinking about how much money I have? No. I'm gonna be thinking about how many friends I have and my children and my comedy albums."
 
BTbanker:
You're a little short on US pay.

Elite boutique 1st year analyst: 75k base + 65k bonus + 10k sign-on

is 65k bonus the starting annual bonus limit no matter how good your performance and can the bonus be any where between nothing and 65 k or only 65k
 
BTbanker:
You're a little short on US pay.

Elite boutique 1st year analyst: 75k base + 65k bonus + 10k sign-on

This is at an elite boutique and also what no one on this forum who is not working in banking realizes is that 5% or so of your class will get that number... For a Bulge Bracket, for example, fairly conservative numbers would be 70k base + 40 to 45k bonus +10k signing. Quoting the top bucket bonus as an indicator of likely gross income is like quoting upper class income to signal median domestic income.

 
Abhi7:
@randomguy are you sure? So basically in India I would be getting paid approximately 50 lack to 75 lack rupees?

In my BB base salaries were 30/34/38 lacs and you can assume a similar bonus percentage as elsewhere. It is ridiculous money in India, but Bombay rentals are as expensive as NYC and almost as bad as HK.

 

Hours - 9AM to 11PM -2 AM on weekdays and 10-20 hours on weekends for almost all global banks except maybe GS who dont do much here. (Citi, MS and UBS pretty much lead the leagues alongwith local banks)

Salary - 1st year associates do a base of $100-120K in the global shops (depending on ex rate, slight differences among banks) Bonus is in the 75%-150% of base range.

Lifestyle - Mumbai has all the pubs you need and doesnt really sleep much either. Real advantage is of course that being an "emerging" market the cost of living accomodates all levels of spending. So a pint of the beer could range from $1-2 to maybe $8-9.

Real estate is about as expensive as Manhattan and the houses are not pretty. But you would be paying atleast $1200/month to get a decent pad anywhere in the city. Suburbs could be half that and nicer buildings, sea view apartments would be double that.

You could actually live like a King I guess.

I have a maid, a cook and a car with about $75k in the bank and I am just an analyst!

 
randomguy:
Hours - 9AM to 11PM -2 AM on weekdays and 10-20 hours on weekends for almost all global banks except maybe GS who dont do much here. (Citi, MS and UBS pretty much lead the leagues alongwith local banks)

Salary - 1st year associates do a base of $100-120K in the global shops (depending on ex rate, slight differences among banks) Bonus is in the 75%-150% of base range.

Lifestyle - Mumbai has all the pubs you need and doesnt really sleep much either. Real advantage is of course that being an "emerging" market the cost of living accomodates all levels of spending. So a pint of the beer could range from $1-2 to maybe $8-9.

Real estate is about as expensive as Manhattan and the houses are not pretty. But you would be paying atleast $1200/month to get a decent pad anywhere in the city. Suburbs could be half that and nicer buildings, sea view apartments would be double that.

You could actually live like a King I guess.

I have a maid, a cook and a car with about $75k in the bank and I am just an analyst!

I can confirm this (except the $75k in the bank bit!) having spent the summer working in Mumbai IBD. If you have IB salaries in India you can live like a king with a luxurious life (read cars, big posh houses, maids, high savings in bank) comparable to VPs and Directors in London/NY.

 
jackilewis:
any comments about PE ?

PE is very similar to the current US model. Althoughn honestly, there are too many funds in the market behind the limited set of deals, thus jacking up valuations and making life very difficult for each other. Some of the bigger boys like Apax and Apollo have been around for 3-4 years and have got just 1 deal to show for.

Hiring is a little unsystematic even now since global IBs barring Citi, ML descended in India only after 2006 or so and so traditionally PEs hired from McKinsey and the likes. That is changing now though.

Money is similar to IB 90k-120k base for post MBA asociates. pre-MBA get in the 50-75K range.

Actually if its base+bonus you are after, IB is a better bet in India. carry is of course a whole different ball game and typically kicks in only at VP levels here.

 

Wtf, Indian banks pay 100k PLUS 75-150% bonus? That cannot be right. Maybe at a very senior level, but ~$222,222 is 1 crore, and that is the equivalent to being a millionaire over there. There's no way they'd pay a first year that much. 0.25 crores all in sounds more reasonable but I could be wrong

Pretty women make us BUY beer. Ugly women make us DRINK beer.
 
Jeffrey Immelt:
Wtf, Indian banks pay 100k PLUS 75-150% bonus? That cannot be right. Maybe at a very senior level, but ~$222,222 is 1 crore, and that is the equivalent to being a millionaire over there. There's no way they'd pay a first year that much. 0.25 crores all in sounds more reasonable but I could be wrong

He said that's the salary for Associates, not Analysts. 1st year Analysts are more like Rs 15-20 lakhs ($50k) if you are from IIT/University of Delhi/Uni of Mumbai. Higher if you have an MBA ($70k). Nowadays thats the average salary. It was on the news yesterday that Facebook recruited some kids out of IIM for Rs 40 lakhs ($80k).

INR/USD = 50 (I know its more like 45 currently)

 
acs_london:
Jeffrey Immelt:
Wtf, Indian banks pay 100k PLUS 75-150% bonus? That cannot be right. Maybe at a very senior level, but ~$222,222 is 1 crore, and that is the equivalent to being a millionaire over there. There's no way they'd pay a first year that much. 0.25 crores all in sounds more reasonable but I could be wrong

He said that's the salary for Associates, not Analysts. 1st year Analysts are more like Rs 15-20 lakhs ($50k) if you are from IIT/University of Delhi/Uni of Mumbai. Higher if you have an MBA ($70k). Nowadays thats the average salary. It was on the news yesterday that Facebook recruited some kids out of IIM for Rs 40 lakhs ($80k).

INR/USD = 50 (I know its more like 45 currently)

Jeff Imm, where's your attention to detail my friend! I said $100-120K base for associates.

Analysts have actually seen a recent round of hikes across banks so 1st year analysts are close to 25 lacs (c.$50-55k base)

It's one of the fastest growing economies in the world (9% last quarter) with a very sophisticated set of Company promoters/shareholders so of course bankers are in demand! I suspect this will just get better as the whole recession business is now firmly behind us.

Btw that FB hire was for an undergrad (IIT) not IIM.

Btw 1 crore is not exactly equivalent to being a millionaire a decent 1000 sq ft apartment in South Bombay will set you back by $1-2 million (5-10 crores) at least. All this while the quality of roads and buildings is not at developed country levels!

 

These boys are right...you will be living in kinda like a king my friend if you seize the opportunity. I also was wondering if any of you all are familiar with Anand Rathi in India. I know they are a very big investment, wealth management firm (at least this is what I have heard, and their website looks legit). One of my cousins has a contact there (she did not specify his exact role, but I am assuming it is pretty high up there considering this cousin of mine supposedly has all these random connections within the Indian finance community (which is surprising to me because she herself can't hold a steady job and is a mess, but that's a different story altogether). If anyone has any information on the types of entry-level positions concerning analyst type work, or any position where I would be able to get my foot in the door, please let me know as I am also looking for work in India as "capital"/emerging markets are starting to grow substantially, and since I am an Indian myself, I feel that this could be an interesting as well as bizarre opportunity.

Thanks.

 
mymaseratidoes185:
These boys are right...you will be living in kinda like a king my friend if you seize the opportunity. I also was wondering if any of you all are familiar with Anand Rathi in India. I know they are a very big investment, wealth management firm (at least this is what I have heard, and their website looks legit). One of my cousins has a contact there (she did not specify his exact role, but I am assuming it is pretty high up there considering this cousin of mine supposedly has all these random connections within the Indian finance community (which is surprising to me because she herself can't hold a steady job and is a mess, but that's a different story altogether). If anyone has any information on the types of entry-level positions concerning analyst type work, or any position where I would be able to get my foot in the door, please let me know as I am also looking for work in India as "capital"/emerging markets are starting to grow substantially, and since I am an Indian myself, I feel that this could be an interesting as well as bizarre opportunity.

Thanks.

Anand Rathi is quite big in Equity Research. I haven't heard of them having a big presence in investment/wealth mgmt. Also, try to contact the banks directly for any opportunities. There is no formal online application system in India and people mostly get jobs at the junior level via campus placements or contacts.

 

Alright, that's what I was wondering'---what the process was like. I saw a link on their site which requires to send an e-mail to apply? I guess this is what the no formal application system you speak of is about. Do you think I should send my resume with my first email introducing myself, or should I just simply state that I am inquiring if they have any open positions currently at hand?

Thanks.

 
mymaseratidoes185:
Alright, that's what I was wondering'---what the process was like. I saw a link on their site which requires to send an e-mail to apply? I guess this is what the no formal application system you speak of is about. Do you think I should send my resume with my first email introducing myself, or should I just simply state that I am inquiring if they have any open positions currently at hand?

Thanks.

I got my internships by emailing my resume to a dozen BBs in Mumbai. Send an email introducing your resume and that you are very interested in doing an internship. The email addresses on their websites are very generic ones e.g [email protected] that no one even checks. I directly approached HR or some contacts.

 

If you want internships, best way is to get in touch directly with people in these banks (linkedin should be useful if you dont know too many people). that failing get in touch with Vito India, Ikya Search and the likes. They are very knowledgable

 

I will be joining Kotak Investment Bank,Mumbai for my summer internship. Any inputs regarding what to expect, what kind of work will I get to do, any pointers regarding Dos and Don'ts will be highly appreciated. Looking forward to enthusiastic response at this forum Cheers! Puneet Gandhi

 

I think when it comes to Investment Banking in India, things are really picking up...with recent global deals such as

Vodaphone acquiring the Telecom assets of Hutchison Telecom in India KKR acquiring the software unit of Flextronics Tata Steel acquiring UK based Corus Hindalco acquiring US based Novelis Oracle acquiring a controlling stake in I-Flex Mylan acquiring Matrix Labs EDS acquires controlling stake in BFL Mphasis Swiss cement company Holcim acquires ACC Suzlon acquires Belgium's Hansen Transmissions and Germany's RE power Systems Dr. Reddy's Laboratories acquires Germany's Betapharm

Big IPOs over the last couple of years - WNS (US Listing), Idea Cellular, TCS, DLF(coming up in the next few weeks), EXL Services, Mindtree Consulting (in the coming week), Jet Airways, Deccan Airways, Cairn Energy India, Reliance Petroleum, Infosys - Equity Follow On,ICICI One Source, Biocon and many more

Plus a number of private equity firms - Bain Capital, Blackstone, Carlyle, Apax Partners, Texas Pacific group, Warburg Pincus...have stimulated deals.

The Indian government has recently announced that it would kick-start the privatization process, taking three power sector companies public.

I think the following banks dominate the league tables (Equity and M&A combined)

  1. DSP Merrill Lynch
  2. JM Morgan Stanley
  3. ABN AMRO Rothschild (JV between ABN Amro & Rothschild)
  4. Kotak Mahindra
  5. Citigroup
  6. ICICI
  7. UBS
  8. HSBS Securities
  9. Deutsche Bank

Goldman Sachs, Lehman Brothers and Credit Suisse are building operations.

 

DB and Citi have been outsourcing for the last 3 years and it hasn't dropped their analyst intakes or junior staff. This is good news for anyone aspiring to a junior job because it means you'll spend less time formatting pie charts and doing price volume graphs and more time doing models and other higher value add stuff that will make you more employable a year or two down the line.

"Living the dream 24/7 on http://theallnighter.blogspot.com"

____________________________________________________________ "LIVING THE DREAM 24/7 ON http://THEALLNIGHTER.BLOGSPOT.COM" ____________________________________________________________
 

I have talked to somebody who is running a private equity shop and investing exclusively in Real Estate in India. There are many firms in India in private equity as well as IB space. According to my source, firms in India prefer hiring somebody with the local knowledge to a person who comes from the US and has no knowledge about the Indian market. However, this is just one opinion from somebody who is in the industry and hiring practice may be different for some other firms. So, take it with a grain of salt.

 
Best Response

my understanding is that Kotak Mahindra (regional firm) is the largest player. ENAM and JM Financial are a few other regional firms that have built a good reputation. You also have the usual foreign banks - Goldman, MS, JP Morgan, UBS, Credit Suisse. These foreign banks sometimes use their indian branches as back offices. The deals that you get to work on in India are typically IPO's as firms are going public. M&A deals should be expected going forward, but you would have to give it some time

 

I am with a BB in India. While local banks do a lot of business, the league tables still are largely between Citi, MS and UBS in ECM and MS and SCB in M&A.

There have been quite a few threads with this question. Check my older posts, have given some flavor there.

 

thats good money in india...23lakhs base...and then another 20lakhs in bonus is nearly $100K, which is a lot considering its india.....ofcourse im assuming these salaries are for analysts...

 

I work at a BB in India now. Have worked in a London BB in the past. The hours are fairly similar since the market's crazy now with deals every other day.

The work is very heavily tilted towards capital markets transactions at the moment (IPOs, Follow ons , CBs and the like). M&A has picked up fairly strongly , but the market has always been 70/30 towards cap markets work. (That's where the fees are)

The internships like everywhere else in smaller offices are fairly unstructured. Analysts in India are generally older than the average US/UK analyst since they are usually hired from IIMs (Top Indian B-schools) . So overall there isn't too much of a "baller" culture. Offices are fairly relaxed about office decorum and so on and so they do tend to be noisy and chaotic.

It's usually a bad idea to try and wear a suit unless you have a client meeting, given how the weather is. Also because of the intake method, the analyst pool generally tends to have a much more stronger grasp of the technical aspects of finance and so you might want to catch up on finance. Also you might wanna go easy on schmoozing unless you wanna be tarred as a clueless US B-schooler with useless social skills. (True story) .

Both clients and by extension banks here value your core technical skills and knowledge over any superior social skills and most definitely at a junior level.

Go there put your head down, work your ass off and people will automatically include you and mentor you. Try to be too smart and suave, chances are you might not be very well liked.

Also be respectful to seniors, not very unusual for senior bankers to be called as "sir" instead of first name.

 
randomguy:

Both clients and by extension banks here value your core technical skills and knowledge over any superior social skills and most definitely at a junior level.

Go there put your head down, work your ass off and people will automatically include you and mentor you. Try to be too smart and suave, chances are you might not be very well liked.

This is really interesting. Isn't this representative of the Indian educational system and societal values in general though? The IITs take a very very different approach to education than the US Ivy League.

 

hey,

thanks for all the input, helped out quite a lot. i did have a followup question though. I am interning at IDBI capital with the M&A team this summer. I will be starting my senior year back in the States and beginning my full time job search. In all of your honest opinions, does having this specific internship (company and team) give me any advantage for a full time job search in the USA, or at least put me on par with other full time job hunters for entry level positions?

Thanks

 

Not as much. Junior year summer internship in Asia are eh.

In my experience, "international" especially Asia internships are usually through family connections and done in Freshmen/Sophomore year summer. People I know who did junior year internationally just wasn't all that driven or great. Most ended up in eh career.

The smart ones do international internship Soph summer and top notch US internships Junior summer for SA and either lateral into full-time offer or off to something bigger, better. Not sure if this is still true with the way the job market is in US, but at least back in 2007 this was the case.

----------------------------------------------------------------- Hug It Out
 

oh yeah i know I am definitely learning a lot here. These guys are surprisingly helpful and guiding me very well through the industry. Hopefully the work environment has changed a bit so i can hopefully get a full time job. Thanks guys.

 

ofcourse 40-50 lakhs in india is amazing even if its for either an analyst or associate position. However, with the real estate prices increasing and everyday luxuries becoming increasingly expensive, its harder to live a grand lifestyle with 40-50 lakhs in india. This is especially true in mumbai/delhi where real estate prices are comparative to new york. But i actually want to be living with a 50 lakhs+ compensation in india in my late twenties.

 

only the research component could be outsourced to india...i hope. damn, india and investment banking almost seem like interchangeable terms to me these past couple of weeks. looks like i'll be wrking in india after i graduate, if i can get a job there ofcourse.

 

This looks like a headline from 2003.

I've been reading similar articles for almost five years now. On paper, the cost savings look great - but there is huge value in keeping high value-added professional services local (e.g., when a slight miscommunication can have huge consequences you risk being penny-wise and pound-foolish).

Of course, many people will continue to believe that BPO is some inevitable, all-consuming force.

 
smuguy97:
This looks like a headline from 2003.

I've been reading similar articles for almost five years now. On paper, the cost savings look great - but there is huge value in keeping high value-added professional services local

...I agree with the logic, but since when are analyst monkeys considered to be "value added". Maybe PE/HF/IM analysts who actually get some say in investment decisions add value.

 

LeveragedSellout.com

“These resources are great,” commented Walid Chammah, head of Investment Banking at Morgan Stanley. “We send them an email at the end of the day and by morning it’s done! These guys must literally not sleep at all,” expounded Mr. Chammah, ignorant to the concept of time-zones. “And the best part is they don’t ask me all those obsequious questions like the analysts here: ‘So tell me about how you got to your position?’ ‘What can I do to really add value for the firm?’ Blah blah! Damn the incessant sycophants. I wish we could send all their jobs to India!”

 

Goldman Sachs has it's third largest office in Bangalore and during my summer I used the help of guys down there every single day. Stuff included comps and data strategies (Stock comparisons, benchmarking etc).

And I sense a general low cost=low quality tone here. Totally NOT true, considering even in India these guys recruit Chartered accountants and the likes to do these comps. Those guys know their accounting shit way better than any ivy-league undergrad and so wouldn't be surprised if the quantum of work transferred to India increases.

As far as attention to detail goes, I think a guy who works a 8 hour shift is far better positioned than the guy who does 15 hours to handle, but well isn't that what we are paid for!

 
zhouij:
Eventually all low level, non-client oriented jobs will be outsourced. It makes sense.

Yes, it makes perfect sense. This way, in the future, nobody will be trained to actually perform those higher level, client-facing jobs...

Also, I don't think people on this forum are saying low cost always means low quality. My point was that there will always be a need for real-time changes to work products and face-to-face collaboration between deal team members.

As a buysider, there is a reason we travel to management presentations. There is also a reason that I can't get away with working from home. Further, there is a reason the PE fund where I work pays what it does - for summer 2007 hires, we offered first years an all-in comp that amounts to ~$325K - there is no question that we could hire for less, but the fact remains that we are willing to pay for top talent and it would simply be unacceptable, regardless of the potentially lower costs, to outsource this work to 5 different U.S.-based Accenture consultants or 25 different accounting / quant folks on the other side of the world.

I understand that BPO will have effects in the workplace, but I continue to believe that people consistently overestimate the impact.

 

if this India outsourcing trend increases... do you think the upcoming college grads in the coming years should start getting worried about their jobs..

since more Indian will be hired.. that will cause negative result for college grads

What about assoiciates. will their job out sourced too...

P.S. i just go to know while i was Mcdonalds tonight.. that my order was taken by a guy in India .... this out source this is getting lil scary.. ahah

searching...if an indian guy serves you something it doesnt mean it's outsourcing..outsourcing is completely different and yeah it's happenening...although the process is pretty gradual....read the book "the world is flat" by thomas friedman...its fantastic..

 

actually if im not wrong...hyderabad is paying in that range...50lakhs+comp....its an amazing deal...a lot of the ibanking firms are setting up headquarters in hyderabad now....and the cost of living there isnt that high either....much lesser than mumbai and delhi...

 

The consensus in other threads seems to be analysts get about 10-12 lakhs base salary, and about 100% of salary as a bonus. 1 lakh= roughly 2500 USD I believe, so that makes $25000-$30,000 base, and another $25k to $30k based on bonus. Glassdoor and the like are in the same ballpark.

M&I has an article that mentions IBD analysts earn less than their American and European counterparts, but the cost of living is lower in India too...so its all relative. Nonetheless, since I plan on coming back to the U.S., I couldnt care less about the Purchasing power Parity- Im looking at money in absolute terms.

This what my research is saying, but I can definitely be wrong- which would be great news!

 

HA golden opportunity if you like slaying Indian chicks with more bush than Crawford Texas

----------------------------------------------------------------------------------------- I tend to think of myself as a one-man wolfpack Buyside strongside
 

Salary would obviously not be the same in India.Living expenses are far far lower than what you have in States. If your salary information is correct then after bonus you will be getting 20-22 lakhs (40k approx) which is very high for Indian standards.Trust me..very few of the students from top MBA colleges in India land up that package.So salary should not be an issue. As far as work experience is concerned you wont be doing BS work..you will be in M & A..and that too at Morgan Stanley..I wish I had connections like yours.:P I am sure the MS name will take you far and banks do value international experience.Plus you will be living most probably in Mumbai which is absolutely not as third world as most of India.BTW whats your Visa status? If you are an American citizen then coming back and landing jobs in states should not be a problem at all.

 

I've known people from MS India who've transferred to London and Dubai too. I wouldn't turn down MS M&A anywhere, but that's just me. In terms of pay; yes, it won't be that much in absolute terms (which is a factor in terms of holidays etc. in pricier countries), but you'll certainly be a bit of a baller in India on those numbers. And the cost of living isn't lower, it's ridiculously low (although Bombay's not cheap for rent).

 

Are you seriously that worried about pay? As a non-target with a 3.3 (btw, that's marginally good enough for the Big 4 even, forget about MS M&A) you should take any banking opportunity that arises, much less MS M&A. I'd say work there for 2-3 years (seriously, it's not that bad, I've worked there before on an unpaid), make good contacts/impress people, slay the GMATs, go to a top MBA in the US, go through US office recruiting, ???, profit. Doesn't sound too bad to me, plus you might even like India. You've gotten a golden ticket, just take it run. As a fellow non-target person (although my GPA is higher), opportunities like this don't come around often, so don't worry about petty things like initial salary. The difference in doors opened will more than recover the lost wages at the Big 4, plus your job won't be as boring.

Pretty women make us BUY beer. Ugly women make us DRINK beer.
 

The world economy is currently in a major realignment due to national and technological shifts. Any global experience is a permanent boost in future mobility, whether it is to India, U.S., or another country. The decades to come are uncertain, Europe and U.S. may not be too hot in the near term and it is better to be global than tied to your home country.

With such low living expenses (regular meals are $1, think about that), you can pull off saving over $30,000 of a $60,000 salary a year while an analyst in NYC will find it difficult to save $20,000 of a $100,000 salary. At the end of the stint you are equally well off, with life experiences beyond what you otherwise would have.

 

Do M&A for 2 yrs get into PE in India or London and go to business school. It's a no brainer. Why the hell do you care about money so much, it is your first job, relax and gain some experience. Stop being too picky before you regret the choices you make. Also I am sure MS is not located in the third world part of India, because Mumbai is far from third world if I recall.

 

for asking whether you will make in a third world country the same money in absolute terms than in NY one should take your offer away.

if u are focused on absolute terms (what for???) than stay in the us. Wait even better. move to switzerland where u will make way more. If you wanna have great experience and live like a king for some yrs go to india

 

Damn Americans. You guys seriously need to get some better schooling out there? What's funnier is the easy use of the term "third world" as if you really continue to belive you are in the "first world"

For starters get the numbers right, analysts in India in BBs are extremely well paid. 2nd yr analysts make anywhere from $60-$70K base, Associates pull in base salaries of $120K+. Bonuses are usually 150-200% of base. This is based on direct exchange rate conversion btw, no PP

Also before you figure out this way you can save 100K a year, please note that life in the third world may not be as cheap as you think. Real estate rates are higher than manhattan in Mumbai. I pay $1500K/month for a 700 sq ft apartment and I am commute almost an hour to work. A 1000 square ft apartment in the 10 mile vicinity of the business district would put you back by a million dollars atleast. And a good social life doesn't come cheap either, movie tickets cost $10, and a night of drinking will put you back by $200 - 300.

Well of course if you want to slum it out you can live on less than $1000 a month, but why would you want to do that? Good luck getting that gig, but a few hours spent on the internet researching India and its markets would go a great length in reducing the gap. Also watch out for the analysts in India, they all come with degrees in finance and stick to the stereotype of being extremely good with numbers

 
iphoned:
india is the kiss of death, its usually where back office is

not true..lots of deal-flow now..my friends in India who are in the industry work like crazy and get paid well too..I wouldn't think twice.. :)

 

Let's think: You have a potentially excellent future ahead of you in India and a disgustingly mediocre future here in the States.

Also, since much of India is still in its formative years, you would likely be staffed on deals that help shape the landscape of India's economy for generations to come.

If you really have to think about this, then you deserve the Big 4.

"If you can count your money, you don't have a billion dollars." - J. Paul Getty
 

@Genesis, Would appreciate if you actually spoke with some numbers to back you instead of trolling. 120k transalates in today's exchange rate to Rs 5.6 million, which is actually pretty much in the range where Citi, ML, GS, MS, DB, Barcap all are in Mumbai (5-6 is the range).

The top 3-4 banks pull in anywhere in the $50-100 million with team sizes less than 25. so yes, they can pay pretty darn well. It's the world's second fastest growing economy in case you haven't been following with an insane amount of capital market activity.

Look you guys have to realise that there is a fundamental shift happening here Eastwards. Granted its still got a helluva long way to go before it threatens New York or even London but 10 years from now, it might just pay you very well to be an MD in India over any non NYC American city.

And yeah banks have back offices here, but the entry criteria are obviously very different and the pay much much lower.

 

I'm Indian and have a friend at GS and a friend at a prominent PE firm in India (around first-year associate level). Much lower numbers than you claim in terms of base pay. I'm hearing around 25-30 lakhs at the very top end at the associate level (so maxing out at around $75k). And only very competitive candidates are on 30 lakhs.

Your numbers (in the 50 to 60 lakh range) are likely all-in (probably just about in this economy). It's simply ridiculous to claim that an associate in Mumbai makes more in base than one in London, Dubai or NYC. I remember someone on here called kapoor something or the other who corroborated these numbers a while ago.

 

25-30 lakhs is what fresh grads out of the IIMs make. Typically 2nd yr analysts. Your numbers are way off. Check again with your GS friend (if he is in the front office that is). The numbers you refer to are atleast 2-3 years old.

Finally, I am an Indian and I work in one of those BBs I named above. At the very least, I know my number, trust that settles the argument

 
Grossbeak:
Do you have to be fluent in Hindi to perform there? How will only a passing knowlege of the language (high comprehension, low verbal skills, 0 writing ability lol) do?
not at all..work language is English and people even use it for general conversation just to impress each other ;)
 

If you mean $30K (Rs1.3 MM) he is flat out lying, You'll make more in a Big 4 here. Hell KPMG Consulting pays higher than that.

I know exactly what the guys at GS make here and I know ana analyst who pulls in a $85k base and was at one point discussing options with them.

Look let's end this here. I am in India and I know what I make and like any good analyst I also know what my peers make.

That simply beats any other source you can come up with.

 

I meant 30 lakhs so around 65k in USD terms, apologies (I don't often speak in lakh terms). Maybe the numbers have gone up drastically since I last spoke to the guy, but I'm absolutely shocked that they're higher than London, NYC and Dubai in terms of basic even after the increase this year, and especially considering the difference in taxes. Have to take your word for it I guess; I guess the market has changed in a big way the last couple of years.

 

^^having been born and brought up in India and now living in States I pretty much agree with you..India has a long way to go. I guess the point should be that one can live a first world lifestyle in a city like Mumbai..which is true.

jkhan:
I don't agree with this, but I once heard an associate call India the world's back office.
This is absolutely true as most of the back office IT work has always been outsourced to India, due to low labour costs. But the question that comes to my mind is what about the deals which happen in India? For example MS advised on the US$2.0 billion merger of Reliance Industries with Reliance Petrochemical,and many more.They would be needing people in FO roles for these transactions right? I guess since the deal flow would obviously be not as high as US ,there would be much lesser number of professionals working in FO.
 

I loled when RandomGuy was pissed at us Americans calling India "third world" and questioning our "first world" status. Your country may be rising, but its still poor. You may be living a "first world" life with your position in ibanking, but you are in a small minority. You seem like an intelligent guy, so lessons in basic logic should not be necessary. No i'm not nationalist, was not even born here, actually I was living a pretty "first world" lifestyle in a generally shitty country, just like you are now. To believe otherwise is delusion.

 

Dude, do not go to India. Think about it. the dealflow will be slow, and you'll learn a lot less. Furthermore there's no reason that experience would be particularly valued unless you got real dealflow. And then you're in india. i think you should continue to try to get that type of job in the US and in the meantime take the audit route. doesn't mean you have to stop applying.

 
Cjl49:
Dude, do not go to India. Think about it. the dealflow will be slow, and you'll learn a lot less. Furthermore there's no reason that experience would be particularly valued unless you got real dealflow. And then you're in india. i think you should continue to try to get that type of job in the US and in the meantime take the audit route. doesn't mean you have to stop applying.

This seems like pretty terrible advice to me. India has one of the fastest growing GDP's on the planet. JPM is a large player in Indian M&A (they were involved in Reliance?). I don't see how your experience is going to be somehow not valid because it was gained in India?

Seriously... big 4 audit vs JPM M&A... this is a no brainer to me (assuming you're willing to live in India, and even if you aren't, for jpm m&a you should be!).

 

re: deal flow

"By market share, the Firm was the #1 M&A advisor in India for completed transactions in 2009 - according to data provided by Thomson. The Firm advised on the US$2.0 billion merger of Reliance Industries with Reliance Petrochemical, NTT DoCoMo's US$2.7 billion acquisition of a 26% stake in Tata Teleservices and Providence Equity Partners' US$428 million acquisition of a 16.1% stake in Aditya Birla Telecom."

 

Take it and don't look back. The country might suck to live in for a couple years but it might just be the sacrifice you have to make. Spend a few years there and lateral someplace nicer if you still don't care for it.

You'd be a fool not to take advantage of such a great opportunity. Good luck.

Regards

"The trouble with our liberal friends is not that they're ignorant, it's just that they know so much that isn't so." - Ronald Reagan
 

It seriously puzles me how a bunch of smart twenty year olds who crave to spend the next 4-5 years of life doing nothing but data gathering and data processing find it so difficult to do either when it comes to making career decisions.

Guys, if you dont have access to Bloomberg atleast google up India deal flow and activity.

http://www.business-standard.com/india/news/ma-activity69in-first-half%…

http://www.grant-thornton.co.uk/thinking/emergingmarkets/index.php/arti…

And as to my point on the "third world" reference, a great majority in India is poor no doubt, but fact is India' s middle class population at about 400-450 million is larger than the entire US population. And most comments here about living a wretched third world life, seem more based out of prejudice than any real experience or basis. As an analyst you would be earning in the top 1 percentile of India's population and can have a great time blowing money if that is what gives you the kicks. There is wretched poverty all around, but well it stops bothering you once you realise the slum dwellers are probably as enterprising if not more than you are to figure out a way to make a living

The social scene in Mumbai is one of the best I have personally seen and I would put it above Singapore or London, probably still some distance to go before it reaches HK levels and NYC of course is pretty far away.

And finally English is the business language here and you do not need any other language for transacting, however picking up Hindi would ease your daily interactions

 

@randomguy - great points! I agree with all. Just can't imagine how people call a great nation feeding more than 100 crore people @ the growth rate of 8% pa, third world? Totally dislike the term, especially when you refer a whole nation with it. Guess its lack of awareness and of course prejudice as you mentioned.

@Downtown22 - you simply reveal the level of intellect you carry with your hideous comments. Open you eyes and read some more on emerging economies before you talk through your gut

@randomguy - what bank do you work for? Since you are in the industry, had a question for you. How hard would you think it is or will be transferring from Corporate Banking (large i-grade MNCs) in a global bank in NYC to I-banking role in a BB in India?

 

I'd really suggest applying to some other jobs in the U.S. I know your friend says he can get you a job in MS India, but............ Realistically, does he have that power or is he just talking? I've seen a lot of situations where people claimed they could hook someone up with a job, but then it turned out they couldn't when the time came. This is because a lot of people like to build themselves up by claiming they can do important stuff for you. Now I'm not saying your friend is exaggerating, but it doesn't hurt to have some backup job in the U.S. if stuff falls through.

Also, competition is enormous in India and there a lot of high GPA guys coming from the IIMs and IITs. For your friend to be able to get you a M&A analyst role there, he has got to be a powerful man in the company. Furthermore, there could be some concerns from HR and others in MS, when they get a resume from a 3.3 non-target. In that sort of competitive atmosphere, MS guys are going to question what unique stuff you bring to the table and not why you're better than the huge number of 4.0 IIM dudes. I'm not saying the job isn't for real, but be skeptical. I'd bet he can get your resume in the door, but ultimately it seems doubtful that he can just set you up unless MS has a really good reason to hire you.

Now, it's possible that you have awesome work experience or good valuation skills. If you do, play it up with the MS guys and let them know you are going to make a good employee. Just don't assume, though, that you're guaranteed the job. At a company like that, I'd bet it's going to take far more than a reccomendation to get hired.

The last thing you want is to end up having no job when you graduate, then scrambling around. If you can land something good now, then you have a fall back plan. By the way, I don't want to kill your hopes here. It's very possible that you will get a job there, but I do think you getting a job will depend a lot on work experience, financial knowledge and skills, a really good interview, and otherwise impressing the MS guys. Just be on your A game when you approach this company.

Assuming you do get the job, then yes take it. After 2 years M&A with MS, you'll have awesome exit opps and a good shot at top MBA program. I'm sure anybody in America would want a dude with 2 years M&A from MS India. Also, I'd bet that you'll save a lot of money while working in India and have a good time, especially if you are in one of the big cities.

 

I'd say go for it. The PPP is much higher in India, so you'd be left with a lot more surplus income opposed to NY, SF or London. Plus, its JP Morgan M&A! Just be aware of the fact that the corporate culture is really different in India.

I win here, I win there...
 

Agree with RandomGuy. It's no more a thirdworld for what you're going for. Lots of Deals happening. Check DealCurry. It's my venture and day in and out I'm tracking deals and orginating some of the MM ones.

Base salaries for BBs are in the ranges mentioned by RandomGuy. My partner runs IB/PE focussed recruitment shop with clients accross the top..

Take the word.

 

When you guys are saying figures over 40 lakhs, are you talking about analyst positions?? My god that is a shitload of money. My cousin (21 years old) works for oracle, and they pay him 10 lakhs, and he is considered to be really well of. But 40-50 lakhs is in a whole new level!

 

When you guys are saying figures over 40 lakhs, are you talking about analyst positions?? My god that is a shitload of money. My cousin (21 years old) works for oracle, and they pay him 10 lakhs, and he is considered to be really well of. But 40-50 lakhs is in a whole new level!

 

the only thing i heard about this is that when 2nd year appraisals came up, they offered the bottom 15% the option to leave and do MBA (or another vocation entirely..) or be transferred to mumbai. i know of at least 3 guys who did that.

far more likely, is that GS hire directly from the top indian institutes (IIM etc..) for their mumbai office, which would prove popular in my opinion.

 

Neil,

Thanks for the reply. So you do know 3 people who took up an offer with Goldman Sachs in Mumbai, India ?

I am in a difficult situation...I have got an offer from a top Investment bank (Think...GS/MS) to join the investment banking division...but can not take the offer owing to Visa/immigration related issues.

I wanted to ask you some more questions and get your thoughts but would need to share more personal information. So would it be fine if I sent you a PM or could I get an email address ?

 

i actually dont know but i do hope its for analyst or associate position. i am confused myself b/c on this forum there was a thread on Bombay Banking numbers that stated that analysts make close to 5-7 lakhs, which sounds too little even in indian standards: software engineers fresh out of college can make more in india. i think that associates, however, make close to 40-50 lakhs. analysts can't make 50 lakhs in india b/c the banks there simply cant afford it. the deal flow isnt that fluid and thus don't have the margin to pay analysts $100K in india. associates can make close to 50 lakhs b/c its still half of what they pay here in new york. but man, 2 lakhs a month for a 1st yr associate is still a shitload of money. my dad's friend is a vp at kotak mahindra and he is living the dream. he has drivers, servants, a huuuugeee house, a benz and a 5 series. my dad said hes making close to 1.1 crore/ yr. i hope he's happy.

 

I spent 2 years in equity research and yes a lot of the monkey valuation stuff is currently and will be done in the future in India. In fact, most BB ER teams that have 2 associates will usually have one of those 2 in India. You put everything that you want in an email, go home, and then in the morning you have an email with it all done. On top of all this it is A LOT cheaper to have an Indian analyst on your team. All associate analysts will never be completely outsourced, but it is getting to be more and more prevalent.

 

My bank outsources work to India... both through low-paid data-jockey roles and full-fledged analysts (who frequently have years of education and certifications that we don't have, but who may not speak English perfectly or be from an American university).

The number of analysts has not declined, and we actually don't use our data centers in India as much as we could. Turnaround times have shortened as seniors expect us to be able to get work done more quickly. Comps and profiles are still primarily in the domain of New York analysts, not Indian analysts. We also have to thoroughly scrub any numbers we get, so it's not exactly a free ride.

In short: More capacity in India equals more pitching, more pitchbooks, more capacity for the seniors to draw on. It definitely does not equal fewer New York analysts. It does make life slightly easier on New York analysts.

 

i have some info on what the money there is like...first of all...theres no way associates are making 50lakhs....i found out from my friend who's cousin is apparently an associate in DB...he is making close to 25 - 30 lakhs after bonuses which is close to $60-70K. And that too these are people who are hired from IIM or international business school of hyderabad....

 

Hi Everyone, I am glad people are finally talking about Investment Banking in India.I am currently working for a Dutch Boutique in India in their M&A team.The bonus is obv related to the number of deals you close.I disagree with the fixed bonus component. I would say an analyst today would start with 12-15 lkhs average with a bonus of atleast 100% their first year Associates draw approx 18-20 as base with 100% bonus depending on the deals they close Lehman, Credit Suisse and Goldman have opened thier operations in India and the pay is way more than the industry average. The work and the exposure one gets in India is very good and your pushed on a transaction from day one.Also, you have engineers from IIT and graduates from IIM, whome you can learn a great deal from.The selection process is very hard and interview questions are highly technical.Having interviewed with I banks in Newyork, I can def say that interviewing in India is way harder I would advise any one to do an internship in India, given the present day scenario

 
kapoor502:
Hi Everyone, I am glad people are finally talking about Investment Banking in India.I am currently working for a Dutch Boutique in India in their M&A team.The bonus is obv related to the number of deals you close.I disagree with the fixed bonus component. I would say an analyst today would start with 12-15 lkhs average with a bonus of atleast 100% their first year Associates draw approx 18-20 as base with 100% bonus depending on the deals they close Lehman, Credit Suisse and Goldman have opened thier operations in India and the pay is way more than the industry average. The work and the exposure one gets in India is very good and your pushed on a transaction from day one.Also, you have engineers from IIT and graduates from IIM, whome you can learn a great deal from.The selection process is very hard and interview questions are highly technical.Having interviewed with I banks in Newyork, I can def say that interviewing in India is way harder I would advise any one to do an internship in India, given the present day scenario

Hi kapoor502, I am a Cornell University MBA graduating in May this year. I worked at a boutique investment bank in Stamford, CT over the summer last year. I was hoping to set up an informational with you to learn a little more about the Dutch boutique you are with in India (assumption being you are still with them, of course, even if not, I would still like to speak with you). Please let me know the best way to reach out to you. I would really appreciate your taking the time to speak with me. My email is: [email protected] Thanks, Ankur

 

Thank you very much kapoor. The information you have provided is very encouraging. I have a few questions however. What is the recruitment process for non-residents living in US? I am going to india this winter and the summer of 08, but how do I approach these banks for an internship? I really want some work experience in India. Is it advisable to start in new york (as an analyst) and then move onto india (for associate/vp positions). Or start in india as an analyst to become associate/vp in india? Thank you very much. Btw, how is the current deal flow in India? Thanks.

 

Hi slik, Sure, I would be happy to answer all your questions. The recruitment in India is pretty much the same as the Us,although a little less structured.It works more on refrence, for example if you know a vp or an associate to forward your cv to the right hand.If you do have an Mba from the US it really helps and your resume will speak for itself. You do have a lot of Indian Investment Bankers with foreign MBA's and my advise would be to start networking like crazy.More importantly, you have a lot of headhunters in India now who specialize in Corporate Finance jobs Also, I know friends who have worked as analysts in the US and have come back to India in a year to work in thier Indian operations with a real good salary package. India is booming right now and you should not have trouble finding a job/internship.We curently have 63 PE funds on hold all waiting to set up shop once they get the required licenses.Between Jan to March is when all the recruiting in India begins. Lastly, it really does not make a differnece whether you start in the US or India you would have an advantage both ways.You also have a lot of regional indian boutiques who do great work and give you great exposure.

 

Thank you so much Kapoor. You really cleared a lot of information I needed. I don't want to sound immature, but can you elaborate more on the compensation in India. For example, what is the pay package for analysts and associates in BB banks like Goldman/Citi/UBS? In addition, how is the lifestyle? For example, how the hours, the social environment and even the fringe benefits of working in India? Thank you once again.

 

How many dollars is one lakh?

"We are lawyers! We sue people! Occasionally, we get aggressive and garnish wages, but WE DO NOT ABDUCT!" -Boston Legal-

"We are lawyers! We sue people! Occasionally, we get aggressive and garnish wages, but WE DO NOT ABDUCT!" -Boston Legal-
 

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Non-target person with high finance dreams

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

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success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”