Apac headcount insight

From what I've seen, IBD summer analyst hiring across Hong Kong and Singapore is much smaller than in London, let alone New York.

In Hong Kong, most European banks typically hire around 5–9 Summer Analysts each year, while most US bulge brackets hire around 10–15. Morgan Stanley is a notable exception, often taking 20–30+ interns. HSBC also runs a relatively large programme, hiring around 25 across its coverage and product teams.

Among reputable middle-market and regional investment banks (e.g. Nomura, Macquarie), summer classes are usually only 2–5 analysts.

Overall, my estimate is that all major bulge brackets, elite boutiques, and reputable middle-market firms in Hong Kong collectively hire only around 200–250 IBD Summer Analysts each year. Return offer rates also tend to be lower than in the US or UK, meaning only around half of those interns ultimately become An1.

SG is even smaller, with IBD summer hiring generally around 1/3 to 1/4 of Hong Kong's volume.