My girlfriend told me that many Chinese undergraduate students studying in the United States are paying anywhere from $30,000 to $40,000 or more to receive training from current banking employees on behavioral and technical interview questions. Some of the agencies they use for this purpose are Dreambig Career, One Strategy Group, and WallStreetTequila, among others. These agencies hire current banking employees who specialize in investment banking, sales & trading, and many of whom are also Chinese. The employees teach students the basic knowledge required for the industry, provide referrals, and guide them on the questions that will be asked during interviews. Students follow their instructions in order to land job offers. These agencies claim that 99% of the students who receive offers from investment banking firms are trained by them.
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also chinese and can confirm. find this unfair and quite absurd - literally just rich kids who dont want to put in the effort using their parents money
I'd say much less effort, not sure if it's even ok for them to get the past/future interview questions
go on xiaohongshu and u can find tens of incoming SA at centerview, evercore, jpm, ms, etc who uses these services
unfair bc its not even Chinese people forming connections and helping each other, its just rich international students finding the loopholes in the process and taking seats away from those who actually earn it
Paid training might be ok but as far as I know some agencies even teach chinese male students to pretend LGBT+/etc and apply for diversity programs to get a shot
Can confirm this true. Many unethical practices during the process. 80% of their resume experiences are fake or bought. For example, the agencies will partner will some very very small firms to givetheir students and internship, and the students can choose whatever titles they want. That's why almost every agency student will have boutique "investment banking" or similar experiences, and those firms never hired domestic students.
Just supply and demand at force. Pretty based to drop 40gs on highly tailored IB guidance though fosho
jeffrey is that you? nobody else types fosho
If there’s any scam/fraud/fake resume ( although I doubt they can pass background check) and you do have evidence, just report it, to HR/Compliance…not difficult to find contact.
If not, don’t SPREAD RUMORS.
Sounds like whining losers not only jealous of someone else’ money but also can’t work hard enough to get your own offer with all the alumni network and career service.
For the scam resume part, they will definitely pass the background check because the firms are real. Let me explain more, if you go on LinkedIn, search the companies they interned for, click "people", you will find the firm's size is pretty small, usually 1-20 people, only one person is the one who really work there (the founder), and all other people are Chinese interns. For the Chinese interns, they all have different titles, such as finance intern, risk intern, but 90% of them are ib intern titles.
When those Chinese students need to go through background check, the bc firms will reach out to the firms they interned, the firms are real, there is at least one person there (founder), and the founder can provide all the info for student to pass background check. Search Alpha Group Holdings on LinkedIn for example, this one is cheaper, only couple hundreds then you get the internship.
bro paying for referrals is cheating. Social credit score deducted.
This is a dumbass take
You don’t know what you are talking about, I go to an ivy-league and people in my investment club paid for the companies listed above. They paid $35k and had:
This is an elaborate scheme to gain an incredibly unfair advantage on recruiting, this is not leveraging networks but is a scheme to pay tens of thousands of dollars to cheat the recruitment game
this is most likely accurate, they sent 50+ ppl to EBs in a year......JPM already cutting those Chinese students because they don't even know the 3 financial statements...
This just seems like an extension of the scam where people pay agencies to get into top colleges (not exclusive to rich international students), by getting their essays written, fake extracurricular experiences on applications, sometimes even fake test scores I imagine, etc.
Im an asian international student (not chinese) but this is fucking absurd to hear
I was aware of college "consulting" programs where they write essays and make up ECs for you (I know countless number of ppl who did this) but this is just sad to see. if you put the time and effort banking recruiting is very doable even for international asian males
LOL imagine paying 30K just to end up in the same Analyst class as Brad (or myself) that played LAX at duke and just had to make a few calls to his SAE buddies..
People paid hundreds of thousands just to get into USC (and unfortunately end up all over the media). Drop in a bucket and inconsequential money for some people.
I like that this guy made an actual news-style headline pun for a WSO thread
Obvious question here is- can I reasonably start a co doing this myself? Sign 10 of these dudes up and I’m making more than MBB
Go for it. I’d like to see you end up on the news like that coach with the scheme that got kids into college.
I'm chinese and can confirm this. They also get services like receiving hv questions in advance, getting someone else does their ot, referrals, 1on1 sessions for ac, etc.
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