BarCap HK IBD vs. Goldman Beijing S&T
which one is better to do as an internship? especially if i want to do FT recruiting in the fall in asia and america?
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Do you want to do corporate finance or sales & trading? I think both names are pretty well known so it would completely depend on what your want to do FT. HK is probably a better place to spend a summer in terms of your social life but I don't know how much free time you would be getting.
It's hard to switch from IBD to S&T or vice versa. It's possible, but it's much easier to stay within IBD or S&T. So if you want to do S&T, go to GS. Goto BarCap if you want to do IBD. One additional note. There are lots of 'early interview' opportunities across the banks in HK during summer. Same thing in NY. If you are not working in the same region, you'll miss those opportunities.
As already stated, go with the division you want to pursue long-term. However, from what I understand it is much easier to move from HK to mainland China (provided you have the Mandarin skills) than to transfer from Beijing to HK.
Other considerations:
1 - I believe there is still a pay gap between Beijing and HK, in that the pay in HK is higher. Also I know the top tax bracket in HK is 17% but I don't know what it is in Beijing. That said, cost of living is certainly higher in HK, but it's also a vastly, vastly superior place to live.
2 - IBD in China, from what I've heard, is quite different from in HK/USA/EU. It focuses heavily on the paperwork required for government approval, and dealing with bureaucratic regulation. That's just my impression from friends who've worked there before, might not still be exactly true.
3 - Training programs are much more developed at the HK offices, I believe, than what will be offered in Beijing. You will probably learn much more in HK, but again, do you want to learn about IBD or S&T?
Good luck deciding! I'll be working at BarCap HK in S&T this summer, maybe I'll see you there.
Sorry, misread and thought the Beijing job was IBD. Disregard my 2nd point under 'other considerations'.
Barclay hired a whole team from MS last year or early 2011. Their pay and signing bonus is above the average. So it won't be that bad.
Am I the only one who gets this feeling that this guy hesitates because he thinks Goldman >>>>>>>>>> BarCap? I mean, I understand, but IBD and S&T are two different things... Or if you are worried about the location, it's like BarCap in San Fancisco or Goldman in Salt Lake City... I would def go for HK unless you have a family or whatever in Beijing.
no i think his question has merit
agreed
disagreed. whether you choose ib or s&t is a personal choice. one is not 'better' than the other if you're coming in at junior level; neither is one 'gayer' than the other
unlikely. i heard barcap ibd, despite being less-than-top-3-bb-hours, will have you balls-to-the-wall in work
good luck
Goldman vs Barclays will not shape your career nearly as much as S&T vs IBD.
Goldman > Barclays S&T > IBD in terms of gayness
Take Barclays and be a real banker - that's my advice.
I have something different to share with you.
If you can get the offers from Barcap & GS, I don't think you will have any problem getting the first round interview of any banks (as you mentioned you still wanna do a FT recruiting). I personally feel if you choose the Barcap IBD offer, you might be just locked at Barcap HK (guess you actually want to try other opportunities in Asia/ US and don't want to be locked so early?)
You can't screw up your internship just because you want the freedom to do the FT recruiting (that's suicide...), but if you choose GS Beijing S&T, I can think of many reasons to reject return offer and do a IBD FT application in fall (ie you realize you are into IBD rather than S&T after the internship; Chinese market is still very restricted; ect ect...). However, if you do the Barcap IBD internship and get the return offer, it would be pointless to reject it and do a FT application in fall.
I am banking in HK right now and I can say, in terms of networking opportunities and the quality of life, HK is vastly superior to Beijing. But you do have an interesting dilemma because Barcap is not really on the map in terms of IBD league table here in HK...
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