Chinese IBD or Hong Kong Boutique
I have been through the SA recruiting process for BB's HK offices and had no luck landing an offer after few Superdays. As a result, I spent a lot of time reaching out to boutiques in HK and banks in China, and now I have landed an offer from a leading Chinese securities firm's IBD (not CICC) and an offer from a HK boutique.
The Chinese IBD and is perhaps the leader in investment banking in mainland China at the moment with lots of deals. However, similar to many other Chinese ibanks, it runs a model that's distinctly different from the traditional approach adopted by international banks. I have done lots of research and found out that, at the junior level, the nature of work is entirely different from banks in HK/US and I need to learn everything from scratch (barely any modelling/valuation work, no comps, no DCF etc). Things are changing and becoming more market-oriented but it will take some time.
On the other hand, the boutique in HK adopts the international approach and I am much more familiar with it. The MD and ED also came from BB prior to working at the boutique.
Although I would like to work in China in the longer term, I am more interested in starting my career in HK and work there for 2-3 years before transitioning back to mainland. It would be great if you monkeys can shed some light on this and let me know what you think - appreciate it.
Many Thanks,
If you want to work in HK, and the boutique is a good place to start/will give you the experience necessary for BBs in HK, boutique is a good idea
If you want to start in HK, and also the MD and ED came from a BB background, it sounds like the HK boutique could be a better option. You may want to see if that HK boutique has good deal flow to ensure you get decent experience.
First off, congratulations on securing both offers. You don't have to confirm, but it sounds like with the first choice you're talking about CITIC. If I were in your position, I would take the offer at the Hong Kong boutique and wait for mainland's market reforms to play itself out before plunging myself into the mainland. The skill development benefits that you mentioned along with your familiarity with an "international" approach means that the boutique is a great place to start off your career. Good luck with your decision!
Was thinking the same thing. Anyway, just curious, are you working in HK as well this summer as well?
Nope, in Toronto
Sorry to surrect this post. Just wonder where you ended up?
If I were in your situation, I'd definitely take the Citic offer.
how does the china IBD model differ? any details? what do you learn if you're not learning the basics?
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