IB in BeNeLux: viable career path?
Hi everyone,
I'm currently a grad student in a highly regarded BeNeLux university, studying for an MSc in Finance & Banking. I've had my eyes on IB for quite some time, but given the fact that this region isn't really active on this site I still have some questions.
I've seen this post (link) about local IB offices, and it only got 1 (albeit extensive) comment. I'm curious to see if anyone has some more information about the local banks. Primarily focused on Luxembourg & Belgium, but NL is also an option. Mostly looking into things like culture, deal flow, comp, working hours, etc.: the usual stuff.
Thanks in advance!
Almost all BBs have BeNeLux coverage teams. Pre Brexit they operated out of London. I guess most groups would now be based out of Amsterdam. I suggest networking with benelux analysts on linkedin or senior folks to get an idea. Cheers!
Thanks!
I can speak for Belgium:
Rotschild, Lazard, EY, BNP are the top players.
Then the other big4 + BDO, ING, KBC.
Finally there are some boutiques such as Allyum, Deloitte Private, Merodis, Closing, Tandem, etc.
If you want to work in IB in Belgium I would advise you to intern in a boutique first.
Thanks for reaching out! I prefer Belgium anyways. On your list of big names you mentioned EY, do you mean their valuation group or just EY in general? (i.e. audit etc).
EY M&A. At Deloitte (Corporate Finance) and PWC (deal advisory) there is a rotation program.
I can speak for Belgium and the Netherlands, I am a Belgian IB analyst at one of the Dutch big3 banks (ABN, ING, Rabo)
For banks with an office in Brussels I agree on Rothschild, Lazard, BNP, ING, KBC, but please don't put EY or BDO in the same bucket.
For their M&A advisory or corporate finance teams, they have a totally different target/scope of deals. The only big 4 that I have seen around in deals above circa 15-20m EV is Deloitte Corporate Finance team (from their Financial Advisory arm located in Zaventem).
I would advise looking at Belgium mergermarkets league tables based on value instead of volume to get a good picture of the usual IB players in Belgium.
Hey Thomas
I can only speak for Belgium as well.
There are several opportunities in the Benelux market.
You have international players such as Lazard, Rothschild, JP Morgan, Lincoln International etc. More regional players are Degroof Petercam, BNP, KBC Securities,...
If you want to get in, I highly recommend doing internships at some regional boutiques. You have several boutiques in the Brussels area: Merodis, Tandem Capital Advisors, Kumulus Partners, Allyum,... and many more
I have some friends working in Amsterdam and you can find most of the international players there as well. If you’re fluent in French, I would also recommend to search for opportunities in Paris!
Thanks for reaching out!
Any idea how it goes with the language barrier? Do you need to be fluent in French/Dutch for all the BB in Benelux?
It depends but most people are native dutch speakers and are fluent in French and English.
French only may suffice, but Flemish/Dutch will open so many more doors and it's almost the only way to get in ft in NL.
Rest of what they said is true. Maybe look to participate in the annual vlerick m&a challenge to meet some of the banks up close.
Second what is said above. Taking part in the LBT (NL) / LBC (Belgium) would also increase your chances of getting a foot in the door at Benelux BB’s.
What are LBC and LBT?
London Banking Tour & Banking Circuit
Can confirm. I participated in the LBT and am now working for a US BB in London
EDIT: forgot to say, the banks typically focus heavily on hiring for their Amsterdam offices
Hi, I can talk for Belgium and the Netherlands (not a lot of IB activity in Luxembourg outside of Asset management or Valuation teams of big4 consultancies that nearly only do portfolio valuation from asset management funds).
The heart of the IB dealmaking for the Benelux used to be London but I see banks shift more and more towards Amsterdam post-Brexit and in rare occasions to Brussels (Berenberg) or Paris (HSBC).
as said above, most of the BBs have their Benelux coverage teams in London (GS, MS, etc) but an increasing amount of banks are increasing their headcount in Amsterdam (BAML, UBS, Citi, JPM, Macquarie, Jeff, etc)
outside of the BBs or the usual EB like Rothschild, Lazard or HL, the local banks have a big presence in the local deal activity (BNP, KBC and ING in Brussels or ABN, ING and Rabo in Amsterdam). Some local private banks and advisory boutiques are also pretty active in IB (Degroof Petercam or Berenberg in Brussels and Kempen&Co, NIBC, Lincoln or Nielen Schuman in Amsterdam and The Hague), although some are more focused towards ECM like Kempen, Berenberg or Belfius.
A good piece of advice that was given above as well is that if you are looking for your first experience in IB in the Benelux, the big4 (Deloitte, PwC, EY, KPMG), firms alike (BDO, RSM, Baker Tilly, Grant Thorton), or regional boutiques like (Tandem, Kumulus, Florin Finance, Allyum, VD&P, Merodis, ONEtoONE CF, Marktlink, Clairfield, The Capital Link etc) offer interesting internship opportunities in either m&a advisory, valuation or transaction services.
If you are belgian and your goal is a BB, the LBC (London Banking Circuit) is an absolute no-brainer. Some banks use it as their first-round for their Belgian candidates.
As mentioned above, Dutch is gonna be a requirement in most banks located in Amsterdam outside of a couple of exceptions like some of the BBs, ABN and Kempen&Co. Regarding Brussels, most of the candidates / interns I have seen get full-time offers were usually fluent in Dutch with a good level of French or vice versa.
Thanks for your thorough reply. I'm 100% looking more into LBC like mentioned before. Looking more into Brussels right now, which should be in the language department (Dutch, English and French). Do you reckon that doing things like courses/certifications from Coursera or WSO are worth it to boost my resume in Benelux? I have a feeling that 'just' a masters degree isn't really sufficient enough to secure an internship - even with good grades.
No, they won’t help you. When I review CVs, I typically skip that part. Important are relevant extracurricular activities (finance clubs), prior relevant experience (think transaction services at big4) and excellent grades (minimum cum laude)
They won't help you boost your resume. However, I did do an online modelling class and they helped me pick up the pace in terms of modelling skills and excel & ppt shortcuts compared to my peers. They save you some time in the 2-3 first months of an IB internship.
Also, it's always a good talking point answer to answer why IB? and show your motivation and your knowledge about the field.
Lastly, they are also pretty helpful for later on if you decide to apply to PE in terms of LBO modelling & productivity.
For the resume the most important points for passing the screenings are:
- Relevant (internship) experience (IB, valuation, TS, PE, VC, Strategy consulting, in-house M&A & corporate development...)
- A decent school with good grades (in Belgium those are the major universities in Flanders, Wallonia or Brussels + Vlerick MFM and international masters like HEC, ESCP, LSE, LBS, etc). Some places like Lazard, Rothschild and JPM are pickier on the schools and the program you studied there)
- Good ECs (Capitant in Belgium is a good line on your resume for example)
- A wow factor if you have it. (If you are an ex-pro hockey player, Belgium top50 tennis player, football player, etc it doesn't hurt either)
Curious which BB in Amsterdam do not
require fluent Dutch?
After some extensive job hunting in Luxembourg, I should be qualified to have a word on this topic.
In the Financial Services sector there, most opportunities are in Fund administration, Audit, also perhaps some in Private Banking and Portfolio Management. Since the overall market is relatively small, the closest you will get to an IBD experience (close but not quite) is in the Big Four(and shops like BIL, BDO etc) Corporate Finance(CF) teams. As mentioned above, the IB coverage for the Benelux region should be based in either Amsterdam or Brussels. On a side note, some PE/VCs based in Luxembourg do hire interns, but I have only seen a maximum of 5 job posts this year and they typically require fluent French or German.
For Big Four CF positions there, I guess it would be tough to enter as an experienced professional, as you have candidates from all over the city with an extensive Audit/Accounting background trying to break in. On the other hand, you could also enter as a finance grad through a competitive process.
They typically hire for September/January start and begin the process 2 to 3 months in advance, and sometimes they hire grads through a recruitment day(super day) for the entire following year. So make sure you follow the company website and build your network at least a few months prior.
Hope someone will find this helpful.
Anyone has a view on pay differences between Benelux vs LDN / NYC? (and within Benelux, i.e. Brussels vs Amsterdam?)
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