IB in LatAm
Could someone share their experience in IB in LatAm? I'm considering a move to LatAm (thinking about Chile, Brazil or Argentina) and would love to learn more about the investment banking scene there. I've tried searching on Google, but I haven't come across many answers regarding which major banks have offices in the region and who the top players are. I'm curious about the work-life balance in the industry over there. Any personal experiences and info would be greatly appreciated. Thank you!
PS: I said im thinking about Chile, Brazil or Argentina but really information about any latin american country is welcome
BBs typically recruit 1-3 ppl per year as off cycle interns ("junior analysts"). These jr. Analysts are converted to full time analysts after 1 year. Some banks that operate are BofA, Goldman Sachs, Credit Suisse, JPMorgan, Citi
They only hire from 1-2 target universities in each country(Adolfo Ibañez/Catolica in Chile, Di Tella in Argentina, Pacifico in Peru, U Andes in Colombia). Even within these universities, not all the students are aware of the recruiting process. Networking is key
Base salary is typically paid in USD (with exceptions, like JPMorgan or Citi) and used to be the same as NYC before the latest raises ($85k). Not sure if it has been raised. Bonus is low (30-40%). However this salary is insanely high for the COL in these countries. You'd live like a King.
Exit opps are terrible because they have adjusted salaries, so it's a huge downgrade going to the buyside
Alternatively, you could break into local boutiques, however they have adjusted salaries as well
WLB is slightly better on average. However teams are much smaller (sometimes less than 15 ppl covering the whole country), so it becomes very sweaty during live deals, but bear in mind that dealflow is also bad in the region, so most of the time you'll be doing pitching and hence fewer hours