IBD: How to move to asia without speaking language?
Hi - worked for 5 years in investment banking division in London. Quit around 1 years ago for a travel break and I've decided I'm ready to enter back into the finance industry but I want to relocate to Asia, preferably South Korea or Japan. However almost all job postings online require you to speak the native language fluently.
Is there any hope for a English-only speaking individual like myself to relocate there in a professional role like IBD/VC etc?
Has anyone here done so before - any tips?
Also if anyone is there at the moment and is hiring, let me know and I can apply, thanks.
I feel the only route would be to reapply for investment banking in london now, then wait 1 year then ask to relocate to one of the Asian offices.. but I am hoping for another route in.
It is hard to break into Japanese/South Korean IB without having a professional grasp of the language. I would look at Singapore if you are dead set on Asia because you only really need to know English and the compensation is pretty decent as well. The Exchange Rate for the Singaporean dollar is in a much, much better condition than the Korean Won or the Japanese Yen.
I made the switch about 6 years back from NYC. At the moment, every bank is cutting pretty heavily across their Asia business with the blowup of the Chinese economy, which will persist for the next few years at least. As someone mentioned above, SG may be a possibility. It used to be the place for English speakers, but the coverage teams are becoming more local. If you have a specific product expertise, like M&A or DCM, that could be an in for you, especially at the mid-level, but you need to be prepared for an uphill battle. HK teams are full of laid off mid-level and senior bankers looking to head over to SG. You might have to be prepared to do an MBA and even then, you might have to be prepared to get picked up in LDN or NYC for a couple years before you request a transfer to Asia. There is plenty of local IBD and PE talent in the region, and you have to get pretty lucky especially since you do not have a local language.
If you are willing to look outside of IBD, there are other functions that have an easier in, such as fund of funds, fundraising, or secondaries advisory. Those guys are more open to a wide variety of backgrounds. Just be ready for a pay cut for those roles.
What does pay cut look like in those latter roles you mention?
It'll run a pretty wide range depending on the shop, but generally at the VP level for fundraising or fund of funds (primary / secondaries / co-invest), you should expect around $175k base, and bonus swings pretty wide. Associates will probably make $125-140k base. Analysts will clear under $100k on base.
For fundraising bonuses, it depends on how much your team raised, so if you have an outsized year, you could make more than investment bankers, but it is a tough fundraising environment globally right now. For fund of funds bonuses, it is heavily dependent on your fund size and fund economics.
Secondaries advisory is mostly housed within boutique investment banks, although some placement agents will also have teams (which pay in line with the fundraising figures from above). Secondary teams in investment banks will pay the same as other coverage / product teams.
Well, based on the most helpful WSO content, moving to Asia for a role in IBD without speaking the local language can be quite challenging. Here's why:
Language skills: Many roles, especially in finance, require varying degrees of fluency in the local language. This is particularly true for cities like Shanghai, Beijing, and Tokyo where being a native speaker is often a necessity.
Cultural affinity: You need to be comfortable with the cultural differences, which can range from food to manners to knowing the history of the country you're going to. If you're a straight shooter and loud/opinionated, you might find it difficult to adapt.
Networking: It's often easier to network in Asia as it's more social and smaller. However, for senior roles, it's heavily slanted towards knowing the right people, which can be challenging if you're new to the country.
That said, there might be some hope. Here are a few tips:
Look for roles in cities where English is more widely spoken. For instance, in Singapore, you can probably get by without knowing Chinese, since most of the deals are from SEA.
Consider roles that value international perspective. While this is less common now, there are still some banks that value staff with a big brand behind them who can bring in an international perspective.
Leverage your existing network. If you know people who have made a similar move or have connections in Asia, they might be able to help you navigate the job market.
Consider reapplying for investment banking in London and then asking to relocate to one of the Asian offices. While this might not be your preferred route, it could be a more realistic option.
Remember, every monkey has to find his own banana. Good luck!
Sources: I Need You, WSO + Its Time To Move - Asia Job Search, What you need to know about IBD in Asia
My colleague/friend worked at BB in Korea. You will not be able to work in banking unless you speak both English/Korean. Major banks (JPM, MS, UBS/CS, Citi) all hire bilinguals (plenty UK undergrads / MBA). Ability to speak Korean is not a must in Seoul office, but highly doubt any MDs would hire someone who can't speak Korean in the bullpen. All banks go after the same Korean clients in both strategic (SK, Samsung, LG, Lotte, Posco) & sponsor efforts.
VC - top tier to go after is Altos Ventures. They have offices in Seoul and Menlo Park. Have not heard of any bankers exit to Altos in Korea.
Corp Dev - plenty of opportunity for English speakers
Natus dolores porro libero quaerat qui. Unde sed eos aut voluptas. Velit distinctio laudantium consequatur non animi. Magnam deserunt facere itaque at.
Excepturi et accusamus delectus sint. Minus esse facilis commodi quo ullam culpa. Ad aliquid consequatur sapiente aliquid nam quo. Minus repellendus quia aut suscipit repudiandae nihil dignissimos. Eos quia qui necessitatibus ducimus. A unde omnis quasi rerum voluptatibus earum. Vero quod architecto nam impedit nihil et ducimus.
Aliquid molestiae deleniti ab porro neque. Voluptas et delectus dolorem sequi impedit consequatur dolores.
Ea commodi illo temporibus impedit modi vitae. Quia temporibus tempore facilis libero impedit cupiditate. Sint quo eum non libero nulla in ipsam. Iste maxime repellendus dolorem consequatur et laudantium dolor. Facilis reprehenderit quo nisi voluptatem. Ut dicta quia veritatis qui repellat animi.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...