Investment Banking in NY/SF vs Asia: Associate level and beyond

Hey All

I received offers post-MBA at an EB in NY/SF, BB (NY) and a BB (SG - generalist) (all starting in summer 2021), and cannot decide between these offers. I would love to hear your views (especially from people who might have moved from NY/SF - > Asia) on:

  1. What is your experience been in Asia following NY/SF? I know there is a M&I overview on this and some past forums on WSO (some dated but nevertheless helpful), but would love to hear the latest experience from those who might be in Singapore/HK and can talk about cultural/work differences, and the banking outlook on ground (e.g Singapore going to benefit from the political uncertainties in HK from a banking perspective?)

  2. In terms of a long term a career, is it beneficial to spend a few years in the US and then transition out to Asia (maybe at A3 or VP level?) or does it make sense to go back right at A1 level (i.e. now)?

  3. Does it make more sense to be in a coverage role given how teams are set-up in Asia, or focus on a product (say M&A) - do you see greater role being played by firms like Evercore, etc. in Asia who do not have a balance-sheet (I know they recently worked on the Grab SPAC)?

This community has helped me so much over time; very thankful for your views!

 
Most Helpful

I went through a virtually same dilemma of options (Evercore/ GS/ MS in NY, GS/MS in Singapore) when I went through my recruiting cycle. To answer your questions directly:

1. Banking is banking and hours are bad across, but you can't over-emphasize the learnings you get from top-tier banks in NY, especially in comparison to those in either HK or Singapore. There are a lot more pitching and capital markets activities in Asia and honestly the level of modeling and complexities in an M&A deal is nowhere close to those in NY. Being local is also extremely important in not only the language skills, but also your connections in the region, as you go up the ranks.

2. Absolutely spend some time in NY if you can. Everyone I speak/spoke to in HK or Singapore say that "everyone has experience in HK/Sing, but not everyone has experience in NY on their resume." Try to stick around for at least 2~3 years in NY before you go back to Asia. 

3. Don't be in a coverage group IF you can be at a M&A group. Group coverages don't mean much in HK/ Singapore as much as product. Teams are leaner in Asia and very often you will be a generalist M&A covering a wide array of sectors. I'd say your #1 priority should be to be at firms like Evercore and really learn M&A while you're there. And yes, I absolutely see firms like Evercore (actually just Evercore compared to the other independent advisories, since I don't see much of the others in Asia) playing a greater role in Asia, just as they do in the US eventually. Markets often shape like that of the US, simply given US's influence and market share, and I'm confident that Evercore will close more and more larger deals in the region as well. In fact, Evercore won Singapore's Best M&A Advisor award for like 4 or 5 years in a row recently. 

Overall, if you have an offer from the likes of Evercore/PJT/Centerview and even Lazard/Moelis, take it and don't look back. Your credential, legitimacy, and learnings from these firms will be extremely helpful for your career in Asia.

 

Thank you! This all makes sense to me, and is very helpful. Maybe a couple of follow-up questions following your advice:

1. Does it become incrementally harder to move back to Asia at VP level (or does it not matter)? 

2. You mentioned that "Group coverages don't mean much in HK/Singapore as much as product". Would you be able to elaborate on this? I was under the impression that in Asia - most teams were mostly coverage since the level of M&A activity is much lower than in the US. In some ways, I thought the best way to progress onto a career in Asia would have been to be a coverage person rather than a pure execution banker. 

Thanks, please feel free to DM me if its easier to continue the conversation there.

 

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