Investment Banking in Seoul
Would appreciate if anyone has any insight into the IB scene in South Korea.
Anything in terms of products (M&A/dcm/ecm), deal flow, prestige, culture, exit opportunities
thanks in advance
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if you had any offer (bb or not) in ny/uk/hk/singapore/japan, you shouldn't even consider korea. korea is no more than a mini satellite to hk and you'd have to deal with the bs culture even if you work for a foreign bank. m&a/debt/equity market size is expanding but the place has absolutely no prestige in the international finance community. the only people who end up there are koreans who are not smart enough to make it anywhere else and half decent people dream of going to hk.
I disagree with the "only people who end up there are koreans who are not smart enough to make it anywhere else" bit (I know some very talented Koreans who go there to be close to family etc) but otherwise jojajola's pretty much spot on. There is plenty of activity but in terms of prestige it's way down there. For me personally it's the culture that really puts me off.
thanks to both of you for your feedback another quick question
how fluent in korean would you have to be to work there?
a lifestyle decision. Career wise, you want to start at one of the major financial hubs. A few ppl I know did 2-3 years in New York than transferred to Seoul for 2-3 years. The key is to not get stuck there. New York's a great place but there is nothing like Seoul in terms of nightlife for a young, single guy with cash. That's why many choose to do a few years in Seoul. Once you are done with the extreme party scene, then you want to move back to New York or HK. But, the move back is difficult if you don't have previous experience and connections there. That's why I highly recommend you do a few years in New York or HK first.
BB in Seoul (Originally Posted: 02/04/2012)
Does anyone work at GS, JP Morgan, MS and DB in Seoul?
I don´t know anyone there, but I would like to intern in Seoul for six months.
Are only strong conncetions required to get there?
Yea you need connections
How good is your Korean? Besides Korean nationals from top local schools, I've occasionally seen kids from US target schools with native level Korean (almost non-accented) get jobs there. But it is highly relationship driven and a lot of the kids who get jobs in IBD in Seoul offices are children of industry tycoons / senior managers (potential clients).
Why not recruit for BB HK offices? If you speak Korean you'll still end up working on Korean deals too, while working out of a major financial hub.
Try looking for alumni in Seoul to see if he or she can hook you up with an interview. My friend was able to land an interview by calling a Korean alum from his U.S. school and networking with him.
I am Korean and I currently live and study in Germany.
It is too difficult to look for alumni in Seoul, because Germany is just a strange place for Korean students.
My Korean is as good as native level Korean.
I am a bit shocked that so many people in Korea treat GS as if this company belonged to them.
The head of GS in Seoul is the cousin of the Korean president..WTF?.
Can I say that working in Seoul is way more difficult than workin on the Wallstreet or Hong Kong?
First of all, no it isn't. All you do in Seoul is coverage, which means you just make pitch books and, as a poster above pointed out, go drinking with clients. Believe me, after trying to fix my excel model at 3am on Friday nights multiple times, going out with clients and drinking with pretty girls seems like a much better and easier choice. Yes you work long hours in Seoul as well, but the work is not challenging at all.
Secondly, if you are going to a German school, why not try to recruit for a German office or a London office? I'm not sure how European recruiting goes, but I'm pretty positive that if you are in a German university it will be easier to get a job in either Germany or England, rather than Seoul. Besides, having London on your resume is much more legit compared to having Seoul (or any Asian city) on it.
Don't get me wrong, I'm not hating on Asia (I'm Asian myself and have gone back to Asia multiple times during vacation). However, the financial professionals in places like NYC and London usually look down upon Asian and non-traditional European offices. This is just a fact.
Yes and no. Will trying to get a job at a BB in Korea be harder if you have 0 connections? Yes. Will you be working as hard or be doing the same work as the guys in NYC or HK? No.
If you do not have a connection at any of the Korean firms expect a very, very difficult time trying to find a job. The shops are relatively small and hire a select few (many of whom have extraordinary connections). Please note BB in Korea is essentially a client maintenance and sales job.
Stories from banking in Korea:
A family friend is on the board of directors for a major conglomerate - his company's approach to picking which bank to run the deal: "The foreign banks are all pretty good, so we just see which bank entertains us the most times and go with that one."
Another friend did a summer internship at a BB in Seoul, and the office often took clients out for drinks/karaoke/girls. All the analysts/associates had to get up and dance, and when one tried to sit down to take a break, his boss took him outside and yelled at him. Dance, b%$h, dance.
And at the end of the day, they'll ship in people from HK to do the work for live deals. So it'll be harder in that you'll hate yourself, but if you can get past that part, easier in terms of excel monkey work. Even if you want to go back to Korea eventually, NYC or HK is probably a better place to start your career in finance.
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