Is going international for a couple years a big career setback?
Hello, I was curious how much of a setback it would be to go abroad for a couple years. I currently am interning in IB for a mm bank in the US with a long term goal of working in IB in the US as well. I figure I have more career flexibility when I’m younger and I think it would be cool to live in Europe for a couple of years before moving back to the US. It seems like London is pretty common, but what about other countries like Italy or France. Has anyone made the transition before? Just curious to hear from anyone who has done this before or is familiar with the situation. Thank you.
Bump
Same here, interned at BB with no return offer in Hong Kong, just fed up with the environment here, the market, the political instability. Since US is nearly impossible for pre-experience master, the only move is to go to Europe. Will lose the home advantage; live with 30-50% lower pay, less digitalized convenient lifestyle with high COL, also ofc some more years of study and tuition. Already took an offer and could do better if apply earlier, but no turning back now! gotta just power thru if you really want it
My career took off because I went international.
- Degree from the US, started my career in the EU
- Moved to London
- worked and lived in multiple countries afterwards
Tips:
- Secure jobs/internships/.. before you move somewhere, cold-calling, emailing, applying
- Don't worry about comp as much, CoL isn't as high outside of London or NYC. It doesn't matter if you get Euros for a while, you won't live your entire life there.
- Be aware that not every country, every city, or every area will have the career/industry you are focused on. Be prepared to take on other jobs.
- Make friends wherever you go, your network is everything
Learn as many languages as you can, even basic skills help a lot.
Thanks for that response. I have a couple more questions. How proficient were you at a language before getting a job in a non-English speaking language? What were some major challenges you saw moving abroad? Also, Do you want to / have you tried / do you see yourself going back to the US? If so, what challenges do you see with that? Thanks again.
All companies struggle to retain talent from abroad, in either direction. Applying for jobs in the EU wasn't easy at all, despite having held multiple citizenships and being native/fluent in multiple languages. Back then, interviews were f2f and I had to fly in on my own dime, this can now be done via Teams.
Then, finding a new role in other countries was the same story. Lots of driving, meeting people, and overcoming their concerns. You have to be a real salesperson, you are selling yourself to people who don't trust you initially.
Coming back to the US was a lot easier, as US Americans are normally more open-minded people. Europeans can be a bit more traditional when it comes to hiring. I now live and work in both Europe and the US simultaneously.
Differences:
- Not understanding the local culture (which is very different, it is not just about language)
- It is much harder to make friends when you are in a different country, but:
- Dating is much easier. Foreign women are more interesting, as they are new to you. And you are new to them.
- Workplace culture is super different in other countries, takes some time to adapt and learn everything.
- You might have to cut down on hobbies which don't exist abroad (no 2nd amendment, certain car mods not possible, a certain sport, different music styles, ..)
If you pull this off, it will be one of the coolest things you have done in your life. Much easier to do this before marriage/kids and before our parents get sick.
Do you think it would be worth going to London from NY for a few years? I want to, but I'm concerned about the comp difference, especially with the higher taxes.
If you are concerned about personal finances, saving money, having a stable/more conservative career track, buying a home immediately, not losing your gf/friends, .. - then DON'T do it. All areas of your life will be affected by moving to another country. Including compensation.
If you are open-minded, flexible, want international experience on your resume, want to experience another culture, meet different people, date other type of girls, learn from different colleagues, work on different projects... then yes, DO it.
Comp will most likely be lower than back home. But does it matter if the entire stay is only for one or two years?
The most valuable things in life can't be bought.
It's less of an issue at the junior level (analyst-associate) but the friction will grow as you are mid-career and your career progression becomes inevitably tied to your network and experience. Ive moved back and forth more than once between US and abroad (Asia, not Europe in my case) but each time, it became harder to transition. Working in a larger company may be easier as you can have formal or informal ways to ensure you move/return to the US.
studied in 3 different countries (twice abroad, uni also abroad as I left home) + interned in 4 different countries.
In interviewers companies always showed interest, and discussions were mainly about my international experience, 0 questions about GPA/academics/etc.
so I saw only upsides
Good advice above. At the Anl-Junior VP level it’s pretty easy, as you pick up coverage responsibilities it gets harder (unless your coverage is international anyways). If you value working internationally/getting broader experience over going to the buyside early or staying near family/significant other (unless they can also move), it’s a good choice. If your purely focused on maximizing comp, stay in the US.
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