Pay in Brazil
Bankers at the local shops like BTG Pactual are getting paid more than the US BBs like JPM (in both New York and Sao Paulo).
My question is: just how much are they getting paid (I heard associates at JPM are making something like 280 - ~550K total comp)? and how long can this go on for?
Wasn't there a post somewhere that Brazil is basically on a huge bubble right now just waiting to burst or was that on a different site?
Not sure... but may as well go there while the good times are a rollin' Seems to be there and Asia where the deals are coming while desks in NYC/Londonare twiddling their thumbs... how long can this possibly last?
I wonder if being fluent in English and Spanish and basic Portuguese would cut it to become a banker there.
there is a buble in Brazil, but it is not be a huge one...things like real estate are rising, but it is nothing like the US in 2006 or 2005, where people and the economy was being driven by huge credit growth...
but, believe me, the reason why bankers are paid so much in Brazil is that they are hard to find...the "smart college people" here usually want to work for the government, and think finance is for fools...
even before the boom, bankers were highly paid
You're in Brazil right now Goldman? Is most of the hiring done local down there? I think I may need to do a 2 year stint and take advantage of the pre World Cup/Olympics boom time :)
getting in as a foreigner will be tough, due to competition from locals here...I would suggest talking to brazilians and trying to network here
The reason they get paid so much isn't just because they're in a bubble it's mostly because there's a severe lack of Brazilian talent to actually do the job. You can't just transfer some American banker even if he speaks Brazilian because he needs to know the customs and practices of the country.
there is hardly any non-local recruiting, at least entry-level. if you are interested in a position, the only way is to get in touch directly with HR people down in Brazil and explain your situation. be ready to have, aside from good finance credentials (Brazilians don't care about liberal arts bs) some real good grasp of Brazil, and Portuguese! the visa issue is quite important too.
on the other hand, it is very feasible to get into a latam group in NY, do your analyst stint there, and transfer to Brazil in your third year. you need to show commitment to the country and obviously Portuguese skills.
Yah I get it - I'm from Portugal and used to live in São Paulo when I was younger but educated in the US (JD at top 7 school And cap markets/banking LatAm work at BigLaw) - the language/culture/visa issue is nonexistent for me - I'm going for my MBA in the fall and during recruiting will iterate my interest in LatAm with a focus on Brasil - there can't be many like me right???
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