Hey folks - so I've noticed there isn't much on the forum with respect to Front Office Investment Banking roles in India and I decided to take the initiative to have something on the web that'll be helpful to future aspiring excel monkeys.'
About myself - went to undergrad at one of the old 5 IITs and got an MBA from IIM A/B/C. Got some work experience as a Quant at a bulge bracket before BSchool and I'm now a first year analyst at a bulge bracket in the India Coverage team.
Feel free to shoot any questions you have about the finance industry in India and I'll be happy to answer them! Cheers!
Recruiting in IB:
Primarily happens through campus recruitments at IIM A/B/C and ISB (no other school as far as I'm aware). There are few lateral hires who move from domestic banks (Kotak/ICICI/SBI Cap) or other MNC banks (BofA -> GS or HSBC -> JPM for example).
For laterally moving from outside India into India front office, I'd suggest getting atleast some work experience in Banking in the US. If not, try applying to domestic banks in India and move up the ladder.
Recruiting in PE/VC:
PE/VC recruiting works a bit differently. Top tier funds like Sequoia/Accel hire out of Consulting/Banking backgrounds only with few exceptions like Matrix/Carlyle/BX which come to campus placements at IITs/IIMs (VC almost never hires CAs - PEs love them on the other hand).
I've spoken from a post-MBA role perspective. Pre-MBA for Front Office Bulge Bracket Banking directly almost doesn't exist (you can try and make the move from middle office to front office) and Pre-MBA for PE/VC is almost entirely out of Consulting/Domestic Banks backgrounds. Almost all Pre-MBA roles are contract roles for 2 years post which you're expected to go get an MBA.
Comp in IB/PE:
India Front Office pays pretty well if I'm being honest. Total comp for first year BB bankers out of campus can go anywhere from 75LPA to 1Cr (there was a recent increase in comps throughout - prior to which it ranged between 60-80LPA). PE comp might appear a bit lower to begin with ranging from 70LPA to 90LPA but a significant proportion of their comp is tied to Carry which is paid over 10 years (one fund offered 1MM USD as carry if the person stuck around for 10 years at my campus)