Given an option, would you rather start IBD in an emerging market (Shanghai/Mumbai) or more developed markets like NYC/London considering the deal-flow, deal exposure, pay in absolute terms(PPP) and lower cost of living? What would you prefer if an emerging market (eg. Shanghai, Mumbai etc) was your home country??
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Okay so I am still in college. But recently had a conversation with a senior banker that might answer your question. I can at least give my opinion.
For China - you start off in HK, then move to Shanghai/Beijing/Shenzhen whatever. He basically said start off in a hub (HK, London, NY) and learn all of the modelling and shit, then go elsewhere. Apparently you learn the skill set you need to succeed elsewhere while being a bitch analyst in one of the hubs.
But anyone please feel free to correct me.
thanks for the advice. anyone else who would want to share????
do you know chinese?
Whitecollar has the right idea.
It is much easier to move from a hub (NY, London) to an emerging market than vice versa. You are also more likely to get higher quality training / deal-flow (not guaranteed though).
You also have to remember that especially Mumbai will pay you a lot less. However, people will be really relaxed. If you don't speak Hindi, you will quickly feel like an outsider (friend's experience) and you won't learn as much if you don't understand half of the things that are being said.
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