How do Small banks recruit interns in India. I know that they don't have a dedicated recruitment system.
Hi everyone, I am currently a freshman with no internships lined up this summer, primarily due to my negligence, so I wanted to ask how do small banks( every Bank except the likes of GS MS JPMC and Arpwood Avendus) hire for their interns. Should I cold messages them on linkedin, the time is short so I def can't network and idts it's much of a culture here.Would Really Appreciate your help.(The finance degree is for 3 years and I plan an Masters after that)Also, my university is pretty well known in Mumbai, so recognition isn't a problem.
Hey Rishit! In my experience, the finance recruitment scene in India is pretty unstructured if you are approaching it from a non-campus perspective. Most big players tend to hire their interns out of B-schools while some may be recruited through insiders. I feel the numbers shift the other way when it comes to the small banks. These banks tend to hire interns that have secured their place through someone who works at that bank.
As you have already mentioned, reach out to folks on LinkedIn and ask them for a coffee chat (if possible) or a networking call. Understand their work, the bank, and general outlook for the Indian banking space. State your interest for the intern role and Im sure someone is going to hook you up with the HR. That would be my strategy considering the limited amount of time you have.
Hope this helps! :)
Yeah, the BB and Some top boutiques are very Campus oriented and if you're from a Non-Target, your chances of making it into these firms are 0, let alone in their Investment banking vertical. Also, the teams of GS/MS/JPMC are in numbers you could count in your hand, most of the teams are offshore and provide support work. GS hires analysts from top 3-10 bschools here and all are in Support teams. Also AFAIK they complete 2 years here and then are inducted as fresh analysts in UK if they're good, similar is for JPMC too, MS however hires UGs, but very limited, for their Analyst Programme AFAIK and I haven't been able to talk to anyone if they're onshore or offshore bankers, but their team is pretty small.
I guess I'll start reaching out in a couple of weeks,I have a list of banks who have a small work force of like 10-30 people, so its just curating the messages now that remains, Thanks for the help, Steve, really appreciate it!
You're welcome! All the best
When you were talking about hiring from top 3-10 bschools for support roles, what is the pay like?
They aren't exactly support roles like Legal Compliance etc, but more like mid office roles where there is lesser client interactions as compared to the on shore teams. The pay at these bschools is anywhere between 22-35 lakhs in Rupees but PPP adjusted it's about 100k USD, bonus I think would be half of the base if I am not wrong, However these roles are also now offered to top 5 UG core finance Institutes, and top 10 techincal Institute albeit less.
The main reason is because the bigger firms don't take smaller deals( the front office teams are easily paid 50lakhs base) and smaller deals are done by the Front office of MID sized or Boutiques firms ( anywhere between 10M$-300/400M$) the pay for such banks is similar to MID office of BB so people often choose one over other for several reasons
Thank you for answering my question, can i pm you?
Sure
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