Investment Banking in Madrid
1) USA (NY) 2) UK (London)
I imagine Paris comes in at 3rd, but how is Madrid viewed?
General thoughts such as comp, hours, prestige, exit ops…
Im in the application process for a few BBs and EBs in Madrid stating Jan-22.
Currently at no-name boutique (graduated), wanna move to a BB or EB, then do MBA in US and eventually get into PE - and wondering if working in Madrid (converting to FT after internship) would get me into a top MBA programme.
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Comps higher than london? That sounds weird
IB in Madrid is a pretty solid regional scene. Most work will be focus in Iberia or Europe (some LatAm depending on the firm) and mainly from a handful of BBs/EBs, some MMs but mostly local boutiques. Compensation is not on par with London; what I think people mean is that the compensation to cost of living ratio is MUCH better than in London. You can start with a GBP 50K base in London, and a EUR 40K base in Madrid, but that EUR 40K goes much further in Spain. Hours are quite comparable, but it depends on the firm. Culture also varies. Anecdotally speaking, I have heard some horrible things about the treatment of Juniors in Spain from places such as Lazard and a couple American BBs but it is also group and time period dependent. I would say IB in Madrid is probably 5th in Europe (behind London, Paris, Frankfurt and Milan) but significantly lower on a global science (behind HK, Singapore and a few other financial hubs). All things considered, it isn't a bad place to be and you can certainly lateral to another major city once you have experience or to local/European PE funds.
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