Bombay banking numbers

An agonizingly far cry from U.S. / European levels.

but india is agonozingly cheap also. 50 grand in India = 200 grand in NYC.

That's a joke. $400 shoes cost $400 whether you're in New York or Bombay. The whole "standard of living" deal only takes you so far. And the last time I checked (yesterday), a scotch on the rocks still sets you back Rs. 1000+ at anywhere even close to good in Bombay, and we aren't even talking single malts here.

True, foreign products like Toyota or Versace won't be cheaper. Food, housing, gas, etc. will be. If you buy local shoes or clothes then it will be cheap.

Also, $50 K is a pipe dream. Think more like .. $10K .. at the ABSOLUTE max. Realistically I'd be thinking $5 - 7 K, if that.

I have heard junior bankers make 20-25 lakhs a year including bonus (that is R.s 200,000). a very good life even in bombay.

well see, my friend at a BB has been offered a position in Mumbai, since her visa didn't happen this year.......just wondering how much dough would people like this make...

so the comp for associate/sr. analyst levels is the same in india as it is in ny?

i think what the previous poster meant was that comp for post-MBA hires in India would be about the same and comparable to the rest of the western world.

5k-7k might be correct for the backend technology jobs, in (IT/Bangalore), but compensation is certainly greater for the frontend jobs. I am from IIT and I attended the placemnt talk when DB came to our campus. They offered close to 800k rs which at 40rs to a $ is about $20k. This was for their global markets center.(This is straight out of undergrad) But the guy giving the presentation said that if you are the person they are looking out for, then they are going to pay you enough that you just cannot refuse the offer.(Whoo!) I guess the salaries are set to grow. There was a firm (tower research) which visited one of the IIT and paid rs. 1800k ($45k)for a position in Gurgaon. They also hired another for a ny position for $90k. I don't know if that includes the bonus or not. From the articles suggested in one of the earlier posts and otherwise as well, it seems that there is going to be a huge talent war between the banks for the best guys. The general crowd would still be paid $5k-$15k but the stars would have to be paid >$30/40k for them to join. And you have to get smart guys for the prop. trading desks, for m&a and stuff.

I'm a summer analyst at a KPO shop in Mumbai and I'll tell you everything's cheap here. The included amenities are definitely a great perk. We're getting a salary on top of rent, a daily food allowance, and a driver 24/7 if we so desire. It's pretty easy to find nice meals for $5-$10. Any recommendations for good night spots?

As far as I know...Salaries for analysts at BB - Investment banks in Bombay (Except for GS / MS) is not close to their counterparts in NY/London/HK.

However...the salaries are very good..once cost of living is taken into account. Also these salaries are expected to rise...and probably reach global salaries.

The Investment Banking business has grown rapidly in India. India is the leading country for M&A in terms of volume for the Asia Pacific (Ex Japan) region. The equity deals (mentioned below) announced in the last month itself give an idea on the kind of demand that is out there :

-ICICI Bank looking to raise $5 Billion through domestic & international offering (GS, ML, JPM) - DLF raises $2.25 Billion through IPO (ML,Citi,Lehman,Kotak,DB) - Sterlite raising $2 Billion through ADS (ML, MS, Citi, Nomura) - Genpact raising $600 million through IPO (MS, Citi, JPM) - HDFC Bank looking to raise $1 Billion (ML, UBS) - UTI Bank looking to raise $1 Billion (Underwriters to be selected)

Thats over $10 Billion (approx $150 million in Fees) in equity deals announced in the month of June.

There is significant demand for Convertible Bonds, Corporate Bonds and foreign currency Bonds. Hence the Debt side is doing very well.

Hence...if some one is willing to take the tough environment (in terms of infrastructure and facilities)...India is a good place to get Emerging Market Experience !

Ghosht your friend should expect to make anywhere between USD20k-60k depending on bank and profile. I do not know if bonuses will be included in these numbers. However considering how much lower the cost of living is if its savings you are intrested in then you will probably save just as much (maybe even more) in Bombay than NYC. How much are you left with in NYC after taking into account cost of living, taxes and socializing anyways? Your friend should recieve a lot more perks than money in hand so there wont be need to spend too much.

The general consensus in Bombay is that salaries need to rise. This is partly due to the fact of increased M&A activity and restructuring services. PE also for that reason is starting to look very attractive there. Just google out the M&A activities of Indian Cos in the past year and the expected ones in the coming year. The is a huge shortage of Investment Bankers in India esp. the experienced kind and companies both local and international are shelling out top bucks to get talent on board. Incomes in India over the past few years have risen more than any other developing nation in the world and Bombay is becoming a solid Tier II financial house. In a few years a lot of big money is going to be flowing through here.

Its a BB bank....so I am guessing its closer to 60 K, which is absolutely fabulous in India. I am pretty sure this number includes the bonus too. But still thats living like a damn king. well ill tell her, shes been really upset on the prospect of leving nyc and going to bombay...maybe this will cheer her up.

I don't know if 60k can actually give someone today the lifestyle of a King even in India....I mean nowadays, especially in real estate, people are making big big bucks....I know of many techies who are making that amount coding for microsoft, there are people who run coaching academies who pay their teachers about 45k-60k, and then there are many others who have set up businesses and have disposable income of about 2 lakhs($5000)a month (yeah that means apart from savings and other stuff)...So i feel that Investment banks should definitely pay much more if they have to justify the long working hours that they demand...Don't know much about the compensation scene in bombay, but i think the guy who said that they would be getting 5-7k a year needs a reality check.

How much does a butter chicken and rice cost on the street in Bombay?

Is it as cheap as say the Chicken Pad Thai in Bangkok that goes for about 50 Bhat ($1.25)?

Thanks and best of luck.

p.s.- If you are so inspired to buy a 400 USD pair of shoes in India, you are stupid. You don't need ferragamo's to take home the same bonus as the guy with J & Murph's on.

lets say about $2 for the stuff in bombay (now obviously the prices would be higher if you go to an elegant restaurant)

Shikhar those numbers are in USD not INR. USD60K. The guy who said 5-7k put dollar signs in front of it. Thats about ~ 2-2.8 lacs which is what someone at the most junior level straight out of undergrad would make. USD 60K is ~24 lacs and is a common figure now a days in all leading non financial and financial firms. Ofcourse it would really depend on what position someone is at. A first year analyst might not make that much. But even then if you want to save then your numbers aren't going to look any brighter in NYC (assuming they don't look worse)

im working in NYC (hopefully, i got into the visa lottery). no its not MS. Its a non gs/ms BB.

Yeah I agree with Bryan. I don't know why you would bother with overpriced junk. This is actually even truer in India. Compared to Americans or Europeans an Indian has much better grasp of how much a product should be worth. In US you have no choice. a $30 shirt is a $30 shirt no matter what because that is what the company decided to sell it at. And they all pretty much rip you are huge profit margins. In India these same stores have difficulty selling. Not because people don’t have money but simply because if you sell a simple T shirt for 30 bucks they will laugh at you esp. when they read the Made in Thailand tag! I tend to pity the types who buy stuff simply because it says Versace on it. You can get the same shirt at a local store with exactly the same design and pattern. Only this costs around 7USD. I personally never saw the point of getting anything from US. Fancy or no fancy. I know for a fact there are better alternatives in India. You really don’t appreciate the life in Bombay until you get some dough to spend. Then you find out just how much spending power you actually have.

you have no idea till you actually have some disposable cash in india..then you realize how much its worth!

^^ To add to that...Simple suits cost you a lot in the states...not because the cloth is a better quality or the design cannot be remade (well thats true in super luxurious clothing sometimes...but I am targeting the general market)...but because the guy making them (manual labor) is freakin expensive....You can get amazing suits designed and tailored to perfection at half the price almost always....and the stuff is always amazing quality too if you are ready to spend just this amount...

I agree with mass_banker...5-7K is too tiny for even a junior banker who works for a BB in India...My guess is around mid 40s to 50s...TOPS...Having visited India for 2 months you can rest assure that a person will be treated like royalty for such an amazing (relatively speaking) salary.

Hi, Does any one know numbers for post-MBA associates in Bombay? I will graduate next year and hopefully will start as an associate somewhere in the US. My plan is to return to India in 4 years, but won't mind going sooner for the right opportunity. How much do associates/VPs make? I have 6 years of pre-MBA experience and an MS from a top school. Thanks. PELBO

from my bank went back in the middle of his analyst stint because he was homesick. he is making 70 grand a year including bonus in bombay. thats a lot of freaking money in india. and i heard some other banks pay even more. if you have some exp in the US, it pays. Even if you dont have US exp, junior bankers make way way more than 7K.