High Finance in Europe
I am originally from latam and recently completed undergrad in the US. I have aspirations to eventually get a job in what some refer to as high finance (pe, hf, etc). I am looking to go to grad school as a way to pivot into the career path that I want, and an MSF in Europe is very likely because it is a lot cheaper and I have citizenship there. I slowly started to get the hang of how the industry/networking/career advancement works in the US so I am somewhat unsure if I should do everything I can to stay here or make the jump. To those who are familiar or have worked there, I'll toss a bunch of questions so I'd appreciate if you can answer any of them.
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What are some major differences in working in high finance in Europe vs the US?
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How easy/difficult is it for an outsider to break in given the right qualifications?
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Networking has been the biggest tool for me to find internships and jobs here. I've maybe cold called 500 people in the past 4 years. How does networking work in Europe?
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I believe this is true everywhere in the world, but a lot of my friends here have gotten their positions from family connections. Just curious to know how big of a thing that is there.
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Compensation: this one is pretty big. If you were to compare any of the standard analyst/associate positions people take before jumping into high finance, how's the comp?
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I could be wrong, but my impression is that the UK is where people go to make the big bucks. How do other countries in western europe compare in terms of availability of jobs, compensation, etc?
Thx
Same here. I'm -temporarily- done with the us. Do US citizens count as diversity hires?
No lmao. Otherwise internationals would be diversity in the US
NYC vs London finance has been done many times before. You'll take quite a big pay cut in London (due to weak pounds), COL is similar. A recent thread shows that 2 bankers in NYC have 2x net worth of 2 bankers in London (similar age; but it could also be due to lifestyle choices). Slightly better QoL in Europe where people take vacations/holidays very seriously. Networking and MBA is less important in the UK. They also have a set of target schools, search for MSc Finance rankings on this site.
US vs continental Europe is another matter.
Edit: I wouldn't call European MSF exactly cheap, unless you're targeting schools in continental Europe. MSF from Oxbridge are only 1/3 less expensive than that of MIT. LBS/LSE are slightly cheaper but London is quite expensive. You pay less in the beginning but your compensation is lower afterwards.
My experience with Europe (I'm from Europe) is that they're more obsessed with where you've studied (target schools), grades, and experience (internships).
You see these rags-to-riches success stories here on WSO, where some hungry guy decided to work hard his last or second-last year, and basically network his ass off to get a shot? Yeah, doesn't really work that way a lot of places in Europe. Lots of banks want a steady performer, with a long track-record of success (some will even ask for your HS grade transcripts, even if you hold a Masters Degree with straight A's), and recruiting is done through the same channels for almost everyone.
It obviously depends on where in Europe you want to work, and the culture there, but I'd say that in Western and Northern Europe, cold-calling and network for the sake of networking is seen as bad taste. You'll get bunched in with status seekers and social climbers.
If I were you, and I were to study for a Masters - I'd to that, but work like crazy getting good grades, taking on leadership roles (student organizations / clubs / etc.), and aim for internships ASAP. Those networks are valuable and legit, and will help you get more work. Cold-calling hundreds of random people or school alumni on you find on LinkedIn, will not do much TBH.
What do you mean by Europe? If you want to work in France and don’t know French well, you’re not gonna find a good job AFAIK, as an example.
Will german at A1 proficiency help a US person land a job in Germany or the UK?
It will help landing interviews in Germany and Switzerland. No guarantee whether you can land an offer though. Due to the beginner level you would have to show you are committed to investing time and effort to bringing that up to business level, at least. Being physically present will help when learning.
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