Comments (31)

  • Analyst 1 in IB - Cov
Jan 9, 2022 - 1:52pm

Hi, thanks for doing this. As an incoming analyst, I am generally curious about the exit after IB in HK. Some questions may sound dumb, so plz bear with me on this.

  1. When should analysts start preparing for buy-side (PE and HK specifically) recruiting in HK? Are HHs going to approach you or you need to stretch to reach out the recruiter?
  2. I notice a decent amount of juniors would join the funds in mainland China. How about funds HQ in HK? What is the split like between these two?
  3. How hard is the internal mobility from HK to other financial hubs, say NYC or LDN? I know this depends on the bank, but want to have a general picture of the possibility to do this in HK
  4. Is MBA a viable and popular option in HK IB? Do I need one for PE funds in HK/Mainland China?

Sorry bombing you with this long list of questions, but I'd really appreciate any lights shed on them. Cheers!

Jan 10, 2022 - 5:44am

1. can start prepping as soon as you start your job. HH will reach out to you like 3-5 every week. 

2. 80/20 split of mainland / HK, or something like that. Steeper now because a lot of people wanna to go home

3. pretty hard. Stars have to align even when there is headcount

4. MBA associates are not as common as US. Not required for PE

Jan 10, 2022 - 5:37am

Yes. Native level mandarin is pretty much a hard requirement with BBs as most of your deals would be HK IPOs of mainland Co (some industry teams can be less IPO heavy, but still mandarin is a hard req). About 80% pitchbooks I did was in mandarin too. I have seen pretty qualified candidates being turned away in superdays due to not passing an on-site Chinese test. (i.e. translating a news paragraph)

Jan 13, 2022 - 9:09pm

Hi! Thanks so much for the post. I'm an incoming IBD SA in a Tier 2 BB in HK. However, I did not have direct ibd exposure before (though hv solid understanding in mkts and valuation).

Questions from me:

1) what are the tasks (including final project) that IBD intern typically do at your bank and the rough estimate of time % spent on these tasks.

2) what kinds of intern would impress you and the most? What key qualities would you look into when deciding a return offer or not?

3) tips for pre-internship preparation. What skills/knowledge you wish you could have developed before your first IB job?

4) tips for networking during internship. Is it very important for networking in HK BB?

Jan 13, 2022 - 9:15pm

Hi! Thanks so much for the post. I'm an incoming IBD SA in a Tier 2 BB in HK. However, I did not have direct ibd exposure before (though hv solid understanding in mkts and valuation).

Questions from me:

1) what are the tasks (including final project) that IBD intern typically do at your bank and the rough estimate of time % spent on these tasks.

2) what kinds of intern would impress you and the most? What key qualities would you look into when deciding a return offer or not?

3) tips for pre-internship preparation. What skills/knowledge you wish you could have developed before your first IB job?

4) any tips for networking during internship. Is it very important for networking in HK BB?

Jan 15, 2022 - 3:19am

1. could not touch live IPO. can be anything. debt, M&A pitch, IPO pitch, housekeeping. content and team depends on the current dealflow. so no fixed %. but you will mostly spend time on ppt, as interns cannot do much with excel

2. quick and resourceful. Quick means quick to pick up and learn. If i teach something, they can get it up and running like asap. Attitude and good communication is key, everything else can be taught later. 

3. pre internship just please get quick with MS office. esp ppt. That is basically it. Not much knowledge wise pre IB. For HK IB, maybe read some books on HK listing rules / procedures and study up the Paper exams for HKSE so you save some time. 

4. Quite important for your personal development. Just do it and message a lot of people, ask around, follow up. Have a list of clear talking point and have an idea of what you want to get out of it. A lot of people are quite lost during networking I feel like

Jan 16, 2022 - 11:59am

Very rare. I do not recommend pursuing HK IBD as a main strategy for breaking into IB if you don't speak+write near native/native level mandarin. Even internal transfers now are difficult for insiders who do not speak the language. Most deals 100% requires mandarin capability, incl DCM ECM. Some groups like M&A and Oil & Gas may not use Chinese as much, but people on the job are basically bilingual. Unless you got people vouch for you inside, might not pass resume screen? 

You can do a quick search on LinkedIn to corroborate above point. Filter HK BB and just look at the last names, great majority mainland/HK/TW background. 

You might consider Aus/LDN/SG if your school name is good? Not too sure about this route though. Another route is to work at your home country, but seats can be also very limited. Many banks got offices in KR/JP etc. 

  • Associate 1 in IB - CB
Jan 21, 2022 - 12:40pm

Thanks for the thread. I'm currently working in CB at a US BB (grouped with IB) and hoping to get an APAC posting at some point in my career, I've been to HK a few times and love it but leaning more towards Singapore mainly for the political climate but also because being a white guy who speaks conversational but far from fluent Mandarin is a plus in Singapore (can BS with Mandarin speakers to build guanxi but won't be expected to do business in it) and sounds like a dealbreaker in HK

Jan 17, 2022 - 1:31pm

Many thanks for the Q&A! 

1) What's your impression of the general tiers / ranking among BBs in HK?

2) Have you seen any push from BBs to move or hire bankers more-so for onshore JVs instead of in HK?

3) What's your view on the hiring market for junior IBD laterals this year? Is it still expected to be as hot as prior year come bonus season?      

4) With the latest changes in junior comp in the U.S., has that reflected in the HK IB market and would you know if it's generally the same or differs among BBs? Thank you 

Jan 22, 2022 - 1:13pm

1. answered to another comment in the thread

2. yes, answered to another comment in the thread. Also some bloomberg article explained this point really well. This is all public info. 

3. still pretty hot, a lot of attrition across the board. COVID is wearing a lot of people down, since they want to go home to mainland? just a guess. I am guessing it is hotter than 2020 and cooler than 2021. 2021 is a catch up on capacity to prepare for the homecoming delisting-relisting from US to HK

4. yes, global changes. some BBs have some catching up to do, but they will match eventually. Really not a deciding factor for juniors. I do not recommend people think too far on pay comparison across banks. It is all in the same ball park. It won't be like a Wells vs. Centerview type of gap in the US lol. 

  • Analyst 1 in IB - Gen
Jan 21, 2022 - 1:43pm

Thanks for doing this! I want to ask several questions:

1. How's the appetite for post-MBA associate wanting to pivot back to HK from NYC? You mentioned it is easier from NYC to HK but not the other way around, but I also wonder about the difficulties to make the transition either for internal mobility or jump to another bank. 

2. Deal type: my experience in coverage group thus far is to 1. pitch advisory or financing ideas; 2. if it's mandated, then work with the respective product teams to execute. Is it the same in HK? What deal types have you seen mostly? Financing as Mainland companies are looking for capital? 

3. I've heard there are a lot more "random" pitching as HK MDs are casting a wide net to a lot of companies, vs. NYC MDs typically have built some relationships with their clients so the pitches in the U.S. are more targeted / tailored for the individual company. What's your experience so far and how that difference (if any) impacts the junior's job? 

4. I've also heard the pitch/job is "less technical" in HK than that in the U.S., but I don't think my coverage job in the U.S. is that technical at all as most LBOs are done by LevFin or M&A and we just handle industry-specific merger model, which doesn't happen often. Given this perception that US bankers have "better technical skills", should I train up my modeling to meet that?

5. A lot of job postings in HK banking are in groups different from mine thus I really don't have any particular industry insight or product knowledge to carry over if I do move cross-regionally. It seems that I can only blindly apply to any job postings and then start prepping for those groups that invite me for interviews. What would you suggest to do?

6. How about the hours? You mentioned previously that it is getting better - what's considered "better"? For reference, in my group, we generally work Mon-Thu (10-1), Fri (10-7), Sun (12 to whatever you have on hand). That's very good in my opinion when I talk to my peers across the street. Want to gauge your data points and also see if it is industry-specific. For example, if TMT has been hot in Asia (or at least used to be before the crackdown), would TMT bankers be crushed every night vs. FIG or REGL guys are chiling? 

7. When do you suggest to make the move? Associate 1 vs. 3? Does it even make a difference?

8. Tiers of the bank? I think someone else asked this but from your experience, can you elaborate the tiers of the bank with strong products/verticals and to the extent if possible, the comps (if any is above or below the street). 

Thanks again for doing this. 

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Jan 22, 2022 - 12:55pm

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