Hong Kong IBD as a foreigner?
Hi all. I have received an offer from JPM for a summer analyst role in HK. As a non Chinese speaker, I am wondering what my perspectives would be there. I know they have an East Asia coverage team that excludes China, but still I am not convinced whether it is the right choice. My alternative is Morgan Stanley in London, with possibly some leverage on a choice of team such as Tech or M&A. I really liked the people who interviewed me at both and I'm looking for advice on what would be the wisest choice - and which teams I should aim for both.
Are you a Korean speaker?
No, I don't speak any Asian language.
I cannot comment on which would be a "better" internship since I have never done banking. I can, however, give the OP perspective on the scene in Asia as it pertains to career development and sophistication of the markets, since I have been in the region for a while in a number of roles, know a lot of people across the industry and have seen/heard a lot.
"Asia" is, in general, increasingly localized (Chinese dealing with Chinese, Koreans with Koreans etc). Generally speaking, cultures are more closed off to outsiders and what matters most is one's local relationships and networks (ie. who you know) rather than what you know (ie. actual technical work and skills). There are certainly some "technical" or "sophisticated" bankers (mostly at the mid level) who execute, but the typical quality of professionals across the spectrum is lower, often significantly so compared to NYC/London (this is not to say these people are not smart).
My impression is that at least a few of the "skilled" mid-level types (who are often from NYC/London) are frustrated because they do not get to use their expertise or skills much and are often overruled, or report to senior types who, well, aren't very technical, skilled or knowledgeable and don't care to be.
This is because "Asia" is in general much more relationship based. Everyone went to the same schools and is from the same social circles and so has known each other forever. As an outsider one can be seen as "friendly outside help" but career upside is generally limited unless one is a senior type who is sent over by HQ in NYC/London etc to be the voice/flag carrier for the Firm and deal at a very high level with clients as a face of the bank.
In short, the Asia internship may be fun and the OP may learn a lot and see a lot and have a good time. But getting a return offer may be tough especially when competing with local kids since most MDs/Heads will be local and will probably want local grunts as analysts. Markets are less sophisticated, hours are often longer with more entertaining and less work/life balance.
"Europe" is more developed and sophisticated technically and generally, I would presume, has more connectivity to NYC (ie. HQ) where the real decisions are made. The OP's teammates/bosses will probably be more technical, and clients more sophisticated, and so will be a better work/learning experience from a work perspective. It may not be as fun/random or as diverse though that's for sure.
Perhaps someone with London experience can chime in to add/refute what I have said to give the OP a clearer picture.
My two cents. I hope this helps.
Good Luck
Very helpful, thank you!
earthwalker7 has spent a ton of time in Asia and I think his previous 2c basically echoes what was posted above.
Not attacking you, and apologies if it comes across this way.
How did you get the offer without local language skills? I'm making a lot of assumptions right now but from your post, it seems you (1) haven't lived and do not currently reside in HK, (2) are not in touch with the local market. I'm assuming both these points given your London MS offer. From my understanding, recruiters would want to see that you have some relevance to the European market for the London offer to happen.
On another note, may I ask about your background? Are you a Londoner, or international from Asia / Europe??
Take MS london and don't look back unless you have a penchant for all things Asian
Note this assumes a world where HK isn't rioting which isn't the case lol
Also want to note that this is largely based on the fact that you are looking to move on after banking. Buyside opps in Asia are a little less welcoming to non-Asian speakers - HK bankers / PE guys correct me if I'm wrong
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