Indian IB Scene

Hi everyone, I hope you’re doing well and keeping safe. I’m an Indian student in Australia. I just wanted to know a few generic things about breaking into the Indian IB/PE scene?

Secondly, does cold emailing work? If so, whom to cold e-mail?

Thirdly, what’s the opinion regarding students coming in from a foreign university applying to IB/PE jobs?

Thanks in advance for your help. I highly appreciate it!

 

Thanks for responding! For the Australian office, it’s because, it seems they don’t hire international students for IB or MIRA(which I am highly interested in) and also, I don’t have a ton of relevant experience other than a case Comp and a couple of student societies, to be honest. What do you think I should do?

 
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I would try to land as many internships in Australia as you can, hit up any contact through your network as possible.
If that doesn't work out, maybe you can try consulting companies that focus on what you like.

Then, if that doesn't work out, you can try landing any finance related jobs. There are hundreds of companies in other industries that need finance staff. This could be corporate finance, strategy, or anything that could be a fit.

I don't know where you studied, but if you studied in AU, don't you get some kind of a work permit afterwards? Why wouldn't companies hire internationals? I know so many (almost 100 people by now) who went from England to Australia and they all had a job within a few weeks. Including visa sponsorship. And they didn't even study there, about a third are in IB jobs and came from London.

 

I don't know how sponsorships work in Australia. But generally, companies have a number of new hires they can hire with visa sponsorship. While the Australian immigration system is seen as restrictive by some immigrants, it is much easier to get a visa in Australia compared to, say, the US.

I would cold email, use your network (everyone), just apply to as many roles as possible. This is your only shot.

 
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I read somewhere on WSO that the Australian IB scene is not that friendly to international students and they prefer hiring lawyers (the last part might be inaccurate). But, let’s build on that assumption. If I were you, I would not focus on returning to India because:

1. Australian schools do not carry as much weight as their American, British, and Singaporean counterparts. I am saying this based on the little I have seen on LinkedIn. Not that many Australian graduates working in PE and IB roles worth targeting.

2. If you have student debt, you might be in a massive fiscal problem since only the top-tier roles will help you sustain it. Otherwise, you will be under debt load for a considerable time.

3. Networking doesn’t really work here. You either went to an IIT or IIM or you did not. For most elite banks and front-office roles, the conversation closes there. You can push harder, connect with recruiters like Native, but you would need considerable experience to substantiate your standing. Which, I guess, is missing here.

4. The front office roles are few and far between. They don’t get regularly posted on LinkedIn. And the gatekeepers (recruitment consultants) are not always available to candidates who do not fit the conventional profile.

With that said and done, you can do the following if you still want to work in India:

1. Focus almost exclusively on boutiques like Avendus, O3, Veda, Spark, Equirus, and the likes. Be open-minded and don’t get bent on getting salaries matching the USA banks' standards in India. I am not sure where you want to be in the long haul, but each one of these banks has the potential of providing you with a solid deal experience.

2. Be open-minded to the middle office and back-office roles. GS Bangalore or JP Morgan Mumbai. Anything that comes your way. Start the hustle and when the opportunity presents itself, transfer internally.

3. Work with the Big4 corporate finance teams. This is kind of ancillary. But, IMO, Big4 are more accommodative to candidates with foreign experience. Take a couple of years of experience and try to be in the TAS team. From there, jump to the first front-office role you can get in a bank.

4. Get your CFA. The three letters still have value in India, no matter what the online forums think. 
 

I guess that covers up everything.

1. General ideas about the Indian IB scene.

2. Do cold emails work? Not really. But try focusing on Associates and ask them to connect you with the VP and so on, if possible. That is one way to build a relevant network and get some trust before you shoot that mail to the MD. Also – please use LinkedIn Premium. Cold emailing – I am not sure that is the most efficient way to network in India if it works – at all.

3. Opinion regarding students from foreign schools: There is a hierarchy – Graduates from the USA/UK > Singapore > Other countries.

Feel free to disregard all the advice. More power to you. Keep us all posted. Cheers!  

 

I don't really know how the finance scene works in India but surely there's some alumni in India from your uni that you can contact. You should also try and get some internships during school with local firms if at all possible. Are you at a target? If so, getting an offer, and then a visa, would be easier I reckon.

 

I studied in South Africa as an international student which has even more restrictive policies than Aus about hiring internationals. There are strong Affirmative action & BEE policies to correct the past injustices from the Apartheid era. Companies literally get taxed more, and lose out on deals if their workforce skews too heavily away from local previously disadvantaged groups. There is zero chance they would give a place on an Internship to an international student, let alone one from Britain, over a poor smart kid from the townships. Especially one without the right to work - I had no work permit. 

Having said that I got an insight day at BofA, internships with Citi and Barclays. And I interviewed at Goldmans. All in Johannesburg. Purely from networking. And hustling. It's possible. I remember one story when a few Citi bankers came down to Cape Town for a recruitment event, at then end of the night I was getting bottle service at some high-end club on the strip just because I stayed till the end, and recommended a good place to go out. I was the only student there, and landed the internship off the back of that night, after the HR lady started stroking my back in the club haha... no interview required. Similar epic stories for the others - cold emails/LinkedIn/cold calling/networking - everything taught here. I had no right to be on those internships. But I just hustled. Now working in London off the back of those gigs. Good luck.  

 

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