Investment Banking in India
Hey guys,
Does anybody have any idea about the Investment Banking scene in India?
Also if anyone has any details on Boutique firms in Mumbai (like a list or something), could you please PM me.
Thanks in advance!
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No internships at the undergraduate level. Most firms only hire from the top 3 IIMs and only those who have prior finance experience and/or people from IIT+IIM with a 9/9/9 throughout their education. Basically, very difficult to break into. The market is also very small so that's why they don't need too many people. Pay is pretty good at the top banks (Citi/Morgan Stanley/BofA) with first-year analysts getting closer to 60 Lacs.
Also, not a whole lot of M&A. Most of the work will be equity capital markets.
Hey,
Thanks for your comment.
Could you shed some light on the reason why it is so different compared to the US/abroad in general, especially in terms of the internship for undergrad students?
And what internships do you suggest undergrad students pursue instead of ones at the top investment banks? Is looking at Boutique Banks for an internship viable?
Thanks again for your help!
One, the no. of positions are less. Also, There are people graduating with an MBA who have zero years of experience, compared to people who are graduating from an undergrad with zero years as well. So, the MBAs don't really command a premium and thus a bank would much rather go get the MBA than the Undergrad.
Contrary to US, I think the Equity research industry is bigger than its Investment Banking industry. So, I would recommend pursuing the ER. I broke into IB in the US but I only had ER internships in India. if you want to break into IB in India then MBA is your only way, and that too a top MBA is needed. Yes, you can always try for boutique internships but I imagine that involves a lot of pitching and less real work.
You also have to realize that in use it is assumed that SA -> FT. That's not the case in India. So even if you intern somewhere, it won't lead to a FT mostly, no matter how good you are.
Another thing you have to realise is that it will probably require a lot of connections to break into finance in India if you are not a top grad from IIM. There's just too high of an entry barrier.
Not too sure because I wasn't smart enough to get into an IIT haha. However, if I were to guess, it would be base + bonus. Still very, very good pay given the COL in Mumbai and the fact that you'll most probably be not married so no dependants. IB (specifically, M&A) is small right now in India because there's a lot of space for organic growth but I expect IB to continue to grow as the economy matures. My gameplan long-term is to enter IB through the US and then internally transfer to India as an associate/VP lol (will be interning this summer at an american bank with a presence in India but still long ways to go).
Canada scene is pretty small, although visa system is pretty simple. I would go to Uk.
Hey! So I want to go back to India because people seriously underestimate how nice the lifestyle is even at a reasonably upper-class range. that 60 lacs will turn into more as you progress in your career, and that money goes a lot further than other countries! Having lived in Mumbai all my life, I can very reasonably say that my lifestyle rn (even though I am not earning, but I imagine once I start earning, too) is a downgrade compared to my life in India (and my dad wasn't some hotshot millionaire). Plus, being in the majority in any country has huge advantages. In the US, I am in the minority and a lot of times there might be some glass ceilings that will be difficult to break through. Also, I have relatives and family friends whose kids were born in the US and they are just confused man. They don't identify as indians but also find it difficult to fit in with the white crowd. I don't want to give my kids that kind of a lifestyle tbh. I know this is super long term but I want my kids to grow up in a community where they have a lot of support and don't have to disassociate with their background to fit in. Finally, I think while IB isn't as big right now, I would love to grow with an industry and be able to be a big part of it once it matures, not join it when its matured. Because even in US, if you see, all the big shot MDs have been around for long, and they are the ones that have all the relationships. I think if I am able to do something similar in India, I would really enjoy it. Sorry for the long post haha.
Shit dude this is exactly my thinking and path I want to follow.
Since you're clearly a lot ahead in the process and know more, do you mind messaging me?
I'd really like to get your advice on it and thoughts on some things.
Thanks!
As someone being born in the US to Indian immigrant parents who is now working in IB, I find this answer pretty BS. Sure the lifestyle aspect is a huge factor for sure and if you're comfortable living and working in India then by all means go for it. But your comments about the glass ceiling as a minority is completed misguided. Working in finance I see first hand how many Indians are at the top levels of finance across investment banking, private equity and really all other facets of finance. sure there may not be many Indian CEOs, but I've seen so many Indians at the Managing Director/Partner/Group Head level - far above the representation of Indians as a percentage of total US population. We definitely have it much easier as a "minority" in North America than many others do and if you work hard, which you will need to in any high finance job, the sky is the limit.
Might get MS for this but I would argue nepotism and classism is a larger issue in India than it is in the US with respect to job opportunities, especially in finance. so not sure if your point there stands either.
Your comment about kids being confused or lacking an identity is also quite misguided and I can speak directly to that being one myself. This relies entirely on how you parent and your willingness to integrate into Western culture. I have seen both ends of the spectrum where some have integrated completely and lost all their Indian heritage as well as those who completely avoided integrating as much as possible. But the majority have found a good balance between integration while maintaining our culture.
At the end of the day. It's easier to go from the US to India once you start full time than it is to go from India to the US so make sure you take that into consideration when making your decision too.
Sorry for the long post but felt I needed to clarify things for other people who may be thinking about similar things and wanted to make sure people we informed.
In 3 years (the time you would be able to work in the us without an H1B visa), I'd guess that you would be able to make it to max the associate level right?
Do you think it makes more sense to then do an MBA in the US and then come back, or does that not make sense since you anyways want to come back?
Some of the BBs (and PE funds) do operate out of Mumbai. Not too familiar but my dad had to work with some MS India on a deal- deal teams are quite lean, and pretty sure it's top heavy so more senior bankers. They all started off in other industries and joined IB at a 'later' stage in their career (~ 30 y/o)
Also yeah, mostly IIT+IIM and prestigious US schools
Yeah, I'm realising that the layout of everything is just older and more experienced compared to the us.
Yes we can help you with all desired information
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