Wall Street has, for a long time, been considered the gold standard for investment banking. Recent developments (err... underdevelopments) of the US economy, however, have caused speculation that the central hub for future finance lies outside the US (with a lot of people betting on London).
How does New York Compare to Hong Kong
- What do you think the tradeoffs are between current opportunities in the two regions in terms of:
- Training and transferable skills
- Interesting work and project exposure
- Exit opportunities (including bschool, lateral transfers, geographic transfers, and industry transfers - PE, etc.)
- How will the comparison between the two regions look in 2 years? 5 years?
- What is the current US perception of banking in Asia? Is it still considered inferior to Wall Street?
OP continued at end
This post was originally created in 2007. To see a more up-to-date discussion, check out these posts:
- Hong Kong vs New York: The War is On!
- Perception: HK/Singapore Being at a Lower Tier than NY/London?
I'm interested in comparing New York to Asia (Ex-Japan).
With 4 of the 5 fastest growing economies situated in Asia, I can only imagine that the banking industry of the region will follow a parallel boom. It's been a very very long time since the US has seen double digit economic growth. On the other hand, China still needs to increase its economy 700% to even catch up to the US. Naturally, there is a lot of development needed (but, in turn, also allows a lot of room for development -- unlike the stale market of the States). I strongly believe that it will take at least 1 year for the current effects of the credit crunch to subside, and definitely more than 1 year if the banking industry is to recover to the level it was at before the meltdown. Because of current conditions (the USD is weaker than the CAD! Gasp!) it seems like a perfect time to look for opportunities outside the States.