Investment Banking Scene in Singapore

Hi all, I've noticed a severe dearth of information regarding the IB scene in Singapore, so I was hoping this thread could be a valuable resource for others in SG hoping to enter IB. Here are a few questions that I have I'm hoping other Singaporean monkeys can help clarify. If anyone else has a question too, feel free to leave it in the comments.


General Questions

1) Who are the major players in SG?

2) Do base salaries follow the US numbers?

3) What are bonuses like (% wise)?


Breaking into IB

4) What are the target schools? Are most from Ivies/Oxbridge tier schools or NUS/NTU/SMU?

5) What GPA does one need to have a good chance at breaking in? (both local and foreign universities)

6) How many A1 spots do BBs/EBs/MF PEs in SG have per year?

7) To what extent do A-Level grades matter?


Thanks, everyone!

 

why have you posted this in multiple different regions? Surely APAC would be enough lol?

 

Inaccurate information. Banks in Singapore hire alot from the big 3 local schools, with ranking being: SMU > NTU = NUS. Not sure if this is due to banks having preference for one school over the other or students from certain schools tending to perform better, I think it's the latter.

Banks here also hire from Ivy leagues, but usually only constitute 1-2 ppl per batch.

 

Thanks for your insightful reply! Interesting that you say that PE/HF is more active in SG; do MF PEs recruit more than BBs? 

 
Most Helpful

Gonna chime in and mention that some points that have been mentioned thus far are inaccurate here based on conversations i’ve had with people in the industry in SG. Will caveat what i’m saying with the fact that I neither work nor went to university in SG (but I am Singaporean), so take what I say (and frankly what anyone on this forum says) with a grain of salt.

Yes, some of the banks have very small FT analyst classes, but they all vary in size, with CS typically being the largest due to their comparatively higher dealflow. Definitely not just 2 per analyst class at every bank though.

Beyond the BBs and local banks already mentioned, some EBs like EVR and GHL are also active in Singapore.

MFPE in Singapore almost never hires out of undergrad; analysts at MFs in Singapore are usually lateral hires for immediate starts from IB (both from SG and LDN/NYC/HK). If you want MFPE as an analyst out of undergrad in APAC you’ll have to shoot for HK. Sure, smaller PE firms will probably hire out of undergrad but I’m pretty sure those aren’t the firms you’re dreaming of working for being on this forum. Not too familiar with the HF scene but i’ve seen some well known MMs hiring SAs and FT so I guess there is opportunity there.

As for target schools, info given so far is accurate, with the usual suspects from the US also being relevant as well. However I don’t think that being in any specific one of the three local universities offers any material advantage over the others.

Being a Singapore citizen is an advantage given the shift towards protectionism in the country’s policies recently, and speaking a SEA language is a huge plus given that a lot of deals involve companies in the region outside of Singapore.

 

Yup, makes sense with what I’ve heard too. I heard Lazard used to have an IB team in SG but it closed down during covid so now it’s just AM.

In the US, EVR is killing it and HL’s RX team is extremely well renowned. Im pretty curious how the SG offices stack up against their peers stateside.

 

so inaccurate. 

in terms of local schools : SMU by far outshines the rest. the business finance students are geared for IB and heavily focussed on it especially with its student  managed investment fund being one of the "guaranteed "placement" for IB" CCAs. after SMU, would then be NUS, with a strong equity research club. Last is NTU. Even if a finance SMU student (with many internships in corp fin/investments etc) does not make it to a BB, they tend to make it easily in a smaller institution/family office/local bank IB. SMU heavily emphasizes on internship experience (or maybe its the culture of students there) so unlike the US, you tend to only be able to get into a BB IBD with at least 2 solid internships/and or a strong finance extracurricular which you're able to speak about.

Even those recruiting from overseas unis (targets include LSE in UK, and any of the Ivies in the US), you need to have solid internships to be able to get into IBD in Singapore.

Mandarin is stated to be a prerequisite for some roles, and is very much an advantage (even the hirevues will ask you to answer question in mandarin so you cant bs that you are fluent in mandarin). But, it is not a dealbreaker and you can still get in to some other BBs that don't care as much if your mandarin sucks. 

GPA: First class honours, high second class honours is good enough. 

A level grades do not matter at all. you don't even have to put it on your resume/in your application. 

 

Hi,

Given that you have kindly addressed some of the misconceptions that others may have about Singapore IB scene, could I ask you a few questions?

1. Due to the Covid situation, I haven't enter Australia to attend university (University of Sydney) but I am graduating in a year or two. Given that, I have not participated in ECAs.

Further, I have issues getting finance related internships in SG to build up relevant experience as they mainly prefer the local universities even though I am a Singaporean. Thus, would it affect my chances negatively for BB in SG?

My grades for finance related modules would generally translate to an A+ or 4.3 in NUS or SMU grading criteria if it matters.

2. What is the general recruitment cycle like for most BBs in SG? I understand that the recruitment started in July last year and had applied for most of the BBs around August or September. However, I haven't received the application outcome from most of the BBs where I have reached at least the HireVue stage (which is about slightly more than half of the applications I submitted).

When I enquired to some of the campus recruitment email, they say the application outcome would be out within the coming weeks for several months already. Once, the campus recruitment mentioned they will check with the relevant team if they are still hiring. Though, the consensus around is skewed towards that the recruitment cycle has ended.

I think these are the more pertinent questions I would have for you if your willing to clear up my doubts. Thanks

 

Hey, it's great that your're aiming to do IB in SG but I have to be frank with you:
1. there are rarely grad analysts from aussie universities in BB IBD in Singapore. You might have better chance recruiting in Australia like at macquarie (if you can get sponsored) or aiming for "lower tier" IB in Singapore like at OCBC or Maybank. Alternatively, you can look at starting at smaller institutions doing corp fin work, before making the jump over as an associate and doing CFA etc to boost your resume. Futhermore, you don't have the desired finance internships which would really just get your resume thrown out eventually. That's because you're competing against tons of students who have done multiple finance related internships and are applying with such a strong resume. You can still try to apply for other types of internships like in consulting and spin that into something. Either way, some experience in something is better than no experience at all. If you check the profiles of Singapore IB analysts at BBs, chances are slim that you'll find someone who got in without relevant internship experience. 

2. Yes, correct on the recruitment cycle. It's extremely accelerated, albeit not as accelerated as in the US. It's already Feb, and by now most recruiting has already closed. So if you have not received a response, it's most likely they're waiting to send a mass rejection email. Futhermore, as you did not advance beyond the hirevue stage, it means you  are not on the waiting list. However, looking positively, there may be other smaller banks that recruit later and nearer to the end of the semester (ie April) so do not lose hope. There are some that even do rotational program which will include other functions, apart from IB, so you can try going for those and then try to earn a spot with the IB team.

Good luck buddy!

 

I’ve seen 6-8 months offered by the SG office of a MF, and afaik buyside comp in SG is pegged at a discount to BB comp, so purely based off of that it seems to make sense for your bonus to be structured similarly.

 
  1. Anyone know if it’s possible for a non-SG from a UK semi/target to break in out of undergrad? How much do visa sponsorships matter?
  1. Is just English okay for recruiting? Does being monolingual hinder career advancement/buy side opportunity? Also, would speaking Japanese hold any value in Singapore IB (see emphasis of knowing other asian languages on forums)?
  1. Speaking of recruiting, what are the timelines like for IB?
  1. Can anyone speak on offer rates from SA classes? Heard it was lower in asia but could be completely off.

Thanks

 

1. Near impossible these days due to the protectionist policy of the government based on my knowledge. I believe that it has to be shown that there are no suitable local talents for the job before the company can hire from abroad. In this cycle where I applied for internships, a few of the companies asked me to switch to Hong Kong if I do not have visa or a local resident.

2. Think Japanese is more useful in other parts of Asia because SG is doing mainly SEA deals.

As for the rest, I don't think I would be qualified to give my opinion as I am still a student

 

I work at a BB in Singapore

1) Top 5 - JPM, MS, UBS, Citi and BoFA in terms of deal value. CS leads in deal count.

2) Yes, comps are all in line with global / US standards. On a post-tax basis, you're significantly well-off.   

3) 8 - 12 months

4) Most analysts are hired from local unis, with the majority being from SMU. 

5) It is very competitive, so having a good grade is not enough. Many A1s, have 2 years of cumulative internship IB experience (some taking LOA)

6) Depends, CS has a large analyst cohort

7) No impact

 

I would say it has become increasingly difficult to break in if you're non-Singaporean. The system is not in your favour, employers can hire a Singaporean and that person can start immediately after the notice period. However, to hire a foreigner, the employer has to jump through many hoops - making a public job listing for at least 1 month, EP application could take an additional 1-2 month (with the possibility of rejections) and they have to justify why hire a foreigner over a local. That being said, it is not impossible

 

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