London vs Hong Kong

IBD experience London would give you a much better training than HK. Also, it's a lot easier to go from London to HK, rather than the other way around.

But in either case, it will be extremely difficult to get a FT gig in NYC afterwards unless you study / have citizenship in the US.

In London you will have better technical trainings while in HK (way) higher pay. Not sure about recruiting in NYC

London by a long shot. Worked as a SA in HK and spent most of the time on translation/other grunt work. Would highly recommend London over HK if you're interested in learning about corporate finance. You'll get more sophisticated transactions, better modeling experience, and a more structured process when it comes to buy-side recruiting (you'll probably be paid more in HK but that shouldn't be a factor this early in your career).

If your mandarin and chinese writing are good, you can consider HK.

If you want to work in HK, intern in HK. If you want to work in London, then London. London is marginally better than HK for lateraling to NY.

Lateraling from London to HK is difficult unlike how most people claim "it is easier to go London to HK rather than the other way round". BB in HK does not require much technical and they would rather hire someone from Chinese IBs with more experiences rather than someone with London (with no transferrable skill).

Market nature is very different, most sectors you are looking at companies with completely different strategies / valuation / etc. For example, you would never look at companies like PDD in European consumer or Lufax / Ant in European FIG. Some MFs occasionally hire those from London, but more from NY and even more often HK

Teams that are open to lateral from overseas offices typically: 1. you know the people inside; 2: they are shitty teams that have hard time getting candidates they want abroad; 3: you are a top performer and your group head make the ask on behalf of you

Actually had a similar discussion with a few Chinese friends at the Analyst/Assoc. level at BBs in London.

Having talked to HHs, the general feedback was that LN experience is valuable IF the candidate has prior experience in China, whether through undergrad or via FT work experience. Rationale is that PEs prefer candidates who understand / have knowledge of the domestic market and understands its culture. Modelling in HK is definitely less heavy than in LN, but it's much more easily taught compared to soft skills such as how to interact with say Chinese management. There are of course exceptions, but the general tendency seems to lean towards HK bankers compared to LN ones

The technical training in London is better but you'd have more local knowledge/market colour/relationship building if you start out in HK.

I can tell you that financial modelling doesn't matter as much in HK (by a wide margin vs. London), more so for sellside than buyside but still. 

For buyside exits - don't matter London/HK, I've seen both happen and tbh given hiring decisions rely a lot on background checking - it'd be easier for them to check with their HK based friends and London friends.

PM me if you need more help.

Let's say you are a dual citizen with citizenship in US and Europe, is it easy to lateral from Europe to NYC? How about if you're in a niche group like structured products?

Go to HK, better pay and less competition. The London market is over-banked, makes it really tough to stand out unless you're a multi-lingual European Master's student with 12 internships.

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