Q&A: Investment Banking in Singapore

Hi All,

My background:

I am a senior Analyst in the Investment Banking Division of one of the international banks. Entered the field after receiving a return offer from my Junior year summer internship.

Ask me anything

This thread would be most applicable for College Juniors / Seniors looking to enter the Investment Banking (i.e. M&A and GCM, not Markets) space in Singapore. Feel free to ask me anything about Investment Banking from a junior perspective and I will try my best to answer based on my experience.

 

Hi, i’m entering university in 2 years, and i’m currently applying to singapore universities. May I know which degree would most likely get me in investment banking? And also the GPA and extra-curricular required? NUS or SMU?

I can’t decide between business administration and accounting. I’ve heard rumours about the latter being harder to score in and get a high GPA because of the way tests are marked.

Sorry for the many questions! But I really look forward to hearing your reply!:)

Thanks so much!

 
Most Helpful

Your degree is not really relevant. Im currently taking a tech degree (CS/IS) in one of the 3 local Us and going to one of the BBs for summer. In fact, it is rather "interesting" when you are slightly different.

Of course there are pros and cons. Since Im taking a tech degree I have to split my time between studying finance for interviews/internships and programming for my degree. I imagine it's slightly easier if you just study finance as your degree so you dont have to study other less "relevant" things. It's really up to you what and how you want to learn.

Between business and acct, you are right acct is harder to score. BUT you learn many important things in acct since im IB acct knowledge is fundamental. You can always learn acct even if you are in business but with less structure it's harder. GPA is still important of course so I lean towards business. Keep in mind, GPA is most relevant in filtering out candidate at the start. Once you meet their cut-off, it doesn't matter much. Your interviews and tests would be the main determinant factors.

For CCA, it's most relevant when you are looking for your first internship since you don't have any exp. Join any of the finance CCAs to showcase your interest and learn a bit on what you are getting yourself into. After your 2nd internship, it's not relevant anymore.2

 

Thank you so much for the insightful comment! I’m struggling to think of the other jobs/paths that business degree students might have if they don’t make it into the banking industry. What are the options and any advice you’d give me if I were a business student?

 

In Singapore, the offices usually have corporate finance teams that cover M&A and GCM together, with sector teams based in Hong Kong. Hence you may specialise in a field only at the VP level or above (though you can "specialize" by requesting specific project types to your staffer)

The overseas experience is not really valued as much these days. There is an excess of candidates in Singapore at junior levels - The preference would still be for Singaporeans who did College in the US / UK looking to work in Singapore upon graduation

 

Hi, with regards to landing an internship with investment banks, would having CFA certification increase one’s chances of getting it? Also, how important are business case competitions and what else do banks look out for specifically in the selection process apart from GPA?

Thank you!

 

Not really. CFA is not really useful in IBD. Be prepared to get quizzed more in-depth on technicals if you mention you have taken the CFA

Case competitions are a talking point - It can go both ways depending on how you answer in the interview

Most important experience I've seen so far are previous IBD internships - especially 6 month ones as these students tend to be more polished in their corporate finance skills. SEA languages are a significant advantage since the Singapore office usually covers SEA

 

What about students without any prior IBD internships? Are they required to have relevant internship experience in corporate finance before applying for IBD internships afterwards?

 

Thank you for doing this cricket008 . Here are a few questions I have:

a. Are banks open to hiring at Analyst levels from the new MS Finance programs at NUS and SMU? If yes, is there any bias against immigrants in these very programs?

b. I recently had a talk with a student in the MSF program at SMU. She said the financial recruiting in Singapore has been shrinking for a while and it is an uphill battle for immigrants pursuing graduate school programs. Up to what extent are these assertions true?

Once again, thanks for doing this. I hope we all get to hear from you, soon!

 

Thank you so much for doing this. These are some of the questions I have:

  1. Do you work across different industries within M&A and GCM that you mentioned in Singapore office? Or do you specialize in specific industries and if yes, when is the point you start specializing?

  2. How is the deal flow within the Singapore office? I guess that Singapore office mostly work with SEA clients but do you work with other clients from China or HK often?

  3. How is the FT recruiting process for your office structured? I'm currently a rising senior at a US college and want to search for opportunities in Singapore but dont know much about the networking style in Singapore. Can you give some advice on the best way to reach out to people? (cold email, linkedin?)

Thank you again and hope to see your response!

 

Yes. You can try to specialize by requesting to your staffer. As far as I know, only JPM does sector specialization at the junior level in Singapore

Deal flow has been slowing in recent years due to macro factors. Mostly SEA. Hong Kong / China clients are more rare, usually in cross border scenarios involving an SEA client and a Hong Kong / China client

Attend the campus presentation sessions of these Banks's Asia IBD division. That would be the best way to make an impression for internship interviews. FT recruiting is very rare in Singapore since most FT hires were interns and headcount is so little compared to the US (e.g. 2-5 a year, except CS)

 

Are students be expected to have in depth knowledge of financial modeling(or any other skills) or is it something that you pick up during the internship itself? Also, do most analysts in IBD go for their masters in order to get promoted more quickly or would a bachelor’s degree suffice? Thank you!

 

The most important traits to have are grit, humility, and a willingness to learn

Basic knowledge of finance is enough (3 statements, basic valuation techniques like DCF and comps). However, having modeling skills and other practical skills (e.g. structuring principles for M&A, knowledge of markets for GCM) is a plus for performance evaluation during the internship. Learning on the job is expected

College degree is sufficient. Grad degrees are more common in the UK offices of the international banks

 

This summer, I will be interning at KPMG (deal advisory department) and next semester (starting september) I will go on exchange to Fudan University in Shanghai (master in finance). Afterwards, I would love to to an internship at an investment bank (or local PE fund) in Singapore. Do you know if it is at all possible for an international student (I'm Belgian)? Any tips on recruiting for Jan. 2020 or in general? Thanks a lot sir!

 

It's possible, but you will need to work extra to get that internship compared to Singapore nationals studying in the US / UK / a Singapore college Junior

The Singapore offices prefer the latter 2 due to foreigner restrictions on the work force and the high quality of Singapore college students / the commitment to Singapore they show by studying here

My advise would be for you to attend the Banks's campus presentations in London and make a strong impression when networking with them - especially highlighting why you want to work in Singapore and your commitment to SEA. Completing a semester in one of the Singapore colleges and an internship here before applying to the Junior year IBD internship in Singapore can demonstrate your commitment to SEA

 

I go to a UK target uni and I'm not Singaporean. Would it be hard to break into IBD in SG? Should I still apply for summer internships in SG or apply elsewhere and try to move to SG later down the road?

 

Yes, it will be more challenging for you, unless you are a South East Asian national

If you are a South East Asian national and can speak your home country's language fluently, go for it - you would stand a good chance due to your college experience and your language capabilities

Otherwise, would suggest for you to apply to the UK offices - recruiting in Singapore is significantly more challenging due to the limited headcount. Also wouldn't put your hopes up for an internal transfer to the Singapore office - usually the Singapore offices prefer to hire someone already based in Singapore and the talent pool here has an excess of candidates

 

Hi,

I am applying to university this year, before I enlist in NS. I wanted to know how do UK semi-targets like Bristol, Nottingham, Edinburgh and Durham face up against the SG universities. Also do you know if there is more or less competition for IBD or FO roles in BB's in SG or in the UK, in terms of Openings to Applicants ratio. I am a Singaporean.

 

Don't see much representation from those Colleges in IBD here. Definitely see more Singapore College kids than those UK Colleges

Definitely more competitive in Singapore, due to the very limited headcount here. Do note that the UK is challenging for foreigners as well, as they tend to prefer UK / EU nationals (at least until before Brexit)

 

Hi there! I'm still rather new to WSO, but thanks for doing this AMA!

I am a Singaporean pursuing a Masters in Finance in the UK, and I did my undergrad in SMU back at home. I am looking to break into the IB/PE industry upon graduation in September.

  1. However, I do not have any previous IB or PE internship experience, the only thing I have is a good GPA (first class) in my Masters and non-academic stuff (student council, co-founder of startup etc.) How good are my chances of breaking in?

  2. Given the choice, would you rather work in London or in Singapore for IB/PE?

Thanks and much appreciated!

 
  1. The GPA is good and the extra-curriculars are good to have. The internship experience would make your case more challenging - most of the interns my place accepts has prior internships, since in general these people have more polished technicals

  2. Singapore IB / PE any day. Tax rate in London is very high compared to Singapore, food there is not very palatable, and there's generally a bamboo ceiling there. Only reason I'd go there would be for transaction exposure

 

Hi, thanks for your reply! Just a couple more questions, if you don't mind.

  1. How you would best advise me to enhance myself since I lack the internship experience? Purchasing the IB/PE interview guides and just start networking/reaching out to firms?

  2. Is it more feasible for me to try to start off with a boutique IB/PE, or try to get a non-IB/PE role in a BB and spend the next few years to try to lateral into those?

  3. Lastly, do IB/PE recruit all year round or is there a cycle?

Thank you very much!

 

Hello! I am a Chinese-Canadian currently studying at a target school in the US, and am looking to break into the IBD space in Singapore/HK after graduation. I had a couple of questions about the recruiting process:

  1. What is the best way to secure a junior-year internship? I have a friend who is going to a top-tier bb in Singapore post-graduation, and he claimed that networking is much less important for Asian offices than it is for the US, and that my GPA might prove to be a huge disadvantage to getting through the initial HR screening unless I were to get an MD referral (I currently have a 3.3-3.4). Would analyst referrals suffice, or do analysts not hold any power in the recruiting process in Singapore?

  2. In regards to Singapore specifically, what would you say are the most exciting sectors to work in and why?

  3. Would not being a Singapore national prove to be a disadvantage in any way during the recruitment process? I am bilingual in mandarin/English, but am not sure if that would be an asset in recruiting for Singaporean offices.

  4. What are you looking to do after your analyst years? Megafund? Lateral transfers to another office? Biz school?

Thanks so much for doing this.

 

Attend the recruitment presentations and make an impression

Referral from anyone VP and above will suffice

Consumer and NRG (Indonesia projects are run out of Singapore)

Yes, not being a Singapore national is a disadvantage - your story chimes more with the Hong Kong office. Mandarin is not as useful as an SEA language in Singapore due to the geography covered here

Either stay on or go back home to work

 

Hey there, I have a proprietary algorithm that automatically calculates the corporate credit rating of 10,000 US publicly traded companies. This is significantly greater coverage than Moody's or S&P can offer and we cover many small-cap and pennystock companies that have never been rated before. I'm trying to figure out who might find value in such a data set. Got any ideas on who might give me some real feedback?

 

Hi, there,

Thank you so much for doing this ! I am a student from one of the 3 local unis in Singapore. Just to get a general feel:

1) Do you intend to stay in banking as a long-term career choice? 2) Of your friends working in the big banks, how many of them actually try to move on to private equity? 3) Is the recruiting in PE similar as it is in the US?

Thanks you once again

 

How has bonuses been for the last 1-2 years? I am hearing the minimum across all BB's is 6 months, with one or two BB's paying up to 12 for top bucket. Also sounds like IBD base is much lower than market? I hear that after the stub period (from August till the banks FYE / promotion period), market guys get bumped up to 11+ for Anl1?

Re: overseas experience, I saw some regional recruiters posting on job sites (for both IBD and PE) "interested in talking to overseas Singaporeans looking to come back" -- I can't imagine their experience is any much different from those that studied / worked locally. Do you know why this is the case (and isn't this mild discrimination)?

Many thanks for doing this.

 

As above, 6-7 months for middle bucket and 11-12 months for top bucket

Don't interact much with Markets people, so can't comment on it. I know they have the same starting base in most banks, but unsure of the difference after stub

A small minority of firms have that preference for overseas Singapore citizens due to legacy reasons. They may have more exposure to restructuring / full LBOs which are less common in Asia

 

Notice that Investment Banks did not do well in the recent quarter (Europe banks more so) and seems that the market sentiment is more bearish lately. Do you think the 2020 Analyst Pool will shrink?

Thanks.

 

Hi, Thank you for the AMA. I am looking to apply to MSc in Finance courses for the 2020AY with the aim to get into IB/PE post graduation. I wanted to know: 1) Do IB/PE companies in SGP hire from SGP colleges who offer the MSc Fin courses. 2) What are the constraints in acquiring work visas in SGP post graduation for international students AND/OR are their any bonds that the applicant need to sign during enrolment? 3) Lastly, any recommendations as to which colleges have the best course to offer for MSc Fin in SGP (target schools for IB/PE)?

Thanks.

 

Hi,

I'm from Korea, tech institution (Think KAIST, POSTECH) with a dual degree in Finance & Computer Science with 6 months boutique IB experience (3 more this summer in MM IB), thinking about applying to a BB winter internship (MS, GS, ...) In Singapore. Will work visa be a huge obstacle for me comparing to those studying domestically? Furthermore any advices or recommendations would be great.

Thanks in advance and appreciate any helps!

 

Hi,

I'm a SEA national (not Singaporean) studying in Australia. Wasn't successful in securing SA offer in SG IBD this summer, planning to apply for FT recruiting in next couple of months.

Since you mentioned above FT hires are rare and analyst pool in SG will contract, so probably don't stand a ghost of a chance but I intend to apply anw.

1) What courses of action you think I should undertake to maximize my chance? Currently, I'm trying to connect with some senior bankers sharing the same nationality with mine.

2) If the aforementioned plan didn't work out, I will try looking for some off-cycle gigs, what's your opinion about those off-cycle internships? Are they served as a substitute pipeline for FT analysts?

Array
 

As my username suggests, I'm a Singaporean analyst 1 working at a top pure EB in London (CVP/PWP/PJT). I'm wondering what the view on these sort of places is in Singapore, and what the ease of being able to lateral into MS/JP/CS would be as an Associate or VP if I decide to move back.

In the US/UK, these are highly regarded names and juniors have great exposure to megadeals. But I'm aware they don't have Singapore offices and sometimes not even HK offices.

 

Hi, many thanks for the AMA! I was wondering whether you can give some guidance as to whether a European student could find a job in IBD at top banks in SG. Have studied for one-term at a Singaporean university (SMU/NUS/NTU) and loved the city. I have done multiple internships in top tier IBD, PE, and MBB. Unfortunately, I am not proficient in any SEA languages / Chinese but speak several European languages.

 

Hi thanks once again for doing this. Just want to know if the Singapore IB banks require candidates/interns to have taken the SAT? And if so, what score is good enough to put on the resume? I’m an incoming freshman at one of the 3 Unis (SMU/NTU/NUS) studying accounting. As i’ve heard the US offices do require applicants to have good SAT scores.

 

How often do you get hit up by headhunters for opportunities in other fields e.g. PE/HF/Corp Dev? Singapore COL is high so would you say your comp allows you to live well in the city?

 

Hey there, I'm an Australian student that's looking to work in IBD a few years into the future. Would you think making associate in Australia and transferring overseas to SG or HK is viable? Will this play out to be an advantage or disadvantage for my career in the long term? I'm envisioning my Mandarin to be good enough as to not be a problem.

 

Hi, thanks for doing this again! I was reading up on SMU business school’s advisory board, and I noticed some big name companies sitting on the board. Example CEO of Morgan Stanley, Standard Chartered, AMRO, etc. Will them being on the advisory board bring any form of networking opp. for students? If not, is it advisable to cold-email them and invite them for coffee/tea to get to know more about the industry and build some meaningful presence?

I apologise for the really Long question. Thanks for sharing!

 

Thank you for doing this. I'm a senior studying in a non-target in the U.S. I did recruiting for SA in Singapore but didnt succeed. This summer I'm pondering between an IB role and transaction services at a Big Four (SEA country). I believe I will have more work at the Big Four just because the bank does not usually hire interns. Which one do you think will better my resume for FT recruiting? Also, do you think I should go for an MSF program to reapply for SA role since FT recruiting is so hard to come by?

 

Thanks so much for doing this AMA - just have three questions

  1. How hierarchical is the culture in SG? Do you talk to Dir/MDs much?
  2. What's the social atmosphere like - do people hang out after work or go for drinks etc?
  3. How long do you spend as an analyst (is it 3 years or more like 3.5 usually)?

Thanks!

 
  1. Depends on the bank. MS is more hierarchical, where Associates / Analysts talk to Ds / VPs and rarely the MD (unless the MD is leading the deal directly himself / herself)

  2. Depends on the bank. UBS is more family oriented. MS, CS, and JPM have more social events. Do note that the amount of office politics in the bank is a direct positive correlation with the amount of social activities

  3. Depends on the bank. UBS and MS have 2 year Analyst programs and 4 year Associate programs. Others follow the traditional 3+3 year program

 

Do you plan to stay in banking for the long haul or move into something else?

 

Hi, I'm a SEA national, currently working at a BB (non-IB) in the US, but would like to land a role in Singapore in the future. Definitely heard about knowledge of language could be an advantage, but just curious to see which ASEAN countries are actually the targets for the majority of the deals?

 

Hi!

I'm a Singaporean studying in UCL and I'm evaluating if its a wiser career choice to start my career instead of Asia. I've noted your previous comments on tax (agreed), food (agreed x10) and that overseas experience less valuable nowadays.

Would it make more sense for me to come back first? My long-term goal is still with Singapore. If I start in London purely for experience, would it e difficult for me to go home?

Thank you so much

 

Hi. I am entering into university next year. I am contemplating either a 2 year honors(if I pass bridging) in SIMUOL banking and finance or econs, or a 16 months banking degree in kaplan. Based on your experience, which will you recommend? Which will gives me a competitive edge over others, especially from those local degrees. Thank you.

 
UrbanDecal:
Hi. I am entering into university next year. I am contemplating either a 2 year honors(if I pass bridging) in SIMUOL banking and finance or econs, or a 16 months banking degree in kaplan. Based on your experience, which will you recommend? Which will gives me a competitive edge over others, especially from those local degrees. Thank you.
If I'm honest, neither will give you a shot at the foreign banks, even local banks is a long shot. Take a look on LinkedIn and you'll see most of them are from NUS/SMU/NTU etc or the top overseas uni. Try the smaller boutiques.
 

Neither will give you a competitive edge over local unis, but between the two choices you mentioned I would definitely pick SIMUOL. I have met a few of the top students from SIMUOL that landed decent roles in local banks (DBS IB, UOB IB), Big 4 Corp Fin / M&A / TAS and some smaller boutiques but I've never heard of anyone from Kaplan landing such roles.

 

Hi, thanks for doing this AMA! Do you have any tips / advice for interns, e.g. things that interns should do and things that interns should avoid doing? Also, how should interns navigate office politics, e.g. what if an associate asks an intern to do A but analyst asks to do B?

 

Hi, thanks for the AMA! How realistic is it for a Japanese national (attended a target uni in Tokyo) to recruit FT for S&T in Singapore? I graduate in spring 2021 and did a SA stint at a Tier 2 bank in Tokyo last summer. English is my first language, but would I be better off recruiting in HK/Australia? if so, should I look for a SA gig in 2020 first and then convert that to FT?

 

Hi, thanks for the AMA! How realistic is it for a Japanese national (attended a target uni in Tokyo) to recruit FT for S&T in Singapore? I graduate in spring 2021 and did a SA stint at a Tier 2 bank in Tokyo last summer. English is my first language, but would I be better off recruiting in HK/Australia? if so, should I look for a SA gig in 2020 first and then convert that to FT?

 

Hi there, I'm an NUS Physics bach deg holder, currently working as a research assistant in a scientific research lab; have been working as RA for 1.5years. I'm thinking of switching to the finance industry, particularly interested in IB. I intend to take a CFA and I'm wondering if CFA is sufficient and if it is still possible for non-finance/business people like me to join the IB sector at this point in time. I sincerely seek for your advice on this as I believe you may have a clearer idea of the probability of one to apply for IB with no prior internship/experience in the finance sector. What will be the necessary steps to take so as to increase the chances of getting accepted by IB in Singapore? Beginning with an internship?

Thank you very much and hope to hear from you soon!

 

Hey there,

Your chances of getting in without doing a masters is probably very very close to 0. CFA wouldn't help; but that's just my opinion. CFA is more useful for Asset management type roles. A top MBA programme would be the way to go if you want to join IB. Even then, it still wouldn't be a given that you get the job as there'll be several others vying for the same opportunity as you. But if you are very certain of joining IB, IMO go do a top-notch MBA

 

Dear sir/madam. I am a Singapore citizen but have never actually lived in Singapore. I am currently attending the University of Toronto with a GPA4.0/4.0. I am very interested in doing an investment banking seasonal/summer internship in Singapore. I am wondering what my possibility of succeeding is?

Also, for seasonal internships, those take place during regular school semesters. I am wondering if I receive an offer for a seasonal internship, is it worthwhile to take a gap semester to pursue those opportunities? Thanks for your help!

 

SEA national in one of the growing economies (think Vietnam and Indonesia) and fluent in Native Lang, English, and limited Mandarin. Currently in 1st year at an HPYW, wondering what would be my chances for IB in singapore? What steps should I take to improve my chances? Is networking as heavily emphasised as in the US? 
 

Any and all help is appreciated, thanks

 

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