Comments (14)

 
Sep 24, 2011 - 10:04am

In terms of career progression, there's a huge dropoff after NYC and London. I'd say the next one down would be HK, but Beijing should be interesting in the upcoming decade.

 
Sep 24, 2011 - 10:47am

Solidarity:
In terms of career progression, there's a huge dropoff after NYC and London. I'd say the next one down would be HK, but Beijing should be interesting in the upcoming decade.

Talked to one of the Wharton guys who worked at MS this summer in Singapore office, he had wanted the Hong Kong gig but couldn't get it because he doesn't speak Mandarin. So unless you're fluent in Mandarin and can edit a pitch book in Chinese, you're not getting into any of the Greater China office soon, no matter how great the growth prospect is :-s

My formula for success is rise early, work late and strike oil - JP Getty
 
Sep 24, 2011 - 10:46am

Personally, I think Hong Kong is absolutely incredible. It is an intersection of where Western high finance and the rapidly growing Asian economies meet and the political economic system there serves as a perfect compliment for a burgeoning financial system. I would actually rank Hong Kong easily over London. Heck, for most of 2009's IPOs occured in Hong Kong and the stock exchange there did significantly more IPOs than the NYSE and LSE combined... HK is growing in M&A and debt as well. Lastly, progression in New York is largely linear whereas HK is less established and there is a lot more headroom for growth. Although I have never even been to HK, I think the opportunities there are fascinating. Nonetheless, it is a moot point since Chinese fluency is a convential prerequisite there to break in.

If we are talking about growth opportunities, Shanghai/Beijing and Dubai would probably be next on my list. China has powerhouse industries in a lot of sectors but is still lacking a powerful global brand in terms of banking. It is a top priority on China's list and it may (imo) start heavily recruiting talented Chinese / Chinese-Americans to start building up a domestic franchise. Nonetheless, it is a moot point again for a lot of people since China has always been protective of its people and will always vastly prefer Chinese / Chinese-Americans over other candidates. Same for Dubai.

At the end of the day, this is a decision that is largely based on personal circumstance. If you want to do tech, San Francisco will always be #1. If you are from Texas and have a passion for oil & gas, Houston will always give you a significant personal growth advantage. Likewise, Hong Kong and China for people of Chinese backgrounds and Dubai for people of Middle Eastern descent.

 
Sep 24, 2011 - 11:48am

Vancouver Canucks 2011:

If we are talking about growth opportunities, Shanghai/Beijing and Dubai would probably be next on my list. China has powerhouse industries in a lot of sectors but is still lacking a powerful global brand in terms of banking. It is a top priority on China's list and it may (imo) start heavily recruiting talented Chinese / Chinese-Americans to start building up a domestic franchise. Nonetheless, it is a moot point again for a lot of people since China has always been protective of its people and will always vastly prefer Chinese / Chinese-Americans over other candidates. Same for Dubai.

The big four commercial banks here, although publicly listed, are controlled by the state and therefore ultimately act for the benefit of the state. A Chinese bank will never lend to a foreigner unless they have a Chinese partner or it very directly benefits China. Same can be said for securities firms such as CITIC. They all have a mandate from the central government, so as long as there are SOEs or even private Chinese companies that need money, foreigners won't see much, if any.

As a result the people that are recruited by securities firms, foreign and domestic, even at the junior levels will have some sort of government connection. A junior person will be recruited because their mom or dad is a party member and has the connections to help make things move. This is true for foreign banks' staff as well.

The mentality is different here. This is still a communist country, and the banking system as a whole is quite a bit less developed than it is in the United States. A lot of developments were made under Jiang Zemin / Zhu Rongji, but have slowed under the current leadership and in light of the global financial crisis. Nothing will shift until next year at the absolute earliest when the leadership change occurs.

Start Discussion

Popular Content See all

Girlfriend vs PE
+104PEby Investment Analyst in Private Equity - Growth Equity">Investment Analyst in PE - Growth
First year analyst, still feel incompetent and like I haven’t learned anything
+34IBby 1st Year Analyst in Investment Banking - Mergers and Acquisitions">Analyst 1 in IB-M&A
Friends in IB are chilling hard, how can I get this?
+22IBby 3rd+ Year Associate in Private Equity - LBOs">Associate 3 in PE - LBOs
Q&A: Associate at MM Private Equity fund
+18PEby 1st Year Associate in Private Equity - LBOs">Associate 1 in PE - LBOs

Total Avg Compensation

January 2021 Investment Banking

  • Director/MD (9) $911
  • Vice President (31) $349
  • Associates (141) $232
  • 2nd Year Analyst (88) $152
  • 3rd+ Year Analyst (19) $150
  • Intern/Summer Associate (90) $144
  • 1st Year Analyst (349) $132
  • Intern/Summer Analyst (299) $82

Leaderboard See all

1
LonLonMilk's picture
LonLonMilk
98.5
2
Jamoldo's picture
Jamoldo
98.4
3
Secyh62's picture
Secyh62
98.3
4
CompBanker's picture
CompBanker
97.9
5
redever's picture
redever
97.7
6
frgna's picture
frgna
97.6
7
bolo up's picture
bolo up
97.5
8
NuckFuts's picture
NuckFuts
97.5
9
Edifice's picture
Edifice
97.5
10
Addinator's picture
Addinator
97.5