Hello monkeys, any opinions/takeaways about investment banking in Asia? Here's what I have gathered from reading various threads on WSO:
- Usually takes most of its analysts from top US/UK universities, although I heard recently they're taking grads from top local, Asia and Chinese schools.
- Takes summer analysts from local universities (CUHK, HKU, HKUST) *Credits to @whiterabbit"
- Hires mostly from its summer class.
- Works longer hours (Even more than NY) The hours are absolutely brutal. Chinese culture is all about hard work and it shows. *Credits to @Ash Ketchum"
- Comp is large across the board (even in some cases larger pretax comp than NY, but due to rent and cost of living, effectively it's less than other places.)
- Chinese / Mandarin is a must. Edit: Apparently not a must if Korean or Japanese, thanks @whiterabbit" and @marc2". In addition, lots of translation as a junior and you need to write and speak well mandarin, which is a hard task for non-native Chinese.
- Great emphasis on connections and relationships.
- Many IPOs and capital raising here.
- Large client interaction, even at the analyst level. Many trips to different places since the deals are usually not with HK firms.
- There is also a lot less collegiality and a lot more zero-sum-game thinking, backstabbing and other unpleasant behaviour. (Applies for China too). *Credits to @SSits"
- Lots of translations and menial tasks. *Credits to @Ash Ketchum"
- I heard they only take native Chinese speakers.
- Even larger dependence on connections. Nepotism is like wildfire here.
- China's stock market (blue chips) is in Shanghai
- ChiNext and SMEs are in Shenzhen.
- I assume it's the same as Hong Kong, but you can probably get by without knowing Chinese, since most of the deals are from SEA. Knowing a SEA language is definitely a plus (or even a requirement).
- Many IPOs, fund raising, debt/equity placements and some M&A. Probably not as big as NYC, but very often in frequency. Especially with Singapore being the financial center for SEA (Indonesia, Malaysia, etc).
- Quite difficult if not a local, especially for analyst gigs (since they want the entry-level jobs for their own grads). Post-MBA associates will mostly be from US schools *Credits to @srangoon"
- Japanese is a must, BBs probably don't take non-native Japanese speakers.
- Comp is comparatively low to HK and Singapore
- Work Culture is bs here. Lots of kissing asses, seniority culture (e.g. you can't be older than your boss, stuff like that)
Feel free to add/subtract stuff or make any corrections.