Hey,
I'm gonna graduate next year and regarding my past internships I definately want to go into a BB's investment banking division, preferably M&A. Anyway, since I'm a big fan of Brazil and their culture, I thought about moving there to start my career in Brazil. Of course I know that New York or London would be the major places to start a career in investment banking but I guess that Brazil offers a lot of other opportunities that eventually increase the quality of living. Further, in a few years from now, I think especially the M&A activity in Brazil will surge.
Any opinion on that?
Additionally, I would be interested in getting some advice on the recruitement process. I do know that GS, for example, does not recruite people in NYC if you don't have some kind of affinity to the American culture (when recruiting people from oversea). How about Brazil? I myself have barely anything to do with Brazil apart of my interest for the country and the culture. Do you think I'd have a chance?
Many thanks in advance!
Fluency in Portuguese and Spanish is pretty important. Also cost of living is actually relatively expensive. Most IBs will have LAM headquarters in Sao Paulo, and the rent there is pretty damn expensive (if you're not living in the favelas). Anything other than food and drink is more expensive there than the US (a Corolla is around R$60k, which is still like US$30k, any designer clothes will probably be 5-8x the cost in the US). Of course, I have no idea the pay structure of bankers in Brasil, so perhaps it's more than enough. I'd also studying business relationships there...it's pretty different. Take this with a grain of salt...I haven't lived there, but I've done tons of research and have friends working in finance there.
www.emergingglobe.com
excellent resource for lam/south america high finance positions
fala português?
if no, then you don't have a chance
Anyway, if you got a job offer in Sao Paulo and London which location would you personally choose?
wow very cool site Jimmy. I also want to go back to LATAM but coming from there I don't want to go back until I have 8 - 10 years of experience. I think that CFA + Good MBA + solid experience/contacts in asset management = goldmine in LATAM
(My goal is AM/HF/PE not IB)
I am from Brazil and I have to say people posting above me are right. You must speak fluent portuguese.
Inflation has been ramping up for the past years, together with growth, so that makes cost of living very expensive, especially in São Paulo and Rio. Office rents in these cities are among the most expensive in the world. Housing, food, clothes, electronics, cars, everything else here already was expensive and for the past few years, got more and more.
A first year IBD analyst in a top local BB (BTG Pactual, Itaú BBA or even MS, GS, JPM - wich are not first tier here) can make R$250k-300k all in in the first year, which is very good (thats about U$140k all in, FX has varied a lot lately).
Income tax is 27,5% at the higher bracket which applies to your whole income and even though that may seem lower than the US, taxes on consumption are WAY higher (makes 50% of gas price for example) and contributes to lower your standard of living.
Taxes on imported goods in Brazil are also very absurd. For example a 26er of Smirnoff made in Brazil is about $8USD, while a bottle of Absolut imported from Sweden can be well over $60
thanks for your opinion guys. however, you focus too much on living expenses. I was rather asking from a work-related point of view. I just think that investment banking activies (M&A, ECM, DCM etc) are about to surge in the next few years.
Plus they have some hot ass bitches in Brasil.
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