Seeking advise on a banking career from an overseas grad

Originally Posted by Unregistered

Another option available for me is to work at a mid size private equity after graduation since one of the partners is a family member, but they said I would have to start as an entry-level analyst since I don't have finance experience.

If you were in my place, what would you do? Mid-size PE in Sgp or BB corporate banking in L.A.?

I would do Mid-Size PE. You'll really need to consider your strengths and interests too though.

BB corporate banking in L.A. Without a doubt. Come back a few years later after gaining experience.

Originally Posted by Unregistered

don try and act old bird like u know everything and look down on sim grads. it is very common to see sim grads in the investment banking, fund management and pte banking side doing well and making much more than the book worm exam smart local grads.

some investment banks prefer sim grads as they are more street smart and fast reaction compare to the rest

It's very common? Really? Please provide proof.

For one, it will be a rare sight to even have them in a BB BO.

Originally Posted by Unregistered

knn, even myself as an sim graduate feel disgraceful for you. you are way to deep in your own world. FO in BB hires only ivy league graduates and some lucky local scholars. FO in local and private banks hire mostly local hons. SIM graduates are mostly in mid (compliance/risk) or back office. With that said, doesn't mean SIM graduates are earning ****ing peanuts though.

I drew 3K for the first 6 months in back office. then after probation 3.5K excluding variable and 13th month bonuses. I'm not in a bank. lol.

No, you't have to be a local grad scholar to work in IB. Many of them who do work in them (Christina Teo, Deutsche Bank) are just 2nd upper, and definitely not scholars.

Originally Posted by Unregistered

No, you't have to be a local grad scholar to work in IB. Many of them who do work in them (Christina Teo, Deutsche Bank) are just 2nd upper, and definitely not scholars.

Often times for IB, 2nd Upper is just the cut-off. The rest are all dependent on interview skills, relevant work experiences, CCAs, Awards, Luck, etc; these are harder to get than to just achieve 1st Class alone.

Originally Posted by Unregistered

Often times for IB, 2nd Upper is just the cut-off. The rest are all dependent on interview skills, relevant work experiences, CCAs, Awards, Luck, etc; these are harder to get than to just achieve 1st Class alone.

Agreed, I am just here to dispel the myth of "First class" for IB.

I have known countless local grads with 2nd upper who are in IB FO. A simple LinkedIn search will suffice.

It's not that hard to get in -- IMHO, it's how much you want it. The implications of this statement goes longer and wider than what most people think. Working hard and doing well academically might not necessarily mean you "want" it enough... ;0

Originally Posted by Unregistered

Agreed, I am just here to dispel the myth of "First class" for IB.

I have known countless local grads with 2nd upper who are in IB FO. A simple LinkedIn search will suffice.

It's not that hard to get in -- IMHO, it's how much you want it. The implications of this statement goes longer and wider than what most people think. Working hard and doing well academically might not necessarily mean you "want" it enough... ;0

Yep, couldn't agree more. It's also not all rosy once you get in too. There's a huge lifestyle sacrifice that you have to make. Working 9am-2am, earning big bucks and telling people that you're in IB may sound glamorous at first, but it wears off after a while.

It's tough. You are forced to survive on a lack of sleep, diminishing social circle, huge stress, etc. Furthermore, the industry tends to be volatile, which affects your job stability. Not all are willing to sacrifice that much for the money/prestige.

Originally Posted by Unregistered

Yep, couldn't agree more. It's also not all rosy once you get in too. There's a huge lifestyle sacrifice that you have to make. Working 9am-2am, earning big bucks and telling people that you're in IB may sound glamorous at first, but it wears off after a while.

It's tough. You are forced to survive on a lack of sleep, diminishing social circle, huge stress, etc. Furthermore, the industry tends to be volatile, which affects your job stability. Not all are willing to sacrifice that much for the money/prestige.

Yeah, the poster above is right. Long hours in the office that cost you sleep and social life will be the norm. Boss/customer demands that you produce that pitch book/research piece/sales credit/money making position by yesterday (meaning you are underperforming already) so yep, you better cope with or, better still, thrive on the stress.

Don't even talk about job stability. Maybe you have been lucky to made money trading or had the monster deal that paid damn a lot of production credits last year so that you can throw money at all the zabors in KTV or make downpayment on that limited edition Lambo. Guess what? Next year you don't make that same money for the firm and the bank hit a bad patch like kena fined or lose money, it's bye bye for you, especially if you are senior, expensive and not producing or inexperienced, dispensable and don't bring value to the table for seniors. Next year, after the bank recovers, they will just rehire new freshies that are willing to work their little fingers to the bone for less.

For the bright eyed bushy tailed ones that just joined, I am sorry to disappoint you. While the money is indeed better than other starting jobs out there, it is way less than what it is before and it will only continue to decline as tightening regulation crimps margins. There is one thing that will increase though, and that is the amount of **** each minion has to suffer as there are less of you around per senior/boss.

Prestige? Glam? Hahaha. Seriously?? You think people really give a sh*t if you are a 'banker'? A piece of advice for you from someone inside, join for the money and the money only, as the glam is only as real as what you can buy using the money and only for that brief moment. But then, see above part about the money and conclude that you are f***ed either way.

Still want to join banking?

you work for that banker money, thats for sure. it doesnt come easy.

buy the book called Monkey Business and you will see what IBanking is really like.