GUEST COMMENT: Getting a graduate job in Hong Kong
Want to work front office (IBD/S&T) in a leading global investment bank in Hong Kong? Be prepared, the whole process is very different and it may feel much more difficult since you are not familiar with the procedure. But really, it comes down to the basics, applying early and preparing well.
Only students from big name universities need apply
One thing to keep in mind, banks in HK puts a massive emphasis on school name/prestige.
Remember, you are not only competing with fellow UK students but top students from Harvard, Yale, Princeton and other top US universities. This means the recruitment process is much more targeted towards the likes of Oxbridge, LSE and Imperial. Applicants from other schools may very well be screened off straight away despite an otherwise very competitive CV.
This "unfair" screening process also happens because of the limited positions available, typically, less than 10 summer analysts are recruited for IBD at each bulge bracket bank in HK.
Mandarin speakers have a massive advantage
The language is also a big concern! Do you need to be Chinese or speak perfect mandarin to get looked at? The HR and text book answer is: "No, we welcome applications from all different background and will consider all applications carefully". The truth is, as you may have anticipated, it is almost IMPOSSIBLE to secure a job in HK if you don't speak mandarin.
I say "almost" because I have seen one or two Australian's inside BB offices in HK for IBD.
You can get away with not speaking Chinese while living in HK, but working in an IB is completely different. Normally, pitch books for a Chinese client are done solely in Chinese or have two copies in English and Chinese. Hence, not knowing Chinese means you are only capable of doing half the workload - which is obviously not ideal for your MD boss (hence no job for you).
Interviews will be incredibly technical
If you've made it to interview, congratulations! You're halfway there! There are usually two rounds of interviews. The first round usually consists of two separate phone interviews with bankers.
Expect the interviews to be a lot more TECHNICAL than in the UK. There will be very few fit questions!
It is likely that they will grill you on DCF, Comps and other valuation techniques. You need to sit down and do some serious study!
The final round is either done by video conferences or the HK bankers fly over to meet you. Again, expect TECHNICAL questions! Different banks have different style, but nevertheless, you are not going to get away with only knowing what "revenue" means.
The good news about pay
Now on to some more exciting stuff, the pay package! The bankers in HK actually get paid the same as the ones in London/New York but in Hong Kong Dollars. Don't underestimate this, HK$45k in London may not seem like a lot of money but it will be a fairly large amount of spending money in Hong Kong and China.
As a summer intern, 4 start hotel accommodation is provided for the whole summer, plus US$2k of travel allowances to cover the ticket to HK and back. Sounds all pretty cosy and nice right? Trust me, an IBD summer analyst won't have much spare time to spend in the hotel while interning in HK. The Asia's financial capital is notorious for pushing people to their limits, and the hours would be even longer than London and New York. Rough estimate, 2am each day would be the norm!
Full time conversions
Finally, the conversion rate to full time! Unfortunately, this is very, very low in HK. I have heard and seen that most banks convert less than 50% of their intern class to full time. This is also something to keep in mind, after working so hard in the summer - what a shame if you came out of it empty handed.
In conclusion, HK is really no backup or safe haven for one's who find the UK process difficult. If you're still determined to work there, the procedure is different but manageable; you just need to be determined, hard working and willing to take the initiative.
