請問Investment Bank的工作內容與待遇

[normanpan79]

小弟目前在電子公司當RD四年，晚上有在台大研讀管理學分班。最近有意轉換跑道。

我本身對投資很有興趣，之前有聽上課教授提到 investment bank的工作待遇非常好，但對工作內容並沒有很詳細的描述。
因此想請教各位大大~
在investment bank工作的工作內容，所需條件及待遇到底如何?

[Yimmiwan]

http://www.formosamba.com/phpBB3/viewtopic.php?t=5493
不介意看英文的話

[normanpan79]

非常感謝~~

不過有沒有前輩願意分享實際的狀況~~

[modern]

1.IB原則上跟你個人有興趣的"投資"關連不大

2.狹義的Ibank作的就兩件事情,幫公司承銷&幫公司作併購. 所以說Ibank原始的獲利模式是"高級專業掮客," 最近則越來越多靠手上IPO前簽約取得低成本的股權在IPO後限制期後賣出取得capital gain

3.廣義的Ibank還有S&T 以及 Private banking

4.作associate十一二萬美金底薪+ bonus,過去一兩年bonus在大行據說都有100%.

[tinysteve]

我的背景跟樓主有點類似
不過我的問題卻是 沒有IB經驗的人 怎麼進入這個行業?
目前在美國 每個工作都是至少兩年以上的經驗要求
沒有經驗 抱歉 根本連面試的機會都沒有
看了大部分的區域 經驗都是要求的
是否連台灣都得要有經驗才能進入這個行業呢
如果有產業背景 是否可以切入research這個工作?

[polarbear]

我的背景跟樓主有點類似
不過我的問題卻是 沒有IB經驗的人 怎麼進入這個行業?
目前在美國 每個工作都是至少兩年以上的經驗要求
沒有經驗 抱歉 根本連面試的機會都沒有
看了大部分的區域 經驗都是要求的
是否連台灣都得要有經驗才能進入這個行業呢
如果有產業背景 是否可以切入research這個工作?

For US:
Associate Level for 狹義IBD (M&A, IPO, etc.),大概都要top 15 MBA.
廣義IB: Sale & Trading, Private Banking, Equity Research, etc.
S&T可能也不出top 15 MBA. Private banking則range很廣,top30以內應該都可.Equity Research,大概也是不出top20 MBA.
要進IB,有很多部門,我對IBD比較了解,要說沒有IB經驗,我暑假在香港看到的summer intern跟full-time,幾乎都沒有pre-IB的經驗.同學在美國IB作的,也都是沒有pe-IB經驗. 但是除了top MBA加持之外,最好是要有一些財務相關的背景,沒有的話,只能靠top MBA加持拿到面試機會,剩下就看個人表現.

For Taiwan:
大概只能從equity research切入啦,台灣IBD幾乎可以說是沒有Associate的缺,GS, MS, JPMorgan, ML, Lehman, UBS, DB, Citi加起來大概不到20個.因為台灣市場實在太小,這些大型投資銀行多以hire analyst (local 大學畢業生)為主,能協助香港做deal即可,不需要Associate level的人來處理transaction,香港就直接派人來做掉就好.
而Equity Research會有一些Research Associate的缺,可以找找看. 有產業經驗搭配國外MBA degree,應該機會不錯.

題外話,想做banking or consulting的台灣土生土長的人,又目標是大型公司(GS, MS, JPMorgan, Mck, Bain, BCG等)的,我只想講想留美國是非常非常的困難,banking大概以能進歐系投資銀行(UBS, DB)較容易一點,顧問公司更不用說,幾乎很少有人留在美國的Mck, Bain, or BCG.沒辦法,你英文永遠比不過老美,你不是在美國長大的,你很難說服公司hire你,因為,即使你GPA4.0,幹過一堆leadership的職位,不好意思,跟你競爭的美國同學也是這樣的人,可是,他英文就硬是比你好.這是現實,也是我看到許多台灣學生即使是top MBA依舊在美國不很順遂的感想.

[Adam Cheng]

1.IB原則上跟你個人有興趣的"投資"關連不大

2.狹義的Ibank作的就兩件事情,幫公司承銷&幫公司作併購. 所以說Ibank原始的獲利模式是"高級專業掮客," 最近則越來越多靠手上IPO前簽約取得低成本的股權在IPO後限制期後賣出取得capital gain

3.廣義的Ibank還有S&T 以及 Private banking

4.作associate十一二萬美金底薪+ bonus,過去一兩年bonus在大行據說都有100%.

The second part of your point 2 is done by principal investment group, not IBD. For the compensation, it is not that much for an associate. The standard base for associate this year is still 95K. For 06, all in is around 270-300K. But it really depends on mkt condition.

[Adam Cheng]

我的背景跟樓主有點類似
不過我的問題卻是 沒有IB經驗的人 怎麼進入這個行業?
目前在美國 每個工作都是至少兩年以上的經驗要求
沒有經驗 抱歉 根本連面試的機會都沒有
看了大部分的區域 經驗都是要求的
是否連台灣都得要有經驗才能進入這個行業呢
如果有產業背景 是否可以切入research這個工作?

For US:
Associate Level for 狹義IBD (M&A, IPO, etc.),大概都要top 15 MBA.
廣義IB: Sale & Trading, Private Banking, Equity Research, etc.
S&T可能也不出top 15 MBA. Private banking則range很廣,top30以內應該都可.Equity Research,大概也是不出top20 MBA.
要進IB,有很多部門,我對IBD比較了解,要說沒有IB經驗,我暑假在香港看到的summer intern跟full-time,幾乎都沒有pre-IB的經驗.同學在美國IB作的,也都是沒有pe-IB經驗. 但是除了top MBA加持之外,最好是要有一些財務相關的背景,沒有的話,只能靠top MBA加持拿到面試機會,剩下就看個人表現.

For Taiwan:
大概只能從equity research切入啦,台灣IBD幾乎可以說是沒有Associate的缺,GS, MS, JPMorgan, ML, Lehman, UBS, DB, Citi加起來大概不到20個.因為台灣市場實在太小,這些大型投資銀行多以hire analyst (local 大學畢業生)為主,能協助香港做deal即可,不需要Associate level的人來處理transaction,香港就直接派人來做掉就好.
而Equity Research會有一些Research Associate的缺,可以找找看. 有產業經驗搭配國外MBA degree,應該機會不錯.

題外話,想做banking or consulting的台灣土生土長的人,又目標是大型公司(GS, MS, JPMorgan, Mck, Bain, BCG等)的,我只想講想留美國是非常非常的困難,banking大概以能進歐系投資銀行(UBS, DB)較容易一點,顧問公司更不用說,幾乎很少有人留在美國的Mck, Bain, or BCG.沒辦法,你英文永遠比不過老美,你不是在美國長大的,你很難說服公司hire你,因為,即使你GPA4.0,幹過一堆leadership的職位,不好意思,跟你競爭的美國同學也是這樣的人,可是,他英文就硬是比你好.這是現實,也是我看到許多台灣學生即使是top MBA依舊在美國不很順遂的感想.

Agree. Let me try to share some more info about IBD. Usually it includes product group and industry group. In Asia, there are also people doing country coverage.

For product group, usually it has Equity Capital Market, Debt Capital market (some banks have a team of Capital market covering both equity and debt), M&A, Leverage Finance groups.

For industry group, different bank has different groups. Usually it has FIG(financial institution group), General industry (retail, natural resource, health care, etc), Real Estate, TMT (tech, media, and telecom) and Financial Sponsors (cover PEs).

In Taiwan, it is true that banks almost only hire analyst. If you perform well, it is possible that you will be promoted to associate.

[modern]

1.IB原則上跟你個人有興趣的"投資"關連不大

2.狹義的Ibank作的就兩件事情,幫公司承銷&幫公司作併購. 所以說Ibank原始的獲利模式是"高級專業掮客," 最近則越來越多靠手上IPO前簽約取得低成本的股權在IPO後限制期後賣出取得capital gain

3.廣義的Ibank還有S&T 以及 Private banking

4.作associate十一二萬美金底薪+ bonus,過去一兩年bonus在大行據說都有100%.

The second part of your point 2 is done by principal investment group, not IBD. For the compensation, it is not that much for an associate. The standard base for associate this year is still 95K. For 06, all in is around 270-300K. But it really depends on mkt condition.

I C , thanks :)

But 95K USD/yr sounds lower than what I've heard. I guess the number I got might include signing bonus already.

[polarbear]

1.IB原則上跟你個人有興趣的"投資"關連不大

2.狹義的Ibank作的就兩件事情,幫公司承銷&幫公司作併購. 所以說Ibank原始的獲利模式是"高級專業掮客," 最近則越來越多靠手上IPO前簽約取得低成本的股權在IPO後限制期後賣出取得capital gain

3.廣義的Ibank還有S&T 以及 Private banking

4.作associate十一二萬美金底薪+ bonus,過去一兩年bonus在大行據說都有100%.

The second part of your point 2 is done by principal investment group, not IBD. For the compensation, it is not that much for an associate. The standard base for associate this year is still 95K. For 06, all in is around 270-300K. But it really depends on mkt condition.

I C , thanks :)

But 95K USD/yr sounds lower than what I've heard. I guess the number I got might include signing bonus already.

有算sign-on bonus的話,第一年最少都會超過120K.有些銀行越早sign,bonus越高.
Hong Kong IBD還有個好處是有給Housing allowance.我覺得加計這好處配上香港相對於美國的低稅率,整體實拿至少不會輸美國的IBD,這是我個人粗略的想法...

[Adam Cheng]

1.IB原則上跟你個人有興趣的"投資"關連不大

2.狹義的Ibank作的就兩件事情,幫公司承銷&幫公司作併購. 所以說Ibank原始的獲利模式是"高級專業掮客," 最近則越來越多靠手上IPO前簽約取得低成本的股權在IPO後限制期後賣出取得capital gain

3.廣義的Ibank還有S&T 以及 Private banking

4.作associate十一二萬美金底薪+ bonus,過去一兩年bonus在大行據說都有100%.

The second part of your point 2 is done by principal investment group, not IBD. For the compensation, it is not that much for an associate. The standard base for associate this year is still 95K. For 06, all in is around 270-300K. But it really depends on mkt condition.

I C , thanks :)

But 95K USD/yr sounds lower than what I've heard. I guess the number I got might include signing bonus already.

This year sign-on is 40K for bulge brackets.

[Adam Cheng]

1.IB原則上跟你個人有興趣的"投資"關連不大

2.狹義的Ibank作的就兩件事情,幫公司承銷&幫公司作併購. 所以說Ibank原始的獲利模式是"高級專業掮客," 最近則越來越多靠手上IPO前簽約取得低成本的股權在IPO後限制期後賣出取得capital gain

3.廣義的Ibank還有S&T 以及 Private banking

4.作associate十一二萬美金底薪+ bonus,過去一兩年bonus在大行據說都有100%.

The second part of your point 2 is done by principal investment group, not IBD. For the compensation, it is not that much for an associate. The standard base for associate this year is still 95K. For 06, all in is around 270-300K. But it really depends on mkt condition.

I C , thanks :)

But 95K USD/yr sounds lower than what I've heard. I guess the number I got might include signing bonus already.

有算sign-on bonus的話,第一年最少都會超過120K.有些銀行越早sign,bonus越高.
Hong Kong IBD還有個好處是有給Housing allowance.我覺得加計這好處配上香港相對於美國的低稅率,整體實拿至少不會輸美國的IBD,這是我個人粗略的想法...

Actually the after-tax package in HK is definitely higher than NY given the housing allowance, low living expense, and much lower tax rate.

[polarbear]

1.IB原則上跟你個人有興趣的"投資"關連不大

2.狹義的Ibank作的就兩件事情,幫公司承銷&幫公司作併購. 所以說Ibank原始的獲利模式是"高級專業掮客," 最近則越來越多靠手上IPO前簽約取得低成本的股權在IPO後限制期後賣出取得capital gain

3.廣義的Ibank還有S&T 以及 Private banking

4.作associate十一二萬美金底薪+ bonus,過去一兩年bonus在大行據說都有100%.

The second part of your point 2 is done by principal investment group, not IBD. For the compensation, it is not that much for an associate. The standard base for associate this year is still 95K. For 06, all in is around 270-300K. But it really depends on mkt condition.

I C , thanks :)

But 95K USD/yr sounds lower than what I've heard. I guess the number I got might include signing bonus already.

有算sign-on bonus的話,第一年最少都會超過120K.有些銀行越早sign,bonus越高.
Hong Kong IBD還有個好處是有給Housing allowance.我覺得加計這好處配上香港相對於美國的低稅率,整體實拿至少不會輸美國的IBD,這是我個人粗略的想法...

Actually the after-tax package in HK is definitely higher than NY given the housing allowance, low living expense, and much lower tax rate.

I see. BTW, Adam, I am in Phiily now. Just met Cynthia and Brandy last night, and also visited Wharton. But too tired to join the Suit+Boxer? night. I had a feeling that Chicago GSB building's layout is quite similar to Wharton's (especially how the student's mail folder is located!) Anyway, quite interesting to visit the places where you were last year~

[tinysteve]

延伸問題
那對於如何進入HK 的投行 門檻在哪
M7+ 雄厚的家世背景?
有沒有人知道新加坡的IB情形可以分享一下
也是同樣的機會渺茫嗎
再次感謝polarbear Modern and Adam 的分享

[polarbear]

延伸問題
那對於如何進入HK 的投行 門檻在哪
M7+ 雄厚的家世背景?
有沒有人知道新加坡的IB情形可以分享一下
也是同樣的機會渺茫嗎
再次感謝polarbear Modern and Adam 的分享

以下純講IBD & for Associate (MBA graduate).
For HK:
就我今年summer了解,我不敢說進IBD的都是M7,但是絕大部分是.其他像是LBS, Duke, Berkeley, Darden, NYU都有,不過人數不多. 以我實習的為例子, 1 HBS, 1 Wharton, 2 Chicago, 2 MIT, 1 Kellogg. 其他銀行summer class大一點的就比較divesified一點. 基本上不一定需要雄厚的家世背景,有是加分,沒有的話靠實力絕對沒問題. However, 我只能說除了Analyst有可能有很多不同的學校背景的人,基本上Associate level很難出的了Top 15 MBA.

For Singapore:
IBD機會超級渺茫.基本上那邊的office是cover Southeast Asia的,可惜SE Asia也是常常有HK banker cover,所以基本上那裏Associate缺也不多,很少參與US b-school campus recruiting(參與率大概趨近0%),都是銀行內自己內調居多,或是我認識一些新加坡人,在香港做完summer,公司問她們要不要去新加坡office. 那裏似乎也以印度人以及新加坡人居多. 所以基本上台灣人想去新加坡的IBD叩關,先想辦法在香港進去IBD再說~