|
Jobs and Career Management in the Financial Markets, Banking & Finance |
|
| Job Seekers Sign in / Register |
Recruiter's Sign-in
|
| Careers Home | My eFinancialCareers | Find a Job | Post Resume |
Search by Company |
News & Advice |
Search Resumes |
Post a Job 
|
|
TOP STORIES
Making the move to Mumbai
6 May 2008COMMENTS
These numbers work with local experience & local education. One needs to compete with grads from the Indian Institutes of Management for these positions. London experience doesn't usually carry much water in Mumbai. Read all comments »Wall Street and the Square Mile might be kicking investment bankers into the street, but India is taking them on by the team-load.
Sourabh Chattopadhyay, director of recruiters Options Group in Mumbai, says local players are competing for people with international banks: “Some international banks have lost key people in the last year and must bring in new talent to be competitive. Similarly, local players like Kotak, Enam and Edelweiss have been really building their investment banking platforms.”
UBS is looking to double its investment banking team in India; Citigroup has hired an Indian MD in preparation for an expansion; Merrill’s John Thain has said he wants to up the bank’s Indian operations; Goldman is launching new services; and even Dresdner is getting in on the act.
Hiring is aggressive, poaching is rife, and banks are lifting whole teams out of competitors, Chattopadhyay says.
Generous payouts are encouraging some Indian bankers, who might otherwise have worked in London or New York, to consider their options. Milan Sharma, a Masters in Finance student at London Business School and former assistant vice president in Axis Bank’s i-banking division, says he ideally wants to work in the City, but has already had a number of offers back in India.
“At a typical base of $100k, it’s not great money by Western standards, but the cost of living in Mumbai is considerably lower than in London,” he says.
Indian firms still opportunistically tap UK talent, but don’t expect to be treated like royalty, says Ronesh Puri, managing director of the New Delhi office of search firm Executive Access.
“Previously there was a dearth of good talent locally, and there was a premium paid for Western experience, but that’s no longer the case.”
M&A pay in top-tier Indian investment banks
Analyst (1st-3rd years) £20k-£32.5k (base), £25k-£40k (bonus)
Associate (1st-3rd years) £35k-£50k (base), £30k-£65k (bonus)
Vice president £62k (base), £100k-£138k (bonus)
Director £75k (base), £200k-£250k (bonus)
Managing director £100k (base), £300k-£400k (bonus)
Source: The Options Group (original figures in Indian rupees, converted at £1 = INR79.85)
COMMENTS
SnaFU, Capital Markets, Thu 08 May 08
hmm,,,funny discussion.There seems to be a feeling of 'we are smarter than Indians and the most we will agree to is tht they are our equal' out here. It's the same feeling tht a 'boss' has. Grow up, look at the housing crisis which IS snowballin and IS goin to hit the US economy and take London with it as well ;). Don't believe me, wait and watch....you can't have 25 yrs of stupid spending and then expect nothing to happen. As for why Indians and Chinese and other ppl who settle in US/UK go there,,,,1. The work hours are less, stayin in office after 6 is overtime. 2. Better quality of living, clean roads, easier to shop etc etc,,,,the developed world splurged when it did and they r there to enjoy the fruits. 3. International exp, etc etc(u know this one!) As for the current condition: Indians in US have the highest salary among any ethnic group,,,go check it out!! and remove those bloody glass ceilings you have and you shall have them ruling the world ,,,,talkin abut equality, have the guts to be equal and feel equal,,,,and tht means accepting tht one can be better or worse than u,,,,and decidng tht not based on the caste , creed of color!!
Add your comment »alan, Asset Management, Thu 08 May 08
Indians rule the world... You guys are really funny. India will never rule the world and the only reason is that India is living off what the western world is outsourcing to India. The real you come to uk and USA to study is because the reality is that Indian education isn't upto global standards. There are so many IIM's at LBS and at top US universities. Do you see any Harvard Grads and LBS grads going to study at IIM? Of course that will never happen. Most of indian education is parrot style rote based memory based repetition without much analytical thought anyway
Add your comment »Quant, Asset Management, Fri 09 May 08
Alan, you're mistaken. Harvard/Wharton/Yale have great relationships with Banks/Professional Services firms in India. Several students intern & pick up full-time positions in the region. Several Indian students from the IIMs & IITs pursue higher education at Harvard/Wharton etc. to head on to a career in teaching/pure research. Academia from US/European schools collaborate to teach & jointly publish papers based on topics in the Indian/Asian region, with faculty from the IIMs/IITs. Curriculum/entrance exams for the IIMs/IITs is quantitative/applied rather than concept repetitive. Most students in the IIMs have 95th percentile GMAT scores.
India is UK's third largest investor, and has close interlinked business relationships with W Europe/Russia (ex Soviet Union)/China. UK/US education helps create talent to work/further such business relationships.
Knowledge/Process Outsourcing is a v tiny proportion of Indian GNP. Automobiles, Pharma, Media, Steel & other core businesses are well developed.
Read your facts up!!!
SnaFU, Capital Markets, Fri 09 May 08
Dear Alan, quotes from IIM grads who did another MBA from Harvard, Wharton, LBS etc
"After IIM, the MBA was a joke. I was in the middle of my class at IIM. I was in the top 1 percentile at my US college"
"I needed a degree coz people don't recognize IIM brand. They need a name they can feel secure with and thus a degree from Wharton"
"All I got out of my second MBA were contacts"
As for grads goin to IIMs, one student joined an IIM last year. He dropped out coz of the academic rigor and the culture shock coupled with living under fans in the hot Indian summer. He went back to do a PHD in philosophy.
A 99.0 percentile in CAT will not get you ANY interview calls from the top three IIMs. In addition, you need 95 percentile minimum in each of the three sections.
As for faculty, about 1/3rd of the faculty also teach at schools like Harvard, Wharton, Kellogs, LBS etc.
~Wait for the crash. It's coming sooner than you think if it isn't already there. All your cockiness will go out of the window.
~~Let me not start on the IITs. Entree into IIMs is a cakewalk and either you have it or you don't. IITs are a different and a much more difficult ball game.
analytical, Accounting, Fri 09 May 08
Indian education isn't upto global standards. There are so many IIMs in LBS and in top US universities.... indian system is a parrot rote system and no analytical thought. Ummm contradictory statements, no analytical thought here. If their standards are poor, how do so many of them get into universities here?? How can they cope? Do you have a drop out rate among indians students - i bet it is marginal. As to the coca cola analogy - well Universities should not be compared to companies, one operates on a profit model and the other one is financed by tax payers. Still a better analogy to use would be tobacco companies who lied for many years and then finally got sued.
Add your comment »STEVE, Hedge Funds, Sat 10 May 08
If the western world crashes (and it won't) then I guess India will go back to extreme poverty, because as I said, we in the western world are feeding india through outsourcing. India does not interest me at all, least of all Indian education. Your IIT's and IIM are just wannabe insitutes and are no match for the real thing, ie HBS, LBS, MIT, Caltech, Oxford, Cambridge etc. Remember that BMW and MERCEDES are the best and original, and can never, and never be competed by the likes of TATA, Daewoo. No sensible western person will ever buy a Jaguar again now that TATA owns it.
Add your comment »British Indian, Quantitative Analytics, Sun 11 May 08
Ha ha someone is insecure its obvious and its also obvious that "The Loser" is ignorant. Its one thing saying "I do not know" and another saying I can not accept. Some of these insecure, ignorant people will fade away.
The truth about IIM and IIT's is difficult to accept for some "Steves" of the world. As for India being fed by UK and US ha ha ha ha Joke of the century......Don't forget Outsourceing keeps some high paying jobs in UK/US and keeps companies running, who keep paying taxes. What about all those Indian who run their businesses and pay taxes, Indian Employees who work hard here and pay taxes.
But "Steves" of this world are also ignorant of some locals who live out of social security ? So who is feeding who ?
Ben, Asset Management, Sun 11 May 08
Steve, you sound like a BNP activist and Iam not sure why any bank would hire a person like you who is not able to think rationaly due to race bias. Can you please let every one know the name of your good employer. Thanks
Add your comment »ben, Asset Management, Sun 11 May 08
ben, talk about analytical reasoning. I studied at LBS and I can assure you that brits are less then 5% of the class and always at the bottom of it...cause they are too drunk to think..
Add your comment »SundayStud, Asset Management, Sun 11 May 08
Steve, grow up and learn to include the new world. And learn to compete + read up Economics 101 while you're at it - stuff like budget deficits and financing such deficits.
Have you stopped drinking English tea because Tata owns Tetley? Or stopped buying Ford cars because they're made in & exported from India and not Detroit, or stopped using steel because it comes from Tata Steel?
Stop living in the 1800s grandpa, the world has changed while you were in a coma.
This article was about moving to Mumbai, where the jobs are.