We’ve covered both these regions recently, and the short answer is that HK and Singapore are not ideal places to work unless you have exactly the right profile (native Chinese speaker for HK or strong SEA connections and language skills for Singapore):

https://mergersandinquisitions.com/investment-banking-in-hong-kong/
https://mergersandinquisitions.com/investment-banking-in-singapore/

If your goal is to work in NY, and you graduate next year, your best option is probably to find a role at a large bank with a presence in NY and then push for a transfer to NY after 1-2 years.

I can’t say whether you should stay in the Philippines or move to Singapore or somewhere else because I don’t know what kind of connections you have to the regions. If you’re a native speaker of Tagalog (for example), you should have a pretty decent chance at winning SG-based roles because the language skills will help quite a bit there.

You can’t do much about your school unless you do another degree (not recommended). In short: if you have the right skills/background, consider Singapore-based roles and then push for a transfer to NY. If not, stay where you are, see if you can find a role at U.S.-based bank there (no idea if they even exist in the Philippines), and then transfer from there.

Thanks for the article. I’m currently a master’s student at a Southeast Asian university (in the Philippines). I wanted to ask for some advice regarding my approach into getting into large banks like JP Morgan, Morgan Stanley, and Goldman Sachs in Hong Kong or Singapore. I’m currently interning at a large investment bank in my country (the largest in fixed income deals by far, together with some equity deals). Because of your article, I now intend to apply for summer analyst positions instead of off-cycle positions in the future. However, being that I graduate at 2024 with my master’s (I’m currently 21), I was hoping to ask would working for a full-time position in a large investment bank in my country be an experience that large banks in Hong Kong and Singapore would consider? Together with this, I’m worried that prejudice might arise from my school. I come from a reputable school in the Philippines, however, I’m doubting whether they’re expecting people from Harvard or Wharton.

Lastly, is experience in Hong Kong and Singapore enough to break into Goldman Sachs (specifically in New York)? That’s actually my main goal, honestly.

Thank you.

In general, if you already have a full-time offer at any bank, it’s almost always best to accept that offer rather than turning it down or delaying and looking for an off-cycle internship at a larger bank.

If you already *had* an off-cycle internship at one of the larger banks, it might be better to accept that and try to turn it into a full-time offer there. But if you’d have to spend time searching once again, it’s better to take the full-time offer, get some experience, and make yourself more marketable to the large banks from that experience.

Thanks for the article. I have a full-time offer for a one of / similar level to the “other banks” mentioned would you recommend taking this offer or gaining an off-cycle internship at one of the larger banks?

I am unsure whether it is easier to start at the lower-tier bank and then after 6 months to a year try and get into a larger bank, or to convert an off-cycle into full time.

Any advice would be great!

If you think you have a > 50% chance of getting a full-time return offer from this fall internship, yes, I think it’s worth it. I don’t think it will help a huge amount if you’re trying to leverage it to interview around for roles at other, larger banks, especially since banks are unlikely to award many full-time offers outside their intern classes this year. So I would not bet too heavily on that unless you have some very good connections at these banks already.

Thanks for the helpful article. I am a rising senior (class of 2023) at a target in the US studying Mathematical Economics and I wanted to ask your opinion on my situation and if it is still realistic for me to break into the industry, especially given the current macroeconomic situation. I just accepted a fall internship offer at a reputable MM bank and I plan on graduating on time in the spring. This summer I interned remotely with a less well-known LMM boutique as I was not able to secure a more reputable summer analyst role. I think it’s worth recruiting full-time as a return offer from this fall internship is not guaranteed, however, I am worried about the fact that my previous work experience won’t be seen as “legitimate” in the eyes of more established banks. Do you think this fall internship makes sense given my current situation?

Thanks. It’s probably some combination of your university (semi-target makes it harder) and lack of direct IB/S&T experience. If you’re not getting good responses from online applications for off-cycle roles, I would recommend one of the following:

1) Forget about IB/S&T/ER for now and instead apply for something like corporate banking, Big 4, or independent valuation firms so you can gain more relevant experience.

2) Or start cold emailing boutique PE firms (and maybe banks) to ask about off-cycle roles, even if they haven’t advertised them formally or opened up online applications.

I would not recommend consulting, middle office roles, or asset management if your goal is IB/S&T. Of that list, Big 4 makes the most sense, but only in specific areas (valuation/due diligence/transaction services).

Thank you for writing another great article. I wanted to ask for some guidance on my approach to breaking into investment banking. I am in the UK and I graduated in January with a master’s degree in finance & economics (distinction/4.0 GPA) from a semi-target university. I have internship experience in big 4 audit, private wealth management, and I have some sales experience + good extra-curriculars.

I have been applying for positions in London since Novemeber but I haven’t had much luck with online applications (off-cycle internships, graduate jobs). A lot of the time I haven’t heard back or they keep me waiting before telling me the role has been filled. I have applied for various roles within investment banking, S&T, equity research, M&A and some consulting roles. I have only had one interview for a boutique IB firm however I was not successful (they wanted specific industry knowledge).

I am unsure what is the best approach to take next. I am continuing to apply for jobs as they appear on jobs sites. I haven’t done much cold emailing/networking as I started slightly late. Do you have a recommendation on how to approach my job search going forwards? If IB/S&T etc aren’t an option, what is the next best sector/group within finance to apply for (middle office/asset mgmt/big4/mgmt consulting)? I am open to different career opportunities.

Any advice would be really helpful, thank you.