relatively easier to get into? IBD vs DCM vs S&T
Hi everyone,
I'm a final year student trying to break into banking at either Hong Kong or Korea. At this state of market, I really want to be strategic in terms of where I'll apply for the coming SA rounds and since some BBs have a quota in the application, I want to be extra strategic in whether I should apply to IBD vs DCM vs S&T.
In terms of work experience, I have a prior trading internship from one of the MMs, but I'm also very interested in IBD and DCM works-- if there's an opportunity for me, I would more than welcome it. I know what really matters the most is my relevant work experience but considering that some of the people I know who got into S&T SA last year did not have any prior S&T experience, I'm hoping there's still a shot for me when applying to IBD or DCM as well despite my having no relevant work experience.
Long story short,
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in terms of headcount/ difficulty getting into/ this year's market condition/ geographical features (I'm only applying for HK and South Korea), among those three, which division do I have the best shot?
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Does DCM require the local language? I have a working knowledge of Mandarin but I know that doesn't get me anywhere when BBs can just hire local Chinese. I know ECM requires Mandarin and does DCM require it too?
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This year's application is going to be my last and final one. So I want to be strategic whether I should apply for Summer or Graduate role? In terms of headcount/difficulty getting into/ geographic, should I go for summer or graduate?
Thanks in advance for everyone's help!
If you purely care about just breaking in, apply for S&T given your experience.
Thanks for the advice! Yes, I purely care about just breaking in so, given how people always tell me job hunting is the numbers game, for this round I was thinking I should try to apply for all three to up my chances. Do you think it's a bad idea to divert my attention by making 3 cover letters, interview prep for all 3, and etc? Or should I apply for all three but with more focus on S&T?
Also, what do you think about the headcount for those three (better if it's specific to HK but generic info would also help)?
You can't even apply to all 3 at each bank (IIRC) but just focus on S&T, as trying to break into IB FT will be near impossible in this market without previous experience.
S&T headcount is normally stronger in economic downturns, since if you make money, regardless of the economy, your seat is safe. IBD/DCM not so much, since if clients don't want to do M&A / bonds (which we've seen this year), you see mass layoffs.
That's right. Like for BAML EMEA application, I can only submit one per recruiting season. But iirc from last year I did make several applications for different divisions though I'm not sure if this might jeopardize my chances even more. You make sense about breaking into IB being nearly impossible in this market, so thanks for that tip! But what about DCM? If I can somehow convey my genuine interest in the field, do you think that can somehow get me near internships at least, or would it be a slim shot not worth trying?
Also, in your opinion, since this year's application is going to be my last and final one, which one do you think I have better chance of getting into: Summer vs Graduate role? What about between Sales vs Trading role (if you have any relevant knowledge on this)? Appreciate your help in advance:)
seems you're implying s&t is easier to break into.. what's your basis for that?
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