Investment Bankers in India: Rock ‘n Roll
By BankersBall on Mar 28, 2008 in Cube Life, Exit Strategy, Famous Bankers, India, Job Hunting
Here’s an idea: Go work for Enam Securities.
The US investment bank turmoil is creating opportunities in India. The Economic Times (via WSJ) reports that top Indian grads are now looking more favorably at offers from the hometown team.
Grads at IIMB (Indian Institute of Management Bangalore) received fewer offers from banks like Merrill Lynch and Lehman Brothers. The ET reports that Merrill Lynch made 6 offers this year (vs 13 last) while Lehman made 11 versus 13.
Meanwhile, hiring from Indian investment banks was strong. Out of 21 investment banks that recruited at IIMB, 8 were Indian and included: Enam Securities, Mape Advisory Group and Edelweiss Capital. Mid-market investment bank Mape hired 4 from IIMB.
So how much does an Indian investment banker get paid? According to the ET, to the tune of Rs 20 lakh- Rs 30 lakh, which if my math is right is about a starting salary of $50,000 (USD), or $75,000 (USD) with bonus.
Can any Indian readers corroborate these salary figures? I assume it’s for a 1st year?
Also on the Indian investment banking front, Deustche Bank investment banker Chetan Bhaga
(a Mumbai-based director in Deutsche Bank’s distressed-assets group) has reached “cult status” for penning, all while also being a banker, novels targeting the young, competitive and mobile set in India. One of his books, brilliantly titled “One Night @ the Call Center” is also being made into a Bollywood film called “Hello”:
His “One Night @ a Call Center,” … is, beyond its story line about frustrated office romance, a critique of a nation climbing to prosperity by answering phone calls from American consumers.
Millions of Indians might have lifted their incomes by doing call center work. But the jobs are dead ends, said Bhagat, and no well-to-do parents want their daughter to marry a call center worker.
“Is this the best we can offer to India’s young generation?” he asked. “If call centers are so great and brought riches to the country, like the government says, why aren’t they marrying their daughters off to a call center guy?”
On Mar 29, 2008, happyturtle said:
the 20-30L figures are about right.
On Mar 30, 2008, Curious said:
Any info on analyst hours/lifestyle in India?
On Mar 31, 2008, Allen said:
Well… I’m a I yr analyst and the hours are pretty normal. We work about 12 - 14 hours a day and five days a week.. most of the time. Though I dont know how relevant my opinion is since I work for a US based BB firm.
On Mar 31, 2008, someone said:
a freind started at 24L INR (USD 60,000) after graduating from IIM-C. Work hours can be difficult though
On Mar 31, 2008, grad said:
The salary of these Indian I-Banks is about 15L without bonus. Last year the bonuses were in the range of 150%-200% which makes a total salary of ard 35L-40L (abt USD 100,000)
Working hours in Indian I-Banks are about 12-15 hrs per day
On Apr 1, 2008, vDesi said:
Per Capita in India is $800, so comp of $100,000 goes a long way. But still not enough to buy a decent place in South Mumbai.
On Apr 2, 2008, Mike Slackenerny said:
24L is what we heard. But that includes the Bonus.
Also, its Chetan Bhagat (not Bhaga). IMHO his books are terrible. But then he is the one who’s made the pile on them and not me (not yet)
-Indian B-Schooler
On May 4, 2008, sp shukla said:
can some one pl tell us the indicative figure for an investment banking experience of one year in usa after a MBA from institute like wharton/ harvard?
On Jun 18, 2008, rpb said:
These figures are usually misleading since you should add that these are with the bonuses rolled in.
The base salary is much lower around Rs. 10 to 15 Lacs.
On Jun 18, 2008, rpb said:
btw, sp. It may not matter whether you are from either place wharton or stanford. Salaries can start around Rs. 12 L at the base + bonuses extra which can take it to around Rs 35 to 40 L in a good year.
On Jun 20, 2008, Allen said:
ONe of my friends who has 18 months of experience interviewed with a leading india based I-Bank and was offered 17 L base + minimum 100% bonus.
Also interesting is the hierachy. Most places dont have the analyst role. You start as an Associate and move up to either Sr. ASsociate or Associate Vice President !
On Jul 17, 2008, Anonymous said:
obviously; the ibanks here dont hire graduates. they only hire post-graduates. that’s why the positions are displaced like that
and no, this is not true, i have met a number of analysts in mumbai
On Aug 27, 2008, Leena Hawal said:
what kind of courses are usefull for make career in investment banking tell me the all options (regular/distance) for it ?
EX:mba, ca like that
On Aug 27, 2008, Leena Hawal said:
what kind of opportunities available in financial market for carrer?
On Aug 31, 2008, pb said:
Many undergrads (from engg / lib arts etc) get analyst roles in Mumbai for US based Inv banks.
From personal experience we start with >10L base pay + bonuses from 5 - 20L ( averaging somewhere around 10L) which works around to approx 40-50k in USD
On Sep 2, 2008, Allen said:
Graduates are a very small minority with most of them from the IIT’s. Banks also hire a significant number of Chartered Accountants, the majority of the Analysts are hired on campus from B-schools though.