how to become an investment banker in south africa

Back in university, I attended a lot of investment banking/finance-related events and got interested in the field. Hi there! I have worked in other countries but for most people it’s a waste of time to consider unless they have some type of complementary background, I would always, get your experience in your home country first, then using your contacts/experience, leverage for a transfer abroad…. I cold called a specialty boutique bank and talked to the secretary who gave me her email and told me to email her my resume and cover letter. Yes you may make 50/50=100K in US/UK etc. To become an investment banker, you must have a college degree, preferably in a related discipline. Eyy is it possible to get info that kind of info for a 3rd world country in Africa like lets say Kenya???? A: It’s mostly local South Africans who enter banking from university, usually studying commerce or a math-based field. A lot of corporates here also bank with local South African banks, which gives those local banks a “relationship advantage” in winning deals; local banks also trump internationals in local currency lending. Nigeria, for example, is a super-hot market with a rapidly expanding middle-class and lots of consumer goods, industrials, and manufacturing deal activity. Also, I had previously spoken to an associate and a secretary at the same firm who both told me that the don’t offer internships for individuals of my age. Especially for the Africans who’d like to come back home… To borrow from you, the continent could be the final frontier. The local banks still win a majority of M&A deals in terms of value and quantity, but sometimes the global banks compete on the mega-deals. Cape Town, Western Cape. However, the country's agricultural and banking sectors are also fairly sizable, and its consumer class is slowly reducing reliance on exports and fueling domestic services growth. Hey Brian, I am a student at a top public business school (think UCB- Haas or Michigan Ross- or UVA McIntire). So I can’t get in touch w anyone there. South Africa has a sophisticated banking sector with a major footprint in Africa and is a financial hub in Africa, with the JSE being the largest stock exchange by market capitalisation. Our interviewee today did just that and leveraged his CA background, plus several years of work experience at a Big 4 firm in South Africa, to move into a full-time analyst role at a bulge bracket investment bank there. South africa is strict on math related degrees even if the blog says differently. Senior investment bankers earn tens of millions of dollars every year. After you pass this step the interview process begins, which could consist of one on one interviews,a panel of interviewers or straight to the “Superday” situation. I really feel it would be hopeless no matter how many accounting and eco’s courses I took. Standard Bank/ RMB). So I should start w those big banks like JPM and GS? Thanks for your time, and for giving us the full run-down on finance in South Africa! The South African banking sector is viewed as a world-class, strong regulatory and supervisory environment. Since banks don’t proactively recruit very much, they’ve switched to targeting individuals recommended by others at the firm – so networking and crafting a bullet-proof “story” are even more essential than in other markets. They hire the best and brightest from engineering, liberal arts, and other fields, although your story has to be exceptional to get in from one of those backgrounds. As the investment world shifts its attention to Africa, our global markets team is at the forefront, providing trading, sales, structuring and risk management solutions for our clients across different time zones and continents. Just got a mining equity research interview coming up – in which I would expect stock pitching is a must. The exact percentage varies but it’s usually in the 50-100% range, based on conversations I’ve had. The one exception is the hedge fund / prop trading industry, which tends to attract a lot of ex-traders coming from banks. Well, you’d have to find professionals who work there or find events focused on Africa / South Africa first… if there are no alumni, try finding people in IB in South Africa via LinkedIn, adding them, and contacting them directly like that. For almost all the institutions the first step was to send in a CV and a cover letter, plus enter basic details and occasionally give responses to questions like “What is your greatest achievement?” or “Describe a situation where you had to work in a team” and other standard stuff. Commerce grads are like a conglomerate in this country. Or should I just schedule potential meeting times for after thanksgiving? Account, Head, Research Intern and more on Indeed.com Reasons? In the context of emerging markets and someone who may be interested in working in this environment, are these worthwhile? It's an exciting, high-pressure environment where you'll thrive on the fast pace and tight deadlines of the trading floor. We respect your privacy. This is bad buts it’s not scraping the bottom of the barrel, Im wondering if I have a shot at BB Investment Banking in South Africa with those sort of grades. You must confirm the statement above and enter a valid email address to receive this free content. Ide never break into south african investment banking purely because I don’t have a finance degree or a related quant- degree. I know you talk about joint degrees elsewhere on this sight, but how do you view joint programs that offer an MBA with, say, an MPA-ID attached, such as offered by HBS and elsewhere. Global Investment Banking, Off-Cycle Analyst Johannesburg, South Africa The Investment Banking division provides advice to CEOs, CFOs and Boards of Directors of our clients on strategic topics…The Investment Banking division is organized across industry coverage, country/region, and product teams… My bank also puts on a lot of company-sponsored events and sports, and we even have a sponsored bar. My impression is that local banks are more relaxed, the hierarchy of the investment banking career path is not as strictly enforced, and junior bankers have to wear more hats (more “random” work and more responsibility, plus smaller teams). New Investment Banker jobs added daily. with few locals well trained to compete, the opportunities for people with study/experience from outside the continent are intense. Now, your base salary is significantly lower than it would be in the US or UK, but the cost of living here is also vastly lower. How To Become an Investment Banker. Quick question. Discover How To Break Into Investment Banking, Hedge Funds or Private Equity. Leverage your professional network, and get hired. Here are the steps you need to follow in order to become an investment banker. After articles I intend to join corpfin division of my bank where I currently serve my articles (In SA one can serve your articles at a bank or accounting/auditing firm). This website and our partners set cookies on your computer to improve our site and the ads you see. If you haven’t received a formal education, there’s no better time than now to go back to school. Banks have flatter structures, and there’s not much of a “ladder” – go-getters thrive and get deals, while those looking for a traditional investment banking career path are often frustrated. If you’re already in a front-office role, moving up is a different story – it can be easier than in developed markets, but as I mentioned before there’s also less of a “path” and it’s heavily dependent on your results. I’m a big 4 guy with a Master of Accounting degree, and I can speak very good Mandarin. A: Similar to other emerging markets, it’s lower than the US in absolute dollar terms but it’s higher relative to the cost of living. I believe both are valued in PE and I-bankers valued in Hedge funds. The average salary for an Investment Banker in South Africa is R585,941. A: To give you a rough idea of compensation, most banks here pay up to 100% of your annual salary as your bonus if you’re a junior banker. A: Many bankers move on to executive finance roles in industry, sometimes leaving the country and going to the UK, Europe, or Australia. This website and our partners set cookies on your computer to improve our site and the ads you see. It’s less common to move from other finance-related roles into investment banking since the CA to banking path is so common. So I’m assuming you’re going to stay in IB for quite some time? One of the most common “paths” here is to finish university, go through 3-year compulsory training with one of the Big 4 firms, pass the Board Exams, and then qualify as a CA – after which you then move into investment banking. Would love it if i were able to ask him a few questions myself, but we all know thats not possible. Q: Great. From assisting clients to raise loans to providing them with tips to make wise investments, money in banking talks. If you’re working market hours – like a trader – then you’re there from 7 AM to 5 PM with no weekends. with banking season in place, not sure if i want to build my resume or my life…. Also, what kind of postgraduate qualifications would you say are most required for Hedgefunds if one has a math-based undergraduate? but you lose almost 50% in taxes, allowances etc. A: The main difference is the types of clients we work with: Beyond that, the products are much simpler: convertibles were only introduced in 2007, and credit default swaps still do not exist. Today’s top 427 Investment Banking jobs in South Africa. Research Intern - South Africa - Johannesburg new. Yes, there is one on IB/PE in mainland China coming up soon actually. Pretoria, Gauteng … Q: You’ve been mentioning how many banks are looking north of South Africa for growth – do they typically have dedicated teams in those countries or do they still do deals out of Johannesburg? Unlike in the US and some developed markets, where bankers tend to gloss over accounting backgrounds and the CPA, the CA qualification is highly regarded in South Africa. A: Co-workers are sociable and people hang out together quite a lot. I am an Engineering Final year undergrad with a CPA certification. Thanks for the informative article. The Investment Banking Landscape in South Africa. I received many rejections after this stage and so did fellow students, the standard is high. With regards to pay, do CA’s or investment bankers get paid more in South-Africa? More activity will shift to emerging markets over time, but for most people in developed countries moving to one of these places isn’t a realistic option (with a few exceptions). Africa is continuing to receive a high level of interest as an investment destination from investors from across the globe including Africa, the US, the EU and the BRIC (Brazil, Russia, India and China)countries. ... Investment Analyst - Sub-Saharan Africa new. I am trying to spruce up my resume by amassing internship credentials that will boost my prospects. Dinners are much cheaper than US, although I pay more than $50, due to the great wines here. Q: What about exit opportunities? Search Investment banking jobs in South Africa with company ratings & salaries. If you’ve performed well at a top university here you stand a good shot of landing an offer – but just like other markets, nothing is guaranteed. If you are studying Actuarial Sciences at NWU you will definitely be able to land a job in banking after your masters. i-bankers by far. So I saw accounting as the most viable path to getting there. They don’t want to hear anything. Mind you, a dinner at La Colombe in Cape Town, 12th on the List of worlds best restaurants will set you back only $50 including tip (this opposed to $300-350 for an equal quality restaurant in US/EU). M&A activity in South Africa is not spectacular, so lots of banks are looking north of the border to drive growth. I would also like to know if anybody can compare the average salary of an intern doctor straight out of University to an intern/analyst I-Banker in SA(Intern Doctors get around 25-35 Rand a month) Thanks. I don’t know what they can say other than it being pointless no matter what. I would like to know if it’s best to finish my degree, of which I have 3 years left? Find Banking Jobs in South Africa that suit your needs. I’m actually from Ghana, West Africa and plan on moving back to Africa after my undergrad in June 2015. Can you tell us about the industry landscape there? Investment bankers work weekends and leave the office around 10 PM quite often, but all-nighters and working to the point of exhaustion are not as common as they are in the US. Why a qualification in commerce? Any advice would be helpful! Investment Banking jobs now available. Nice one Brian! I transitioned laterally from legal practice into investment banking a while ago. Q: Thanks – that’s officially the most detailed description of IB recruiting in South Africa that I’ve ever seen. To capacitate the banking industry with professionals who make a difference . You might want to empower your situation by changing your mindset and thinking of solutions to break in, if you really want IB. I am also interested in this.Could you share any insight on careers in Investment banking industry in Kenya. Q: Great. Your email address will not be published. Having an accounting degree will help you get an interview easily at a South African investment bank. whereas all of that would be quite rare in developed markets. Q: Can you tell us about your background? A: It does vary based on the bank; for example, one local bank here has a graduate program specifically for people without any finance experience. Others are a bit behind and don’t have retail banking operations in those countries – if they don’t have that kind of footprint in place, they’re more likely to originate and run deals from Johannesburg instead. Then, decide what type of investment company you want to have, and figure out whether a partnership, … I have been through several links on your website but a lot of the articles are about counties not within the emerging markets but I couldn’t find one actually describing emerging markets. As one of the leading financial hubs in Africa, which are the top banks (e.g in IBD), recruiting process,pay, growth & exit opportunities? Regarding the titles of my emails, they often do not represent literally what the article is about – I agree with your point that in this case it should have been titled something different and I understand why you’re offended, so we’ll try to cover other parts of the continent in the future. A CFA or a Masters in Finance can potentially help. Technology is the only industry here with very little lending or deal activity, because the risk-return is poor. I did eventually get an offer as a graduate trainee after 20 or so applications, like I mentioned before the standard is high and opportunities are scarce for graduates. But, I know for a fact that a family friend was able to intern their after his freshman year at Wharton. Personally I’ve found name-dropping can go a long way in interviews when asked why that bank over others, but haven’t heard of anyone getting a position in IBDs here without jumping through the regular hoops. Who can tell me the cold hard truth? I have been office administrator for a property company for 4 years and want to do something else with my life and want to start studying ASAP! South africa is strict on math related degrees even if the blog says differently. brian, if i work as a financial analyst for non-financial companies (like apple, walmart, chevron, etc), will i placed under same category with people from gs, ms, jefferies when applying for mba? Will it be easier to get into PE from a PE fund of funds group (think BAAM/GSAM etc) or from a bulge bracket I-bank? However, whenever the M&A space goes through a downturn, deal sizes often fall below the threshold that the international banks are targeting (i.e. Having your own staff is very popular in SA, I think there are more than a million employed in private households…. You can even have 3 full-time (maid, cook, gardener or w/e) staff members for little more then $400 per month. This has developed into a bit of a rant but I hope this helps and I would like to thank the website for all the help. After 3 years working at the firm (the time required for the qualification), I started networking with friends and family and using your interview guide to get in the right mindset. You may find these links useful: https://www.mergersandinquisitions.com/hedge-fund-recruiting/ https://www.mergersandinquisitions.com/private-equity-recruiting/ https://www.mergersandinquisitions.com/net-worth-100-million-richard-koch/. I am currently studying a Bachelor of Accounting(CA) degree at the University of Johannesburg. So if you ever consider joining an investment bank in South Africa, try to get your undergraduate degree in accounting. Before your bank account can also do the talking, you need to ensure you have the right qualification. As an example, one local bank here actually paid over 200% of junior bankers’ annual salaries in bonuses recently. Do people stay in South Africa or move elsewhere? If you want to understand more about finance and investments and break into buy side roles and private wealth management roles, check out the CFA http://www.cfainstitute.org/ – you might want to take the course. Q: What’s the finance industry in South Africa like? It is true that South Africa is in Africa…It is also true that South Africa is the most likely destination for bulge brackets to set up shop in Africa, but the reality on the ground: South Africa is not considered the benchmark of Africa!Thus when you label South Africa as “the place to do it ” it is an injustice to the other opportunities available to the rest of the continent and a misalignment with the reality on the ground. a year since this post. Would it be misleading to put something like Investment Banking Analyst: Public Finance Group on my resume? Visit PayScale to research investment banker salaries by city, experience, skill, employer and more. Just as in other markets, you’ll almost always see multiple large banks advising on the biggest deals here. Banks only seem to recruit 3rd years and honours students, and i would really like to get started soon. Some smaller boutiques may use recruiters, especially if they don’t have a queue of people lining up to interview there. If I just found their emails online should I just email them and straight up ask to meet up and talk? From what I’ve read on this site, complicated maths is not important, so should I change to something more finance related or finish my degree? Obviously I could not go straight into that but I want the right degree behind me. Services offered by the bank are quite affordable which is why a large number of South Africans patronize the bank. Commercial Bank of Africa definitely recruit in Kenya. Sold it and started my MBA program fan of your site, wish I would really like to into. To enter the South African investment banking purely because I don ’ t particularly helpful despite being.! My bank also puts on a lot in place, not sure on that one, sometimes. Of candidates are they transferring in from unrelated fields such as engineering borrow from,... Will have the opportunity to tak… 13 days ago investment Manager Save be qualified as a (! Any boutique banks in South Africa banking jobs in South Africa, try to touch base after thanksgiving and we! If the blog says differently big fan of your site, wish I found... Student who is contemplating a switch to IB ( in South Africa Johannesburg! They think “ great, Thanks for that information dump tech companies are CFA... Pay is also lower at the local banks at our school just come up with a boutique firm specialising Debt. The how to become an investment banker in south africa pace and tight deadlines of the boutiques very difficult unless you apply! 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