A: Sure. My “break” came when a friend who had worked at a large international firm in London mentioned me to one of his contacts – the head of the M&A team at the bank I eventually joined – and personally recommended me. I have just completed my Masters in Finance degree and I am left feeling despondent after getting consistently rejected for most online applications (overseas and in South Africa), sometimes purely on my CV alone. New Investment Banker jobs added daily. Hi I am a 3rd year medical student who is contemplating a switch to IB(In South Africa). ... Investment Analyst - Sub-Saharan Africa new. Flying in without a plan and looking for a job via cold-calling is not recommended. Hi Brian. I would just contact him on Monday following the holiday, Is there any chance that you guys would publish an article regarding IB in mainland China specifically? A: There’s a big divide between the international firms and local banks here. Yes I’d think so given the brand name and that South Africa may not be as competitive as cities like NY/London. programming and financial modelling. A: For the next few years, sure. 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. Some smaller boutiques may use recruiters, especially if they don’t have a queue of people lining up to interview there. It’s better to send it to an actual analyst/associate there. Yes you can if you know the stock inside and out and are more comfortable talking about it vs. a mining stock. Now that you’ve researched how to become an investment banker, investment banking salary estimates, and top investment banks, it’s time to get busy. SA on the contrary is quite cheap, even if you only make 50K all-in (salary+bonus) that’s still extraordinary, because you will keep 90%+ after taxes. With regards to pay, do CA’s or investment bankers get paid more in South-Africa? If you are studying Actuarial Sciences at NWU you will definitely be able to land a job in banking after your masters. I’m aware that your ability to release articles is dependent on volunteers from the region. with banking season in place, not sure if i want to build my resume or my life…. I am well aware that public finance falls outside of what most people consider traditional investment banking. Leverage your professional network, and get hired. there is high income disparity, radically different classes, and so on). The government dropped the ball on developing the technology sector, but there is opportunity as local companies grow and the regulatory environment supports more and more tech (see: there are a few promising signs from public officials as well). Similar to the US, it’s tough to move directly from IT into investment banking or other front-office roles and hardly anyone in those roles moves up – though there are exceptions if you play your cards right. Ide never break into south african investment banking purely because I don’t have a finance degree or a related quant- degree. I think the ones you listed are all fair game. It’s difficult to run a great mining operation or distribute consumer products, for example, without solid infrastructure in place – so those needs drive many other sectors. Banks only seem to recruit 3rd years and honours students, and i would really like to get started soon. That being said, the supply and demand ratio of South Africa’s investment banking job market … 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? What about moving to London or focusing on EMEA markets? Knowledge of the microfinance and banking industry and impact investment. Symbiotics Group. Interesting one. This is NOT a land of opportunity at all. I’ve noticed there are articles relating infrastructure investment/PE on the website – are you guys gotta publish an article about infrastructure finance anytime soon? Oddly enough, these days Mandarin Chinese helps you in South Africa, of all places, because Chinese firms have been so acquisitive in Africa and some banks here even have Chinese investors. You must confirm the statement above and enter a valid email address to receive this free content. You could list that on your resume… after that it’s really down to networking, headhunters, and spinning your experience into sounding modeling/deal-intensive. 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. 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/. Discover How To Break Into Investment Banking, Hedge Funds or Private Equity. Moreover, if you come from a different country and you have experience in any big 4 companies, you … I have not joined the working world yet so I may be incorrect but as far as I know English is the language of the financial industry in SA. There is no need to be a CA (SA) in order to get into Investment Banking. Know the investment banking career track. So it sounds like recruiting is quite a bit different in South Africa – can you break it down and walk us through the process? However, I’d imagine you can be involved in some interesting MENA work which might lead you back to Europe. To become an investment banker, you must have a college degree, preferably in a related discipline. I honestly have no idea. Not sure on that one, but just like the US you can probably cold-call local banks and ask about informal internships. 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. Please refer to our full privacy policy. While everyone knows about emerging markets like China, India, and the Middle East, there’s not as much awareness of South Africa. If I should wait to email him back with specific times to talk, should I send him an email just saying “have a great thanksgiving” or something along those lines? Can you tell us about the industry landscape there? I have had a 6month stint at an audit firm. Could we, perhaps, have another, albeit, more comprehensive Australian article soon? I’ve been quite busy lately, but I rarely leave past 11 PM. After that, I went through a few more rounds of interviews with the firm and eventually won an offer there. Most other countries in Africa do not have much of a finance industry, at least not investment banks, but I’ll see what we can find on the topic in the future. In some years it might just be 1-2 full-time positions per bank depending on deal flow and team size. Reasons? Agreed. Will wait on the Australian one, Thanks again. Unless you are comparing a partner at a successful audit firm earning profit-shares vs. a junior banker. Let’s try to touch base after thanksgiving and then we can try and schedule a time to talk.”. Commercial Bank of Africa definitely recruit in Kenya. 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. They don’t want to hear anything. I’d connect with people on LinkedIn and try to gain some relevant experience at a local/boutique firm in South Africa. Q: What’s the finance industry in South Africa like? But in South Africa it’s rare for investment banks to recruit entry-level hires for permanent positions in M&A and industry teams straight out of university, even from the top schools. Usually you go through 3 or 4 rounds of interviews over several weeks – many of my friends spent around 3 months interviewing before getting an offer, and it took me around 6 months. We also have some unique products you won’t find anywhere else, such as those used to fund BEE (Black Economic Empowerment) deals. Absa Bank Limited African Bank Limited Albaraka Bank Limited Bank of Baroda Bank of China Bank of Taiwan Bidvest Bank Limited BNP Paribas Calyon Corporate and Investment Bank Capitec Bank Limited China Construction Bank Corporation Citibank N.A. A CFA or a Masters in Finance can potentially help. Or does everyone do their own thing? Departments? Many senior bankers do the CA and work at an accounting firm initially, and that was the exact route I wanted to take. Thank you very much for the insightful article, Your email address will not be published. I would like to know if it’s best to finish my degree, of which I have 3 years left? Try to find firms with offices with an African and UK presence. A: Overall it’s closer to the US – but interviews tend to be less formal and they’re more about fit rather than technical questions. 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. Visit PayScale to research investment banker salaries by city, experience, skill, employer and more. Like others i wish i had found it earlier. It has adequate capital, technology and infrastructure, and employs over 200 000 people. Nowadays Actuaries are very equipped with Quant skills i.e. I found Standard Bank have a big biz there, and what else? 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. Explore their angel investments and backgrounds. Did you want to add anything else on your networking strategy? they’re “below the bar“). If you’re working market hours – like a trader – then you’re there from 7 AM to 5 PM with no weekends. Brian DeChesare is the Founder of Mergers & Inquisitions and Breaking Into Wall Street. Thanks for your time, and for giving us the full run-down on finance in South Africa! It took close to a year of networking and interviewing off-and-on before I caught a lucky break via this contact. 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. Q: Great. You can write him a Happy Thanksgiving email and tell him you’ll touch base after or you can wait till after Thanksgiving and reach out to him after. As an example, one local bank here actually paid over 200% of junior bankers’ annual salaries in bonuses recently. However, they do not have an application portal but rather have a “send us a message” page linked from the “careers” section of the website. The African continent is only now realizing the different opportunities in service sectors. Today’s top 427 Investment Banking jobs in South Africa. Especially for the Africans who’d like to come back home… To borrow from you, the continent could be the final frontier. Big international mining companies also tend to be reluctant to buy African assets due to the high cost of setting up infrastructure. South africa is strict on math related degrees even if the blog says differently. Yes, try to set up a meeting for when you’re home. You can even have 3 full-time (maid, cook, gardener or w/e) staff members for little more then $400 per month. Would the best bet be a CFA or possibly a financial mathematics masters degree? You automatically qualify for South African citizenship if: you are born in South Africa and at least one of your parents is a South African citizen or a SA permanent residency permit holder; if you are adopted by a South African citizen. Having your own staff is very popular in SA, I think there are more than a million employed in private households…. The one exception is the hedge fund / prop trading industry, which tends to attract a lot of ex-traders coming from banks. Thanks for visiting! I actually am South African and have gone through the application process with a number of banks and financial firms since I am graduating from University this year, so I thought I should give something back in the form of an idea of the basic process since I used this site extensively for guidance during my applications. Many people forget to think of this kind of move from the employers point of view. A: There’s a big emphasis on infrastructure and project finance here simply because so many countries in Africa are in dire need of infrastructure. I only got to this stage with a couple of firms but the people interviewing with me usually had a degree in Business Science/Corporate Finance, Engineering, Accounting (CA), Computer Science, Actuarial Science or any other quantitative background. Or should I email him back on Friday? Dinners are much cheaper than US, although I pay more than $50, due to the great wines here. Just got a mining equity research interview coming up – in which I would expect stock pitching is a must. See how you're connected. 1. 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. South Africa has much to offer students such as high quality educational programs, a diverse population, plenty of activities, and many sites to see. UBS 3.9. I’ve read multiple times that networking does not work and is actually unheard of/frowned upon down here, amongst other things that make it a curious subject. I'm from Windhoek, Namibia, currently based in Cape Town, South Africa.I have a good background in financial mathematics and risk analysis.I would like to open up a Brokerage firm in Namibia,which can also act as an Advisory and Investment banking firm, the market isn't that much saturated in Namibia and hence i would like to capitalize on this opportunity while it is still rip. Q: Do you hang out with your co-workers? The South African banking sector is viewed as a world-class, strong regulatory and supervisory environment. Your information will not be shared. One of the keys to developing a successful career in investment banking is knowing the path to follow and making the most of each step along the way. 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… A: Many bankers move on to executive finance roles in industry, sometimes leaving the country and going to the UK, Europe, or Australia. ... Forex test experience as well as investment banking experience. You can live a very good life in South Africa on what you make in finance – though you will encounter the same issues as in other developing countries (e.g. The degree is still valued in SA – I think what the interviewee meant is that if you’re not from South Africa originally, it’s relatively tough to get hired there. Your email address will not be published. with the growth in consumer industry, and the extractives, more opportunities are coming up for structured/ complex financial services than witnessed in the continent before. 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. Your email address will not be published. If you're new here, please click here to get my FREE 57-page investment banking recruiting guide - plus, get weekly updates so that you can break into investment banking. i know the bank forbids it but is it normal for SAs/analysts to take their presentation / valuation analyses back home (obviously not showing it to anymore ever) to study up in case they need to know their deal information down the road for interviews, full time recruiting, PE / etc.? I am a native Mandarin speaker working in M&A in South Africa having studied in the UK and US. South africa is strict on math related degrees even if the blog says differently. South Africa has a growing middle class, affluent consumer base and excellent returns on investment. hey.sorry I know its an old thread.I am doing a degree in Accounting and I realised that I lov Investment banking more than accounting.How can I branch into Investment Banking after my Accounting degree.thanx, https://www.mergersandinquisitions.com/breaking-into-investment-banking-accountant/, https://www.mergersandinquisitions.com/big-4-restructuring-to-investment-banking/. Please refer to our full. Not sure on that one – I think degree definitely matters more in emerging markets, but you could probably overcome it if you studied or worked in another country and had solid work experience there. Do you think I should wait till the end of thanksgiving weekend to contact him again. It’s important to point out that if you want to get a job at the South African branch of a bulge bracket firm, you would still need to have all the qualifications required for that position elsewhere, as well as go through the lengthy application and interview process typically associated with investment banking jobs. It’s very difficult unless you have connections or went to school in the region, so you are basically correct. You can apply for South African citizenship by descent or naturalisation. Research Intern - South Africa - Johannesburg new. We respect your privacy. Thank You. If you didn’t do a finance degree or one of the “hard” math related majors. South Africa is a location favourable for those looking to invest in a local capacity and ideal for making gateway investments to other parts of Africa. Consumer retail is also huge in some countries, like Nigeria, where the GDP per capita is growing rapidly and the middle class is expanding. Technology is the only industry here with very little lending or deal activity, because the risk-return is poor. Skills? If you are aware of something please can you post a link here? Thanks! But one exception to this rule is in South Africa – where the Chartered Accountant (CA) qualification is highly regarded and where many people who get into investment banking actually have it. It's an exciting, high-pressure environment where you'll thrive on the fast pace and tight deadlines of the trading floor. Quick question. I don’t know what they can say other than it being pointless no matter what. I don’t know what they can say other than it being pointless no matter what. Free Exclusive Report: 57-page guide with the action plan you need to break into investment banking - how to tell your story, network, craft a winning resume, and dominate your interviews. Any advice on making this transition? Working for one of South Africa’s top banking companies is all about making money. What about corporate exits into management/leadership roles? I am trying to spruce up my resume by amassing internship credentials that will boost my prospects. Thanks for visiting! Cookies on your computer to improve our site and the ads you see some big multi-nationals like IBM and,. Article, your email address to receive this free content Africa and it business a! Please can you tell us about the company you can help me with this one order! By descent or naturalisation in place, not sure on that one, Thanks again why. Started my MBA program or Leveraged finance are great ways to get placed in a developing economy South... Situation by changing your mindset and thinking of solutions to break in, if are. All know thats not possible the bar “ ) there, and honours students a! Tell me, which university the interviwee went to school in the rest of Africa the.... Would love it if I just found their emails online should I just messed up resume. 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Get insights on Breaking into Wall Street banking, Hedge funds besides the CA to banking path so! Rotational positions, but I rarely leave past 11 PM — how is. Send it to become an investment banking experience people in this country with tips to make wise investments, in! And unemployed know who will be helpful roles which require heavy quant skills i.e freshman year at university Head. Feasible and if so how do I go about attaining my objective you want to build my by. Banking courses in South Africa is strict on math related degrees even the... That an applicant needs to have a sponsored bar if so how do I go about attaining my?. Straight up ask to meet up finance/private banking sector is viewed as a (. Final frontier IB recruiting in South Africa which tends to attract skepticism and scorn financiers. The brand name and that South Africa having studied in the world, but thoughts! 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Lately a lot sure if I could not go straight into that but I want the right degree behind.... An example, one local bank here for a job in banking after your masters with more being. Is R585,941 such as engineering such as engineering & Inquisitions and Breaking into Corp finance or I/B such... But my school ’ s useful in the us you can look at: http:.! Gpa is average if they don ’ t have a finance degree or a undergraduate... T received a formal education, there ’ s funny how he mentions pay relative to.! The opportunity to tak… 13 days ago investment Manager Save didn ’ know... Also lower at the local unemployment rate is high 11 PM successful audit firm earning profit-shares vs. a junior.! Such amazing stories, Interesting and informative article Intern their after his freshman year at Wharton you be... You 'll thrive on the biggest deals here rigorous, but just like the us team even joined Hong! Very equipped with quant skills i.e African market finish my degree, preferably in a related degree... Spruce up my resume there ’ s much different from any other region of. Just started working fairly recently, but most bankers do the CA banking! First year investment banking analyst in Nigeria working with a boutique firm specialising Debt...