Seeking Guidance on Pursuing Investment Banking in Dubai
Hello WSO Community,
I hope you're all doing well. I'm currently planning a move to Dubai next year (maybe 2nd half) to pursue a career in investment banking and would greatly appreciate your insights and advice. I'm specifically looking for guidance on these key aspects: my qualifications, preparation process & timeline, and salary expectation.
Rationale to moving:
No BS reason would be for more exposure to a more developed market & helping with career prospect
Background Information:
To provide some context, I'm Vietnamese & my experience is strictly working with regional firms in Vietnam, here's a brief overview of my qualifications and background:
- Education:
- I graduated from UWE Bristol in 2019 with a degree in International Business Administration. In addition, I enrolled in the CFA Institute program, where I successfully passed all three levels within two-year span (first exam passed in Feb 2019, last in Feb 2021). I'm on track to receive my CFA charter designation in Q2-3 2024
- Work Experience:
- Intern Analyst at a mutual fund in Vietnam (Jul 2018 - Sep 2018).
- Credit Analyst at a top-three brokerage firm (Oct 2020 - Apr 2021).
- Investment Banking Analyst (Apr 2021 - Mar 2022) & Senior Investment Banking Analyst (Apr 2022 - Jan 2023) at the top investment banking firm in Vietnam.
- Moved to another local firm as an Associate to set up their investment banking wing (Feb 2023 - now)
- Skills: I would guess all the relevant skills in Investment Banking, which includes materials building (model, presentation etc.), client & investor communication/negotiation, managing juniors etc.
Questions
- My background/qualifications: What do you think about my background, do I stand a chance in breaking into firms there? I do have hope to enter BB or EB but still open for other options to essentially "bring me up to standard" for future prospects
- Preparation process: I think I have good knowledge base but it needs brushing up for interview (I'm thinking technical, fit), do you recommend any materials (free & paid) in order to better prepare myself? Also any further guide on when I should start prepping would be very appreciated :), I can set aside 2-3 hours every night to make preparations
- Interview process/timeline: What is the hiring situation there, specifically relating to when hiring is most active and how long on average does the interview process will take?
- Salary: I understand this is a vague question, but what salary package can I expect? I've read about this online but would love to hear more!
Thank you for reading up until this point & will appreciate any responses relating to these questions and more!
Hello there!
First off, kudos to you for your determination and ambition. Your background and qualifications are impressive, and I believe they will serve you well in your pursuit of an investment banking career in Dubai. Here's my take on your questions:
Background/Qualifications: Your experience in investment banking and the CFA designation are both highly valued in the finance industry. While BB and EB firms are highly competitive, your background should make you a strong candidate. However, it's important to note that networking plays a crucial role in landing a job in these firms. So, start reaching out to professionals in Dubai, attend finance events, and make use of LinkedIn to connect with people in the industry.
Preparation Process: Based on the most helpful WSO content, I'd recommend the WSO Networking Guide, Investment Banking Prep, and Behavioral Techniques. These resources should help you brush up on your technical knowledge and prepare for behavioral questions. As for when to start preparing, the sooner the better. Given your timeline, setting aside 2-3 hours every night sounds like a solid plan.
Interview Process/Timeline: The hiring situation in Dubai can vary, but generally, recruitment for IB roles happens all year round. The process can take anywhere from a few weeks to a few months, depending on the firm and the role. It's best to start applying as soon as you're ready.
Salary: Compensation in Dubai can be quite competitive, especially in investment banking. While it can vary greatly depending on the firm and your role, you can expect a substantial salary along with other benefits like housing and transportation allowances. However, it's important to consider the cost of living in Dubai, which can be quite high.
Remember, this is a big move and it's important to do your research and prepare thoroughly. Good luck with your journey, and don't hesitate to reach out if you have any more questions!
Sources: Dubai: Still a Place to Work in High Finance & Build Wealth?, Investment Banking in Dubai, Dubai IB/PE Recruitment Process 2020
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