ECM in London vs IB in the middle east
Hi guys. I need your perspective on this, as I'm trying to make a decision. I dont have much experience beyond the sort term, so any advice in appreciated.
I have two offers. ECM at a Lower-tier BB in London. This will be an internship during the autumn (kinda gives it away). The other one is off-cycle IB at a top (American) BB in Dubai, UAE. I am extremely happy that I got these offers, really going in I had no faith in myself. I dont really know what to choose. I talked to the Dubai's BB HR team, they said despite rates going up the M&A spike in the middle east is still ongoing. They dont have many analysts, so they need more, and also I'm expecting it to be a sweatshop. They are basically just a niche M&A presence for the bank in the region, so nothing significant.
ECM is still a good opportunity overall, but I'm worried about the exit opportunities. Everyone I know shits on capital markets jobs for this reason. Nonetheless, the IB job in Dubai has the same issue. Transferability of skills become a huge issue given the location. I don't know much about relocation but I imagine that's going to be insanely difficult, London has endless supply already.
Which one should I choose?
BB in Dubai for sure. Pay will be far better, you don't want to do ECM, getting M&A experience is ideal, and you can go to London any time, but you won't have as many opportunities to live in Dubai. Plus the women are very hot and very easy to get there.
Is the BB JPM? Do it
> you can go to London anytime
That's not true. OP, for the sake of honesty, this is not true.
Do you work in Dubai or the ME?
Ah crap how did you know haha!!
Are you sure about moving to London being achievable easily? I've heard it's next to impossible, actually.
Visiting? Sure. Working? Idk about y'all cuz I have multiple citizenships, but a large financial firm I worked for said if I ever wanna make the switch it's an easy transfer and they'll get the Visa even if you aren't a citizen, no problem. I'm sure this will be plausible at a firm like JPM lol
ECM is dead for the foreseeable future. Go to Dubai to avoid layoffs
What s the pay difference between the two job offers?
London's gig: £65k base + £7.5k signing. Dunno about bonuses but some speculations online say it's 20-30%
Dubai's gig: $90k base + $10k signing + $15k housing allowance. Bonuses range from 40-60%, source: online rambling
I'd avoid Dubai, heard most execution is done in London for BBs and you'll just be supporting those deals. You won't gain a lot of modelling experience
Tough one, ECM isn't going anywhere anytime soon. As you say, your exit options are limited. For that reason, I'd lean more towards the Dubai offer. The main caveat, however, is that culturally there is an expectation at *most* shops you see a long-term future in the UAE. Moving back to LDN internally is difficult if that is your aim after 2/3 years. Lateralling after 2/3 years can also prove difficult, as your exposure to modelling may not be that extensive.
Sure, the comp is Dubai is better, and the lifestyle is great... but you have to ask yourself if you see yourself setting up a life there for the foreseeable future. My piece of advice - reach out to those who have made the move on LinkedIn at similar banks. Ask them why they made the move and find the correlation between their answers; you should have a sound idea of whether your motivations align with theirs.
If they do, then I'd take the Dubai offer - you're only young once. Hope this helps.
Recent joiners are unironically just Russians who got staffed there after the war. Seniors are mostly regional Arabs & Asians who are more familiar with the region and so it's kinda their comfort zone. Though, other banks with larger presence they do have many joiners from western countries/schools. I'll get in contact with them soon enough to see. Thanks for ur answer
Difficult choice
ECM is going to do zero deals next [6-12] months. Worst equity markets since 2008 GFC
Middle East as above people said very difficult to come back to London
You will have a better deal experience in Dubai (and more fun)
However, your time in ECM (even if you’ll probably see no deal) will allow you to network more internally and speak to the M&A team there……
Depends on your ultimate goals but yes tricky one
Take London 100% since this is an internship. Worst case you apply for further off cycle internships in M&A / proper IBD at other banks and join then as an analyst. Not the first one doing that
Hi! I'm an international student in the UK and I think I might apply to Dubai for grad jobs. Do you know if they are stingy about giving out visas?
Citi says "UAE Citizens encouraged" for all their stuff in Dubai. So I would guess they'd be stingy with visas.
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