What insiders say about investment banking jobs in Russia

As a follow-up to last week's Q&A from Mergers & Inquisitions on jobs in Russia, we'd like to highlight what insiders said about the Russian investment banking industry in the M&I comments. Basically, it's not the same as elsewhere...

Where are the hours best/worst?

“Hours differ across banks. Reasonable at GazoromBank & VTB, UBS, CS and BarCap, brutal at GS & MS.”

Can you really make money in Russia?

“MDs from UBS and RenCap have recently left IBs stating that the industry is close to dead in Russia. The only hope for earning money is from ongoing privatizations for which fees are close to zero (recently UBS announced to be consulting government for 0.5% fee for a US$300m deal, no retainer).’

How many bankers are chasing investment banking jobs in Russia?

“All in all, there are reports that the Russian IB industry sees about 30 properly qualified bankers for 1 open spot. Having worked in IB for 4 years and working in a well-known large Russian PE firm now, I strongly recommend to readers from Russia to get real.”

Will you get rich working in investment banking in Russia?

“First of all, forget about big money illusion during your first decade on IB market. Yes, if you get in the industry, you will make decent amount of money (well above average salaries in Russia), but it’s not the kind of money that allows you to buy expensive suits, supercars or property abroad. You won’t earn big money unless you’re at MD level and generate profit on your own – and it works in Russia the same way as it works elsewhere.”

Do you really need to speak Russian to get a junior banking job in Russia?

“Yes. Russian is mandatory at junior level – never seen an expat associate, who doesn’t speak Russian. Also not many senior bankers, who don’t speak Russian at all.”