There are more than 30 nationalities represented in the Hong Kong office and more than half of entry-level graduates in Asia are female.
To find out more, we spoke to three graduates - Michael Hui, Julianne Lee Young-suk and
Lei Fu - who recently joined Goldman Sachs as full-time analysts.
We asked them about the industry, their concerns and whether their early experiences matched their expectations.
What attracted you to investment banking?
Lei Fu: Investment banking is new in China, but there is plenty of press coverage. When I read about big deals happening, such as China Mobile, I saw that banking could have a big impact on the economy.
Julianne: Corporate finance provides many opportunities and room for innovation. There are many ways to win a deal and I liked the idea of an industry that allowed that sort of creativity.
Michael: I grew up in Hong Kong and from an early age was fascinated by the attention that people gave to the daily movement of stocks. Later, I studied actuarial science and took some finance courses which increased my interest.
What do people say about the industry?
Lei Fu: Many people would say that investment bankers work inhumanely long hours and that they are bad-tempered because of it.
Michael: You imagine that your peers will be the best from the top Ivy League schools and that you will have to compete with them to get on.
So is it very competitive?
Lei Fu: It is not competitive at all. At Goldman, you don't say 'I achieved this', but instead, 'I am part of the team that did this'.
Julianne: Of course you have to compete and perform well. In that sense it is competitive, but if you put in the work it is quite manageable.
Tell me about the people?
Michael: People are very passionate - they love their work. It is a supportive and team-oriented environment.
Lei Fu: My colleagues have been very helpful. When I was doing a summer job, I knew nothing, but my mentor told me his only job was to get me an offer from the firm. He helped me build good relationships in a very short time.
Julianne: Our work in global operations depends on co-operation, so it is a very open environment. However, people can be more direct when they are under pressure - you have to remember that a lot of our business relies on getting the right message across quickly.
Is the work as hard as you expected?
Lei Fu: We do work long hours. If there is something we have to finish, we might work right through the night. But if the market is quiet we work fewer hours. In fact the Chinese education system, where you have lots of homework to do, prepares you very well.
Michael: The work itself is very exciting; each deal could have a huge positive impact on people. When I think of it this way, I never regret putting in too many hours.
Are you worried about burnout?
Julianne: Not really. At this stage I'm more concerned about building my experience and getting the right exposure.
Michael: I don't see it as much of a risk. When you first join this industry you are extremely enthusiastic and put in ridiculously long hours. But you also want to succeed five or 10 years ahead, so you find a way to strike a balance.
Lei Fu: As you gain experience and learn to work more efficiently, your hours will reduce. At the same time, we know that we
have to look after our health,
so when I have time I go to the gym.
What is the biggest challenge?
Lei Fu: To learn as much and as quickly as possible about different industries and clients.
Michael: In the first year it is difficult to adjust to the pace of the markets. You are bombarded with news so you have to learn to filter information and find the most useful sources.
Julianne: To apply what I learned at school to real market situations. You have to make fast judgments based on analysis. When you have solid frameworks in place and can learn from your managers, it is easier to do that.
What qualities are important for success?
Julianne: Knowing your strengths and weaknesses and taking opportunities.
Lei Fu: You have to focus on quality and give your absolute best at all times.
Michael: You must work well in a team otherwise you won't succeed in this company.
What advice would you give to others?
Lei Fu: Stay close to the market during the last year of college. Then when you join the industry you won't be overwhelmed.
Michael: Join organisations and associations to learn about the industry and expand your social circle.
Finding the right fit
Every investment bank is different, so graduates should research potential employers carefully and select those that fit their own aspirations and style.
For example, some promote a competitive environment, others emphasise teamwork. 'When people are measured on their contribution to a team, they can focus on what the client needs, not their own achievements,' said Eva Chau, Goldman Sachs regional senior HR manager, Hong Kong China.
The style of individuals within an organisation is also worth considering. 'We don't want people who appear arrogant or self-seeking,' said Ms Chau, who also stressed the importance of communication skills. 'It is one thing to be intellectually bright, but another to express an analytically sound opinion persuasively.'
Whatever investment bank you aim to join, long hours are inevitable. How the organisation views work-life balance will therefore be another factor. While Ms Chau notes that those who succeed at Goldman Sachs tend to manage their own workload effectively, she emphasises that help is always at hand. There are intensive training and mentoring programmes for new recruits and the company is proud of the diversity of individuals they employ.
Fact File
Michael Hui
Nationality: Chinese
Age: 23
Qualification: Bachelor of Science (Actuarial Science); The University of Hong Kong
Current Role: Business Analyst, Portfolio Strategy Team, Global Investment Research
Julianne Lee Young-suk
Nationality: Korean
Age: 21
Qualification: Graduate in Global Business and Finance; Hong Kong University of Science and Technology
Current Role: Analyst, Asset Servicing Team, Global Operations
Lei Fu
Nationality: Chinese
Age: 25
Qualification: Master of Management, Guanghau School of Management, Beijing University
Current Role: Financial Analyst, Corporate Finance, Investment Banking Division
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