Hi HitchHiker,
I am a final year Btech EE student at IITX. I have been placed in Lehman Brothers, Mumbai, in the "Equity Quantitative Analytics" group. The HR from LB told us that this is not another back office in India and that the Mumbai ofice is going to be on par with their London, Tokyo and NewYork offices. Do you have any information about the above; or could you point me out someone who might be able to help me. I want to know if the work will be as exciting as they are promising; and that it is not just another back office. Their compensation pacage is good 8lakhs+. I am more concerned about the nature of the job though...
Do you have any idea what sort of career path one could go on if one takes on this job?
Hoping to hear from you soon,
--chautauqua
My team deals with Lehman's NY office but am not personally aware of them setting up shop in India. However, there is no reason for them to inform us about it if our interaction needs only be with NY.
I am guessing that you will be joining after a few months when your course gets done with... its quite possible that an official PR will be made available much later than now. I wouldn't be surprised if they do set up a global practice office right here... its a huge market and lots of M&A; activity is coming up... they'd be looking for India specialists anyway.
As far as the nature of work is concerned.. Lehman pays really well, even by the lucrative standards of the industry but I just don't see them paying 8 lacs for "backoffice" work..
McKinsey pays in the range of 4 to freshers at their KC, and thats more than a back office thing...
On the other hand, i don't think they'll put you in frontline M&A; or PE work without some serious training... a couple of my college friends are working with an I-Bank in Mumbai and their training is itself 18 months at the minimum...
I suggest you find out about this.. ie. what is the kind of training they are gonna give you. The program is general for the first 6 months or so and then specific branch training according to your competencies. Let me clarify, this is for the place my friends are at. It is possibe that LB has a different program.
The specific segments that Lehman works in are Investment Banking, Capital Markets, and Investment Management.
Investment Banking segment provides advice to corporate, institutional, and government clients on M&A; and Private placement. It also underwrites public and private offerings of debt and equity securities. Now, there are a lot of specific insruments you could specialise in.... stock, govt bonds, money market products, high yield and emerging market securities, mortgage- and asset-backed securities, real estate, municipal securities, bank loans, foreign exchange, and financing and derivative products.... the list goes on.
Capital Markets segment includes institutional customer flow activities, prime brokerage,
research (I am here..), and secondary-trading and financing activities in fixed income and equity products.
Investment Management segment consists braodly of private placement and asset mangement.
What i can say is that its a great opportunity... go for it... not blindly of course, but with a resonable certainty that you'll get to learn loads and earn loads. Like i said above, ask your recruiter to spell ut the program... I doubt it will be back office, but also don't see you on the frontline right after graduation...
Only caveat is that -- as I know from personal experience, LB sucks every cent's worth out of you

-- but I don't mind and I don't think you would either!
Best of Luck.
Vaibhav.
PS: That was kinda hurried, please ignore any spelling/grammar/redundancies in the above.