Why Singapore Is the Gateway to Asian Investment Banking
If you want to do investment banking in Asia, Singapore is the city you need to understand. It’s the financial hub of Southeast Asia, home to the regional headquarters of virtually every major global bank, and a launching pad for deals across the ASEAN region, India, and broader Asia-Pacific. I’ve worked with students who specifically targeted Singapore as their entry point into IB — and for the right person, it’s a fantastic move.
That said, breaking into investment banking in Singapore is not the same as recruiting in New York or London. The market is smaller, the culture is different, the competition is intense, and the recruiting process has its own quirks. In this post, I’ll walk you through everything you need to know about investment banking in Singapore — from which banks dominate the market to how pay compares to the US.
The Singapore Banking Landscape
Singapore’s financial sector is anchored by both global bulge brackets and strong regional players. Here’s who matters:
Bulge Bracket Banks
Goldman Sachs, Morgan Stanley, JPMorgan, Bank of America, Citi, UBS, and Deutsche Bank all have significant presences in Singapore. These are the firms running large-cap M&A and ECM deals across the region. Goldman and Morgan Stanley in particular are seen as the most prestigious platforms for deal work.
Regional Powerhouses
DBS, OCBC, and UOB are the three major Singaporean banks. DBS in particular has aggressively built out its investment banking capabilities and is increasingly competitive with global banks on regional deals. If you’re a local Singaporean student or a foreigner comfortable with the local market, these are legitimate first destinations.
Elite Boutiques and Mid-Market
Lazard, Rothschild, and Evercore have Singapore offices focused on advisory. Jefferies and Houlihan Lokey have also expanded their Asian footprints. Deal flow at these boutiques can be excellent for the right types of transactions, and exit opportunities are solid.
What Types of Deals Happen in Singapore?
Singapore IB work is dominated by a few deal types:
- M&A advisory — cross-border transactions involving Southeast Asian targets or acquirers, as well as pan-Asian strategic deals
- ECM (equity capital markets) — IPOs and follow-on offerings on the SGX (Singapore Exchange), though Hong Kong’s HKEX is often preferred for larger deals
- DCM (debt capital markets) — Singapore dollar and Asian currency bond issuances, especially for infrastructure and real estate
- Infrastructure and project finance — Singapore is a hub for infrastructure financing across Southeast Asia, particularly in energy and transportation
If you’re coming from a US background, one adjustment to make is that deal sizes in Singapore tend to be smaller than what you’d see on major US transactions. That said, the complexity is real — cross-border deals involving multiple jurisdictions, currencies, and regulatory frameworks are common.
Recruiting for Investment Banking in Singapore
Recruiting in Singapore has some important differences from the US process that you need to understand going in.
Who Gets Hired?
There are essentially three pipelines:
- Local Singaporean students from NUS (National University of Singapore), NTU (Nanyang Technological University), and SMU (Singapore Management University). These are the target schools for Singapore-based roles.
- Expats from Western programs — students from Wharton, LSE, Oxford, INSEAD who want to work in Asia. Banks hire these candidates but expect them to have a genuine reason for wanting to be in Singapore (language skills, Asian deal interest, family ties, etc.).
- Regional hires from Hong Kong, India, or other Asian markets who transfer or laterally move into Singapore.
The Timeline
Singapore recruiting does not follow the same lockstep timeline as US banking. Summer internship recruiting typically kicks off in the fall of your penultimate year (one year before graduation), but the process is less formalized. Many offers come through networking and direct applications rather than a single structured recruiting season. Off-cycle hiring is also more common than in the US — banks will bring on analysts and associates throughout the year if the right candidate is available.
The Importance of Language Skills
Speaking Mandarin is a genuine competitive advantage in Singapore IB, particularly for coverage roles focused on Chinese corporates and cross-border China deals. If you’re bilingual, make that very clear throughout the recruiting process. Banks that do significant China-related business will actively prioritize Mandarin speakers.
Pay in Singapore Investment Banking
Compensation in Singapore IB is competitive globally but generally lower than New York. Here’s a rough picture for analysts at bulge brackets as of recent years:
- Base salary: SGD 80,000–110,000 (approximately USD 60,000–80,000) for first-year analysts
- Bonus: 50–100% of base depending on performance and firm
- All-in first year: roughly SGD 120,000–180,000 for strong performers at top banks
One important factor: Singapore has no capital gains tax and relatively low personal income tax rates (top marginal rate around 24%). This means your take-home pay as a percentage of gross comp is higher than in New York, where combined federal and state taxes can exceed 45%. Many bankers find Singapore’s effective compensation to be quite attractive once taxes are factored in.
Working Hours and Culture
Don’t expect Singapore banking to be more relaxed than New York. Hours at bulge brackets are roughly equivalent — 70–90 hours per week when deals are live. The culture is generally more hierarchical than in the US, with strong deference to seniority. Relationship-building with senior bankers and clients is extremely important, and the culture of facetime is real.
One notable difference: the time zone. Singapore is GMT+8, which means you’ll often be on calls with US clients late at night or early in the morning. Cross-border deals involving the US or Europe require flexibility on hours.
Exit Opportunities From Singapore IB
Exits from Singapore IB are solid, particularly for Asia-focused roles:
- Private equity: KKR, Blackstone, Carlyle, Warburg Pincus, and TPG all have Singapore offices with active deal teams
- Hedge funds: Singapore has a growing hedge fund ecosystem, including significant sovereign wealth fund presence (GIC, Temasek)
- Corporate development: Many multinationals use Singapore as their Asian HQ, creating strong corp dev opportunities
- Transfer to New York or London: Some bankers use Singapore as a stepping stone back to Western markets after gaining Asia experience
Should You Target Singapore?
Singapore makes the most sense if: you have genuine ties to Asia (heritage, language, long-term desire to live there), you want to focus on ASEAN or broader Asia-Pacific deal work, or you’re a local student at one of Singapore’s top universities. If you’re a US student with no Asia connection who just thinks Singapore sounds cool, banks will see through that quickly — you need a compelling narrative.
If you’re serious about breaking into IB (whether in Singapore or the US), check out our free resources and our networking guide, which covers how to build relationships with bankers in any market. The fundamentals of networking and interview prep apply globally — the tactics just need to be adapted for the local market.
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