If you're a recent business school grad, your best bet at making a killing in the investment banking field might be to head on over to Russia. Before you dismiss me with a quick nyet!, take a look at this recent piece from Bloomberg. Firms are sending top investment bankers to work in Russia, often for more than two times what they'd earn doing similar work in the United States. Russia's rapid economic growth (Jim Cramer lists it as one of the BRIC countries for emerging growth: Brazil, Russia, India, and China) and spiking energy prices are creating a need for financial talent in the area.
Granted, the $7-10 million pay package for a managing director doesn't include the cost of Berlitz courses. Could soaring pay packages be a sign of a bubble in Russia (perhaps a global bubble?), similar to soaring analyst and fund manager compensation at the top of the internet stock bubble?
I don't necessarily think so. In order to grow and become a strong economic force, Russia needs to attract experienced, talented bankers. And let's face it: Most people wouldn't leave their offices in London or New York to go to Russia without a strong financial incentive.
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5-16-2007 @ 2:36AM
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