Credit Suisse's results confirmed it: Asia is not it. Year-on-year, the bank's total revenues in Asia Pac fell 5% in the first quarter. Its profits fell 4%. Citigroup did a little better: its Asian securities and banking revenues were up 17% year-on-year in the first quarter. However, its Latin American revenues were up 28% (its EMEA revenues were down 5%).
David Viniar suggested the importance of Latin America in February: he said Goldman's Latin American revenues grew 142% between 2006 and 2011. In Asia, they grew a mere 59% over the same period.
So, what if you want to get into the Brazilian market? It will not be easy. Recruitment firm Robert Walters opened an office in Brazil in 2010. Chief executive Robert Walters warns against underestimating the ease of getting a job there: you'll have to speak Portuguese, says Robert. It will also help if you're junior. In the circumstances, it will also help massively if you've got an MBA or management qualification from one of Brazil's top schools.
Which top school? The FT's MBA ranking contains five schools in China, but only one in Brazil: Coppead, where - bizarrely - tuition is free and some courses are taught in English. However, a brief investigation of Coppead alumni suggests there are few working in banking. Instead, therefore, you may wish to choose: Fundaçao Getulio Vargas.
Another Brazilian school, FGV has launched one year, 'Corporate International Masters' degree for European and US executives with an interest in Latin America. Students will receive an MBA from Esade, a Masters in International Business and an 'Executive Masters' from FGV. The course costs $68k. FGV graduates appear far more likely to work in investment banking, suggesting you may be able to leverage its alumni network.
Even a Brazilian management qualification is unlikely to be a magic bullet. During yesterday's TV appearance. Lloyd Blankfein intimated that things are perhaps not growing as they might be in some of Goldman's new markets. “There’s a chance to be what Goldman Sachs is in the US over a much broader swath of the world, and that’s good,” he said. Still, he added “there’s a consequence sometimes to being too early.”