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Native Chinese aspire to leave Wall Street, London and work in China need a reality check

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By Simon Mortlock http://news.efinancialcareers.co.uk/newsandviews_item/newsItemId-31636

Chinese returnee banking professionals sometimes have inflated salary expectations and their skills aren’t always in demand at domestic banks.

“All too often people looking to return to China go about their market research in the wrong way – by talking to friends, or just assuming that China is booming and that they can expect full expatriate packages, plus as high as 30 per cent increases on base pay,” says Michael Wright, chief talent officer at China-focused recruiter Idealpeople International.

The ability to demand high salaries depends on the returnee’s experience and job function. “The talent shortage here is so severe that sometimes, in particular situations, expectations are being met,” says Wright.

Recruiter Stephen He says returnees are generally paid slightly more than other employees, depending on how difficult the role is to fill.

Wright adds: “I imagine there is an undercurrent of resentment about this from domestic graduates. Not just for the mainlanders who are flying home, but there is a thick layer of Mandarin speakers from outside – Singapore, Hong Kong, Taiwan – who seem to occupy many of the top executive slots in financial institutions."

Actually, returnees aren't THAT popular

However, returnees with foreign degrees are increasingly encountering competition in the job market from graduates of domestic universities, especially if they apply for roles with local banks, adds He.

Domestic Chinese banks also aren't that keen on returnees fro, overseas financial centres. They don’t always offer the type of roles which match the experience and capabilities of returnees from more mature markets, says a manager from Shanghai Pudong Development Bank, who asked not to be named.

A Chinese national coming back from London or Hong Kong, for example, will have probably worked in a narrowly defined job function, he says. Domestic banks, however, need all-rounders who can lead market explorations and manage overall operations.
 
This article resonates well with me because I have seen an increasing number of applications from China whose personal essays read like this: "Growing in up in China and experienced the last few years where the stock market has made fortunes for millions of everyday Chinese, I want to study in the US, work 5 years and bring the knowledge back to China and run my own hedge fund."

It's a reasonable personal and professional goal but I bet many of these applicants are overoptimistic and have not thought through the whole process. It's nice to see someone finally talking about it.

What do you think? Is the author portraying the picture in China in a balanced light?
 
However, returnees with foreign degrees are increasingly encountering competition in the job market from graduates of domestic universities, especially if they apply for roles with local banks, adds He.

I may say for SG: you may be Baruch graduate or Princeton - doesn't matter: some smart Filipino from University of Philippines will have an advantage over graduates from TOP-Schools.
There are no longer TOP Schools in this world because they give a degree to anyone who pays.
I'm really confused when I see in TOP MBA ratings Indians and Chinese schools - how much did they pay to FT?
Also in my bank, I know many many top-level managers and 90% of them from some unknown UK/French/RU/SG/PH/... universities.
I still cannot understand why Harvard/MIT graduates doesn't take the best jobs in my bank.
 
"Growing in up in China and experienced the last few years where the stock market has made fortunes for millions of everyday Chinese, I want to study in the US, work 5 years and bring the knowledge back to China and run my own hedge fund."

I'm sorry, but why US should educate its competitors?
 
How to prevent?! :rolleyes:
Huh! Political question. Stop to educate China/India, start to educate Thai and Cambodia, but not enemies.
As a result, you have a chance to dilute back-office progress among several Asian countries and get more friends.
I may tell you for truth, that average Chinese/Indian will not hire American, but Chinese/Indian.
So, the second question why Americans should give a job to Chinese/Indian if it doesn't pay them back?
 
China is not our enemy. Educating the world has huge benefits for China as well as the USA. We always hope people will stay, but if you do not, you still go back to your home country with a taste and appreciation for this country. The free flow of education and ideas benefits all of us.
 
China is not our enemy. Educating the world has huge benefits for China as well as the USA. We always hope people will stay, but if you do not, you still go back to your home country with a taste and appreciation for this country. The free flow of education and ideas benefits all of us.

Anthony, I hope that we continue to keep professional here: nobody said that China is enemy and we need to drop it from the context of our discussion.
When I said "but not enemies" I mean North Korea, etc - who knows how they going to use US knowledges.
 
First, educational, trade and other benefits are restricted for North Korea. Second of all, UK doesn't prevent non-EU citizens from staying in UK after graduating for that reason. There is some immigration control problem which has been said in highest officials speeches. Non-EU citizens don't represent (however educated they will be) any "danger" to UK. You can provide some if you know them. And lastly, I fully agree with Anthony that China shouldn't be regarded as enemy. As for competition, more educated people there are in the world, more likely it is to achieve global good rather than without them. It's true that the strength of a country is not in the number of population, but in the number of educated people. I don't see reason why to consider strong China as a competitor and enemy. China can contribute much in common deals as well as other leading countries. We only see the negative side of strong players and sometimes underestimate their contribution in good deals.
 
It's mildly embarrassing that I have to explain basic economics to D.Serg

Firstly, you have to stop thinking about the Chinese as people.

Think of them like steel or cardboard or computer chips.

US manufacturers (like for instance Dell), take in stuff from other countries, screw with it a bit and sell it to both Americans and peple who aren't Americans. It may come as a shock to D.Serg, but us unAmericans actually buy things, often to decorate the mud huts that people like myself who live in London live in.

US universities charge foreign students money, and both cross subsidise and provide economies of scale.

Some go home, and since they are familiar with both US brands and the US style of business are ready customers for all sorts of shit from financial services, music, porn, drinks and other major US exports.

Others go to work for US firms, often banks but more often spread over the rest of the economy, meaning that although the US has amongst the worst performing high school systems in the developed world, it's average level of education is actually higher than the 3rd world level you'd expect from a country where the majority of 'natives' believe in Creationism.

The US firms (usually) hire them to do something useful. It may come as a shock to D.Serg that GS is not a charity whose mission is to give money to new graduates out of the goodness of their hearts. Yes, really. Firms hire new grads because they expect to sell whatever crap they make or do for more money than they paid them to do it. The idea of the 'profit motive' may confuse D.Sarg, but I have heard that some US firms try to make a profit.
Some fail to make a profit of course, sometimes spectacularly, perhaps they employed Dr. Sarg ?
If the US held a monopoly on education or even just financial education, some sort of dimwitted ban might work, I suppose, maybe a bit.

However, people like Paul Wilmott, Nassim Taleb, Espen Haug, and even myself aren't American, or even in America (I did look out my window to check that last point). If US schools were prevented from educating Chinese students then they'd go to Oxford or Cambridge or do the CQF, or even just hire in academics and do it locally.
 
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