Working in China

Parent Cafe
1

<p>I’ll be graduating in Spring 2012, with a degree in Economics with a minor in East Asian Studies. I’m considering working in China after I graduate. Right now I’m weighing my options to see if working in China is right for me.</p>

<p>Here are my options:
1- Working in the Finance sector in the U.S
2- Working in the Finance sector in China
3- Working as an English teacher in China. I would work at a school and also look for part time tutoring jobs as well. ( I’ve heard that I can charge around 30-50 USD per hour)</p>

<p>So I’ve been to China twice. I’ve studied abroad in Beijing for 2 summer semesters, and I love it there. I want to work in China, because I like it there, and I feel like it would be a good life experience. I also think it would be good building my career too, because work experience in China is desirable in the U.S as well.</p>

<p>On the other hand, jobs in China just don’t pay as well. The average salaries I see for Americans working in China is somewhere around 1,000-2,000 a month and about 15,000-20,000 USD a year. I think if I got a job in the fiance sector in the U.S I could expect a starting salary around 40,000.</p>

<p>By the time I graduate I will have borrowed 30,000 in loans. It will be hard to pay off if I worked in China. But at the same time, I’m not too worried about it. I have a few years grace period to pay it off.</p>

<p>I also know that the cost of living in China is significantly lower in China. It’s about a third or a half of what it is in the U.S. And most job offers in China offer free housing to American employers. I feel like taking this into account, maybe the salary in China won’t be too bad. How much do you the difference will be? Will I be able to save a comparable amount of money in China with respect to the U.S?</p>

<p>Another factor worth considering is that I’m Chinese American. I’m a native speaker of Cantonese. I’m also pretty decent in Mandarin but I’m no where near native-level. But I would say that I have at least working level ability in Mandarin. I studied Mandarin for 3 years, and have studied Chinese in Beijing for a total of 4 months.</p>

<p>I also feel that being Chinese American can hurt me while looking for jobs in China. I know that Chinese companies and universities like to hire Caucasians. They feel that Chinese Americans don’t speak English as well. (Just to be clear though, my native language is English)</p>

<p>Also one last question. Do you know what income taxes I will be subjected to if I work in China? Do I pay Chinese and American income taxes?</p>

<p>So how do you guys weigh on this? If any of you have work experience in China, please share. Also, if you suggest working in China, tell me some ideal locations if you can.</p>

2

<p>Good news is the US excludes a bunch of income earned overseas.</p>

<p>Can’t answer your other many questions.</p>

3

<p>I can’t answer any of your questions about China, but I can offer my perspective on the US salary.Where did you get the $40,000 a year number? That seems very low for a finance sector job. Now I may be misreading your post, but the below is based on my assumption is that you are going into a private (non-nongovernment) finance job.</p>

<p>I don’t know where you are geographically or where you went to school, but in a finance field you could expect a starting salary around $50,000 - $55,000.</p>

<p>Now thats a conservative number. It also has a lot do with the geographic location of the company and what industry you go into. If we are talking about the northeast I would up that to $60,000 just based on geography.</p>

<p>Other important factors are the prestige of your degree program, internship experiences, and your GPA. If you have a competitive GPA from a good program you could also be offered additional benefits such as signing bonuses, and relocation assistance.</p>

4

<p>Thank you very much Lergnom, I have just looked into that. I guess that helps my money situation a little bit.</p>

<p>FinanceGrad, regarding your last paragraph about the signing bonus, and relocation assistance, are you referring to the US or China? I go to University of Michigan - Ann Arbor, and I would probably work in my hometown (NYC) if I stayed in the US.</p>

5

<p>Could you start working at a US firm in NYC that had offices in China, with the understanding that you were interested in working overseas? I worked as an expat in Hong Kong (a long time ago) and the pay and benefits as an expat were pretty amazing.</p>

6

<p>I was referring to the US when it comes to bonus and relocation. It would be a hard sell to negotiate relocation to move back to your home town after college ;)</p>

<p>I agree with NJres, with you language capabilities you would be a great asset to a company who does extensive business with China.</p>

<p>You mentioned that you would likely work in NYC because you are from there. I don’t think thats the right attitude to have if you are after a lucrative position straight out of college (Now I’m not saying NYC isn’t a good option, it is due to the high concentration of fortune 500’s). You should be pursuing competitive jobs that best suit your skillset at this point and offer the best opportunities for professional development even if they are not in NYC; you can always move back later but its too early to limit yourself. </p>

<p>Do you have any idea what kind of industry you are interested in? Or are you looking at consulting work?</p>

7

<p>NJres, I have thought about that. I heard that’s the best way to get an Expat contract. Could you tell me more about your work in HK? You could PM me if you prefer. </p>

<p>FinanceGrad, I’m not too sure to be honest. I don’t have any internship experience at all, since I’ve spent the last 2 summers abroad. I’ll be looking for an internship during the school year. I’ve done some research, and I might be interested in trading or asset management, but I don’t have any actual experience in doing either.</p>

8

<p>Don’t worry about not having any experience when going after an internship, thats what they are for! As far as your summers abroad… if you were working that’s also great experience to put on your resume.</p>

<p>Right now is a great time to start looking. Most firms recruit in the fall for the following summer. The most important place to be looking is through the career services department at your school. In fact, I would suggest getting your profile set-up and resume updated ASAP since it is already the end of August. Find out if your school will have a career fair soon (they are usually in September), since you want to go into a business field networking is a must and the career expo is just the right opportunity. Then make sure you educate yourself on proper business ettiquete before your first interview (googling business interview ettiquete will point you in the right direction if you don’t know where to start :)). </p>

<p>Again don’t worry about the experience part that will come after college. When I recieved my first internship offer, it was from a fortune 100 NYSE traded company and I was very intimidated so I went to one of my professors for advice. He gave me very good advice that I would like to offer you as well.</p>

<p>He said to be the best intern you need show up on time every day (and his definition of on time was 15 minutes early), show up wide awake, and have a positive attitude that you are there to do whatever it is they need you to do. Good luck with your search!</p>

9

<p>I have no direct experiences working in China, but I know the living standard is lower there than in the USA with comparable circumstances. Therefore, the pay scale is based on that. I would think working in China will be a great experience for a newly graduated finance student. It is a growing economy and so much has changed in such a short time frame, there should be more opportunities.</p>

<p>While teaching English will make more money in the short run, the real opportunities are still in finance and investment banking. I wish you all the luck.</p>