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KNOWLEDGE FOR ACTION

THE JOB SEARCH IN CHINA & HONG KONG

November 2015


Agenda

• The Job Search in China – Current Events and Trends

• MBA Hiring Statistics

• Job Search Strategy by Industry

• Recommended Resources

• GCC Panel


Economic and Employment OverviewChina Hong Kong

Economic Ranking 2 38

GDP $10.36 Trillion $.29 Trillion

Unemployment Rate 4% 3.1%

State of Job Market 7% companies staff

2% companies staff

18 % companies staff

2% companies staff

Economic Issues:

China Hong Kong

• Growth is slowing, as it moves toward more sustainable growth

• Growing middle class and consumer market

• Wealth gap• High turnover in workforce• Shrinking talent pool

• War for talent• High turnover in workforce


General Job Search Process

Obtaining employment in China requires:

Bilingual (Chinese and English)

Marketable skills – technical and soft

Personal contacts and networking

Employment Visa (Z Visa)

Important things to note…

• Companies often prefer local candidates

• For international candidates, visas are typically easy to obtain

• Executive search firms and online job sites have surpassed traditional print media as means of securing employment in China


Full-time Employment By Industry

0

5

10

15

20

25

30

35

40

2010 2011 2012 2013 2014 2015

Real Estate

Manufacturing

Consumer Products / Retail

Health Care

Technology Industries

Consulting

Financial Services


Internship Employment By Industry

0

5

10

15

20

25

30

35

40

45

50

2010 2011 2012 2013 2014 2015

Professional Services

Real Estate

Manufacturing

Media and Entertainment

Social Impact

Health Care

Technology Industries

Consumer Products / Retail

Consulting

Financial Services


Full-Time Hiring By Company (3 Years)Hired >3 Hired 2-3 Hired 1

McKinsey & Company

Bain & Company

Bank of America Merrill Lynch

Boston Consulting Group, The

Goldman Sachs & Company

Tencent, Inc.

Barclays

Credit Suisse

Deloitte Consulting, LLP

Fidelity International

Johnson & Johnson

LIM Advisors

A.T. Kearney, Inc.

Actis

Bayer Corporation

Bayer Healthcare

Boston Scientific Asia Pacific

BRF (Brasil Foods)

Capital Today Group

Chinaprosper-group

Citicpe

Covidien

Davidson Kempner Capital Management LLC

Fidelity Investments

Goldman Sachs Special Situations Group

HarbourVest Partners

Headland Capital Partners

jd.com

MillerCoors

Morgan Stanley

Neuberger Berman LLC

Nike, Inc.

Primavera Capital

Shineon Capital Management

Snow Lake Capital

Tishman Speyer LP

Tor Investment Management

Tybourne Capital Management

Vipshop

Vision Knight Capital

Warburg Pincus LLC

Ward Ferry Management


Internship Hiring By Company (3 Years)Hired >3 Hired 2-3 Hired 1

Bank of America Merrill Lynch

Goldman Sachs & Company

Credit Suisse

Barclays

McKinsey & Company

Morgan Stanley

Boston Consulting Group, The

Citi

CITIC PE

Fidelity International

Hony Capital

Johnson & Johnson

Citicpe

IDG Capital Partners

J.P. Morgan

L.E.K. Consulting

Tencent, Inc.

Ward Ferry Management

Advent International Corporation

Alcoa Inc

Amazon

B2c online shopping comparison

Bain & Company

Baring Private Equity Asia Limited

BlackRock, Inc.

BoCom Schroder

Carlyle Group, The

Cathay Pacific Airways

CBRE Global Investors

China Culture Industrial Investment Fund

CITIC Capital Partners

Clearwater Capital Partners

FountainVest Partners

Goldman Sachs Special Situations Group

Hillhouse Capital

Initial Fashion Hong Kong

Interbrand

International Finance Corporation

JM Medical

Keywise Capital Management

Marriott International, Inc.

Nike, Inc.

Nomura Holding America Inc.

Oak Investment Partners

PAG

Permira Advisors L.L.C.

PIMCO

Sequoia Capital

Snow Lake Capital

SOW Asia

T. Rowe Price Group, Inc.

Terra Firma Capital Partners Limited

Trustbridge Partners

Tybourne Capital Management

Warburg Pincus LLC

York Capital Management

Yulan Capital Management


Employment By City (3 Years)

n = 75 n = 102

Hong Kong44%

Shanghai28%

Beijing24%

Other4%

Full Time

Hong Kong52%

Beijing22%

Shanghai19%

Other7%

Internships


Full-Time Compensation (US $, 3 Years)

Financial Services and Consulting

Median Salary $128,500

Median Sign-On (53% received) $30,000

Other Industries

Median Salary $102,000

Median Sign-On (53% received) $18,500


Industry49.2%

Both Industry

and Function

31.1%

Function9.8%

None9.8%

Full-Time Career Switching

PE21.8%

Consulting21.8%

IM and DFS16.4%

HedgeFunds10.9%

55 Offers were reported that involved a career switch….

For those that reported a career switch, these are the industries they went into…


JOB SEARCH BY INDUSTRY


Industry Insights: Investment Banking

Key Trends:

• Banks recruit earlier each year (likely starting early December)

• Work life balance is more challenging than other regions

• Many students want to remain in US for a few years but banks feel their strengths/networks are better served in Asia

Typical MBA Roles:

• Investment Banking Associates

• Private Wealth Management / Equity Research

• Sales & Trading

Recruiting Advice:

• Asian firms tends to rely more heavily on resume than networking

• Interviews can be more technical


Industry Insights: Investment Management

Key Trends:

• Growing demand & an interesting place to invest

Typical MBA Roles/Value of U.S. MBA:

• Working to build MBA culture in Asian offices

• Asian roles are similar to US

• U.S. training

Recruiting Advice:

• Internship recruiting tends to be centralized through U.S. offices

• Asian offices want experience

• Cultural Ties/Language

• Most companies require work authorization


Industry Insights: Private Equity/Venture CapitalKey Trends:

• PE deals are primarily all equity (little leverage) due to immature corporate debt markets. Venture Capital invests across all sectors, not just tech and healthcare

• Developing concern over long-term economic growth and heightened equity market volatility

Typical MBA Roles:

• Traditional Senor Associate/VP role at many larger funds

• Low turnover so hiring opportunities are sporadic and correlated to fundraising

Recruiting Advice:

• Network with alums, attend treks and show that you understand the local market. Larger funds do have structured recruiting processes

• Be clear on your personal value proposition

• Show that you are committed and know who is fundraising


Industry Insights: Consulting Key Trends:

• Primary Offices: Beijing, Hong Kong, Shanghai

• Regional Mobility Options

• Visas/Work Authorization ease dependent on location

• Competitive salary in the local market


• Senior Consultant, Associate

• MBA is very much valued, but talent matters most

Recruiting Advice:

• Looking for experienced leaders, self-driven, stellar communication skills

• Local language is a must for interviews


Industry Insights: Tech

Key Trends:

• E-commerce extends to cross border

• China has 618MM internet users (47% population)


• Roles: Business Development, Strategy, Investment Associate, Sales

• Value of MBA in China is appreciated, especially top brands, however pay is often localized

Recruiting Advice:

• Get in touch with the recruiters and let them guide you through the process for both companies that are on and off campus


Industry Insights: Startups/EntrepreneurshipKey Trends: • Push for innovation; gov’t promoting entrepreneurship. Successful

Chinese entrepreneurs backing other startups • Int’l expansion (Chinese companies expanding overseas, U.S.-based

companies expanding to Asia). Not many cross-border plays between China and HK

• Healthcare, “O to O” (Online to Offline), E-commerce, Fintech, and Gaming are hot, Agriculture soon

• Explosion of angel funds and micro funds (e.g. ZhenFund)Typical MBA Roles: • For non-Chinese: Prod Mgr, building customer support, M&A/Corp Dev• For Chinese: as above plus marketing / digital marketing, other

functions• Most Wharton MBAs on investing side. US-based companies like Uber,

Evernote are building teams in China and hiring locallyRecruiting Advice: • Use WHub, StartbaseHK, AngelCrunch, TechNode, WeChat groups,

VCs (US-based or local)• Language req. may be city-specific or depend on target market of

company. “Can't conduct a meeting in English just for one person”• Compensation varies widely as with any startup ecosystem


Industry Insights: RetailKey Trends:

• E-commerce significantly outpacing traditional retail sales, fueled by on-the-rise mobile shopping behavior

• Tight economic conditions driving shift to fast fashion and ‘affordable luxury’ products


• Wharton MBAs in marketing, strategy and general management; also startups

• Digital / e-commerce background is helpful

• Multinational companies more likely to value MBA

Recruiting Advice:

• Developing an on-the-ground network is key

• Consider taking an interim step (e.g. startup, global rotational program)

• Local consumer/market understanding are preferred


Industry Insights: CPGKey Trends:

• High consumer demand for products offering health & wellness benefits

• Many consumers favor foreign brands (perceived higher quality), customized to local tastes

• China’s e-commerce market is one of the most developed in the world

• Multinational companies employ the vast majority of expatriates working in China


• Opportunities mainly in Marketing and Sales

• Cultural awareness to understand local consumer behavior is critical

Recruiting Advice:

• Multinational companies operate on a mature recruiting timeline

• Companies are often willing to sponsor work authorization

• Global firms with rotational programs and operations in China/HK can offer an entry point for non-Chinese nationals


Industry Insights: Social ImpactKey Trends:

• Asian philanthropy is not as mature as European and U.S. philanthropy, though it is growing

• Many positions in non-profits are filled through networking, volunteering and internships


• Varies greatly by area (impact investing, education, development finance, social entrepreneurship)

Recruiting Advice:

• Demonstrate your regional knowledge and commitment. Understand that the shape of social impact opportunities will look different from those you see in mature markets

• Cast a wide net – don’t pigeonhole yourself looking at only 1-2 organizations

• Be on the ground when opportunities arise: attend conferences and treks, meet with alumni


Industry Insights: HealthcareKey Trends:

• Aging population and growing middle class driving the growth of the country’s medical services and devices industry

• China to soon become world’s 2nd largest biotech market• Key shortage of medical practitioners and research and

development specialists

Typical MBA Roles:• Large U.S. based healthcare companies tend to focus on

marketing, strategy, business development and finance • Prefer people with knowledge of the local healthcare system and

local language skills

Recruiting Advice:• Companies (mostly pharma, biotech and med devices) recruit for

their Chinese subsidiary through a separate process.• Require work authorization for China


MIKE HUGELSENIOR DIRECTOR, INSTITUTIONAL AND INTERNATIONAL RELATIONS THE WHARTON SCHOOL OF THE UNIVERSITY OF PENNSYLVANIA


Global Chats


Career Pathways – Alumni Case Examples

Alison Jen

EducationUndergrad: Carnegie MelonWharton: Graduated WG15

Prior to Wharton2008-10: Caesars Las Vegas, Business Intelligence/Pricing Analyst 2010-12: Tiffany and Co., Demand Planning Senior Analyst2013: Shin Kong Mitsukoshi Department Store, Business Development Summer Intern

MBA Internship: Nike merchandising

CurrentNike Shanghai , Marketplace Merchandising Manager

Yizheng Yang

EducationUndergrad: University of Toronto –University of Trinity CollegeWharton: Graduated WG15

Prior to Wharton2008-10: China International Capital Corporation, Analyst2011: Groupon China, Director of Strategic Planning and Business Development

CurrentShenzen Ying-Chi Technology Limited, Co-Founder and CEO (2012-Current)

McKinsey Hong Kong

Lisa Miao

EducationUndergrad: Fudan UniversityWharton: Graduated WG15

Prior to Wharton2009-11: McKinsey, Analyst2011-13: Novartis, Strategic Planning ManagerSummer 2013: KPCB, Summer Associate

MBA Internship: Sequoia Capital and Morgan Stanley, Summer Associate

CurrentTencent, Senior Associate


PANEL


Panelists

• Casey Ge - Consulting in China

• Ye Chen – Private Equity

• Jing Lin - Investment Banking in HK

• Tony Liu – Investment Management

• Sichen Huang - VC / Start-up in China

• Robbie Fried - Start-up in China


MBACM China/Hong Kong Outreach Trip, December 2015

Private EquityBaring Private EquityCarlyle GroupCVC Capital Partners

Hony CapitalTemasek

Investment ManagementFidelityDavidson KempnerOrbis

PIMCOT. Rowe Price Group

Investment BankingCitiGoldman SachsMorgan Stanley

ConsultingBainBCGMcKinsey

Other IndustriesAlibabaKKR Real EstateNike

PepsiCoTencent


Next Steps

• Leverage MBACM Resources

• Sign-up for a Global Chat• View China/HK notes in CareerPath• Set up a Saved Job Search in CareerPath

• Engage in the Community

• Prep for Global Chats and informational meetings

• Plan a trip over break• Engage with clubs, alumni, and other groups


QUESTIONS?


APPENDIX


Accepted internship offers 2015 (WG16)Company Job Title City CountryMillerCoors Strategy Manager Hong Kong Hong KongCapital Today Group Associate Hong Kong Hong KongBayer Corporation Strategy Manager Beijing ChinaBoston Consulting Group, The Consultant Beijing ChinaJohnson & Johnson product manager Shanghai ChinaBayer Healthcare Strategy Manager Beijing ChinaBRF (Brasil Foods) Operations Shanghai ChinaNike, Inc. Associate Shanghai ChinaPrimavera Capital Associate Beijing ChinaBain & Company Consultant Shanghai Chinajd.com Associate Director Beijing ChinaMcKinsey & Company Associate Beijing ChinaMcKinsey & Company Associate Hong Kong Hong KongGoldman Sachs & Company Associate Beijing ChinaBank of America Merrill Lynch Equity Research Associate Hong Kong Hong KongTybourne Capital Management Associate Director Hong Kong Hong KongBoston Consulting Group, The Consultant Shanghai ChinaMcKinsey & Company Associate Hong Kong Hong KongTencent, Inc. Director of Business Development Beijing ChinaGoldman Sachs & Company Private Wealth Advisor Beijing ChinaMcKinsey & Company Associate Taipei TaiwanJohnson & Johnson Marketing manager Shanghai ChinaTencent, Inc. Senior investment manager Shenzhen ChinaMcKinsey & Company Associate Hong Kong Hong KongBain & Company Associate Shanghai China

the job search in china - university of pennsylvania€¦ · the job search in china ... • cast a...

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