Can't find a job in HK.. time to go back?

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  1. #1

    Join Date
    Jan 2009
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    5

    Can't find a job in HK.. time to go back?

    Hi everyone, my first post here

    I'm a fresh grad with a BBA degree. I moved to Hong kong late November from Canada for a long vacation, also to look for a job. I'm currently living at my cousins place. I want to look for a job in the banking/finance sector, but no luck yet. I think I came back at the wrong time.

    So far, all I did was send in resumes to the job agencies for a month or so. But didn't hear much from them. Some of them said they dont recruit fresh grads. However, I did get many calls from insurance companies like prudential, aia, manulife, but I wasn't interested in being a sales agent.

    So can anyone give me some insights on how overseas fresh grads look for jobs in hk sucessfully in the finance sector?? I think I have to go back to Canada if I'm still jobless for a another month or so.

    btw.. I can speak cantonese, but I can't read or write it. I also have a Hk Id card, I immigrated to Canada when I was very young.

    any insight would be greatly appreciated.


  2. #2

    Join Date
    Aug 2006
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    11,884

    As far as I know, the bigger names in finance recruit directly from universities, following preset timetables. i.e. graduation times around May/June(?) I don't think their HR processes are going to be set up for people in your situation.

    The only ways in I can think of are either personal contacts, or if you have a skill that marks you out from the rest of the HK student population. The latter is how I landed my first job at one of the banks- I happened to have an extremely rare combination of legacy tech skills gathered from my personal studies and a gap year.


  3. #3

    Join Date
    Jan 2008
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    11,711

    why don't you take any job for the time being, the finiancal tsunami is affecting heavily banking/finance sector, but it will be better position sooner or later

    Many ABC, BBC and CBC within hk can not read or write chinese which has npt affected their job positions, however, knowing how to read or writre chinese may be slight advantage in certain jobs as well as useful in everyday life


  4. #4

    Join Date
    Oct 2005
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    14,414

    Agreed with the above posters.

    Also you really need to start networking and try and get referrals from friends/family already working in the financial industry.

    Don't just look at big IB'S etc for example and try and get in at a retail bank/Big Four accountancy firm etc etc.

    Sending your c.v blindly and relying on agencies etc does not give you that high a hit rate sadly, Its the who you know not what you know that works a lot better out here.


  5. #5

    Join Date
    Jan 2009
    Posts
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    Thanks guys for your input.

    Sadly, I don't know much people in HK other than my relatives and cousin and they don't work in the finance/banking sector, so my network is kinda small

    Right now, I'm just gonna accept any job offers that's thrown at me, but sadly haven't been to any interviews yet.


  6. #6

    Join Date
    Oct 2005
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    14,414

    Hoper

    Come out to the geoexpat social gatherings, A lot of us are in the banking/finance sector so we can have a chat etc.


  7. #7

    Join Date
    Feb 2007
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    1,561

    Hoper,

    You need to be realistic about your job prospects here. First, big financial insitutions do not use recruiters for entry level positions - they recruit directly from universities and through a very structured application process, which begins with applicants submitting applications early in the fall of their senior year. New grads, in their first and second years out, are, in some institutions, also eligible for employment this way. You should do some research into these programs, and also contact your university's career services center for some tips, resume polishing (it should be absolutely perfect), etc. Even when hiring freezes are instituted, banks bring in new professionals through these programs each year. Also, note that new junior analysts typically start in September/ October with a class, to cut down on training costs, etc.

    Second, be aware that a number of financial institutions, both large and small, have a hiring freeze in effect for non-essential personnel (including junior professionals that are expensive to train). Basically, unless they really need someone (say because a department head leaves and needs to be replaced), no one in HR or elsewhere is even looking at CVs. Also, even if people do leave, banks are looking internally to fill vacancies at the moment.

    Third, you are competing with a number of laid off junior bankers with a couple years under their belt for the few junior positions that may become available. If you come across these positions, you need to be able to explain how you can differentiate yourself from someone who has some experience. HK financial institutions are also being flooded with resumes from London, New York, etc. at the moment, so you are not just competing with the local market.

    Consider whether you have any experience (summer internship, etc.) in the finance sector. If you do, it will boost your prospects. If not, you'll have to work even harder at getting institutions attention by directly contacting them, etc. You'll need to sell how you can fit into a job without finance experience - which you should work into your CV and cover letter thoughtfully. You will also have to explain your lack of participation in summer programs for finance students, etc. to potential employeers. A good way to do this is to highlight something unique you worked on instead.

    Finally, if you're considering just taking any old job, think again. Your current job will affect your ability to work in the finance sector later. If you're an insurance broker and next year send a CV out to banks, they're going to want to know why you're trying to make the industry switch. You will be competing for lateral positions with more qualified and experiencd banking candidates. Working in the finance department of a company (even a small company) is a good option if you can't find work at a bank. There is more movement back and forth between these types of jobs.

    The fact that you're here and that you have a HKID are on your side, but unfortunately in this market, I'm not sure how much it will help.

    Last edited by hello_there; 11-01-2009 at 05:49 PM.