Housing/No Housing? Expat/Non-Expat?

[cookie09]

btw, i think you made a good choice to move from US to HK considering your long term career.
- stay in the US finance industry is a bad choice (if you have a choice) as prospects are not good and more regulation in on the way
- your asian background will give you an edge here while it's a detriment in the US

[Geoff]

Hey Geoff, just wondering if you have any insights to my situation (a HK citizen/US perm resident being recruited directly from the US college)

From what I understand I am being treated as an overseas hire at least for this summer because I get the housing perks and the local kids don't.. but how bout for full time? Which one is the determining factor, where you are hired from or your citizenship?

There is no hard and fast rule. Your potential employer can offer you either, depending on how attractive they want to make the job. There might be internal guidelines in each bank, but even then I suspect rules can be bent or broken as needed.

[Mat]

No idea. Expat perks are typically designed to get someone to take the risk of moving countries, into an unfamiliar country and environment. For people with families, this is a significant change and not one undertaken lightly so expat benefits tend to be generous to "sweeten the deal".

To blithely claim all staff in Hong Kong international banks get housing perks demonstrates that the claimee has never worked in one, nor spoken to any locals who work in one. Some locals hires will get great packages, and some expats will get poor ones - there is no one rule that fits all.

However, it is simply unbelievable to make the claim all local staff and expats get the same basic package. Maybe beachball is confusing the tax efficient rent scheme that most employers allow their staff to participate in with a genuine housing allowance?

Even so, a lot of expat families will have school allowances and flights home as part of their packages which local hires will not.

Depends. I know for a fact some locals at GS for example who indeed get a housing allowance. But granted it is not in all BB bank and not for all staffs.

[leedseagle]

How much should I expect for bonus as a first year in the front office in HK, comparable to US?

by definition it's a bonus, not part of your pay. as such, expect nothing and be happy to receive anything.

[goodbye]

by definition it's a bonus, not part of your pay. as such, expect nothing and be happy to receive anything.

as I said, what I am getting at is if I should be expected to be compensated as if I were in the US all else being equal. The reason for the question is because I had opportunities for both US and HK. It would help me choose when full time recruiting comes around too

[goodbye]

- your asian background will give you an edge here while it's a detriment in the US

Why is that?

I heard you stand out if you have a couple years of experience in the US because basically every local is asian and you really have no edge over them if you go work in hong kong right away being an asian.

I was even advised to work in the US for at least a couple years before lateralling to hong kong because that would give me an edge...

obviously not saying you are wrong. I am just interested in the rationale behind.

[beachball]

Agreed its totally wrong, Why would a local hire get housing perks?

Er, why would they not?

[jimbo]

Er, why would they not?

Because they're already here and already in housing?

[Mat]

Because they're already here and already in housing?

Well it could just be a way to structure your total Compensation package

[beachball]

No idea. Expat perks are typically designed to get someone to take the risk of moving countries, into an unfamiliar country and environment. For people with families, this is a significant change and not one undertaken lightly so expat benefits tend to be generous to "sweeten the deal".

The OP is not talking about moving as an expat, s/he is asking about the practice for front-office roles in a BB bank as an initial hire/fresh grad. These organizations typically have standard contracts and remuneration packages (at the very least) at the junior levels which include housing. Housing allowances are not exclusively expat perks. Rather they are components of total comp/a mechanism to structure total comp more tax efficiently. It makes no difference whether one is local or not.

I worked with 2 BBs before we raised our independent funds and those were the arrangements, i.e., all the locals had the same packages including housing allowance.

To blithely claim all staff in Hong Kong international banks get housing perks

Read again, I said no such thing.

Some locals hires will get great packages, and some expats will get poor ones - there is no one rule that fits all.

Again, the OP is talking about front-office roles in a BB bank

However, it is simply unbelievable to make the claim all local staff and expats get the same basic package. Maybe beachball is confusing the tax efficient rent scheme that most employers allow their staff to participate in with a genuine housing allowance?

Read again, I said no such thing.

Even so, a lot of expat families will have school allowances and flights home as part of their packages which local hires will not.

Again, the OP is talking about junior front-office roles in a BB bank, which do not come with flights home or school allowances - however, they do come with housing allowances.