Housing/No Housing? Expat/Non-Expat?

[goodbye]

Hi guys,

I will be a summer analyst at a bulge bracket (Europe based BB) in Sales and Trading in Hong Kong. I am a Hong Kong citizen, US permanent resident (greencard, converting to citizen around next February - April). I have been going to school in the states since high school.

Since I am recruited from the US, I am getting the housing package like all the other interns coming from either UK/US (i know for a fact that interns recruited from HKU/HKUST dont get the housing package).

Now let's say I get a return offer for full time, would I also get the housing package since I am recruited from overseas? or would they look at my HK citizen status and say well technically you are local so we are not gonna give you a housing allowance?

Basically, my question is, is housing allowance based on where you are recruited from, or is it based on your citizenship?

[goodbye]

oh and if you guys dont mind, what should I expect for total comp for a first year trading analyst in HK?

My summer compensation is
550k prorated for the summer months
15k per month housing allowance

Should I expect the same base and housing (if i get housing) for full time? How much should I expect for bonus as a first year in the front office in HK, comparable to US?

[beachball]

Most international banks (and certainly the BBs) do not differentiate between 'locals' and foreigners for the purpose of compensations/perks, i.e., every full-time employee (whether local or not) will almost certainly get the same basic package, typically including a housing allowance.
Summer programs are slightly different (and the ones for local schools are mostly run for PR/community relations purposes, as these schools are not considered primary recruiting sources for the BBs).

The question about bonus is a little naive, as bonus levels will be influenced by many factors, including individual performance, performance of the organization as hole/division/group/unit, political climate, etc.
In any case, bonus expectations should really not factor into the decision making for first year analysts (let alone summer analysts, as in the case of the OP).

[goodbye]

What I meant was could I expect similar comp that a first year analyst in the US would get, all else being equal (performance, overall economy)..

I am starting to regret accepting the HK position instead of a US position.

[Geoff]

Most international banks (and certainly the BBs) do not differentiate between 'locals' and foreigners for the purpose of compensations/perks, i.e., every full-time employee (whether local or not) will almost certainly get the same basic package, typically including a housing allowance.

From my experience, that is simply wrong.

[jimbo]

From my experience, that is simply wrong.

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

[Geoff]

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.

[goodbye]

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?

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.

[cookie09]

Basically, my question is, is housing allowance based on where you are recruited from, or is it based on your citizenship?

your housing allowance is purely based on negotiation. if you state your case well, and have alternatives to chose from, then you are more likely to get it. if you stay quiet and do nothing, you are less likely to get it.

[cookie09]

My summer compensation is
550k prorated for the summer months
15k per month housing allowance

Should I expect the same base and housing (if i get housing) for full time? How much should I expect for bonus as a first year in the front office in HK, comparable to US?

i would expect around the 550+15/month. in fact that's a decent deal already.

bonus depends really. assuming normal business activity (but what is normal these days...) and september intake, you will only get a token
bonus for the 2010 year as you will only have been in the firm for a few months. usually the cut offs are end june or end july (or end aug in exceptional cases).

for a full year, again it depends. i know people who got 3-5 months bonus and i know of someone who got 30 months bonus.