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Woud you move to HK if you make C$200k + last year in Canada?

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  1. #1

    Woud you move to HK if you make C$200k + last year in Canada?

    I came to Canada from China over a decade ago, graduated from good unversities in China and Canada, and now I am working on the trading floor of a major Canadian bank. Last year my total comp was $200k and this year I expect to be promoted to ED with some pay raise. My husband lost his job on the trading floor last summer and is considering moving back to HK. I am considering moving to HK as well as I think I might have better growth opportunities there. My close friends told me many reasons not to move:

    1. HK is destructive to marriage and men have way too many temptations. Personally I trust my hubby.
    2. Women in this industry are too often not treated professionally. Sometimes managers could go over limit and ask beyond work.
    3. Education is too expensive for kids. I have two young kids, one is 3 yr old and the other is 7.

    I am fortunate enough to line up quite a few meetings before my upcoming personal vist to HK. I don't know what my total comp expectation should be if I move back, but will really appreciate any opinions!


  2. #2

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    Quote Originally Posted by cyang123:
    I came to Canada from China over a decade ago, graduated from good unversities in China and Canada, and now I am working on the trading floor of a major Canadian bank. Last year my total comp was $200k and this year I expect to be promoted to ED with some pay raise. My husband lost his job on the trading floor last summer and is considering moving back to HK. I am considering moving to HK as well as I think I might have better growth opportunities there. My close friends told me many reasons not to move:

    1. HK is destructive to marriage and men have way too many temptations. Personally I trust my hubby.
    2. Women in this industry are too often not treated professionally. Sometimes managers could go over limit and ask beyond work.
    3. Education is too expensive for kids. I have two young kids, one is 3 yr old and the other is 7.

    I am fortunate enough to line up quite a few meetings before my upcoming personal vist to HK. I don't know what my total comp expectation should be if I move back, but will really appreciate any opinions!
    Hi there,

    1/2 are rubbish comments. Temptations are where you want them to be.

    3 is a valid comment, you better check out the school etc etc ahead of moving,.

    Why don't you ask for an internal transfer (ie expat contract) so that school....are paid by your employer.

    After a few years in HK if you like it you can switch to a local contract, if you don't like it you can ask for a transfer back.

    I assume your husband is from HK.

  3. #3

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    With that kind of salary in Canada, you are most likely paying half of it in taxes. I have to agree that the temptations and lifestyle in HK is more conducive to men straying however if you trust your husband, it shouldn't be an issue.

    You second point shouldn't really be an issue.

    Schools are expensive in HK. You are looking at at least C$15K per year per child however you get far better than the canadian public education offers. It is also less expensive than good canadian private schools like Bishop Strachan or Upper Canada College.

    As to the quality if life, that is debatable... Housing is expensive and you would likely not get a big house and a yard like you might in Canada. However as a parent with two child, you will have access to cheap domestic help which can enhance your quality if life. You should budget at least $C7K/month for a decent 3-4bdrm in newer building with facilities in a popular area.

    If you factor in taxes, you would come probably come out ahead with a similar salary. Realistically, you will get a bit more because it's likely you'll get private health insurance which will provide you far superior medical care than Canada offers, you might get tuition paid and you'll probably be offered some sort of housing allowance.

    You will have plenty of affordable travel opportunities around Asia and with domestic help, it's a lot easier to travel with children if you wish to do so...

    The biggest downside is pollution and your kids might not get as many opportunities to play outside, go to friends house etc.. that they do in Canada.

    If you get a good job offer in hand, I think it would be worth it.


  4. #4

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    $200K is decent. I wouldnt move to earn a similar wage, although your taxes would be lower, but living costs potentially higher. As mentioned by others, finance and IB jobs are not exactly easy to find at the moment. Banks have cut staff, and there is a glut of job seekers at the moment. Stay in Canada and eventually your husband will find something.


  5. #5

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    I wouldn't come over unless you have both a good job in HK. But I do think the opportunities do sightly outweigh the negatives to move to hk. Most here on Geo do not regret moving to HK.

    It's tough now for banking industry and they are still shedding staff. Gone are the days of good packages (according to one banker I was talking to last night).

    Nothing wrong with exploring the options and having good open discussions with your family on the possibilities if they arise.


  6. #6

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    I work in banking and I most certainly wouldn't be considering a move to HK right now. As others have already said, the job market here is tough and you have very little security. Job cuts are frequent and there seems to be no end in sight. It's not a risk I'd want to take with a family to support.


  7. #7

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    Re.point 2, I think you'll find that the level of professionalism in Canada far exceeds that you'll experience in HK banking, particularly for women. Maybe it's due to cultural differences but I find HK is a long way behind other major banking centres when it comes to diversity.


  8. #8

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    Point 1 is not a point to worry about.
    But if your husband is keen to work, my husband is an equity trader and has been out of work for 14 months in Hong Kong - we are about to leave.

    Last edited by Satay Sue; 12-01-2013 at 11:09 AM. Reason: You're -> your

  9. #9

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    Agreed with the previous comments.
    It's a tough market right now, Jobs are still being cut left right and centre.

    If your present job is secure then I'd stay put. You really don't want to shift here then be potentially cut 6 months to a year down the road which is likely to happen here.


  10. #10

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    Quote Originally Posted by bibbju:
    Re.point 2, I think you'll find that the level of professionalism in Canada far exceeds that you'll experience in HK banking, particularly for women. Maybe it's due to cultural differences but I find HK is a long way behind other major banking centres when it comes to diversity.
    I also agree with point 2 and bibbju. There is both a lack of professionalism and an issue with how women are treated by some colleagues, managers and clients. I have had a number of uncomfortable experiences as a woman who works in finance, ranging from highly inappropriate comments to being propositioned by a client (a highly uncomfortable situation when you are put in a position where your employer may lose business that should just never happen). This never happened in the workplace in London. Also, I find that the majority of employers/ managers are not at all sympathetic to the dual roles of mothers with young children, and I have struggled with this since my kid was born.

    Regarding point 3, education at international schools in very expensive and very hard to get. There are limited places and finding a school with room for a 7 year old will be no easy task.

    There are a lot of things that I like about Hong Kong, but as my career progresses and my child gets older I am starting to look for exit options in the near to mid term, particularly because I think the quality of life for a young child and family is better elsewhere in general.

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