Thursday, March 8, 2012

6 strategies to change your job location after MBA + Go East, young (MBA) man! (P.S: Apparently Emerging Markets in Latin America & Asia (China, Hong Kong, Singapore etc) have a LOT of new jobs for international MBAs, especially jobs in Finance)

If you are a final year MBA student, you are probably job hunting right now, at a ferocious pace, LOL :) How about a change of scenery? How about a job at an exciting new location? Here is a useful article for you! Actually, two useful articles for you.
- Gerry.

From the link:

Many people want to do an MBA to work in another part of the world. Here are some strategies based on the success of our alumni now working in different cities in Asia, which, according to Reuters, is "one of the world's last bastions of buoyant economic growth".

1. Be very committed to the region

Stefano, who is in his fourth year working in China, has a piece of advice for foreigners who want to work in Asia: "You have to look for a job with a long–term perspective. You can't think 'I'll try to stay here for two years and then go back'. And you need to be clear on how you will add value to the organization. Easier said than done especially in a period in which companies are quickly localizing, but that's the only way to get people looking at you in a different way."

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Stefano Di Genua

Senior Project Manager
Siemens Financial Services
Beijing, China
Pre-MBA: Milan, Italy

2. Get a local internship
Many companies select full–time employees from their interns to make sure their performance is up to standard and they can fit into the team. Wenlei's former consulting job in Singapore was a good example of a conversion from internship to long term employment. Local internship experience is important to other recruiters as well since it proves that you have prior experience working there. 

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Wenlei Zhuang
Senior Associate
(BCG) The Boston Consulting Group

Former location: Singapore
Pre-MBA: Shanghai, China

3. Make good use of your MBA network
The best kinds of jobs are usually never advertised, but available in the hidden job market through networking. A classmate of Abhishek who worked at Bosch earlier referred a job opportunity in the same company to him in Hong Kong. Abhishek is now working in Shanghai for Bosch (China) Investment in a marketing role for the Asia Pacific region.

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Abhishek Makharia

Product Manager – Power Tools Asia Pacific
Bosch (China) Investment
Shanghai, China
Pre-MBA: Bangalore, India

4. Keep your old network close

Sylvain kept in touch with his former colleagues even though he had left Credit Suisse in Switzerland to study an MBA in Asia. After his graduation, he learned that his old company was looking for someone to manage the North Asia business region for the department from the Singapore branch. Sylvain was the obvious choice given his European background, Asian exposure and a reputable MBA degree.

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Sylvain Gysler

Head of Department – Independent Asset Managers
Bank Pictet & Cie (Asia)
Pre-MBA: Geneva, Switzerland

5. Join a management associate program
Management associate programs often lead to a promising career in multinational companies. And they prefer to recruit MBA graduates because of their business acumen, global exposure, leadership potential and knowledge of the emerging markets. Beth from South Africa was recruited by AIA through its management associate program and is now posted in Hong Kong.
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Beth Bremner

Management Associate
Hong Kong
Pre-MBA: London, U.K.

6. Return home and wait for an opportunity
Even if you can't find a job where you want immediately, it may just mean that the time hasn't come yet. It never hurts to go back to your home country and keep an eye out for new opportunities. Take Christian for an example. After the MBA, he returned to Europe and worked for Swarovski. Not long after, he applied for an internal transfer and then moved to China with his family.

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Christian Gasplmayr

Senior Strategic Project and Planning & Analysis Manager
Shanghai, China
Pre-MBA: Vienna, Austria

From the link:

Lots of jobs in the EAST now! Dynamic shift from the WEST ---> to the EAST !

Ever more jobs in finance are migrating to growth markets, particularly in Asia:

“A LOT of my friends are going to Asia and Latin America to do their internships,” says Ben Zhang, a student at the University of Chicago’s Booth School of Business who will do his in Hong Kong with Morgan Stanley. “It may be outside their comfort zone, but they see getting some experience there as helpful, since that’s where many of the jobs will be.”

Talent and transactions are migrating from London and New York to faster-growing markets, particularly in Asia.  This eastward march has grown more pronounced since the financial crisis. According to Sheffield Haworth, a recruiting firm, 31% of financial firms’ external hires in Asia in 2010 transferred from Britain or America, compared with 8% the year before. The shift is also visible on eFinancialCareers, a leading recruitment website for the industry. Asian cities have climbed up the list of most popular destinations for applicants based in America and Britain (see table)—though that is partly the result of collapsing interest in the United Arab Emirates following the property bust in Dubai. Though not a top-three destination, Latin America is on the up, too. Fund managers in Brazil report a big increase in applications from American MBA graduates.

Banks are encouraging this trend. Under its Growth Markets Opportunity Programme, Goldman Sachs hires Asians and Latin Americans with MBAs from Western schools, puts them in New York or London for just one year, and whisks them off to more permanent positions in China, Brazil and so on. The firm is also trying to strengthen its links to local business schools: Goldman’s global head of campus recruiting for banking, Sandra Hurse, spent most of the past month in Asia.

The allure of emerging markets is not just based on superior growth rates. Graduates see mature markets as saturated and emerging ones as offering greater job stability (Hong Kong and Singapore saw relatively few lay-offs in the crisis). Michael Malone, a career adviser at Columbia Business School, says some students think they will have a better chance of standing out and getting promoted in Shanghai or Mumbai than in New York.

Another issue is visas: with Britain and America having grown less welcoming, foreigners are tempted to look elsewhere—though Singapore, too, has tightened restrictions a bit.

Then there is tax. Someone earning a base salary of $400,000 gets to keep 85% of it in Hong Kong or Singapore, versus 55% in London. Pre-tax pay packages are still higher on average in the West but the gap has narrowed. Factor in the tax advantage in Asia and you can end up earning significantly more there in many positions, says Tim Sheffield, the head of Sheffield Haworth.

Regulation matters, too. This week’s Vickers commission report calmed fears that British universal banks would be forcibly broken up. But political pressures on pay, bank-bashing in Britain & America are driving some financiers overseas. 2/3 rd bankers polled said they were willing to move to a more tax- and regulation-friendly environment. Asian countries, which have kept regulation fairly stable, are only too happy to exploit this competitive advantage.
For bankers with families, Asia has the big advantage of cheap domestic help. “For the same as a day’s taxi fares in London you can employ a nanny or cook for a month,” says one recruiter—though this is truer of Mumbai than Hong Kong. Singapore has good schools, infrastructure and weather, and lovely golf courses.

For all the increased interest in working in Asia, demand for qualified labour exceeds supply (Demand > Supply). In February HSBC revealed that its top bankers in the region received 40% higher bonuses last year than their counterparts in London because, as its boss said, Asia “is where the pressure is” on pay.

Demand is up not only from global banks but also from new entrants and regional players, such as Jeffries and Samsung Securities. Chinese banks are starting to poach. Some of these firms are dangling guaranteed cash bonuses in front of prospective hires, say headhunters in Asia.

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