What makes the job market and banking careers unique in China
Recently I commented for eFinancialCareers to discuss what are the key career/recruitment and HR trends in China that aren’t apparent in other banking job markets.
Generally speaking, the banking market in China is very different from other markets. It can be considered as a self-enclosed candidate market and difficult to enter for both new and experienced professionals in functions such as Finance, Compliance, Risk and Operation.
The exclusivity of the banking market in China is echoed by one HR manager from a foreign bank in Shanghai. “The ideal candidate is from banking, the second choice candidate is someone with past banking experience, the last is with someone with a relevant banking background.”
Many banking professionals in China also change their jobs frequently, especially Generation Y candidates. Take compliance and risk function as an example, in China there is growing economic confidence but this is coupled with financial uncertainty and a general increase in risk awareness, all of which factors are contributing to a more buoyant recruitment market, chiefly focused on compliance and risk at the middle management level.
Given the shortage of talent, hiring organizations are likely to face high salary demands and candidates also have many more opportunities to move be up the corporate ladder in compliance and risk functions.
As there is a shortage of local talent, organizations are also looking overseas, mainly hiring Hong Kong and Chinese nationals currently working abroad. However, experience in the local regulatory environment is essential for many roles.
Please click HERE to read the full article on efinancialcareers.com