Tough Decision
I am facing three options in my career:
1) Stay in Hong Kong (same company), return to frontline commercial banking job, salary increase: 17%. Timing: March 2007. Familiar role but sales target is going to be tough to reach. Limited Prospect.
2) Go to China (same company), also frontline commercial banking job, but in Beijing, salary increase: 17% plus China allowance plus free housing in Beijing; Timing: March 2007. Uncertainty exists in terms of customers type and management role (with local PRC subordinates). Prospect unknown but connections in Beijing and exposure in the PRC considered useful.
3) Quit current job and join a US hedge fund in an asset management role; stay in Hong Kong with some travelling, salary increase: >60%. Timing: End of Nov or Early Dec latest. Bonus for 2006 and options in hand would be compensated by a joining fee. I am unfamiliar with this hedge fund, despite that it is a large one. Considered high risk in terms of job security. Totally new exposure.
Considerations:
a) I am not a person who like to change job; I have been with my current company since I graudated (12 years already). My CV hasn't been updated since then.
b) I like to have more exposure in different countries
c) My baby is due in January 2007
d) Job stability is important to me, but that could be compensated by a premium in salary.
e) I don't want too much pressure but some challenges are OK for me.
f) This one is common to all people: I love salary increase!
g) I hope to have some leisure time for myself.
If you were me, how would you choose?
1) Stay in Hong Kong (same company), return to frontline commercial banking job, salary increase: 17%. Timing: March 2007. Familiar role but sales target is going to be tough to reach. Limited Prospect.
2) Go to China (same company), also frontline commercial banking job, but in Beijing, salary increase: 17% plus China allowance plus free housing in Beijing; Timing: March 2007. Uncertainty exists in terms of customers type and management role (with local PRC subordinates). Prospect unknown but connections in Beijing and exposure in the PRC considered useful.
3) Quit current job and join a US hedge fund in an asset management role; stay in Hong Kong with some travelling, salary increase: >60%. Timing: End of Nov or Early Dec latest. Bonus for 2006 and options in hand would be compensated by a joining fee. I am unfamiliar with this hedge fund, despite that it is a large one. Considered high risk in terms of job security. Totally new exposure.
Considerations:
a) I am not a person who like to change job; I have been with my current company since I graudated (12 years already). My CV hasn't been updated since then.
b) I like to have more exposure in different countries
c) My baby is due in January 2007
d) Job stability is important to me, but that could be compensated by a premium in salary.
e) I don't want too much pressure but some challenges are OK for me.
f) This one is common to all people: I love salary increase!
g) I hope to have some leisure time for myself.
If you were me, how would you choose?
posted by Andy at 10/28/2006 05:56:00 PM
15 Comments:
What did your wife say? better consult her first coz she is your life partner and you will become dad soon. Better listen to her and then you will know the answer.
You mentioned what "you" want but not what "she" wants :)
Wherever you go, i'm sure you can make it. Dont worry, it's just a matter of "choice". You can do it well no matter in any enviroment.
But family is always important.
"c) My baby is due in January 2007"
1
遲 oD再 3~
Hi, I just passby. Hope you don't mind I leave a message... :)
If I were you, I would strictly prefer (!), (2) is okay, and (3) is out of consideration...
I don't know what kind of positions/natures you will join in the HF, but my general impression is that HF is particularly unstable. Although the HF you're joining is big, it doesn't mean it can be more stable than commercial banking, i-banking or other long funds. Amaranth was not small, but it could just be gone easily by a few mispositions. Also its commonly believed that a global slowdown is coming. The market can be risky in the coming few years.
As you will have your baby due in Jan 2007, I guess job security and stability should be the most important concerns. Given your baby, if I were you, I would feel the 43% premium not enough to compensate the risk involved...
I always have a feeling that the hedge fund industry is approaching a bubble. There are so many funds around which called themselves hedge funds. Hedge fund is just a name meaing non traditional long only fund. So, it can be anything. It's no longer the days where hedge fund managers have a strategy and special skill which they think they can take advantage of the market. Nowadays, hedge fund just mean the group of people have successfully raised some money from somewhere and got the permission to run it relatively freehand.
Ruth you are absolutely right. In fact, they call themselves alternative investment manager and merchant capital provider. Basically, it is a private equity firm.
I vote for (2), assuming that your wife has no problem moving to another city with you. Besides, growing up in Beijing may be a good exposure for your kid too.
If this is a wrong assumption, I vote for (1). It's not easy to adapt to a totally new environment after spending 12 (and out of 12) years with the same company.
(2)!
don't take (3) la! too risky!
如果唔等錢使，又有家庭壓力，
試下唔想錢，你個心是想做那一份，
應該會好清晰。
錢，有時最混淆視線。
我會選2囉。原因：
1. 同一份錢，北京好使好多！
2. 做expat高人一等喎，特別係返大陸。
3. 個bb香港出世，去北京讀書，唔使你教都自動波京片子，個network仲大部份係人中人喎。話哂中國二十年後真係無可限量，bb第日仲唔天下無敵？
記住check埋公司個medical plan喎！大陸睇醫生呢方面我地唔熟，bb通常頭幾年都幾多醫生要睇（唔係病呀，好多針要打架！你唔係local冇戶藉唔知點攪架，同埋仲有好多評估要做架，香港有健康院／相熟私家醫生跟，所以呢方面要問清楚。）
當然，梗係要問下Andy太點睇啦！老實講，我諗響北京搵個maid你會開心過請律律囉。:)
我會選2囉。原因：
1. 同一份錢，北京好使好多！
2. 做expat高人一等喎，特別係返大陸。
3. 個bb香港出世，去北京讀書，唔使你教都自動波京片子，個network仲大部份係人中人喎。話哂中國二十年後真係無可限量，bb第日仲唔天下無敵？
記住check埋公司個medical plan喎！大陸睇醫生呢方面我地唔熟，bb通常頭幾年都幾多醫生要睇（唔係病呀，好多針要打架！你唔係local冇戶藉唔知點攪架，同埋仲有好多評估要做架，香港有健康院／相熟私家醫生跟，所以呢方面要問清楚。）
當然，梗係要問下Andy太點睇啦！老實講，我諗響北京搵個maid你會開心過請律律囉。:)
Thanks for all your comments. I will go for an interview in the hedge fund and see if I like the job. I will have to look at the overall package (all things considered) to make a decision. Plus, the Beijing job is going to be confirmed soon. I would give it some further thoughts when more information is obtained.
i agree w/ kajie, discuss with your wife, does she want to move to beijing? i am not familiar with banking nor hedge funds, but as a dad, now u have to take family factor into account in addition to career and money. hmm... (3) sounds tempting, but as ruth pointed out, is it stable? 17% increase in pay is not bad already. does your wife have a stable and good pay job as well? or do u or both of u want her to be a full time stay-home mum real soon? a lot of considerations.
I personally perer hedge fund. Although it sounds risky, with your 12 years experiences, I believe you can go back to commerical banking even you leave the hedge fund later on.
Hedge fund will provide you a very good exposure, and challenges (everything will be quite new to you). The system, and the way/methodology to make decision, and to monitor the asset will be different too. It sounds very interesting to me.
To me, the most important things are (in perferences order):
1) Do you like/love the role?
2) Does the job sound interesting to you?
3) Will you have any further development? Will it be your future career?
4) Salary & any personal time/ private life?
5) Will the experiences or knowledge you gain in the (new) role assist you to reach your ultimate goal (in life)?
I believe your wife won't have a concern of choosing 1) or 3) as you will stay in HK. for option 2), you may want to discuss with her. I do believe that you wife will 100% support your decision.
Best luck in the interview, and hope you will make a right & wise decision soon. God bless.
Very inspiring comments. Thank you, Todo.
Hedge Fund will be more challenging as China is booming. You can be the best China manager in the universe. Sometime, you need to do risky and challenging business so that you can have good memory about your life. Money is jyust a matter of life, not a full of life....
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