With banks and financial services organisations in Asia increasingly looking inwards for new graduates – rather than recruiting from overseas – it’s worth looking at where the graduates of the top universities in Hong Kong end up.
We analysed the CVs of graduates from the top three universities in Hong Kong – Hong Kong University, the Chinese University of Hong Kong and the Hong Kong University of Science and Technology – to see which sectors they’re working on.
The methodology is simple – we analysed how many CVs from each of the top three Hong Kong universities are in our database and then looked at the proportion of graduates in each division. The charts below outline the top 10.
Perhaps unsurprisingly, those who go into accounting and finance form the largest proportion of graduates working in finance. This is a supply and demand issue – accounting firms in Hong Kong hire far more graduates than other sectors. And when compared to securing a front office job in an investment bank, it’s relatively easy to get into.
The division that employs the second most graduates is information technology. All financial institutions, large or small, need computers, systems and networks and employ thousands of technologists. Morgan Stanley has 7,000 techies and another 7,000 consultants in technology, while 25% of Goldman Sachs employees work in tech.
The front office, comparatively speaking, doesn’t employ that many people. No division takes in more than 10% of the graduates. Desks famous for long hours of demanding works, such as M&A, ECM, DCM, all employ just between 2-5% of the graduates. Perhaps the only exception is how many HKUST graduates are working in investment banking and M&A – 7%, which is significantly higher than the other two universities.
Asset management is another hot sector. All three universities have more than 6% of graduates in this division. Investment banks have been cutting this year, and considering that many banks are looking to wealth management as the next big growth engine, perhaps asset management is the place to go if you want to have a stabler job in the financial industry with a relatively promising career development outlook. Just look at Credit Suisse. It announced last week that it’s going to axe hundreds of investment banking jobs in Europe, yet at the same time it’s looking to increase headcount in Asia to do more business with the newly rich.