Why would HK recruit elsewhere?
1) They don't have a shortage of bright, talented students who have an understanding of finance and accounting.
2) Their teams are generally much smaller.
3) Equities in China/HK are underdeveloped at this point.
4) They don't need bankers who can't speak the language.
5) They don't want to hire those that aren't in it for the long term.
6) They have plenty of qualified people to do the grunt analyst work.
Why should they hire a US/UK student??
People like to see blacks, whites, brown, women, everything around them from all over.
There are numerous Chinese students, originating from HK and China, who have went overseas to study and are looking to return.
We have: 1. Overseas graduates who want to return home 2. Foreign expats who fancy having a stab at Asia (attracted by the low-tax)
This compares with local university graduates, whose degree do not carry the same reputation as those from overseas. (Feel free to debate this). I guess banks would rather have those mentioned in 1 & 2?
Having said that, i know of a BB European bank who established a local 'scholarship' program, which selects 1-2 local uni grads to work 6 months part-time, but the numbers hired from this is very limited compared to say, those who come in because their parents are rich well-connected Chinese merchants.
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