I am asian american and work for a top tier bank in Asia. It's january now and about 5-6 months till my two year analyst stint is over. I am at the point when I need to decide my step. Based on my group here, I believe that I have the option to say for a 3rd year and be promoted to the associate level. The group treats me well, compensation is very decent, however dealflow is not superb so I have not been getting too much transaction experience. Literally sometimes during the say i just sit here (like now) and have nothing important to do.
When I decided to make the move to come to Asia after college (never been here before), I wanted to test the water for a couple of years and make my move back the the States. But many (like mentors that I trust) are telling me that I should stay in Asia because this is 'where it's at'. When asking about continuing the banking career in the U.S., i was told that it is simply 'the wrong decade'.
So i'm a bit confused because my wanting to go back to the States is more of a personal one (i miss America) and it doesn't quite make sense to leave Asia where banking and the economy is thriving.
I am thinking about the following options, and I can't thank you enough to offer me your thoughts
- Stay for another year, hoping for a better experience as a 3rd year. While interview for PE positions in Asia
- Ask for a transfer/rotation to the NY office(possible) then go from there, but i don't know how to bring it up without creating any damage
- Leave after 2 years, go back to the U.S. then interview for PE positions. It's impossible to do it while im here.
Please comment. thanks guys
I actually just sat here and wrote a massive list of pros and cons, but I realized only ONE QUESTION really matters.
At the end of the day, where would you like to settle down and build a family and live your life?
China is growing extremely rapidly, sure. Hong Kong is an amazing city. What you need to think about however, is if you see yourself making a semi-permanent life there. If you choose to progress along the associate path, it will become increasingly difficult if not outright impossible to transition back to the United States. Aside from the employment limitations, consider that over time, your network of friends in the US will also gradually disappear. You will make new friends in Hong Kong, I'm sure. But at the end of the day, it's a fundamental choice. US, or Hong Kong/Asia?
I worked in HK as an SA last summer. While I enjoyed the experience immensely, I can tell you this. You could not pay me all the money in the world or fill my head with all the promises of riches that Asia MAY bring in the future to keep me in Hong Kong. At the end of the day, my friends, my family (i.e THE THINGS THAT ARE IMPORTANT IN LIFE) are in the United States. And that is where I choose to make my career-- even if it means forgoing the promises of riches in Asia.
(On a more pragmatic point, be aware that many signs indicate that China is headed straight into the midst of severe asset bubbles. If things do go south in the next year, you may be jobless in Asia by yourself)
Also, have you considered business school in the US? THat's always a good transition point.
If your heart's not into working in Asia, you won't succeed in the long run. Even with all the hype and hoopla about Asia's future, if you constantly second guess your decision to stay there, you won't succeed. Regardless of deal flow, if you have nothing to look forward to outside of work, what's the point of living there ? If the thought of working and living in NYC/Chicago/SF etc excites you, then you know what to do.
I would say stick it out for the next 6 months, talk to your friends and family and then start making moves to return to the States. B-School is also an option if you feel like you need a break from work.
head back to America my friend.
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