Why You Can’t Break Into Private Equity as a Foreigner in China

Despite my repeated warnings that emerging markets don’t care about you – only people who know the language, have connections, and are qualified to work there – this question won’t go away:

“I really want to work in China! How can I break into finance there? I’ve studied Mandarin for 5 years and I can read faster than Chinese people now! Show me how to get into PE!”

I’ve gotten tired of answering that one, so today you’ll hear from someone much better qualified to answer it than me: a reader who works in private equity in China.

He’ll tell you all about:

• How to network your way into the industry and how it’s different from PE in the US/Europe.
• Why foreigners are getting pushed out of the industry and why you’d have to be “crazy” to go work there these days.
• What you should do instead if you want to do business in China.
• How the pay and work culture differ from other parts of the world.

What to Expect In Your Private Equity Internship in China: Deals, Culture, Pay, and How You Break In

I’m not sure if I’ve gotten more questions about the Middle East or China, but they’re both up there on the “hot markets in finance everyone wants to get into” list.

While everyone knows about Hong Kong, information on mainland China is much harder to find since US and European banks have less of a presence there.

But there are plenty of small, local firms that do have a presence – and you’re about to find out exactly what it’s like to work in private equity in China.

Should You Start Out In Private Equity or at a Hedge Fund Rather Than In Investment Banking?

“I read your articles on the myth of the buy-side job and why finance doesn’t guarantee you $10 million and your own beach in Thailand.

But I still want to do finance – I just don’t want to do investment banking. I’m an Economics major, I have a 3.7 GPA and I have no industry contacts.

Do you think I should start in private equity instead? How can I do it?”

This is a very common “strategy” I get questions about.

But is it a good idea?