Offering about triple what Wall Street pays to recent graduates, China’s booming hedge fund industry is snapping up top graduates to keep them from bringing their talent overseas. This according to an article in Bloomberg.
Many students who had to defer their US-based education due to the pandemic are choosing to stay home, enticed by $300,000 salaries which far outweighs the $100,000 that Wall Street firms typically pay. Funds have seen an influx of talent that might have otherwise gone abroad.
Despite Chinese President Xi Jinping’s increased rhetoric about “common prosperity,” the higher salaries are helping China hang on to graduates with degrees in artificial intelligence and computer science. Also enticing is the work pace, the article contends. It factors in breaks and well-being more so than Wall Street firms.
Talent is identified early on, to prevent competition with global companies. With China and the U.S. both making technological superiority a national objective, that battle for talent will only heat up, transcending even business.
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