Chinese students pay agents US$12,000 for shot at Wall Street
- Career consulting firms are offering an inside track to those who can afford it, promising to help land internships and jobs
- The agencies also hire industry mentors, who can make US$100 or more an hour, to help with strategy, networking, drafting letters and even internal referrals
Getting a shot at a coveted investment banking or finance job is a cutthroat, and sometimes controversial, business in China.
Career consulting firms have mushroomed in recent years, enlisting what they say are thousands of finance professionals to help open doors to students who can afford it.
Firms are charging US$12,000 or more to help students land internships and eventually jobs at Wall Street powerhouses such as Goldman Sachs Group and Citigroup.
The programmes offer an inside track to students by pairing them with bankers to help with strategy, networking, drafting letters and even internal referrals, touting success in landing jobs from Shanghai to New York.
They also target Citadel LLC and others hedge funds, consultants such as McKinsey & Co. and local heavyweights like Citic Securities Co. Most of the companies when contacted by Bloomberg disavowed having any relationships with the coaching firms.
The practice has a growing number of detractors, who are questioning whether it is fair or good for the industry to give another leg up to the well-heeled. It also raises ethical concerns with bankers – sometimes without informing their employers – moonlighting on the side for fees.