China Career Update: CICC seems to be hiring almost everywhere in China
China International Capital Corporation (CICC), the leading international investment bank in China, is hiring for its asset management department and retail group in second tier cities.
Recent recruitment activity indicates that the firm is trying to fill positions such as investment consultant, channel marketing and sales, and retail customer services in order to develop and maintain relationships with local distribution-channel customers, institutional clients and high-net-worth individuals.
Headquartered in Beijing, CICC also has offices in Shanghai, Hong Kong and Shenzhen. Much of its recently posted recruitment, however, is for its expanding business in cities such as Chengdu, Guangzhou, Qingdao, Xiamen, Hangzhou, Nanjing, Wuhan and Chongqing.
Considered an elite employer within the Chinese banking sector, on a par with major international banks, CICC sets a high threshold for applicants, even in these second-tier centres.
According to the firm’s website, for an entry level position of investment consultant at its retail group in Chengdu, candidates must have “solid sales-related experience in multinational companies, preferably having been involved in securities sales,” as well as a “master degree in relevant majors, preferably an MBA from renowned universities”.
And these aren’t just paper promises. A new recruit to CICC’s asset management department in Shanghai, who asked not to be named, says most of his colleagues are graduates from leading MBA schools, such as CEIBS, and top universities like Fudan and Jiaotong.
CICC defines itself as a “meritocracy”, which means that ability and talent are rewarded above all. Hiring falls into three main categories: lateral (experienced professionals), campus (fresh graduates) and summer internships.
“For senior level positions, CICC prefers hiring those who have work experience at well-known investment banks, such as Merrill Lynch and JP Morgan. CICC is also hiring overseas returnees for specific positions such as fixed income and structured products,” says Stephen He, a banking and finance division senior consultant at Randstad China.