Chinese students spend up to $50K on career coaching in tough job market
Chinese students are increasingly seeking expensive career coaching services, spending as much as $50,000 to land finance jobs in a challenging job market. Even with the growing demand for these services, many students still struggle to find employment as Wall Street firms reduce hiring, according to Bloomberg.
- Career coaching services: Numerous consulting firms are offering services like resume building, interview preparation and internal referrals, but the competition remains intense, with acceptance rates at top firms like Goldman Sachs as low as 0.8%. Some career coaching companies, such as New York-based OfferBang and Hong Kong-based HKCareers, have seen significant growth in clients since 2020.
- Jobs not guaranteed: However, success is not guaranteed, and some students have been left jobless despite spending large sums on coaching services. The industry faces criticism for over-promising and under-delivering, with reports of fake internships and internal referrals. Local media reports have also uncovered a “gray supply chain” where coaching agencies and employees at major firms exploit students through fake internships, leading to revoked applications. Banks like Morgan Stanley and Goldman Sachs have distanced themselves from these practices, warning against third-party offers of internships for purchase.
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