MORE than 20 Shanghai financial institutions will host three job fairs in Britain and the United States in an effort to fill about 1,000 positions.

The recruitment group made up of officials from the Shanghai Labor and Social Security Bureau and other financial agencies will set off on Friday. The first ``2008 Shanghai Overseas High Level Financial Talents Job Fair'' will be in London on Saturday, Chicago on Tuesday and New York on December 13.

Among the 1,000 positions, 170 are senior posts in professional fields including banking, fund management and stock investments. At present, Shanghai is in great need of financial talents in risk administration and control, assets management, product research and development, fund management and pension entrustment, organizers said in a press release.

As Shanghai has reduced the salary gap with developed countries, potential recruits, especially overseas Chinese, may find the city more attractive as a place to develop their careers, according to the bureau's press release.

Organizers added that the economic crisis has caused many financial firms to close and that many professionals were unemployed, which could make it easier to hire a recruit.

Shanghai Finance University is advertising for three posts: director of International Finance Insurance College, Academic Assistant to University President and Chief Economist of the International Finance Institute.

"We hope to find pioneers who can lead the overall teaching and scientific research quality in our university,'' Lu Hongjun, the university president, was quoted as saying in the press release. 

Shanghai dose need professionals familiar with international financial systems and risk administration, however, it still deserves careful thinking before introducing a new recruit as the financial crisis has not ended, Lu added.

He suggested an evaluation system for candidates including tests on professional financial knowledge and adaptability.

``It doesn't matter if he or she is Chinese, but whether he or she can adapt to Chinese financial theory, marketing operations and assets administration system,'' Lu was quoted as saying.

He added that it was not necessary to complete the hiring process in one trip as follow up trips can be made next year when economic conditions become clearer.

SHANGHAI -- Representatives of 28 financial institutions in Shanghai will leave on Friday for the United Kingdom and the United States in a bid to recruit professionals.

Organized by the Shanghai municipal bureau of human resources and social security, the institutions include banks, fund, and asset management companies. About 170 senior positions are being offered.

In the non-financial sector, more than 1,000 positions are being offered, the government said at a regular press briefing yesterday.

The municipal bureau, together with the local financial services office, will set up three recruitment booths in London, Chicago, and New York.

The booths will be open on Saturday, Tuesday and next Saturday.

"The timing is great for us given the fact that some premier foreign financial institutions are facing hardship and redundancy problems because of the global economic downturn," Chu Minwei, president of Shanghai Finance University, said. The university is also looking to recruit overseas.

It is seeking three people to fill the positions of dean, department of international securities; assistant president, academic affairs; and chief economist, international finance institution.

"We expect the overseas professionals to help extend our global academic network, and introduce more top people to our university," Chu said.

Jeanne Qian, China country manager for human resources consulting firm, Neumann Partners, said.

"It's a smart move by Chinese companies to conduct this strategic hiring given the current situation under which foreign firms are laying off staff.

"Overseas professionals have a broader global view and have more international exposure, in particular to risk management, than domestic professionals."

Ian Crawford, executive director of the British Chamber of Commerce Shanghai, said the City of London is the largest financial market in the world, and thus has a wide variety of outstanding professionals.

"Overseas professionals work in a much bigger and wider market, and therefore have the opportunity to learn more about the trading and application of sophisticated financial products," Crawford said.

However, there are stumbling blocks ahead for the talent hunters, the major ones being salaries and the cultural divide.

"The payment gap will still be there, although we will offer attractive salary packages for ideal candidates. We will offer an annual salary of 500,000 yuan ($ 74,000) or above, which is much higher than the average in China," Chu said.

Crawford said Chinese financial institutions may baulk at the salary and bonus packages being offered to attract top professionals "but there is relatively little attraction for these professionals to come to Shanghai until the Chinese financial markets are significantly opened up".

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Latest update Dec 4th

Shanghai fainacial talent job fair schedule in UK and USA:

　　上海市海外高层次金融人才招聘会（英国伦敦）■时间：12月6日9:30－16:00■地点:伦敦西印度码头万豪酒店

　　上海市海外高层次金融人才招聘会（美国芝加哥）■时间：12月9日14:00-18:00■地址：芝加哥双树酒店

　　上海市海外高层次金融人才招聘会（美国纽约）■时间：12月13日10:00-15:00■地点：喜来登酒店

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