Hi Everyone,

I have a question about acceptable wages in Shanghai.  

I am an Australian currently employed on AUD98,000 annually  (USD105,000), have 7 years experience in my field, and have 3 relevant degrees.  

I've  just been offered a job for CNY18,500 per month in Shanghai, at a large foreign bank, in my field of expertise.

This works out to be AUD32,000 annually, about a 70% pay cut.

Am I mad if I accept this offer!?!?!?

Thanks in advance for any replies or advice!

Well, that in large part depends on why you are even considering in the first place.

Klick wrote:Well, that in large part depends on why you are even considering in the first place.

The Mrs is Chinese, and didn't think for one minute that I would actually get an offer.

But do you actually want to live here?

I think you'd be mad unless you have personal reasons that are worth ~ $70kAUD per year to you.

Let's look at the economics of a very optimistic scenario in which you learn so much after 5 years in Shanghai that you're worth 50% more to an Oz employer. You'll have lost $350k AUD in salary during that period, and if you saved and invested that, you could probably never make up for it in future increases.

Unless you become fluent in Mandarin during that period, it's unlikely that the stint in Shanghai would actually increase your value. It may decrease it.

But if you have other reasons and they're worth the loss you'd likely take, you're the only one who can judge whether it makes any sense to go to Shanghai.

mtjt wrote:Am I mad if I accept this offer!?!?!?

Seriously? The offer is just about enough, if there are other benefits (housing, insurance, flights etc) if you are a single person wanting to experience life in Shanghai. Otherwise, forget it!

Of course, as rabbit says, unless there are overwhelming reasons you want to be here. There are a number of places where I would be happy to be at half my current salary. But Shanghai would not be on that list for many, many, many reasons.

bigroh74 wrote:

mtjt wrote:Am I mad if I accept this offer!?!?!?

Seriously? The offer is just about enough, if there are other benefits (housing, insurance, flights etc) if you are a single person wanting to experience life in Shanghai. Otherwise, forget it!

Thanks for the reply bigroh74.

No other benefits, and CNY is pre tax and pre social law payments. The wage will need to support myself and non-working Chinese born Australian wife.

don't even bother.

You'll survive. But that's about all. Although other people may disagree. It seems a very poor salary for someone with your education and experience. It's probably less than some "English teachers" earn.

GoingMad wrote:don't even bother.

Thanks GoingMad. Eloquent reply, and even better profile photo!!

Klick wrote:But do you actually want to live here?

The Mrs' parents come from Shenzhen (and still live there), so would prefer there. Just figured Shangai has more employment prospects for my skills.

rickettyrabbit wrote:I think you'd be mad unless you have personal reasons that are worth ~ $70kAUD per year to you.

Let's look at the economics of a very optimistic scenario in which you learn so much after 5 years in Shanghai that you're worth 50% more to an Oz employer. You'll have lost $350k AUD in salary during that period, and if you saved and invested that, you could probably never make up for it in future increases.

Unless you become fluent in Mandarin during that period, it's unlikely that the stint in Shanghai would actually increase your value. It may decrease it.

But if you have other reasons and they're worth the loss you'd likely take, you're the only one who can judge whether it makes any sense to go to Shanghai.

Ah rabbit, a person of numbers, just like me. $350k AUD certainly would buy a lot of Mandarin lessons and Shanghai dumplings in Australia...

I would never accept that pay cut. Sounds awful to me. An English teacher can earn 10-15k/month approx. You should be able to get something much better.

bearrr wrote:I would never accept that pay cut. Sounds awful to me. An English teacher can earn 10-15k/month approx. You should be able to get something much better.

Can't help with huggles, but thanks for the advice

mtjt wrote:

Klick wrote:But do you actually want to live here?

The Mrs' parents come from Shenzhen (and still live there), so would prefer there. Just figured Shangai has more employment prospects for my skills.

Yes but do you actually want to live in China.

mtjt wrote:Hi Everyone,

I have a question about acceptable wages in Shanghai.  

I am an Australian currently employed on AUD98,000 annually  (USD105,000), have 7 years experience in my field, and have 3 relevant degrees.  

I've  just been offered a job for CNY18,500 per month in Shanghai, at a large foreign bank, in my field of expertise.

This works out to be AUD32,000 annually, about a 70% pay cut.

Am I mad if I accept this offer!?!?!?

Thanks in advance for any replies or advice!

From what little background you provided I can still gather that a local with 3 degres and 7 years on his cv would get more than that. As mentioned before, this is the kind of monies an unskilled foreigner with some ambition would start with. You shouldnt even have to come here and seriously inquire about this, but I give you the benefit of the doubt and blame ignorance.

mtjt wrote:I am an Australian currently employed on AUD98,000 annually

I've  just been offered a job for CNY18,500 per month in Shanghai

This works out to be AUD32,000 annually, about a 70% pay cut.

Am I mad if I accept this offer!?!?!?

Hahahahaha.....

You should have a complete physical before you decide to give up a $98k job and accept the $32k. It might be a good idea have your head examine as well.

Klick wrote:

mtjt wrote:

Klick wrote:But do you actually want to live here?

The Mrs' parents come from Shenzhen (and still live there), so would prefer there. Just figured Shangai has more employment prospects for my skills.

Yes but do you actually want to live in China.

Come on Klick! Who would actually want to live in China? We're either here to make money and get out or we're certifiable.

out of ur mind.

bigroh74 wrote:Come on Klick! Who would actually want to live in China? We're either here to make money and get out or we're certifiable.

LOL. Well it isn't inconceivable, you know, some people do really feel like, this is a place they are drawn to for some reason (other than money, I mean) and maybe it's been something they've wanted to do for a long time or whatever. But this chap was just saying "Well, my wife is Chinese" which doesn't strike me as a great reason in and of itself.

unless they are in the building maintenance department on midnight cleaning crew
---
" have 7 years experience in my field, and have 3 relevant degrees.

I've just been offered a job for CNY18,500 per month in Shanghai, at a large foreign bank, in my field of expertise."
----
all chinese college grads with over 7 years of relevant experience make MORE than 18,500/month at large foreign bank in Shanghai.
-from that you can judge how much your POTENTIAL BOSS in Shanghai value your contribution.

no way! you will struggle to live on that - especially with a non-working wife! If you are earning less than 40k a month i would demand that she works. she probabably has gotten used to Oz life, imported groceries here v expensive.
As PWNwer said, almost all chinese grads in decent jobs with 7 yrs work exp will get more than that (even in engineering, so defo in finance!).

valentiriku wrote:out of ur mind.

That means there are now 2 positions vacant...

bigroh74 wrote:You'll survive. But that's about all. Although other people may disagree. It seems a very poor salary for someone with your education and experience. It's probably less than some "English teachers" earn.

Yeah, I've heard some "English Teachers" earning like CHN20k per month??

Klick wrote:

bigroh74 wrote:Come on Klick! Who would actually want to live in China? We're either here to make money and get out or we're certifiable.

LOL. Well it isn't inconceivable, you know, some people do really feel like, this is a place they are drawn to for some reason (other than money, I mean) and maybe it's been something they've wanted to do for a long time or whatever. But this chap was just saying "Well, my wife is Chinese" which doesn't strike me as a great reason in and of itself.

Super keen to learn some Mandarin, so I can speak to parents-in-law (they will eventually move to Oz), and can help teach our kids Mandarin (when we have some)

mtjt wrote:

bigroh74 wrote:You'll survive. But that's about all. Although other people may disagree. It seems a very poor salary for someone with your education and experience. It's probably less than some "English teachers" earn.

Yeah, I've heard some "English Teachers" earning like CHN20k per month??

more than that.

PNWer wrote:unless they are in the building maintenance department on midnight cleaning crew
---
" have 7 years experience in my field, and have 3 relevant degrees.

I've just been offered a job for CNY18,500 per month in Shanghai, at a large foreign bank, in my field of expertise."
----
all chinese college grads with over 7 years of relevant experience make MORE than 18,500/month at large foreign bank in Shanghai.
-from that you can judge how much your POTENTIAL BOSS in Shanghai value your contribution.

I don't know any Chinese college grads with similar experience. Are there any Chinese nationals with similar attributes to me with an opinion to add?

In short, you can get a much higher salary. Keep looking. As you describe your profile, I would say at least 40k.

Not knowing what the 3 degrees were or your experience or nature makes it hard to be sure, but with some digging around I would guess you should be at least at RMB 30-50k per month. Costs here would vary greatly depending on how 'local' the 2 of you want to be; it could be much cheaper than Oz or much more expensive.