China remains a power-house when it comes to economic development. As the fastest growing economy in the world, the country is brimming with job opportunities for new leaders and innovators to make their mark.
Although manufacturing is still China’s largest industry, representing 47% of its total GDP, the country’s economic landscape has undergone some profound changes in recent years with government funding in pharmaceuticals, AI, tech and smart manufacturing.
China’s professional world is moving towards a service-based economy, opening up a variety of new and exciting roles for professionals from diverse backgrounds.
In 2018, China’s service industry accounted for 52% of its GDP, becoming a key driver for economic growth.
These changes also make an exciting atmosphere for MBA graduates freshly out of their program. MBAs often help professionals to pivot or take a leading role in a new industry.
For instance, more than half of Cheung Kong Graduate School of Business alumni—including Alibaba founder Jack Ma—are at the CEO or chairman level. Collectively, this group accounts for one-fourth of China’s GDP.
Below are five of the most exciting industries for MBA jobs in China today.
Home to tech giants from Baidu to Tencent, it should come as no surprise that China’s technology scene dominates life in a variety of areas — finance included.
According to research by Accenture, $25.5 billion worth of fintech deals were made in China in 2018 alone—nine times the value of deals made in 2017.
This impressive growth looks set to continue. Currently, mobile payment transactions in China stand at a record $12.8 trillion, while apps like WeChat and Alipay have spawned a new ecosystem of online financial products.
Although fintech is a relatively new career avenue, the financial sphere is a well-trodden path for graduates of China’s top MBA programs.
At CKGSB, for example, around half of MBA alumni find work in the finance and investment sphere.
There are over 800 million internet users in China today, and 73.6% of them shop online. E-commerce platforms like Alibaba and JD.com are making the most of this connectivity, capturing 72.6% of market share.
Helping business school students understand the dynamic e-commerce market in China today is Yu Gang. Founder of Yihaodian, one of China’s first online grocery stores, Yu now imparts his insights to students as a professor of management at CKGSB.
New platforms like Pinduoduo and Xiaohongshu are rapidly capturing market share, too, making for a competitive and innovative space, ripe with opportunities for MBAs.
3. Green Energy
Despite China’s current status as the world’s biggest carbon emitter, it’s also a hub for renewable energy development.
With healthy government investment in solar power, wind power, and electric vehicles, China is well-placed to become a global leader in the green energy space.
In fact, China is already the largest producer, exporter, and installer of solar panels and wind turbines worldwide.
With 60% of renewable energy-related jobs located in Asia, the industry is a promising one for MBAs in China.
China’s business schools are also recognizing the need for environmentally sustainable development. At CKGSB, for example, MBA applicants who have proven their commitment to environmentally conscious leadership are eligible for a full-tuition scholarship.
Health care is another Chinese sector undergoing some profound changes. The country’s aging population, and medical staff shortage, are challenges that some innovative organizations are addressing.
With looser laws around big data, Chinese biotech companies are using AI to innovate new treatments and drugs. Diagnoses in particular are being supported by big data here like nowhere else in the world.
Multinational pharmaceutical corporations are expanding R&D centers and forming joint ventures with Chinese firms too, thanks to over $290 billion in government funding. Meanwhile, home-grown firms are focusing on innovation and expanding at a rate unseen anywhere else.
McKinsey recently estimated that China’s health care spending will reach $1 trillion in 2020, which means ample opportunities for interested MBAs.
Few professionals grasp the value of education quite like MBA graduates. Recent developments in China’s education landscape make it a great choice for motivated professionals.
Demand for private tutoring in China is on the rise, with private education set to reach a value of $744 billion by 2025.
Graduates like Cindy Mi, who earned an MBA from CKGSB, are capitalizing on this demand. Cindy founded VIPKID, one of China’s largest online education startups.
The company is now valued at $4.5 billion, a significant chunk of China’s $37 billion online education market.
As internet penetration expands, online education is the one to watch in this industry, and there are plenty of niches for agile startups.
Graduates from CKGSB’s MBA program clearly agree that education is an exciting industry—it’s the fifth most popular sector for alumni to join.