Are there Finance jobs in Hawaii? (Honolulu: coupon, to rent, insurance)

[jonomo]

Hello folks, My wife and I are thinking about moving to Hawaii but we are concerned about getting jobs.... My biggest concern is my wife who's in Finance... She is an investment banker and I'm curious to know what kind of Finance jobs we can expect to see in Hawaii. I have heard of hedge funds and stuff headquartered in Hawaii, but I'm not sure what kinds of jobs there are.. She's pretty high on the totem pole.. but we are willing to take more modest jobs if we decide to live in Hawaii... As for myself... I'm a video game producer... soI guess I'll be looking for a new career as I can't seem to even find too many video game related jobs in Hawaii... Thanks, J~

[hotzcatz]

You could contact the banks in Hawaii since there aren't that many of them. I don't know if credit unions would need an investment banker? I'd suspect most of the banks would be headquartered in Honolulu, you could look there.

Can't a video game producer work online? Can your wife work online? If you can bring your job with you to Hawaii, that's the best way. Then you will be making mainland salaries those pay better than the ones around here.

[flowermom]

Hi there,

I can't specifically comment on banking, but I will say from my family's experience that high level business execs. can do well here. This is simply because there are not many of them. If a company is looking for a certain skill set and they cannot find someone on the islands, then they have to look at mainland candidates. Often to get you to move over they will pay all expenses, give you bonuses, etc. Usually, you are required to sign a contract saying you will stay for a certain amount of time. In my husband's case it was for two years. We know other people who have five year contracts. If you leave early and break the contract, you can have to pay penalties.

Personally, we are enjoying the experience of being here and have no intention of leaving. Once here, the company will do about anything to get you to stay. They do not want to go through the whole recruitment process, paying a headhunter, moving someone over again, etc. Given that your wife is a high level banking exec., she should get the word out through networking that she would consider a move to Hawaii.

Best of luck to you!

[Pancho & Zapata]

Originally Posted by flowermom

Hi there,

I can't specifically comment on banking, but I will say from my family's experience that high level business execs. can do well here. This is simply because there are not many of them. If a company is looking for a certain skill set and they cannot find someone on the islands, then they have to look at mainland candidates. Often to get you to move over they will pay all expenses, give you bonuses, etc. Usually, you are required to sign a contract saying you will stay for a certain amount of time. In my husband's case it was for two years. We know other people who have five year contracts. If you leave early and break the contract, you can have to pay penalties.

Personally, we are enjoying the experience of being here and have no intention of leaving. Once here, the company will do about anything to get you to stay. They do not want to go through the whole recruitment process, paying a headhunter, moving someone over again, etc. Given that your wife is a high level banking exec., she should get the word out through networking that she would consider a move to Hawaii.

Best of luck to you!

Very true... as someone who was recruited for an executive position Finance I can confirm that Hawaii is a small pond in some respects... a strong candidate from the mainland can certainly find very rewarding work. BUT:

1) Hawaii is much more expensive than you assume. Even comparing it to California.. I would say you should ask for a 40% to 50% more salary than you would want in CA

2) Salaries for many positions are actually lower in HI then they are in Mainland bustling towns. Case in point... a local working as Director of Supply Chain for a midsize company will earn about $90k versus $120k in a similar company in California. However, if it is not uncommon for a Mainland recruit to earn $150k for that same position... something that is obviously contentious here in HI.

3) Because of the double wammy... high cost of living & depressed salaries... you should seriously consider coming to HI ONLY if you have been recruited, if it represents a step up in your career etc.,



An example of what to expect in Hawaii... assuming you are trying to live a California, upper middle class lifestyle:

> 3 Bedroom House in a not slummy neighborhood, humble construction, 7,500 sq ft lot etc., $850k to $950k (Property Taxes 1/3%, Flood Insurance, Hurricane Insurance etc.,)

> Grocery Budget for a family of 4.... $1,200 / month if you have simple tastes & consciously buy things on sale, in bulk etc., $1,700 / month if you buy a few bottles of wine, a nice cheese, organic produce, healthy products, free range chicken etc.,

> Electric Bill if you are suckered into a place with Central Air... $500 / month

> Schools in Hawaii aren't great... even well regarded Private Schools are often not as good as strong California Public School Districts.... so with few exceptions you will want to enroll your kids in Punahou, Iolani, Le Jardin etc.,... PreK $800/month; K-12 $1,500 per Month,

> Most services Lawn, Housekeeping, Haircuts etc., expect to pay 30 to 50% more.


In short... your basic Upper Middle Class lifestyle will cost you upwards of $200k and it will be much less "glamorous", with more careful planning & coupon trimming etc., than the mainland version of the Upper Middle Class lifestyle.


But Hawaii obviously has many natural resources & advantages that you are trading for. Just don't let it surprise you... that you could be well within my homeboy's (Barack) tax increase target range and still feel like you are "struggling to make ends meet"... something the Kama' aina call Paradise Tax.... and by the way Hawaii has the largest % of population that works 2 or more jobs in the country.. so that gives you an idea of how hard it is just to make ends meet here.

[flowermom]

Pancho & Zapata,

Excellent post, I agree with pretty much everything you had to say.

I think the reason a lot of companies require execs. to sign contracts is because of the issues you mentioned.

[jonomo]

Well.. I'm a native of Southern California.. so I know how expensive it is to live there.. Currently my wife and I are living in Seoul, Korea.. which is considered one of the most expensive cities to live in.. I think right now it's either ranked first or second.. possibly with Moscow being more expensive... A cup of Starbucks coffee is about 3~4 US dollars... I live in a small 2 bedroom flat that costs US 1million dollars... so I know how it feels to live in an expensive as heck city.. I"m not sure what Hawaii will be like... we are planning to visit in January to check things out and do some research... I'm wondering what kind of tech jobs there are in Hawaii.. as a video game producer I think it would be difficult to stay within my field.... maybe i'll have to start a business or something.. haha.. Thanks everyone for all your great replies.. please share your experiences with me if you can.. Jo

[Pancho & Zapata]

Originally Posted by jonomo

Well.. I'm a native of Southern California.. so I know how expensive it is to live there.. Currently my wife and I are living in Seoul, Korea.. which is considered one of the most expensive cities to live in.. I think right now it's either ranked first or second.. possibly with Moscow being more expensive... A cup of Starbucks coffee is about 3~4 US dollars... I live in a small 2 bedroom flat that costs US 1million dollars... so I know how it feels to live in an expensive as heck city.. I"m not sure what Hawaii will be like... we are planning to visit in January to check things out and do some research... I'm wondering what kind of tech jobs there are in Hawaii.. as a video game producer I think it would be difficult to stay within my field.... maybe i'll have to start a business or something.. haha.. Thanks everyone for all your great replies.. please share your experiences with me if you can.. Jo

Overall Honolulu should be less expensive than Moscow or Seoul... properties are a bit cheaper, no need to hire your own security detail, less expensive schools etc.,

For sake of comparison, Capitol Place is one of the newest high rise condos in HI... 2 Bad, 2 Bath flats sell for about $900k and $700 / month in association fees. We lived there temporarily while we searched for a house and only paid $3k / month to rent - a real bargain... and obviously not a good investment opportunity.

http://www.capitolplace.com/index.php

For a little less than $900k we bought AND remodeled a 4 bed house with family room & large lot on the more beautiful, less trafficky windward side of the island.

One good thing about Hawaii... cheap mortgages... we locked in 5.75% even as Lehman went bankrupt & the credit crunch was unfolding.


Not a lot of Video Game Production work here (although there is a subsidized, budding movie industry that might use your skill set). Otherwise if you are proficient in PERL, Java, PHP, mySQL, Linnux, Unix, Data Warehousing / ETL I might be able to hire you at $100k.