In the autumn of 2010, Ding Zhitong followed Qin Chang to Hong Kong.
Despite her reluctance the previous night, Ding Zhitong hadn’t yet discussed the “Training Box” project with Qin Chang. As she had told Gan Yang, Qin Chang wasn’t just her boss but also her mentor. Over the years, she had learned a great deal from him. Now, no longer the novice analyst she once was, Qin Chang’s expectations of her had changed significantly. She knew that when telling her boss the project couldn’t be done, she’d need to present a new proposal outlining the next steps. However, she hadn’t yet formulated this plan.
At the office, as she passed by Qin Chang’s room and glanced at the small conference room opposite, she suddenly recalled Gan Yang kneeling before her and his subsequent words: “Come to LT Capital. I want you.” The feeling was almost like infidelity – professional infidelity. She quickly pushed the thought aside, returning to the question at hand: what should the next step be?
In recent years, M Bank has been working to improve its corporate image. The current female CEO, a former swimmer and basketball player in her student days, had initiated an overhaul of the management team’s profiles on the company website. Each member now listed their favorite sports alongside their educational background and professional experience.
As the Managing Director of the Capital Markets Department, Qin Chang had to comply. He simply added a line at the end of his bio stating that he occasionally practiced Tai Chi in his spare time. Amidst the array of skiing, diving, and mountain climbing enthusiasts, his choice stood out in its understated simplicity.
Perhaps due to his Tai Chi practice, Qin Chang seemed to have aged little over the years. He still maintained his gentle demeanor, looking much as he had when Ding Zhitong first met him, save for the absence of the wedding ring on his left hand.
Ding Zhitong followed Qin Chang from New York to Hong Kong in the autumn of 2010. At that time, Qin Chang had been promoted to Director, and she to Manager. For the next nine years, she remained his right-hand woman. Qin Chang hadn’t shortchanged her either, consistently giving her top performance ratings and generous bonuses, steadily advancing her career.
In the early years, there had been plenty of office gossip about them. It was understandable – both were American-educated and divorced, with one bringing the other back to join the company. Their professional rapport reminded some of the legendary partnership between Xi Chao and Huan Wen from ancient Chinese history. Some even claimed to have insider knowledge that Qin Chang had initially interviewed Ding Zhitong for her position at M Bank.
Over time, however, the rumors faded. Not because the parties involved had denied them, but because too much time had passed. If there had been something between a man and a woman, it would have likely resulted in either marriage or a falling out. Yet they remained an excellent professional team, with no apparent personal connection outside of work.
Of course, Ding Zhitong knew her relationship with Qin Chang went beyond that.
As she had told Gan Yang, Qin Chang was her mentor. She had always felt this way, from their early morning conversation after an all-nighter to the present day.
In her first two years in IBD, she had been part of the product group, working on several projects with Qin Chang’s industry group. Though their interactions were limited, she had learned a great deal from him.
In mid-2009, Qin Chang approached her as he often did, asking about her plans. Did she intend to switch careers or continue in IBD?
It was during Ding Zhitong’s lowest point, with New York’s job market in poor shape. Without much thought, she replied, “I want to continue.”
What she had assumed was casual chitchat turned out to be a lesson. They spent a long time talking at their usual breakfast spot.
Ding Zhitong had always thought analysts were at the bottom of the investment banking hierarchy. It wasn’t until that day that she realized the real bottom wasn’t analysts, but managers.
Analysts were in the basement.
When investment banking was first conceived by financial moguls, the structure was as follows: MDs and Directors were responsible for securing business, VPs oversaw specific transactions, and managers executed each deal. There was no analyst role initially. This position was added later as deals became more complex, requiring someone to handle the detailed desk work for managers.
So when investment banks recruit analysts, they’re looking for human computers, valuing the ability to analyze and model at a desk.
But at the manager level, dealing with C-suite executives – CEOs, COOs, CFOs – technical skills alone are far from sufficient. Communication and coordination skills become crucial, requiring maturity and the ability to hold substantive conversations with senior executives.
In other words, although analysts and managers both work in IBD and appear to have a hierarchical relationship, their skill sets are not progressive and may not even be compatible. In reality, very few analysts are promoted to manager. Companies prefer to recruit fresh graduates from the Top 7 MBA programs for these positions.
At that time, Ding Zhitong was living a life devoid of personal time, pouring all her energy into work. She had developed impressive modeling skills and produced excellent work. Whenever the staffer assigned tasks, several VPs in the group would compete for her assistance.
But Qin Chang told her, “You think you can become a manager with just these technical skills? It won’t work.”
This was already a high-attrition industry – up or out. In another year, she would be a third-year senior analyst. Ding Zhitong suddenly realized she was facing the same predicament as JV had, yet she had no idea how to proceed.
Fortunately, Qin Chang assigned her homework: “I know there are things you’re not good at or may not enjoy, but if you want to continue in this field, you need to start considering these issues now…”
The first step was to request a transfer to the industry group.
With her top rankings for two years, this goal was easily achieved.
So, in her third year at IBD, Ding Zhitong began working closely with Qin Chang in the industry group. Unlike the product group’s focus on technical aspects, the industry group was involved in the entire transaction process from the pitching stage, with a greater emphasis on client interaction.
The second step Qin Chang advised was to observe what her colleagues at the manager level were doing daily, identifying which skills were crucial for them that she currently lacked.
Ding Zhitong followed his advice diligently. She quickly realized that while her English writing skills were no longer a weakness despite not being a native speaker and having only studied in the US for a year and a half, she lacked leadership skills and interpersonal abilities, which were crucial at the manager level.
During this period, she constantly observed how Associates and VPs in the same project team interacted with clients, trying to participate whenever possible.
Leadership skills were even more challenging to develop. She was already in the basement – who could she lead?
As a foreigner, an international student, without connections or background, she ultimately followed Qin Chang’s path but took it a step further. She systematized her three years of experience into a comprehensive training process to help new analysts and even interns quickly adapt to their roles. Following Qin Chang’s example, she became one of the most effective team coordinators in IBD.
With this process, in her third year, she again received the highest score and an excellence award. It was then that she deeply understood that helping others and helping oneself were not mutually exclusive.
As Wilson had said, 2010 was a good year. The economy was gradually recovering, and many financial institutions were hiring. Even if she stayed at M Bank, her performance over the past few years gave her a chance at promotion to manager.
But Qin Chang was leaving.
They had never really discussed personal matters. Ding Zhitong only knew that Qin Chang had married early to an American classmate from college, and they had a daughter in elementary school.
In her memory, Qin Chang always wore his wedding ring and kept a family photo on his desk. The picture showed three people: him with his arm around a beautiful blonde woman, and a mixed-race little girl with a round face and big eyes squeezed between them.
Given the disadvantages Asian men faced in the North American dating scene, most people’s first thought upon seeing this family photo might have been: Wow! This ordinary-looking man must have some hidden qualities.
Ding Zhitong had also speculated, thinking this might be the “accident” Qin Chang had mentioned. He had originally planned to pursue a Ph.D. and spend his life in academia, but the “accident” had led him to seek quick money instead.
But by then, Qin Chang was divorced. His wedding ring was gone, and the family photo on his desk had been replaced with a solo picture of his daughter. This change had happened silently; Ding Zhitong hadn’t even noticed when it occurred until he invited her for breakfast again to tell her he was planning to leave New York for Hong Kong.
At that moment, Ding Zhitong recalled the scene from years ago when Qin Chang had first brought her to this place, remembering his words: “I don’t want to give you empty encouragement, but you need to survive first. Or to put it another way, to earn money more effectively and sustainably, and to survive.”
Qin Chang clearly remembered that conversation too, chuckling self-deprecatingly: “The things I told you back then, I’m afraid I haven’t managed to achieve them myself.”
It was the first and only time he shared his matters with her.
Ding Zhitong’s speculation had been correct. The recently ended marriage was indeed the “accident” he had mentioned. His ex-wife came from a typical WASP family. When they first visited her parents after deciding to marry, his in-laws had taken one look at him and walked away.
It was for this shallow reason that he had wanted to prove himself, to provide a better life for his wife and daughter, abandoning his plans for a Ph.D. to pursue quick money. He had tried hard to maintain his rule of reserving at least one day a week for family, but it proved far from enough.
Ding Zhitong listened to his story and then, like a dam breaking, shared her own experiences.
Looking back, she realized that all the important decisions in her life seemed to have been made suddenly.
After rambling on and falling silent for a moment, she spoke again: “I have no reason to stay here either. I’ll go with you.”
Qin Chang looked at her, smiled, and nodded.