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Wall Street Institute

 
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edwinagirl



Joined: 05 Jul 2004
Posts: 68
Location: beijing

PostPosted: Sun Jul 24, 2005 9:33 am    Post subject: Wall Street Institute Reply with quote

Does anyone know what's going on with WSI. It seems the brand is struggling worldwide. How is it doing in HK?
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ChrisRose



Joined: 19 Apr 2003
Posts: 427
Location: Hong Kong

PostPosted: Mon Jul 25, 2005 4:48 am    Post subject: Reply with quote

Well to be honest,

Their pay is well below market rates. Probably working out at or less $150 HK p/h.

Native semi qualified (cert. level) teachers usually earn from $250 - $400 p/h in the private sector.
Native teachers with a first degree; $300 - $500 p/h).

Their hours are incredible, the typical schedule for teachers is 12pm - 9 pm Mondays to Saturdays.

I hear from people that their staff turnover is very high.

With a high turnover of staff, it is likely that students might not have such a good impression.

With the relatively low remuneration and long hours, it is unlikely that they can hire, let alone retain any quality teachers.

There is also fierce competition in Hong Kong in the private sector.

As for their finical position, I personally don't know, but I am sure you can look it up through a web search.
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kowlooner



Joined: 24 Jun 2004
Posts: 230
Location: HK, BCC (former)

PostPosted: Mon Jul 25, 2005 5:36 am    Post subject: Reply with quote

I'm interested in knowing what teachers are really getting in "the private sector." The $250-$400 figure seems high unless it's private tutoring, and even then I wonder how many are getting that.

I'm no fan of Wall Street (don't know anything about them actually, except I'm tired of their TV adverts in the evening on Chinese channels teaching important language gems such as "keep your ear to the ground!" and "mum's the word!" - anybody else seen these?), but I'm not sure if it's good to compare their hourly pay equivalent to that of a private tutor or part-time teacher. The part-timer has to do a lot of travelling as well as put up with lost revenue when a private class cancels, while at WS it's a stable monthly salary (I think - correct me if I'm wrong).

For a part-timer to make say $17k / month (I think that's what WS starts you out at - anybody care to comment?), and let's assume the hourly pay is $300, the weekly teaching load would be 14 hours. Looks pretty good! That's only 3 hours a day (assuming a 5-day week).

So, how many private tutors manage to arrange 3 hours a day, day in day out, without students cancelling?

That's not to say private tutoring, or that combined with part-timing at little schools, can't be rewarding (emotionally and financially), but it does take a lot of work just to build up a customer base that would allow you to make the equivalent to an entry-level position at a chain like WS.

Just my thoughts. Any comments?

[Edit ... Add following comments] Back to the original question. Can't comment about their financials in HK, but WS is doing some aggressive advertising right now. Includes the use of some (what I would assume to be) pretty expensive local celebrities.
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ChrisRose



Joined: 19 Apr 2003
Posts: 427
Location: Hong Kong

PostPosted: Mon Jul 25, 2005 9:55 am    Post subject: Reply with quote

Well Kowlooner,

Most agencies that provide teachers for part-time, school extra curricular courses pay around the $300 mark.

I had an interview today and was offered $450 p/h.

There is a large difference between part-time and full time pay rates in the private sector.

For part-time lecturing, the average rates are $350 - $500 per hour.

When it comes to tutoring, I was the acting NET coordinator for an agency a while ago. I had non-native teachers, whom on their C.V.'s claimed to be charging $400 - $450 p/h for private tuition.

My wife is a KG TA. At her kindergarten, some parents hire the class teacher, a native speaker, but non-qualified teacher. She is charging $450 p/h.

You may find it difficult to believe, but true.
I realise that many local, non-natives and fresh uni. graduates offer tutoring for between $50 - 150 p/h and that many of the learning centres advertise for teachers and offer < $300, that doesn't reflect the true situation for qualified and semi qualified NET's.

Remember to bear in mind though, for part time and tutoring the income isn't stable.
For part-time schools (extra curricular), you have school exams, parents days, sports days, field trips all eating into your schedule, so there can be unpaid days there. Next the typical contract is for 10 lesson, usually over 12 - 14 weeks, unexpected rescheduling. Then after the course has been completed another period of unpaid waiting to see if the school will re-contract.
For private tutoring, students being sick, having to attend school functions, going on holiday etc.

So when looking at part-time, remember the reason why the hourly rates are much higher than a straight forward full time package.

Then to really upset yourself compare the private sector to a government contract.


I used to work Mon-Fri. 8:30 start, 3:30 finish. Finish at 12:00 on Wednesdays, all holidays paid.

I would take back my old full-time school job at the drop of a hat.
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