A recent spate of articles on blogs - and in the New York Times – have been debating whether or not it’s advisable for young Americans – and other westerners – to come to China to pursue a career. With unemployment still hovering around 10 percent in the US – and much higher for people under 30, as well as extremely high levels of underemployment that are forcing young workers to accept lowered career expectations, and in many cases move in with their families, delaying home ownership and marriage. In such a downturn, China, with it’s fantastic economic growth and booming demand for goods and services of all types, looks tempting- but is it really such a golden opportunity?

Rather than belabor the downsides of living in China (pollution, potential cultural alienation, visa issues), I’m going to take a look at which fields are full of career potential- and which aren’t.

Finance: The racing economy, continually reforming securities markets, and massive investment flows both inbound and outbound make China look like an excellent place for people trying to break into the world of finance. Guess again. China is awash with trained accountants, financial analysts, actuaries, quantitative analysts and other financial specialists, often trained overseas. In most positions, a foreign trainee offers too little value-added to be worthwhile to most companies, with the exception of expatriate financial services firms (that have been struggling since the downturn). Unless you’re Chinese, China probably isn’t the place to build a finance career.

Law: With many returning Chinese JDs and the Chinese legal system continuing to mature, there’s little demand for overseas lawyers, except in certain consulting roles. Unless your Chinese is good enough that you can translate contracts, and you hold a degree from a Top 14 law school, China isn’t the right choice for a neophyte lawyer (though coming to China to pick up an LLM degree from a Chinese university could improve your prospects elsewhere, where demand for lawyers who understand the ins and outs of the Chinese legal system is growing quickly).

Marketing: This is a mixed bag, admittedly. While there is a lot to be learned about intercultural marketing through taking a job in China (or offering services as a consultant), demand for this is decreasing as the market becomes saturated and more Chinese gain marketing experience. If you already have China experience and an entrepreneurial idea, giving it a shot in China could be worth your time- or at least another learning experience.

Education: For career teachers, China’s private schools and international schools offer good compensation packages and the chance to enhance your skills by working with students and teachers from around the world (as well as the chance to pick up the language). Demand is insatiable, and there are potentially lucrative rewards for entrepreneurial educators. If you’re dissatisfied with the lifestyle of a teacher in the US and are feeling some wanderlust, taking a contract with a reputable school in China can be highly rewarding.

Hospitality: Many hotels transfer managers and trainee managers to China for stints, and some locally hire foreign concierges as well. If you’re planning a career in this field, China – now boasting huge cohorts of outbound tourists – can be a great place to gain experience of future value, whether you stay here or move on to assignments elsewhere.

Journalism: Despite the fears many journalists have of China and it’s censorship, China is a bonanza of potential stories for the intrepid writer- especially one willing to take the time to improve their language skills and venture into the unknown. For the writer willing to get beyond the comfort zone of expat magazines, there are numerous opportunities to be had- though you might have to create some of them yourself. Don’t be afraid to look up some famous contemporary expatriate journalists who blazed their own trail and ask them how they did it – they’re usually happy to share their stories with young writers.

Small Business/Entrepreneurship: Entrepreneurs in China have a saying – “anything is possible here, but nothing is easy.” Starting a business and finding success in China is often harder than it may be in your home country, but market entry opportunities and unfilled niches are also more abundant. If you want to start a business in China, plan to spend a few years here just immersing yourself, building your network and developing your ideas- nothing will come quickly. Don’t expect to get rich- foreigners with stories of great financial success in China are a rare (though existent) bunch. But there have been many people who have been able to make a comfortable living in China building a business doing what they love, and if you have a personality suitable for the life of an entrepreneurial expat, China can be an endless adventure.

Everyone’s China experience is different, and the country definitely isn’t for everyone. There’s only one absolute rule I can give- don’t come to China unless you love China, or every day will be one you’ll regret not spending elsewhere. If you’re a Sinophile, however, there’s no better place on Earth.