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This study investigates the career paths of 33 graduates from Swiss Hospitality Management schools in China and the United Arab Emirates (UAE), exploring the nuances of international credential valuation. It identifies two key factors influencing access to management positions: (1) the degree of internationalization in major cities, which impacts the significance of international versus local skills and (2) individual cosmopolitan capital's role in shaping local career opportunities. The paper introduces a post‐colonial conceptualization of cosmopolitan capital, encompassing institutionalized, embodied and objectified forms, challenging Western‐centric views. By doing so, it reveals how mechanisms of racialization influence the assessment of international qualifications. In Hong Kong and Shanghai, returning Chinese are prospering in corporate head offices by mobilizing both local/national and international capital, challenging the white privilege of Western managers in this sector. Meanwhile, in Dubai and Abu Dhabi, the competition is for a pool of 'international talent', even though being perceived as 'Arab' or 'white' seems to improve career prospects. [ABSTRACT FROM AUTHOR]