CEF courses in finance
by Angie Choi
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Professor Mr. Lui Yu-hon Director
Li Ka Shing Institute of Professional and Continuing Education (LiPACE)
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The Government has set up a $5 billion Continuing Education Fund (CEF) to subsidize continuing education in four main industries. Angie Choi talks to professors and industry representatives about opportunities in finance.
As saving rates stay low, depositors demand high-return
products. Besides, customers are seeking ways to invest their
money well. These factors drive the banking industry to put
particular effort into developing the personal financial services
market, explains Mr. Raymond Or, General Manager of the Hong
Kong and Shanghai Banking Corporation
(HSBC).
Take the HSBC as an example. The bank has recently recruited
more than 1,000 people for this service, including 400 financial
planning managers, 300 accounts managers and about 500 customer
services officers. These jobs usually require applicants to
have a university degree and the relevant licenses in securities
trade. Financial planning managers receive basic salaries
plus commissions, while accounts managers and customer services
officers earn only basic salaries.
The bank's public relations spokeswoman Ruby Chan says the
bank has no written stipulation at the moment which would
state that financial planning managers should get the CFP
qualification. However, the bank has set out that all account
managers serving HSBC Premier customers must obtain the CFP
qualification by next year latest.
Apart from banks, securities firms are also pushing their
business boundaries further out to include the personal financial
services market. As demand for financial services grows, the
role of financial consultants will become more and more important,
says Mr. Christopher
Lee, Chief Executive of Sun Hung Kai Fund Management. The
company has recruited more than 20 financial consultants in
the past six to nine months.
The company presently requires applicants for the position
of financial consultant to have a university degree and relevant
licenses in securities trade, but not the CFP qualification.
The CFP examination has just been introduced in Hong Kong
this year, and few people have passed it yet, explains Mr.
Lee, but in the long run, the company will also require a
certificate of this exam for its financial consultants.
In the list of the first batch of EMB-approved courses,
nearly one-third are courses for the financial services industry,
most of them related to financial planning.
These courses mainly focus on personal finance, including
items like securities and fund investment, insurance, taxation,
etc. The LiPACE offers "Professional Diploma in Personal
Financial Planning," which is a course recognized by
the Institute of Financial Planners of Hong Kong. Students
who have completed the course are eligible to sit for the
CFP examination. The CFP qualification is the basic requirement
for banks and securities firms for recruiting financial consultants.
Professor Lui Yu-hon, Director of LiPACE, who himself has
a financial background, says finance has always been a focus
of the school's educational efforts. LiPACE is also the first
continuing education institution to offer professional courses
in "personal finance." Through the experience in
collaborating with financial institutions for their in-house
training, LiPACE's courses manage to stay close to market
needs.
Apart from the LiPACE's financial planning program, students
may also choose the two-year part-time "Associate of
Business Studies (Banking)" course offered by the Lingnan
Institute of Further Education, Lingnan University, in collaboration
with the Hong Kong Institute of Bankers.
This is the first associate degree course in banking in Hong
Kong. The course covers currencies and the financial system,
the banking industry, accounting, etc. It is suitable for
people interested in joining the banking or financial industries.
Graduates of this course will not only obtain an Associate
Degree, but also a Banking Certificate awarded by the Hong
Kong Institute of Bankers, which is a proof of having received
basic training in the banking industry. Moreover, this course
also leads to the Lingnan Institute of Further Education's
part-time "Bachelor of Business Studies." Students
having finished this course may go on to their degree study.
Taken from Career Times 2002/07/26
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