Raymond S K Lee Lecturer and Business & IT Team Leader Li Ka Shing Institute of Professional and Continuing Education, Open University of Hong Kong

Finance is one of the most important industries in Hong Kong. Its high standards compel those who want to excel to pursue higher education and acquire professional qualifications.

But this is not the only compelling force: according to industry insiders, rewards include fast-track promotion and up to 20 per cent higher salary than those without the same qualifications.

Says Raymond SK Lee, Lecturer and Business & IT Team Leader at the Li Ka Shing Institute of Professional and Continuing Education of the Open University of Hong Kong: "Nowadays, it is common to see people in this industry studying for higher qualifications."

According to Mr. Lee, the most sought-after qualifications are the chartered financial analyst certificate (CFA), the certified financial planner (CFP), and the certificate awarded by the Hong Kong Securities Institute's foundation program examination.

The CFA exams, administered by the Association for Investment Management and Research in the US, cover the topics of ethical and professional standards, securities analysis, asset valuation and portfolio management.

"The CFA is not easy to pass, but it is highly regarded in Hong Kong," says Mr. Lee. The certificate is so popular that last year Hong Kong provided the largest number of candidates sitting for this examination in all Asian participating countries.

The CFP certificate is relatively new to Hong Kong, with the first exams set in late 2001. The Institute of Financial Planners of Hong Kong was set up in March 2001 as a professional self-regulatory organization authorized by the Certified Financial Planner Board of Standards in the US as the sole licensing body for the CFP.

The CFP covers a broader spectrum than the CFA, and includes financial planning, investment, insurance, retirement plans, tax planning, estate planning, and so on. Now that banks in Hong Kong are diversifying their business, such a qualification is particularly useful for those working in the financial field.

Passing the foundation program examination organized by the Hong Kong Securities Institute is a pre-requisite for people joining the securities industry. Since this is an entry-level exam, it is not difficult and is broad in scope, Mr. Lee explains.

He says the financial system in Hong Kong had been quite lax in the past, and that affected the operations of the financial sector. Hence, regulatory and professional bodies have recently been encouraging people in the industry to take the relevant professional exams. Response has been quite good.

Mr. Lee says, it is a recent trend worldwide to pursue professional qualifications. Therefore he expects, new exams and qualifications will be introduced in the near future for professionals in the financial sector to further upgrade their credentials.

Taken from Career Times 2002/05/10