Professor Mr. Lui Yu-hon Director Li Ka Shing Institute of Professional and Continuing Education (LiPACE)

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