Hong Kong Watchdog To Bring In New Blood Through PWM Apprenticeship Scheme

Josh O'Neill

7 April 2017

A Hong Kong regulator and an industry association are piloting an apprenticeship programme that offers specialised training and opportunities for young talent pursuing careers in private wealth management.

The have rolled out The Pilot Apprenticeship Programme for Private Wealth Management, which will be kick-started with a recruitment day on 8 April where students can sign up on the spot.

The initiative, which HKMA says is the first of its kind, allows students at institutions funded by the University Grants Committee to take on two paid summer apprenticeships with a private wealth management firm with the prospect of a full-time job after they graduate.

The programme targets all students, but priority will be given to second-year students, HKMA says.

It is expected around 20 students will enrol for apprenticeships beginning this summer. These will comprise a six-week training programme, followed by an eight-week course in the summer of 2018.

Throughout the apprenticeships, students will carry out a range of job roles, in which they will learn about various products and client services, as well as risk management, compliance and internal control.

In due course, the programme will be rolled out on a broader scale.

“Hong Kong is uniquely well-positioned to become the premier private wealth management hub in Asia,” said Norman chan, chief executive of HKMA. “However, we must be able to attract new blood to expand the talent pool in order to sustain the success of Hong Kong’s private wealth management industry.

“The HKMA is pleased to join hands with the PWMA to roll out the Pilot Apprenticeship Programme, a major initiative designed to give university students the opportunity to gain practical experience through a multi-year internship arrangement. The programme will also enable private wealth management institutions to recruit future intake.”

The programme is administered by the Hong Kong Institute of Bankers. Applications for the first cohort must be filed by 15 April 2017.