The Pilot Apprenticeship Programme, run by the Hong Kong Monetary Authority (HKMA) and the Private Wealth Management Association (PWMA), offers full-time students a multi-year experience dedicated to training in private wealth management.
It comprises two rounds of paid summer apprenticeships with a host private wealth management institution, leading to a potential job offer with that firm after graduation.
The programme is open to all students, although priority will be given to second year students, who will undergo training and on-the-job experience covering a range of private wealth management functions. Students will receive a stipend allowance sponsored in part by the HKMA.
Around 20 students will be placed with PWMA member institutions to begin their apprenticeship in the summer of 2017 with a six-week training programme, to be followed by an eight-week training programme in the summer of 2018.
Over the course of their apprenticeship, students will work in a range of functions at private wealth management institutions, learning details about different products and client services, as well as risk management, compliance and internal control.
The programme will then be rolled out on a broader scale, moving to a standard eight-week summer programme beginning with the next academic year.
Private wealth management hub
Norman Chan, chief executive of the HKMA, said: “Hong Kong is uniquely well-positioned to become the premier private wealth management hub in Asia. 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 programme will also enable private wealth management institutions to recruit future intake.”
Amy Lo, chairman of the PWMA, said: “This marks a major milestone for all of our member banks in achieving our common goal, which is developing the next generation of talent.
“The Pilot Apprenticeship Programme also offers a unique opportunity for qualified students to embark on an exciting career with tremendous growth potential.”