Government launches Pilot Programme to Enhance Talent Training for the Asset and Wealth Management Sector
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A spokesman for the Financial Services and the Treasury Bureau said that the objectives of the three-year WAM Pilot Programme are to attract more new blood for expanding the pool of talent, particularly for the more technical areas, and enhance professional competency of the asset and wealth management sector, which will be conducive to the sustainable development of the sector. The WAM Pilot Programme includes a financial incentive scheme for professional training, which aims to enhance the competency and professionalism of in-service practitioners within the asset and wealth management sector for career advancement and assist other practitioners within the financial services industry, particularly those working in small and medium-sized institutions, to acquire the knowledge and skills required for entering the asset and wealth management field.
Under the financial incentive scheme, in-service practitioners of the financial services industry will be reimbursed 80 per cent of the fees upon satisfactory completion of a course under the selected programmes offered by two non-profit-making training institutes, namely the Hong Kong Securities and Investment Institute (HKSI) and the Hong Kong Institute of Bankers. Starting today, interested practitioners may enrol in the eligible courses, which will take place from October onwards. Each individual may apply for fee reimbursement for more than one course, up to a ceiling of $7,000 per person over the three-year period.
Other new initiatives include promotion and education, as well as an internship programme, with a view to raising undergraduate students' awareness of not only the careers in the asset and wealth management sector, but also the different functional roles available, from front, middle to back offices. These aim to enhance undergraduate students' understanding of the sector and attract them to join the profession upon graduation.
"While we have engaged the HKSI as the implementation agent for the WAM Pilot Programme, the training initiatives will be delivered through the collective effort of industry stakeholders and universities. A Steering Committee, comprising representatives from industry associations, academia and the financial regulators, has been set up to advise on the implementation plans and budgets, monitor and review progress and make recommendations for follow-up actions," the spokesman said.
Taking into account the views of the Steering Committee, industry feedback and practical experience, the Government may refine the initiatives where appropriate within the overall scope of the WAM Pilot Programme during the implementation period.
Details of the WAM Pilot Programme, including the application procedures and forms under the financial incentive scheme for professional training, are available at the WAM Pilot Programme website (www.wamtalent.org.hk).
The WAM Pilot Programme forms part of the Pilot Programme to Enhance Talent Training for the Insurance Sector and the Asset and Wealth Management Sector (the Pilot Programme). In May this year, the Legislative Council approved $100 million for the Pilot Programme. Various initiatives will be rolled out in phases to enable the community, particularly students, to have a better understanding of the nature and career prospects of different jobs in the two sectors, to attract new entrants and to enhance the professionalism of existing practitioners.
As for the Pilot Programme to enhance talent training and development for the insurance sector, the Government launched on August 12 the Financial Incentive Scheme for Professional Training to provide the existing three insurance intermediary Self-Regulatory Organisations with financial support to organise high-quality, advanced-level training in technical aspects of insurance business. Various initiatives will be rolled out in phases in the coming months for the insurance sector.
Ends/Monday, August 29, 2016
Issued at HKT 11:31
Issued at HKT 11:31
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