China sees growth in fi­nan­cial tal­ent

China Daily (Hong Kong) - - BUSINESS - By HE WEI in Shang­hai hewei@chi­

Chi­nese na­tion­als rep­re­sent more than 30 per­cent of the hold­ers of Char­tered Fi­nan­cial An­a­lyst char­ters, the world’s most rec­og­niz­able fi­nan­cial cre­den­tial, in­di­cat­ing the coun­try’s de­sire to in­crease fi­nan­cial tal­ent and open up on a more global ba­sis, ac­cord­ing to a se­nior ex­ec­u­tive at the CFA In­sti­tute.

The cur­rent 45,000 char­ter hold­ers in China are at least five years younger than the global av­er­age, re­flect­ing their keen­ness to grasp the sets of knowl­edge and skills essen­tial to land­ing and ce­ment­ing a job with a rel­a­tively high thresh­old and fi­nan­cial re­turn, said Nick Pol­lard, man­ag­ing direc­tor of the or­ga­ni­za­tion’s Asia-Pa­cific op­er­a­tion.

“China is a coun­try re­ally heav­ily in­vest­ing in its tal­ents. And be­cause the cre­den­tial is glob­ally rec­og­nized, it shows China’s open­ness of busi­ness to the rest of the world,” he told China Daily.

CFA is a des­ig­na­tion es­pe­cially

And be­cause the cre­den­tial is glob­ally rec­og­nized, it shows China’s open­ness of busi­ness to the rest of the world.” Nick Pol­lard, man­ag­ing direc­tor of the CFA In­sti­tute’s Asia-Pa­cific op­er­a­tion

use­ful in the in­vest­ment man­age­ment pro­fes­sion. In or­der to ob­tain a cer­tifi­cate, the can­di­date needs to pass three lev­els of ex­ams on a cur­ricu­lum, from port­fo­lio man­age­ment to cor­po­rate fi­nance, and an ad­di­tional four years of rel­e­vant work ex­pe­ri­ence.

While the ma­jor­ity of char­ter hold­ers in China are con­cen­trated in me­trop­o­lises like Shang­hai and Bei­jing, the land­scape is quickly chang­ing, with tier-two cities, in­clud­ing Hangzhou and Chengdu, see­ing “ex­po­nen­tial growth” in terms of fi­nan­cial tal­ent, he said.

Pol­lard said the emer­gence of a va­ri­ety of tal­ent hubs in China was be­ing driven by a num­ber of fac­tors, the most prom­i­nent be­ing a string of sup­port­ive mea­sures from lo­cal reg­u­la­tors, gov­ern­ment and busi­nesses to at­tract and re­tain fi­nan­cial spe­cial­ists.

For in­stance, Shang­hai has rolled out a num­ber of pref­er­en­tial poli­cies on home set­tling, med­i­cal and health in­sur­ance and peo­pleto-peo­ple ex­change pro­grams to beef up its al­lure to fi­nan­cial professionals who have over­seas study and work ex­pe­ri­ence, said Wang Hua, chief of Shang­hai’s Lu­ji­azui Fi­nan­cial City Devel­op­ment Bureau.

China’s fi­nan­cial in­dus­try is ma­tur­ing, with more professionals than am­a­teurs join­ing the league. Fi­nan­cial tal­ent — de­fined as those sys­tem­at­i­cally trained with fi­nan­cial knowl­edge — in the coun­try’s se­cu­ri­ties sec­tor jumped from 8 per­cent to 15 per­cent be­tween 2010 and 2016, ac­cord­ing to a sur­vey pub­lished by the in­sti­tute in early July.

“It’s be­cause com­pared with bank­ing and in­sur­ance, se­cu­ri­ties has the big­gest re­quire­ment for devel­op­ment and ed­u­ca­tional in­ter­ven­tion, and reg­u­la­tors are used to un­der­stand­ing the need for pro­fes­sional ed­u­ca­tion and cer­ti­fi­ca­tion needed (to do that job),” he said.

With new tech­nolo­gies such as ar­ti­fi­cial in­tel­li­gence and big data deal­ing a blow to fi­nan­cial professionals, Pol­lard stressed a re­newed fo­cus on the “hu­man touch” while nur­tur­ing tal­ent. The In­sti­tute is also up­dat­ing its cur­ricu­lum to in­clude fi­nan­cial tech­nol­ogy el­e­ments to stay rel­e­vant and prac­ti­cal, he said.

“I don’t see it as the end of per­sonal ad­vice, but a way of mak­ing ef­fi­cien­cies in an­a­lyz­ing data. But the com­mu­ni­ca­tion and in­ter­pre­ta­tion of that data, at least for now, is still go­ing to be a hu­man in­ter­ac­tion be­tween or­ga­ni­za­tions and clients,” he added.


An em­ployee from the Bank of China in­tro­duces fi­nan­cial ser­vices to a client in Zhengzhou, He­nan prov­ince.

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