The Hong Kong Monetary Authority (HKMA) and the Private Wealth Management Association (PWMA) plans to co-launch an apprenticeship program on private wealth management for young talents, organizers said Wednesday.
The program, officially known as the Pilot Apprenticeship Program for Private Wealth Management which is expected to be launched on Saturday.
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 HKMA said.
Norman Chan, Chief Executive of the HKMA told a press meeting that Hong Kong is uniquely well-positioned to become the premier private wealth management hub in Asia.
Hong Kong needs to attract new blood to expand the talent pool in order to sustain the success of its private wealth management industry, Chan said.
The program will offer a good opportunity for qualified students to embark on an exciting career with tremendous growth potential, Amy Lo, Chairman of the PWMA said.
For the pilot launch in 2017, it is expected around 20 students will be placed with PWMA member institutions to begin their apprenticeship in summer with a six-week training program, learning different products and client services, as well as risk management, compliance and internal control.