The Hong Kong Monetary Authority (HKMA) and the Private Wealth Management Association (PWMA) have introduced a new programme that will offer professional training and employment opportunities for young talent looking to opt for private wealth management careers.

The initiative, known as the Pilot Apprenticeship Programme for Private Wealth Management, will provide training in private wealth management to full-time students at institutions funded by the University Grants Committee.

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The programme will train students in various private wealth management functions, including details about different products and client services, risk management, compliance and internal control. Priority will be given to second year students.

Students will be offered two rounds of paid summer apprenticeships with a host private wealth management institution, followed by a potential job offer with that institution after completion of graduation.

Students enrolling for the programme will also get a stipend sponsored partly by HKMA.

Initially, about 20 students will be placed with PWMA member firms for a six-week apprenticeship programme starting from mid-2017. From mid-2018, the programme will be moved to an eight-week format.

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HKMA CEO Norman Chan 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 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.”