• The Hong Kong Monetary Authority (HKMA)
• The Private Wealth Management Association (PWMA)
• The Hong Kong Institute of Bankers (HKIB)
WHAT IS PRIVATE WEALTH MANAGEMENT?
Two rounds of paid summer apprenticeship for university students in the area of private wealth management. The summer apprenticeship will last for at least a total of sixteen weeks in the summer of 2023 and 2024*.
Through these consecutive summer apprenticeship, university students will gain experience across a range of functions in the private wealth management industry, leading to a potential job offer upon graduation.
The aim of the Programme is to provide university students with “front-to-back” experience in the private wealth management business. Successful applicants will have the opportunity to learn about different investment products, client services, risk management, compliance and internal controls. The experience gained through this programme will provide students a solid foundation for a career in the private wealth management industry.
* The apprenticeship period will last at least a total of 16 weeks in two summers or 8 weeks in one summer subject to performance assessment or curriculum design of the participating firms.
WHY WEALTH MANAGEMENT
Rapid economic growth in Mainland China and the rest of Asia over recent decades has created a burgeoning demand from individuals for professional wealth management services such as financial planning and investment portfolio management. Hong Kong is extremely well positioned to capture this business given its status as a regional business and financial services hub.
To promote the role of Hong Kong as a world class wealth and asset management hub by growing a sustainable talent pool for the industry, private wealth management firms in Hong Kong need talented recruits who can be trained up for positions responsible for managing client relationships and offering investment advice, as well as managing the business, ensuring regulatory compliance and controlling risk at the firms providing these services.
Full-time undergraduates, in their first to third year of study, in any disciplines (not only business and finance) of the following universities are eligible to apply:
- City University of Hong Kong
- Hong Kong Baptist University
- Lingnan University
- The Chinese University of Hong Kong
- The Education University of Hong Kong
- The Hong Kong Polytechnic University
- The Hong Kong University of Science and Technology
- The University of Hong Kong
The following member institutions of the PWMA will participate in the Programme and will employ around 55 apprentices:
- Bank Julius Baer & Co. AG
- Bank of China (Hong Kong) Limited
- Bank of Communications (Hong Kong) Limited
- Bank of Singapore Limited
- Banque Pictet & Cie SA, Hong Kong Branch
- BNP Paribas
- Citibank, N.A.
- Credit Suisse AG
- Dah Sing Bank, Limited
- Deutsche Bank AG
- EFG Bank AG
- Goldman Sachs (Asia) L.L.C.
- LGT Bank AG
- Nomura International (Hong Kong) Limited
- Standard Chartered Bank (Hong Kong) Limited
- The Bank of East Asia, Limited
- UBS AG
Students will receive a recommended stipend allowance of not less than HK$10,000 from their host institution sponsored in part by the HKMA.
DIVERSITY AND EQUAL EMPLOYMENT OPPORTUNITY
PWMA firms participating in the Pilot Apprenticeship Programme for Private Wealth Management (“the participating firms”) commit to offering a work environment in which diversity and inclusion are embraced, people are hired and advanced on their merits, and employees treat each other with mutual respect and dignity.
The participating firms agree to provide equal employment opportunity for all employees and applicants for employment. Decisions regarding apprenticeships are made without regard to race, sex, gender, pregnancy, gender identity or expression, color, creed, religion, national origin, nationality, citizenship status, age, disability, genetic information, marital status (including domestic partnerships and civil unions), sexual orientation, culture, ancestry, military status, veteran’s status, socioeconomic status, unemployment status, or any other basis prohibited by law.