| Sector | Regulator | Major Functions |
|---|---|---|
| Banking | Hong Kong Monetary Authority | - Regulates financial institutions - Conducts monetary policy operations - Manages the Exchange Fund |
| Securities and futures | Securities and Futures Commission | Regulates the securities and futures markets |
| Insurance | Insurance Authority | Regulates insurers and insurance intermediaries |
| Mandatory Provident Fund system | Mandatory Provident Fund Schemes Authority | Regulates and supervises provident fund schemes |
The Government and financial regulators together play an active role in safeguarding the stability, fairness, competitiveness and development of the financial system in Hong Kong. The principal regulators are the Hong Kong Monetary Authority (HKMA), the Securities and Futures Commission (SFC), the Insurance Authority (IA) and the Mandatory Provident Fund Schemes Authority (MPFA). The four regulators cooperate with each other to ensure proper conduct in the markets and to forestall financial crime and misconduct.
The HKMA is responsible for maintaining the monetary and banking stability in Hong Kong. Its major functions include:
a) To maintain the monetary stability.
It helps maintain the currency stability within the framework of the Linked Exchange Rate system. It is to achieve the monetary policy objective in Hong Kong, including all the strategy, instrument and operational means, to maintain the stability and integrity of the monetary system of Hong Kong.
b) To maintain the banking stability.
It helps regulate and supervise the banking business and the business of taking deposits in Hong Kong. Also, it is responsible for the authorization of licensed banks, restricted licence banks and deposit-taking companies, which are collectively known as authorized institutions.
c) To maintain Hong Kong's status as an international financial centre.
It helps promote the confidence in Hong Kong's monetary and financial systems through active participation in international financial and central banking forums. It supports the maintenance and development of the financial infrastructure as well.
d) To manage the Exchange Fund.
It is responsible to the Financial Secretary for the use of the Exchange Fund, and for the investment management of the Exchange Fund. The Fund's primary objective is to affect the exchange value of the currency of Hong Kong. It may also be used to maintain the stability and integrity of Hong Kong's monetary and financial systems.
Young professionals who are interested in central banking field should not miss out on the two-year Manager Trainee (MT) Programme and two-year Graduate Economist (GE) Programme operated by the HKMA. The monthly pay of MTs and GEs is around $40,000.
a) Manager Trainee (MT) Programme
An MT will undergo on-the-job training in two to three different departments to gain an understanding of the major roles of the HKMA. On completion of the programme with satisfactory performance, an MT will be appointed as a Manager.
Requirements
No formal working experience is required. They welcome final-year students or recent graduates of local and overseas universities to apply. The programme is open to the holder of a Bachelor’s degree from any discipline with strong academic results. But business, finance or economics major is a plus.
Once you have broad general knowledge, high versatility and flexibility, great attention to details, good logical thinking and analytical mind, why not give a try?
b) Graduate Economist (GE) Programme
A GE will rotate through two to three different departments conducting economic research or monitoring macro financial conditions. On completion of the programme with satisfactory performance, a GE will be appointed as an Economist.
Requirements
Again no formal working experience is required. Final-year students or recent graduates of local and overseas universities are welcome. The programme is open to the holder of a Postgraduate’s degree or preferably a PhD in economics, econometrics, statistics, quantitative finance or a related field. Good economic sense and analytical ability, strong skills in econometrics and data management would definitely help.
The SFC is an independent statutory body to regulate Hong Kong's securities and futures markets. It safeguards the investor interest while ensuring Hong Kong’s spirit as a free market. It seeks to ensure orderly running of the markets for intermediaries, other industry participants, HKEx and its subsidiaries as well as investors.
Its scope of regulatory responsibilities is broad. Brokers, investment advisers, fund managers and intermediaries carrying out specified regulated activities in the securities and futures markets are on the radar screen. In addition, it regulates investment products, listed companies, HKEx, Automated Trading Service (ATS) providers, approved share registrars, Investor Compensation Company Limited (ICC), and market participants such as investors.
The SFC provides a 3-year Graduate Trainee Programme and a 4 to 8-week Internship Programme for students.
a) Graduate Trainee Programme
The Programme consists of:
i) Experience Based Learning:
Trainees will take on three 8-month functional attachments within one of the divisions or departments, before moving into a full-year job placement in the third year. They may come across CEO’s Office and Central Services, Corporate Finance, Enforcement, Intermediaries (Intermediaries Supervision and Licensing), Investment Products, Supervision of Markets and Corporate Affairs departments.
ii) Education Based Learning:
Technical skill such as computing and languages, management and relationship skills can be acquired through the training curriculum. This will come in the form of classroom activities, in-house sharing sessions and seminars, and e-learning modules.
iii) Relationship Based Learning:
Working closely with SFC colleagues is important throughout the Programme. Interns will take in coaching, multi-source feedback and networking opportunities.
Requirements
The SFC welcome final year undergraduate students who possess a university degree, preferably majoring in Law, Accounting, Finance, Economics, Business or Information Systems. The applicants should have good academic results with predicted upper second-class honours or above, preferably with internship experience and with demonstrated achievements in extra-curricular activities.
b) Internship Programme
This is a valuable chance for students to catch a glimpse of the daily operation of the SFC and to gain practical experience during the 4 to 8-week internship period. Summer and Winter Internships are usually offered each year.
Interns are responsible for assisting day-to-day tasks and projects across the divisions. They provide support through conducting basic research, compiling reports, filing of documents, updating of systems and other drafting work.
Requirements
Undergraduates, preferably in their penultimate year of study and majoring in Law, Accounting, Economics, Finance, Management, or Information Technology, are welcome. Strong analytical, problem solving and interpersonal skills are essential.
Hong Kong Monetary Authority:
http://www.hkma.gov.hk
Securities and Futures Commission:
http://www.sfc.hk
Insurance Authority:
http://www.ia.org.hk
Mandatory Provident Fund Schemes Authority:
http://www.mpfa.org.hk
