There is a demand for higher education and research in finance within China. This has prompted local universities to start new programmes in finance and ride on this demand to brand themselves in the China market.
SMU and NTU have started new programmes to draw students from China.
Last year, SMU and Xiamen University collaborated to offer the new Master of Science in Applied Finance (China). For two years, students will attend classes in Xiamen and Singapore.
Hong Yongmiao said that the response was overwhelming for the first batch of students. The admissions office received hundreds of phone calls and later, 160 applications of which 70 students were admitted.
The programme even caught the attention of Financial Times, reflecting the growth of Chinas financial sector and the demand for talent in this area being noticed by foreigners.
Dean of the Lee Kong Chian School of Business at SMU Professor Pang Eng Fong was earlier interviewed by Xiamen Daily. He pointed out that the global financial sector is progressing very rapidly but mainland Chinas finance education remains on a conventional model. There was a need to change this. This explains SMUs first partnership with a foreign university to recruit masters students and introduce a new Master of Science in Applied Finance programme in China. It introduces to China a new approach to teaching finance.
A 25-year-old student, Ms Mao Feiwen, will be coming to SMU to continue with her second year of studies in September this year. She said that the new applied finance masters programme is very new and high quality offering in China and hence very popular.
Fei wen had studied in Singapore before and had heard of this programme. The collaboration between SMU and Xiamen University offers a rare opportunity for China students. Conducted in English, the programme provides training for the Chartered Financial Analyst (CFA) qualification and exams. She thought this is the best selling point.
Costly fees but value for money
Programme director Professor Wu Chunchi pointed out that the MAF programme uses the English medium and provides the opportunity to practise the writing and speaking of the language. With a mastery of English the students will be able to take up global positions and use their skills in doing business with foreign companies. The two-year programme costs S$28,000 but does not include living expenses in Singapore and accommodation fees. Fei Wen said: While the fees may be expensive but its value for money. She also shared that many of those who are taking the programme with her are doing double masters programmes. It shows how driven young Chinese students are.
Grooming talent draws Singapore-China ties closer
China is an important trading partner for Singapore. Professor Wu felt that in order for Singapore to maintain its leading position in the Asian financial market, there is a need to groom talents to help solve problems in China and increase Singapores influential power. The collaboration with Xiamen University is one major step for SMU to enter the China education market.
Professor Wu added that in order for SMU to become a real world-class business school, there is a need to be in the China market to provide business education.
He pointed out that by grooming the next generation of leaders for Chinas finance sector, Singapore will draw closer ties with China and have a greater influence in Chinas financial markets.
Source: Lianhe Zaobao Singapore Press Holdings Limited. Permission required for reproduction.
