Shanghai Finance

Financial Center

Development Plans for Shanghai Financial Talent during the 12th Five-Year Plan

   
   

The Development Plans for Shanghai Financial Talent during the 12th Five-Year Plan is an action program for building Shanghai into an international financial center and a center for global financial talent. It was implemented in 2011.

Ⅰ General Goals

Shanghai shall gradually establish a financial human resources system featuring “complete categories, proper structure and free liquidity” to fulfill the requirements of building the Shanghai international financial center. It shall foster a center for global financial talent that features openness, integration, concentration and extraordinary contributions.

Ⅱ Development Outlook

(ⅰ) Robust Growth in Numbers of Financial Talent

Financial talent in Shanghai will number about 320,000 in 2015, and great efforts shall be made in the training and recruitment of high-level professionals specialized in operations, management, technology and skills.

 (ⅱ) Optimizing the Composition of Financial Talent

By 2015, Shanghai shall recruit 100 high-level overseas financial talent who are capable of ranking in the Recruitment Program of Global Experts or in the Shanghai Pujiang Talent Program. The city also will endeavor to foster a group of 200 outstanding financial professionals capable of ranking in the Talent Training Plan. Seventy percent of them shall have bachelor’s degrees or higher and 15% shall hold master’s degrees. The number of financial experts with globally recognized vocational qualification certificates shall be about 15,000, with over 3,000 of them certified as CFAs and over 5,000 of them as CFPs. They shall comprise 5% of the financial talent pool. Financial professionals with nationwide vocational qualification certificates shall also be increased.
 
(ⅲ) Enhancing the Contributions of Financial Professionals

The added-value created by financial experts is expected to total around 1.2 million RMB per capita in 2015.

 (ⅳ) Optimizing the Development Environment for Financial Talent

Specialized services for financial professionals shall include medical services, children’s education, and living and cultural amenities. Policies related to taxation, social insurance and medical security shall be optimized, fostering a more favorable environment for financial experts to develop innovations and entrepreneurship.

Ⅲ Grand Programs for Professional Development

 (1) Recruitment of Overseas High-Level and Scarce Financial Talent

During the 12th Five-Year Plan, Shanghai shall recruit 100 professionals with high levels of experience and shall place a priority on filling holes that exist in the talent pool. The recruitment shall focus on financial talent capable of ranking in the Recruitment Program of Global Experts or the Shanghai Pujiang Talent Program

 (2) Selection and Training of Outstanding Financial Talents

Shanghai shall implement this program during the 12th Five-Year Plan, fostering a pool of 200 outstanding financial professionals.

 (3) Securing Talent Where Existing Resources Are Scarce

This program aims at training financial talent in areas where their numbers are scarce, such as in the development and innovation of financial products, financial services, and new financial industries.

 (4) Establishing Financial a Vocational Certification System

This program aims at improving the specialized services of financial professionals, providing a reference standard concerning recruitment for both financial institutions and financial professionals, and lowering the costs in professional selection and recruitment.

 (5) Development of Financial Staff Vocational Skills

This program is focused on improving the abilities of skilled financial professionals and enhancing the standardization of financial window services.

 (6) Training Civil Servants

This program aims at nurturing a team of civil servants who are capable of adapting to the new circumstances and tasks in building the Shanghai international financial center.

 (7) Establishing a Database of Financial Talent in Shanghai

This program aims at providing a framework for the municipal government to make decisions related to financial talent, optimizing the personnel structure of financial talent, and instructing the rational flow of such talent.