China Financial Sector Training Scheme
(funded by UK DFID, managed by the British Council)

Introduction

Project Background

Project Approach

Selection Criteria

Procedures and Timeline

Contacts

Introduction

This page is for candidates who wish to participate in the China Financial Sector Training Scheme (FIST), funded by the UK Department for International Development (DFID) and managed by the British Council (Cultural and Education Section of the British Embassy in Beijing, and Consulates-General in Shanghai and Guangzhou).

It is intended to give candidates background to the scheme, its objectives, the features of the programme and details of how organisations can participate.

In the Project Background section below we give a brief history of the development of the project and place it in the context of the high priority that Financial Sector reform is given by both the UK government and the government of the People's Republic of China.

In describing the Project Approach we present a unique opportunity for Chinese managers who participate in FIST to gain direct first hand experience of working in the UK finance industry, to enable them to return to China and implement change and development projects within their organisation.

Project Background

The scheme of FIST was announced by the UK Chancellor of the Exchequer (Minister of Finance) in 1997. Since then members of the British Council have worked with their colleagues from DFID to develop the project in China to ensure that the programme contributes to both the development of individuals and their organisations. The programme has been developed with the support of the Chinese industry who have confirmed at each stage of the project's development the priority that is given to staff development.

FIST will address the Chinese financial sector's urgent need for employees with experience of the industry in a market-based system. It aims to equip individuals with the skills, knowledge and attitudes required to introduce organisational change in their home institutions. It is intended to provide impetus for continued reforms and to support the wider economic reform process.

The Scheme has potential to accelerate reform of China's financial and state owned enterprise sector, both of which are central to China maintaining strong economic growth.

In line with DFID's global priorities they are keen to work with partner governments whose policies support pro-poor growth record. The achievements of the Chinese government in having succeeded in lifting more than 250 million out of poverty over the last 20 years need to be reinforced by shifting financial sector reform into a higher gear if the pace of economic growth is to continue, and benefits arising from this for the poor, are to be maintained.

In the Banking Sector, there has been limited but expanding commercialisation. However the Sector has yet to fully reorganise and retrain staff. FIST has strong potential to help with these objectives while improving specialist financial market skills to enable the financial sector to increase its range of services for borrowers and lenders and to improve the effectiveness of regulatory bodies.

Project Approach

Features of the Scheme :Sector Planning Programmes

As a first step in the process of identifying sector and organisational needs, Sector Planning Programmes have been arranged for senior personnel from key institutions initially in three sectors to the UK to investigate current developments in their branch of the industry.

Pre-placement Induction - The purpose of the pre-placement induction is to provide flexible solutions to meet individual needs, the identified needs of their organisations and the needs of the participating UK companies. It ensures that the participants are fully prepared for their work attachment and can be effective when they start employment at their host companies. A combination of China and UK based pre-placement induction will be provided for selected candidates.

UK Work Attachments - The central activity under the FIST programme will be the UK based three to ten month work attachment in paid employment in the UK financial services industry.

Post placement support/Follow-up - A number of arrangements will be made for scheme participants returning to China to ensure the drive for organisational change is sustained:

Monitoring against the participants Personal Development Plans and Organisation Development Plans which, in turn, will feed back into the senior personnel placement design programmes and recruitment process for third year groups in the project life. Support will be given to participating organisations to ensure change management plans are implemented within two years of a trainees return;

• Follow-up visits to China by representatives of the UK host finance companies;



• Establishment of a network of returnees to share experiences, information and problem solving. The Cultural and Education Section of the British Embassy has a mature association of returned scholars from the UK numbering 2100. These networks and associations will be judged to be successful by the percentage of participants involved and the value they place on these activities.
  
  
• Sending out of post-training immediate reaction evaluation questionnaires to both the Chinese employer and participants following placement, and through sample interviews six and twelve months after trainees return to China. The degree to which participants are able to implement their Personal Development Plans and contribute to organisational development will be measured through participants' and employers' feedback and questionnaires to UK companies.
  
  
• Regular feedback sought from the British Embassy and Consulates General staff engaged in economic monitoring for evidence of the impact of the project.
  
  

Sub-Sectors and institutions which FIST includes:

BANKING This has a key role to play in the development of the economy as State Owned Enterprises (SOE's) are restructured and refinanced on a commercial basis. In particular it will be useful to focus on the development needs of the five big state banks which have been encouraged to operate on a more commercial basis; the regional development banks, especially those with bases in Beijing, Shanghai and Shenzhen which have a primary role in supporting the infrastructural and industrial development of those regions; newly established non-state-owned banks which are supporting the development of medium sized companies.

SECURITIES This is developing initially around the Shanghai and Shenzhen Stock Exchanges, but regional securities markets are also being established, and are probably in more need of support. Many firms are not yet in a position to advise clients and investors properly about investments in the exchanges.

INSURANCE INDUSTRY The main centres on the development of domestic business in life insurance and pensions, and the investment fund management aspect of insurance companies.

Within the above sectors there are particular areas of the finance business where Chinese institutions recognise they need skills development in order to make key contributions to the reforming economy. These include:

• Project financing
  
  
• Corporate finance
  
  
• Investment fund management
  
  
• Marketing of banking and financial products ·
  
  
• Financial management of State Owned Enterprises
  
  

All of these specialisations will be greatly enhanced in China by the immersion of high flying Chinese staff, in the market environment of appropriate British companies. FIST will contribute at a strategic level to the development of institutions which are key to the economic reform process. Its methodology allows for models of organisational development to incorporate and disseminate best practice through project follow-up activity.

FIST will work with Chinese organisations which are committed to change and will target young individuals with high potential for personal development. Exposure to work attachments has proved very effective elsewhere in helping participants to understand the complexities of a market economy while equipping them with appropriate knowledge and skills.

Selection Criteria

Demanding selection criteria will be supplied to scheme participants.They will:

• Be aged between 25-45
  
  
• Be high calibre fast track individuals who will be fluent in English. Candidates will need to obtain a minimum of 6.5 on the International English Language Testing System (IELTS) with no individual band less than 6.0. The Scheme requires a higher degree of fluency than that for study purposes with academic writing skills being less important.
  
  
• Have relevant technical knowledge - in that they must have sufficient understanding of not only their own working environment but also at least some understanding of the changes which are needed in the moves to a market based economy as it affects their own organisation. Candidates must possess a minimum of 5 years professional working experience.
  
  
• Have a good educational background. Candidates must possess a recognised degree in a relevant discipline to their industry.
  
  
• Have strong personal motivation - although British companies will provide a structure and supported experience, a great deal depends on individual participants having the drive and initiative to ensure that their own personal interests are pursued and that lessons are drawn from it which will be applicable in their own working environment.
  
  
• Have an ability to adapt to rapidly changing circumstances - so that they fit into new situations which are likely to be unfamiliar, not only in technical and professional terms but also culturally.
  
  

The scheme aims to create equal opportunities for female and male staff participation by assisting the participating organisations to plan nominations for future years with an appropriate gender rating. Forward planning will allow organisations to prepare individuals who would otherwise not achieve the selection criteria.

Procedures and timeline

Candidates will be nominated by Chinese partner organisations invited by the Cultural and Education Section of the British Embassy, and Consulates-General in Shanghai and Guangzhou, to take part in the scheme. The responsible institutions will forward the completed applications to the above organisations for consideration.

Participants will be placed with a UK host company and will be paid a salary. Funding under the scheme will cover return travel between Beijing and the place of work in Britain, which will be arranged by the British Council. Placements will last 3-10 months.

Applications not made on an original form will not be considered. The application form must be completed in full, and a recent photograph attached.

The programme will also begin the process of upgrading participants technical English language and by the end of the programme participants should have a good theoretical understanding of western economies and financial issues.

Preparation for travel to the UK - The Cultural and Education Section of the British Embassy and Consulates-General will provide each participant with:

• Full details of the pre-placement induction programme
  
  
• Full details of the placement host company
  
  
• Information on the placement
  
  
• The air ticket for travel to the UK
  
  
• The work permit and visa for travel to the UK ·
  
  
• Contact details of the UK FIST operations officer and assistant.
  
  
• Pre-placement induction - Selected candidates will follow an eight-week pre-placement induction programme, 4 weeks in Shanghai University of Finance and Economics and 4 weeks in Canterbury Business School. The purpose of this programme is to ensure that candidates are fully prepared for their work attachment and can be effective when they start employment at their host companies.

Personal and Organisation Development Plans - These two plans are central to the development process.

Personal Development Plans - When a participant has been accepted onto the scheme, he/she will complete a Personal Development Planning form (PDP) during the pre-placement induction programme. This plan will be used to tailor the participant's formal induction programme and UK attachment and will be developed throughout the training process. Action points will be recorded so that the participants will be clear what they need to do when they return home. During the follow-up process, regular review of the PDP achievement will be a central issue. PDPs must be signed off by the participants and their line-managers.

The Organisation Development Plan (ODP) will be used to ensure that the organisation is committed to the change process brought about through participation in the scheme. It will be discussed, signed and 'owned' by the participant's employer.

UK Work Attachments - The central activity under the FIST programme will be the UK based three to ten month work attachment in paid employment in the UK financial services industry.

During the attachments participants will be provided with the following support: ·

• Travel arrangements to location of attachments
  
  
• Telephone contact point to participants and employers, for extraordinary or emergency support
  
  
• Support in identifying accommodation
  
  
• Post placement certification on completion of training and work placement
  
  
• Return travel and re-entry arrangements

Contacts

If you have any queries on FIST, please do not hesitate to contact the following project officers responsible for the administration of the programme in: