The Asset Management Association of China has announced that, starting in May, senior staff at private securities funds will sit their qualifying exams in English rather than Mandarin.
The move is the latest example of China opening up its financial sector, and will bring to an end an arduous process for foreign qualifying exams, who hitherto have been forced to recruit suitably qualified Chinese language speakers to take up the coveted roles.
Now, in a move that was all but unthinkable a few years ago, China is opening up its financial sector, and making it essentially more accessible. UBS Asset Management, Fidelity International and Man Group are among the foreign companies currently licensed to operate in the coveted yet increasingly competitive sector.
China’s $414bn private securities funds industry caters to domestic companies and wealthy individuals, rather than selling products to the public as mutual funds do. Beijing hopes that switching the sector’s qualifying exams to the world’s de facto business language will encourage other companies to invest in China’s economy.