'It's sophisticated [financial] training and rigorous quantitative analysis,' says HKU's business school dean Gary Biddle, noting that its graduates are employed by investment banks, wealth management, hedge funds and institutional investors. 'The programme tends to have more in-class learning and we only accept the brightest students.' Similarly, Dr Hong Zou, programme director, MSc in finance and MSc in financial engineering, department of economics and finance at City University, believes that novel approaches to risk management and financial regulatory implementation will be needed. 'Professionals in the financial sector need to continuously update their knowledge, lest their expertise will become obsolete,' he warns.

With modern financial services becoming increasingly integrated, universal banking and one-stop financial services are a global trend. 'There is a growing demand for financial executives that are versed in banking, insurance and investment,' Hong says.

The associate head of the school of accounting and finance at Polytechnic University (PolyU), Peter Cheng, is equally upbeat on prospects for advanced finance and accounting graduates. 'Both are hot disciplines in business fields,' he says.

The best programmes provide updated academic and professional knowledge geared to contemporary accounting and finance, and related practices and issues. 'Graduates will be able to apply such knowledge in real-world situations to form sound judgments for decision-making purposes and problem solving,' Cheng says.

Beyond climbing the ranks of financial institutions, those seeking inroads into professions such as accounting and financial planning can use graduate programmes. The first year of PolyU's master of professional accounting is a conversion programme accredited by the Hong Kong Institute of Certified Public Accountants (HKICPA).

The Association of Chartered Certified Accountants (ACCA) has also granted a maximum nine-exam paper exemption (out of 14) to the programme's graduates. The programme is also accredited by CPA Australia.

The Institute of Financial Planners of Hong Kong (IFPHK), as a registered provider of Certified Financial Planner (CFP) programmes, has also granted exemptions for some modules from the CFP education programme to eligible PolyU master of finance, wealth management, students.

Admission to PolyU's full-time master of finance programme is tough - the school's most popular programme has an acceptance rate of 16.4 per cent. That's followed by the master of corporate finance and master of corporate governance.

PolyU and Baptist University (HKBU) offer master's degrees in accounting. However, as Professor Lin Zhijun notes, HKBU's MSc in applied accounting and finance 'is the only one to integrate accounting' and financial knowledge, and skills 'with a balance of theory and practice' in both fields.

While EMBA programmes require several years' experience, finance students at HKU are 'often just university graduates with a year of two of experience', Biddle says. At HKUST, this year's group for finance programmes saw more than 70 per cent come from finance and accounting industries, with the rest from engineering, sales and marketing, IT and general management.

'We accept students from any disciplines. About 45 per cent hold a business administration degree. The second majority groups are computers and IT, engineering, and accounting for 16 per cent, respectively. The rest ... have arts and science majors,' Wei says.

All agree that the strongest candidates generally have good GMAT scores, a BA from a recognised school, and two to four years' experience in banking, finance, accounting, management or consulting.

'Applicants should normally have a bachelor's degree, preferably in business or business-related disciplines. For the master of professional accounting, applicants with professional designations equivalent to HKICPA membership and have substantial professional experience will also be considered,' Cheng says.

Similarly, most of HKBU postgraduate students have professional designations such as CPA, CFA, CPA Aust., ACCA and the like. 'They are relatively senior in accounting or finance-related jobs, with average working experience of 10 years,' he says. About two-fifths of HKBU students have professional qualifications and designations, and about one-third are general business executives.

Grades, test scores, professional designations and work experience aside, Hong believes that because most top programmes require interviews, candidates that can effectively express themselves and their drive are valued.

'Applicants' motivation, commitment, analytical and communication skills' are also important, he says.