香港大学张介教授在2009年毕业典礼上的讲话
2009-06-30 14:03:00
Honorable Mr. Vincent Cheng,
Professor Hai Wan
Members of the Faculty
Proud parents, and above all,
Graduates
Thank you for giving me the opportunity to say a few words in the capacity of the Director, of HKU Master of Finance Program, in particular to our Double-degree students.
First of all, on behalf of our Faculty Dean, Professor Gary Biddle, I would like to say: Class of 2009, Congratulations! This is a big deal! You should enjoy this moment. It is a remarkable achievement after the hard work of three years. You have finished more than 20 graduate courses from both universities. You have written a thesis. You have gone through several internship training programs.
And now, today, you have received two hard-earned master degrees from Peking University and the University of Hong Kong, respectively. We feel very proud of you.
I believe that you should also be proud of receiving an education from these two great universities. The Times Higher Education Supplement ranks these two universities as 26 and 50, respectively, in the 2008 List of top 200 universities worldwide. On the list, Peking University has received the best ranking among all universities in China. Likewise, HKU has received the best ranking among all universities in Hong Kong. And you, each one of you, have received education from these two elite universities of Greater China. What a privilege! What an honor!
Not only have you received your education and degrees from two of the best universities in Asia, the subjects you have studied, Economics and Finance, are also among the most popular and most important majors. Since China’s Reformation and Opening (改革开放) in 1979, we have experienced 30 years of phenomenal economic growth. The rise of China in the global economic arena has been well recognized worldwide. However, what’s next? I believe one of the keys in sustaining the momentum in the decades beyond lies in how quickly and effectively China can develop its services sector pillar, (while continuing to improve the traditional manufacturing pillar.)
Among all the service industries, I cannot think of anything which is more important than the Finance sector. In order to expand and sustain the development of the finance sector, I cannot think of anything which is more important than human capital and talents. And LUCKY YOU! You have received the right training, in the right subjects, at the right time, and at the right place.
I know some of you, after just going through a tough job search and receiving a job offer with a salary less than what you expected, may not entirely agree with me that you are a lucky group and happen to be in the right profession at the right time.
This is understandable. Yes! When you entered into the program in 2006, it would be unthinkable that Lehman Brothers would be bankrupt in 2008, Bank of America would have bought out Merrill Lynch, and Citigroup would have partly merged with Morgan Stanley. It was unthinkable that one of the most highly respected figures on Wall Street, Bernie Madoff, a former chairman of the NASDAQ stock exchange, such a knowledgeable man with such high stature, would be arrested. Because he had run one of the largest fraudulent investment scams in history, a Ponzi Scheme.
Yes, there is no doubt that you are undeservedly a victim of this global financial crisis. But I still can think of many positive things that you can gain by starting your career in these unusual circumstances.
Remember that finance is about dealing with money and managing wealth, especially the wealth of others. Our knowledge and skills about money management naturally creates an information advantage over our clients, which can create many temptations to abuse the custodian mandate to which we have been entrusted.
We have learned so many things from the current crisis:
Excessive leverage is detrimental.
Greed is harmful.
Selfishness backfires.
Moral hazard is pervasive and must be watched.
On the contrary, high personal integrity, sound business conduct, proper corporate governance, and prudent risk management pay off in the long run. The financial world proves again that your character is your most important asset in the long run.
I firmly believe these lessons will be of immense value to you in your careers and personal development - if we have indeed learned them from the bottom of our hearts. At the end of day, what kind of person you are and what value you bring to your work will be equally important to, if not more than, what knowledge and skills you have and what degrees you hold.
Everyone will experience bad luck and setbacks sometimes in his or her life, deserved or not. We cannot control what happens in life, but we can control our response and try to make the best out of it.
Starting your career in a humble and unassuming manner with a slightly lower salary, while holding a correct set of values, may benefit you more in the long run than beginning with an attitude of pride and arrogance with a high pay check.
Yes! The economy is tough and despair pervades, but they too shall pass.
I trust as a Peking U and HKU graduate, the training you received will enable you to rise to the challenge, to continue to hold the right values and to work hard. Experience tells us that luck favors persistence. I am sure one day you will be surprised how many good things will happen to you if you continue to uphold the right values, keep the right attitude, identify the opportunities in what life has dealt with and never lose the courage to continue on.
Graduates of 2009. This is a big day for you. You have worked hard. You have learned much and you are ready to embark upon a new career. I know you will live up the reputation of these two universities and make us all proud.
I wish each of you a very successful career and a great family. And one day in another setting we will welcome each of you as a distinguished HKU alumnus that we all can be proud of.
Thank you very much.
