Weiyen Hung (MSc Finance 2010) has been appointed as Chair of the T level Financial Panel in the Legal, Financial and Accounting route, as part of the Department for Education’s commitment to reforming post-16 technical education. We spoke about how it happened, and why you should get involved too.
Tell me about your time at Cass!
I really enjoyed my time at Cass, it was a wonderful experience. I was only there for a year which was short, but it was a really transformational year for me. I joined straight after my undergraduate degree in Taipei, Taiwan where I did my BBA and then I wanted to specialise in Finance. Cass was a really eye-opening place as I finally had the opportunity to get a taste of the heart of the financial centre. It’s not just about the facilities though but also about the quality of the course and the students, as well as the support from the staff. I had a fantastic year.
What did you do next?
I graduated in 2010, and the market then was not the best. I’d been hearing lots of horror stories in the few years before so I was luckier than them. I had been trying to get a job since I arrived in London the August before my course started. Finally in July, which was my last month in the country, I was about to give up. Thankfully, finally they came to fruition and I had four job offers. I started work at Fitch Ratings where I worked for nearly four years as a Securities Analyst. Then after that I moved to my current employment at the Bank of England.
How did you get involved in the Technical Education Reform Panels?
It was a long journey to join this panel as Chair, and I did many things beforehand. I have always been ambitious and as part of my job I have always looked for more training to gain more qualifications and improve myself. I worked towards becoming a Chartered Financial Analyst Charterholder because I really got into qualifications after doing my Masters at Cass, because of the way you learn there – it’s very structured and effective.
So from doing this I got into financial education and after I qualified I decided to volunteer as with the Chartered Financial Analyst Society of the UK (CFA UK). I first joined the panel for the Investment Management Certificate where we were tasked with looking at the pass rate, curriculum, and what we expect graduating students to know at level three and level four after being on these courses. Here I learnt how to maintain a high level of standards.
That was the starting point, and when I stepped down in early 2017 I asked myself what else can I do? This opportunity came up with the Department for Education to be on the panel for level three T qualifications. I applied to be a member, as this looked like great next level for me to develop my skills. So I applied and then I was awarded the Chair from the start! I think it was my prior experience that gave me that position on the panel.
I was not involved in the recruitment of the rest of the panel, which was all handled by the Department for Education. It’s a diverse panel comprising all the stakeholders, including professionals, working bodies, educational experts and trade. It’s a good mix and I’m very fortunate to lead them.
What is the panel for exactly?
Students in the UK at age 16 have three choices. The first is the academic route (A Levels), which is the route about 40-50% of students take. The next option is an apprenticeship, which is highly specialised on-the-job training. Here you spend 80% of your time on the job and 20% in the classroom. The third route are technical qualifications, where you learn a vocational qualification through training. This route is the least structured, with thousands of courses to choose from.
Just as an example, if you want to become a plumber there are 33 qualifications to choose from. That makes it very difficult to work out which course you should do, which is best for you, which has the best prospects. It’s clear to the Department for Education (DfE) that this sector is not in the best place and that it can perform much better. It’s not much benefit to a student if the course they are on doesn’t lead to a promising career. So, following recommendations from a review undertaken by an independent panel, chaired by Lord Sainsbury, the DfE has appointed these panels and we are trying to help advise the whole sector on what they need to do better to support this third option, the technical level.
What does the future of this project look like?
Each panel is made of around 10 members who will work together to outline what the minimum standard is that 16-18 years olds should be learning. The question to answer will be where can this Level 3 T level programme take you? We are looking at progression into the jobs market as well as towards other routes like academic qualifications or higher education. We want to help open up the future and keep doors open. We want to make sure that what the course covers doesn’t prevent students from either going into the job market or more study – by primarily ensuring that what they do will prepare them best for the sector.
For example, at Cass, you can do MSc Corporate Finance. Taking the course is not the same as doing the job but it is about learning the things that will help you get the job and to learn how to do the job when you have it. On a T-Level qualification 20% of the time is a work placement so you get a real taste of the job, but 80% is spent in the classroom so you get that excellent standard. For me it’s about that threshold for when you walk out the door, making sure you can go on any path in the future.
Why should other alumni get involved?
I would say pretty much all Cass alumni would have things to offer here. It’s a good way of making things happen, as well as to give back and get involved. If you work in a sector it’s great to think about all the routes people could take to get there, and how you could use your knowledge to help them do that. It matters because we’re talking about the future of all of our sectors. The urgent question is how do you get the next generation to learn the right things and gain the right skills? Answering that helps everyone. It’s all about attracting the next wave of talent to the City.
In this first phase the panels are established and producing the outline content for the T levels which will be delivered from 2020 and 2021. The next phase is to expand the sectors, for delivery from 2022, including into business administration, health and beauty; a whole range of areas. Many Cass alumni will have something to offer here, so please get involved!
Finally, it’s the quick-fire question round!
Favourite place in London: City of London
Favourite holiday destination: Beijing
Must-check every day website: FT
Dream travel destination: South America
Cheese or chocolate: Chocolate
Find out more about the reforms here and see the full list of panels here. Find out how you can get involved here.