Summary of Key Points
Recently, financial and economic institutions have been accelerating their transformation. They are no longer focusing solely on traditional finance and economics programs but have introduced a variety of new engineering disciplines such as artificial intelligence (AI), new energy, and carbon neutrality, as well as interdisciplinary programs that combine finance with technology or arts and sciences. They have also launched dual-degree programs (for example, digital economy + computer science). The reason for this change is that technologies like AI have become integral to all industries, and businesses are in need of professionals who understand both finance and technology. Institutions aim to improve the relevance of their education by phasing out outdated courses and reorganizing their curricula to better meet societal demands.
1. Transformation Direction: From Pure Finance to Finance + Technology + Engineering
In the past, financial institutions primarily offered programs in accounting, finance, and international trade. However, this is no longer the case:
- Engineering Disciplines: Harbin University of Commerce has added new programs in new energy science and engineering, while Tianjin University of Commerce has introduced carbon neutrality science and engineering and biopharmaceuticals.
- Interdisciplinary Approaches: Nanjing University of Finance and Economics offers computational finance (finance + computer science), and Shandong University of Finance and Economics offers digital economy (economics + digital technology).
- AI Integration: Almost all the mentioned institutions have added AI programs, such as those at Nanjing University of Finance and Economics, Harbin University of Commerce, and Harbin Institute of Finance. These AI programs often leverage the institutions' strengths; for instance, Nanjing University of Finance and Economics combines its expertise in agriculture to apply AI to agricultural economic analysis.
In short, the curriculum at financial institutions is becoming increasingly focused on technology and engineering.
2. Why the Transformation?
The transformation is driven by real-world needs:
- AI's Ubiquity: As Professor Ding Changfa from Xiamen University pointed out, AI can be used for investment analysis, financial statement preparation, trade forecasting, and even business negotiations. Students who only study finance may fall behind in the job market if they don't know how to use these technologies.
- Business Needs for Versatile Talent: Companies require professionals who can handle both financial tasks and technical skills, such as using Python for data analysis and AI models for prediction.
- Policy and Industry Trends: National Committee member Fang Jie recommends that local financial institutions adopt "new engineering" approaches, such as the "economics + digital technology + artificial intelligence" model at Hubei University of Economics, in line with national efforts to promote digital transformation.
3. How the Transformation Is Being Achieved?
The transformation is being implemented through concrete actions:
- New Interdisciplinary Programs: Inner Mongolia University of Finance and Economics has added programs in cross-border e-commerce (finance + e-commerce) and digital humanities (arts + digital technology), while Shandong University of Finance and Economics has introduced data science and intelligent science and technology.
- Dual-Degree Programs: Jiangxi University of Finance and Economics offers dual degrees in areas like digital economy + computer science and international trade + AI, providing students with broader skill sets. Shanghai University of Finance and Economics has collaborated with Fudan University to offer a joint degree in finance and artificial intelligence.
- Phasing Out Outdated Programs: Shandong University of Finance and Economics plans to eliminate programs that are no longer relevant or do not meet societal needs. By 2027, all programs will be digitized, with 3-5 programs discontinued and 4-6 others restructured to make them more practical.
4. The Goal of the Transformation: To Cultivate Versatile Professionals
The ultimate goal of these changes is to help students find jobs more easily and adapt better to society:
- AI Programs at Nanjing University of Finance and Economics: These programs aim to equip students with skills in machine learning, large models, economics, finance, and agriculture, enabling them to assist companies in digital transformation (e.g., using AI to optimize supply chains and analyze financial risks).
- Supply Chain Management: Institutions like Harbin University of Commerce and Harbin Institute of Finance have added supply chain management programs due to the rapid development of e-commerce and logistics industries.
- New Energy and Carbon Neutrality: Programs in carbon neutrality at Tianjin University of Commerce align with national goals on reducing carbon emissions, preparing graduates for roles in new energy companies or environmental organizations that require financial analysis and project management.
In summary, the transformation aims to turn finance students from those who can simply handle numbers into versatile professionals who can apply technical skills to solve real-world problems.
5. Differentiated Approaches of Local Financial Institutions
Not all financial institutions are adopting the same strategies. Many are pursuing unique paths:
- Hubei University of Economics: It focuses on local industries (e.g., automotive and logistics) to develop distinctive programs that distinguish it from top-tier institutions.
- Shandong University of Finance and Economics: It emphasizes digital transformation, aiming to make all its programs digitally advanced by 2027.
- Inner Mongolia University of Finance and Economics: It has added cross-border e-commerce programs that reflect the region's border trade characteristics.
By taking these different approaches, financial institutions in various regions can produce talent tailored to local economic needs, avoiding a one-size-fits-all approach.
In conclusion, financial institutions are adapting to the times. With the advent of AI and changing industries, they must adjust their curricula to ensure that students learn skills that are truly valuable in the workplace. For students, choosing a finance program should consider interdisciplinary approaches that offer more career opportunities. For institutions, the success of the transformation depends on whether their graduates are in high demand by employers.