Many of the problems that contributed to the financial meltdown could take a long time to fix, but industry executives have already begun to take initial steps towards improving their own situation by embracing further education, the one thing they know can bring about some quick relief.
Applications to the city's finance qualification courses have surged in recent years on the back of the growing sophistication of financial products, a more tightly regulated sector and the internationalisation of money markets. Academics believe the global recession will only accelerate this pace of growth.
'Financial education can help stabilise the sector in a number of ways. It can improve a manager's ability to analyse and better understand the products they are selling and train people to ask the right questions, even if they don't fully comprehend the complex mathematical background behind the product,' said Mark Seasholes, associate professor in the University of Science and Technology's department of finance.
Daniel Mok, programme director at Hong Kong University's school of professional and continuing education, says the downturn is an ideal time for people to pursue further finance qualifications.
'With the sector becoming more specialised and requiring a higher level of professionalism, people will have to obtain more qualifications in order to develop their career in the field. Those with strong academic qualifications will be in a better position to take advantage of market opportunities when the economy recovers,' he added.
Financial institutions in the short to medium term are also more likely to hire well-rounded individuals who understand the economics behind financial risks rather than just pure number crunchers, added Professor Seasholes.