The government subsidizes all the incoming students in the two master programs

The government subsidizes all the incoming students in the two master programs, waiving their tuition fees. Some are even granted an extra scholarship of up to 6,000 yuan ($930) a year.

Fudan's School of Management is expanding, vying to become the Chinese equivalent to the Sloan School of Management at the Massachusetts Institute of Technology.

This effort is in line with Shanghai's ambition to beef up its local business schools. In 2010,,cheap shoes, the government spent 320 million yuan on launching the Shanghai Advanced Institute of Finance under the auspices of Shanghai Jiaotong University, with the aim of making it a leading global business school within 12 years.

"Specialized degrees in finance are critical in training practitioners. They provide a short cut and tailor-made solution to meet the shortage of talented people in Shanghai," Lu said.

Li Luxiang contributed to this story.