HK
Mixed fortunes for HK accountants
1 December 2008
Vacancies for accountants in Hong Kong’s banking sector have all but dried up, but bean counters can console themselves that at least they have escaped the worst of the recent layoffs.
“Redundancies have started to hit banks in Hong Kong, but mainly in the front office and some back-office operations functions. We’re not seeing massive cutting of accountants,” says Amy Ho, manager of banking and financial services at recruiters Ambition.
She adds that while a few accountants attached to individual business units within banks have lost their jobs, most corporate-level “core” positions – such as product control and financial and regulatory reporting – are remaining intact, especially at a senior level.
But the hiring market doesn’t look good for number crunchers who are already out of work. Nicholas Neal, managing director at recruitment company Optimum, explains: “Hong Kong has been severely hit. There are close to zero opportunities for accountants at tier-one firms now and hiring levels are low across the board.”
Most banks have freezes in place and are tightly controlling their budgets. There aren’t many new jobs available, “and even replacement hiring is dubious”, says Neal.
Ho adds that when someone leaves, line managers might not immediately look for a replacement so they can protect their team from future headcount pressures. “Tax accountants are more in demand than reporting accountants because of their ability to save money for banks. But even within tax accountancy, the majority of hiring is critical-only,” she says.
US and European accountants hoping to find work in HK banks are in an even worse position than the locals. “We have seen an increase in overseas applications, but without Asian experience banks have less appetite to hire you,” says Ho.
Neal reckons accountants in need of work should consider moving away from the financial sector. “Accountancy skills are transferable to other industries, and although the current economic crisis is no longer exclusive to banking, some commercial businesses are at least still doing replacement hiring,” he adds.
