China pursues accountants

China pursues accountants

A new study of the employment market in Asia shows that the need for accountants in China continues unabated.

Asia Job Index by international recruitment consultancy Robert Walters tracked job advertisements in Hong Kong and Singapore for the second quarter of 2008 and compared them with the same quarter in 2007. It found that advertised vacancies rose 3% in Hong Kong and dropped 9% in Singapore during the period. While the international banking sector was 'noticeably cautious' in its recruitment, accountants remain in demand.

The research found that Hong Kong's strong links to mainland China's economy, which is forecast to grow at more than 10% this year, is key to the relative resilience of its employment market. Shane Sibraa, managing director of Robert Walters Greater China, says the pace of Chinese initial public offering (IPO) activity is driving 'huge demand' for accountants.

With Chinese companies looking to list abroad and international companies looking to list in China, there continues to be a demand for both qualified accountants and graduates, Sibraa says. 'A number of firms need upwards of 1,500 graduate hires, and the same in experienced hires, just to service their China practice. Due to the demand, they have set up recruiting teams in international locations purely to source for their China business.'

In order to list, Chinese companies must have qualified accountants employed directly, and a team of accountants from outside firms ensuring they comply with the necessary regulations. Experience in working with companies that have gone through an IPO, or in auditing public companies, is preferred.

Matthew Bennett, director at Robert Walters Hong Kong, says most Chinese companies choose to recruit from Hong Kong, where many organisations have set up their Greater China regional hubs. 'Due to its proximity to China, a lot of accountants in Hong Kong are given the opportunity to gain this crucial skills set.'

But, Bennett says employers are also expecting more from their employees. In addition to possessing the right skills set, candidates must be proactive, have the ability to grow, be able to work in a demanding environment and communicate effectively. 'Employers are looking for that extra drive in candidates, which can help businesses grow in a competitive market.'