Accountants advised to specialise and to keep their skills up-to-date

As a world capital market, Hong Kong needs accountants with specialities, says Alison Wilde, director of professional development at the Hong Kong Institute of Certified Public Accountants (HKICPA). And as technical and regulatory changes gather pace, the focus on specialising is likely to continue.

Taxation, insolvency, corporate finance, financial reporting and auditing, and risk management are some of the consistent specialities, says Wilde, who takes care of members' career development following their qualification as CPAs.

Her advice to those trying to decide on a speciality area is to follow their personal interest. This will lead to both an interesting career and one with high potential, she explains.

'They have the opportunity through developing their specialist area to become a real expert in their field, and they can gain recognition as a respected leader. Making a commitment with enthusiasm to a particular area of accountancy will, of itself, bring success over time.'

No particular area of specialisation guarantees a job in today's economic environment, advises Wilde. Rather, CPAs should recognise that life-long learning is particularly important now. To stay competitive, CPAs need to maintain their skills, technical knowledge, understanding of economic and regulatory developments and best practices in management development and keep up-to-date.

'I think the skills involved in sound financial management - the recognition of financial problems and knowing what to do about them - will always be valuable.'