Call to look northwards and beyond as global opportunities open to city's accountants

Commenting on the future of the accounting job market in Hong Kong, Hong Kong Institute of Certified Public Accountants (HKICPA) president Phillip Tsai says that he remains optimistic about the need for additional talent given the continuous growth among businesses on the mainland.

'After 30 years as an accountant, I am confident that the next 30 and beyond will be an exciting time for those working in the industry here,' he says.

Among the underlying factors contributing to the mainland-fuelled need for accountants, Tsai points specifically to the emergence of a so-called 'two-way process' relating to the intentions of domestic and foreign-owned companies.

In the past, he explains, it was simply a case of foreign enterprises trying to enter the mainland market. But these days, mainland companies are trying just as hard to access foreign markets and foreign capital, be it through initial public offerings (IPOs) or mergers and acquisitions. 'All of these activities,' he concludes, 'ultimately increase the need for accountants.'

In light of these developments, mainland work experience is fast proving to be an important asset for those looking to join an accounting firm.

According to Tsai, this need for exposure might prove to be more beneficial to candidates than they had thought. 'If I were a 25 year old [accountant], I would embrace the chance to work on the mainland because that's where the future is,' he says. 'I know of many accountants who, after initially planning to work there for two years, ended up staying a decade.'