While bloodletting continues at banks and hedge funds, one part of the financial sector plans to hire thousands next year despite - or perhaps because of - the uncertain economic outlook: accounting firms
Accountants are in high demand as more companies seek expert bookkeeping advice.
'The capital markets may be slowing down a bit recently, but there are still a lot of international companies seeking listings in Hong Kong,' Keith Pogson, the new president of the Hong Kong Institute of Certified Public Accountants, told the South China Morning Post.
'There are a lot of mergers and acquisitions in Europe as some companies and governments need to sell assets amid the financial crisis,' he said. 'They need accountants to provide auditing and taxation services.'
Pogson, who is also managing partner for Asia-Pacific financial services at Ernst & Young, said regulatory reforms in Western markets after the global financial crisis have increased demand for accounting services from companies needing to ensure they comply with the new regulations.
Some firms that are in trouble will also need restructuring or insolvency accounting services.
'Even in bad times, we still need accountants,' he said.