The skills gap in the mainland's accounting profession is slowly narrowing, as efforts to build the domestic talent pool have begun to yield dividends.
'The growing number of people returning from an overseas education, and the mainland's own efforts in building domestic talent, have led to the mainland becoming less dependent on foreign talent,' says Keith Pogson, president of the Hong Kong Institute of Certified Public Accountants (HKICPA), and managing partner of Asia-Pacific financial services at Ernst & Young.
More talent, however, is still needed. The mainland has 250,000 qualified accountants, says Ada Leung, head of ACCA China. She attributes the talent drought to the surge of investment that has flowed into China since its entry into the World Trade Organisation in 2001.
'This, coupled with the expansion of domestic businesses and the economic boom, has generated a very real need for qualified accountants with international experience and exposure,' she says.
The bulk of demand comes from large multinationals operating on the mainland and fast-expanding domestic enterprises needing to put in place improved and more robust financial processes as they explore listing opportunities overseas.
'The real crux point is at the middle to senior management level. Companies are looking for decision makers who can stand up and be accountable to the board,' Pogson says.