As a sign of the unprecedented demand from the banking and finance field for fresh university graduates, more than one out of every seven vacancies advertised on a student job placement website at the Chinese University of Hong Kong were finance related, according to the Tom Fong Wing-ho, head of the university's Career Planning and Development Centre. This is makes it the No1 sector in terms of the number of vacancies at the university, he said.

Last year, one in 10 graduates from the class of 2006 signed up for a job in the finance sector

'It is a very big sector where there are literally hundreds of vacancies. A number of global investment banks have recruited via our centre in the past academic year. These include large global investment banks offering frontline positions, meaning that successful candidates will have ample opportunity to deal with clients, both individual and institutional,' Mr Fong said.

Unsurprisingly those seeking to be placed in an investment bank are likely to reap high monetary rewards.

'Investment banking graduate recruitment programmes are for front office functions such as research, sales and trading only. Amazingly the starting base salary is around HK$40,000-plus per month for fresh graduates,' said Andrea Williams, Asian director of banking and financial services for recruitment firm Ambition.

'I was amazed at this, but apparently the competition for the top graduates, the best of the best, is very fierce and so starting salaries have risen quite aggressively,' she added.

To make the cut, graduates need to be well presented, especially for the front-office positions.

Candidates should also consider middle or back office positions, which will still have good career advancement prospects minus the glamour, she added.

Slightly less bullish was Mark Enticott, manager for the banking sector, at rival executive search firm Michael Page International. He confirmed that there was a high demand for Hong Kong graduates of the finance field.

He said that graduates working for investment banks could expect to make HK$18,000 to HK$25,000 per month initially. Top-tier banking jobs would pay at the upper end of that range, and employers in Hong Kong were more likely to calculate bonuses as a fixed percentage of the base salary rather than on a discretionary basis.

Those seeking more relative security, as well as a good solid training opportunity, could consider a career in retail banking, according to Betsy Chan Chau-wan, manager of the Central branch of human resources firm Adecco.

Typically graduates can expect an entry level salary of around HK$10,000 to HK$12,000 in retail banking, which is the easiest point of entry.

All banks have a management associate programme for top-flight hires, meaning that they could be earning around HK$20,000 per month.

A typical career would begin as a service ambassador, then progress to supervisor and from there on to managerial positions. In personal financial services hires, employees would be given the title of consultant in the beginning.

'Having a proactive outlook is important, as well as being adept at the soft skills to facilitate interaction within and outside a company,' Ms Chan added.

Edmund Cheung Sui-kiu, a personnel consultant for Adecco, said prospective candidates should try to be presentable, have an outgoing and confident nature, and understand how to sell themselves.

Meanwhile, private, and commercial and wholesale banking operations usually require a high level of English proficiency and overseas and local experience for the fewer numbers of jobs available.

The Career Planning and Development Centre said that students who were interested in joining the investment bank industry should be well prepared. They should sharpen their verbal and written communication skills to equip them for international exposure. A good knowledge of the greater China and Hong Kong business environments was vital.

Mr Enticott said for investment banking positions, there were no specific requirements for success. It was helpful to have studied finance in school, and to have done well in exams, he said. Extra-curricular activities showing a 'well-rounded' individual might also help, he added.

Stressing the importance of internship and summer placement programmes, he said: 'To have an internship listed on one's CV is pretty crucial for a graduate.' This can lead to good pay, good bonus schemes and the potential for career advancement.

He did not predict a slowdown in hiring because there is actually a shortage of qualified local graduates. In order to fill the gap, he said that companies were looking overseas to fill positions.

'In terms of demand we see that it is very high in this banking sector,' he said. 'Since Hong Kong is a financial hub, the demand for graduates is still very strong and recruitment follows this demand right across the board, from front, to middle to back offices. All banks are now trying to ramp-up recruitment in anticipation of company demand down the line.'

Primarily, the trend is to source from the United Kingdom and the United States, he said. But he added that there remained good opportunities for locals, with front and back office demand booming.

'Someone with a finance degree can work with the big four accounting firms and gain valuable experience. There are opportunities for rotation within the organisation, thus providing a greater exposure to different products. It provides a broad skill set to graduates,' Mr Enticott added.

In Hong Kong, more than three-quarters of employers responding to Michael Page's salary survey for the banking and finance fields said that staff retention was a primary focus last year.

The main strategies being adopted were career promotion, training and development and an increase in base salary.