The local stock market is showing signs of recovery, but most professionals in the finance sector don't expect to see a strong economic rebound until next year.
According to Loretta Shuen, president of CPA Australia's Hong Kong-China division, graduates and experienced job seekers should lower their salary expectations and expect to work longer hours.
'Since the fourth quarter of last year, the market has been quite quiet, with not many job openings in the accounting field,' Mrs Shuen said.
'In the past two months, we have seen a slight rebound, with the outlook for the United States market becoming a little more optimistic. Of course, there are still uncertainties, but we hope to see a consistent improvement starting in the second half of this year.'
One positive, she noted, was that whatever the relative strength of the broader economy, there was always a demand for accountancy skills. Even in a sharp downturn, companies have to be audited and businesses in every sector need specialised advice on cost control, risk management or restructuring. As things pick up, the emphasis will shift to other areas, with more work related to an expected increase in initial public offerings, corporate acquisitions and general trade finance.
'Companies need accounting expertise whether the economy is up or down,' Mrs Shuen said. 'That means professionals in the field certainly have an advantage, but they must also be adaptable enough to do what is needed.'
She added that people also had to accept that the generally lower level of economic activity had certain consequences.