Accounting firms dangle carrots to lure new college graduates
Updated: 2008-02-13 07:19
By Teddy Ng(HK Edition)
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The accounting sector is offering more attractive remuneration packages in a bid to lure fresh university graduates. This comes amid an increasing demand for manpower in the field as mainland companies continue to expand rapidly, an academic said.
Phyllis Mo, head of the department of accountancy at Lingnan University, said the Big Four accounting firms have already made employment offers to 20 university students in their final year of study in Dec. That is two months ahead of the firms' usual practice in the past years.
Mo said none of Lingnan's accounting graduates managed to land a job in any of the Big Four firms back in 2000, but the situation has changed in recent years.
One final year student was promised a HK$10,000 bonus by an accounting firm on condition that he graduates with a first class honor.
"A lot of accounting firms are competing for talents," she said.
According to Mo, accounting professionals have been in demand as a result of the fast expansion of mainland firms.
"Many mainland companies plan on getting listed in Hong Kong. At the same time, the Big Four firms are expanding their businesses on the mainland. Many of our graduates are required to work on mainland," she said.
Former Hong Kong Institute of Certified Public Accountants president Paul Chan said many mainland companies are establishing overseas businesses via Hong Kong.
He added that the requirement imposed by the United States for overseas subsidiaries of US companies to have their internal control practice certified by an auditor has fueled the need for professional accounting services.
Chan said overseas companies often require Hong Kong accounting services when they attempt to gain access to the mainland market.
The accounting sector experienced a recession between 2002 and 2004, resulting in major layoffs and reluctance to recruit.
"The number of professionals in the sector was reduced during that period, making it insufficient to cope with the current improving financial market. The sector needs to step up its recruiting efforts," he said.
Chan expected that positions among senior management, such as chief financial officers, and middle management with five years of accounting experiences would be widely available in most companies.
He expected that accounting firms will increase salary by 10 percent and offer attractive bonuses in order to lure professionals.
(HK Edition 02/13/2008 page1)