“Since the end of the pandemic, there has definitely been a shift towards finance as it offers a very broad foundation of knowledge that can take graduates in lots of different directions, and it is better paying,” Nick Pollard, managing director for Asia-Pacific at the CFA Institute, said in an interview.

“This shift reflects graduates’ growing confidence in the future, which drives them to those industries that are based on confidence, optimism and innovation,” he said. “As the markets continue to stabilise and grow, finance as a career would keep its attractiveness.”

Many business deals and capital market activities were interrupted by the coronavirus pandemic during the past three years, which is why finance was not the top choice for graduates in 2021, said Gordon Tsui Luen-on, director of the Hong Kong Securities and Investment Institute.

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“Business is back to normal as all Covid-19 restrictions have been scrapped,” Tsui said. “Many financial firms are hiring again. It is natural that graduates are once again finding the finance sector an attractive career choice.”

Leading insurers Manulife, AIA and Prudential plan to hire a combined 10,000 new agents in Hong Kong this year to tap business from returning mainland visitors. Prudential Hong Kong opened a new branch in Macau on Monday and plans to hire 500 agents. Major banks such as HSBC and Citigroup also plan to increase headcount to boost their wealth-management businesses.

“Hong Kong financial firms are willing to pay more to hire talent to capture new business opportunities arising from the Greater Bay Area development and Beijing’s policies that support Hong Kong as an international financial centre,” said Robert Lee Wai-wang, the lawmaker for the financial services sector and CEO of local bro­ker­­age Grand Capital Holdings.

“After Covid-19, many industries are short of talent and the finance sector is no exception. Many financial firms have started offering higher salaries and better working conditions to attract talent,” Lee said.

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Hong Kong’s graduates overall have a positive outlook about their career prospects, with nearly 70 per cent feeling confident about their future, the CFA survey showed. However, it was slightly below the global average of 75 per cent.

But employers are likely to face challenges in retaining young talent, as the survey showed half of Hong Kong graduates plan to stay in their first job for one to two years only.

Salary was the top incentive for Hong Kong graduates to stay with their employers. Over 60 per cent said they were looking for a good salary, up from 25 per cent in 2021. It was followed by annual leave at 46 per cent, and clear growth progress opportunities at 45 per cent.

The findings explain why Hong Kong graduates want to join the banking and finance sector, according to Jerry Chang, managing director of executive search firm Barons & Co.

“The banking industry employs large numbers of seasoned bankers and their average salary at the senior level roles are relatively much higher than many other industries,” he said.

With the pandemic giving rise to flexible working arrangements, it was not surprising that it featured high among Hong Kong graduates’ priorities. More than half of those surveyed said they would prefer complete flexibility, while 45 per cent voted for a hybrid work environment.

“Most of them graduated during Covid-19 and are used to working from home and managing their own time, so being prepared to embrace that new normal, from an employers’ perspective to retain talent, is very important,” CFA’s Pollard said.