Hong Kong’s accountancy firms raise their headcounts as IPO bonanza, fintech boom boost business
- Hong Kong’s return to top of global IPO table means there’s a need for more qualified professionals to carry out traditional audits
- PwC, EY, Deloitte and BDO among accounting giants looking to hire more
Hong Kong’s accountancy firms plan to hire more people this year, despite the economic slowdown, amid increased demand for consultancy services and a rise in IPOs which require auditing, according to industry experts.
The Hong Kong Institute of Certified Public Accountants (HKICPA), the industry body for the 43,000 accountants in the city, said about 1,300 candidates had enrolled for its training programme in the past five years, with the number growing between 3 and 4 per cent each year.
“This year is likely to be a year of expansion for recruitment of accountants. Many accounting firms have a shortage of staff and there is no sign of a slowdown in hiring of both fresh graduates and experienced accountants this year despite the market volatilities,” said HKICPA’s newly elected president Patrick Law Fu-yeun in an interview.
Hong Kong and China recently reported their slowest economic growth in many years, largely a result of the trade war. The Hang Seng Index fell 14 per cent while the Shanghai Composite Index shed a quarter of its value last year.
For Hong Kong’s accountants, the slump in markets and economic growth has been more than offset by other factors; accounting giants EY, PwC, Deloitte and BDO all said they either planned to increase their hiring targets this year or took on more staff last year.
