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AsIA PACIfIC

FACING THE STORM

Its one of ACCAs fastest-growing regions but how are finance career prospects shaping up for students and members in Asia Pacific? Calum Robson talks to recruiters in four critical territories.
CHINA
who have worked with manufacturing and industrial clients, especially if they have experience advising on costing, planning and analysis. Those finance jobseekers who are confident enough to move in the current market are primarily interested in larger companies, says Chang: Theres far more enthusiasm for moving to blue chip organisations that have strong business bases and which can offer stability in times of great uncertainty. Brodie McDougal, manager of Michael Page Finance in Shanghai, observes that, when people do commit to moving, they place a strong emphasis on long-term development, a factor thats reflected in employer priorities too: In recent years, many companies here have grown significantly fast, he says. Today, whats critical to sustained profitability are tight internal controls so weve noticed a strong demand not just for people with audit experience but also for those who are used to working closely with staff in, say, sales and marketing, to ensure that long-term forecasting and analyses are accurate. Those skills, along with compliance, are important while Chinese employers look to scrutinise their businesses more thoroughly in the current climate. Cautious confidence The sectors most actively recruiting in China at the moment appear to be service industries including media companies as well as property developers, although hiring into financial services has, as you might expect, seen a marked slowdown. There has been strong demand for financial planning and analysis skills, financial controllers and finance managers; demand is weakest in tax and treasury, says Andrew Chang, associate director of Michael Page Finance in Beijing. Meanwhile, the companys Shanghai office reports an increased demand for finance professionals in the pharmaceuticals, medical and healthcare industries, largely due to multibillion dollar investment into research and development taking place in Zhangjiang High-Tech, a technology park in the regions Pudong New Area. Cherol Cheuk, director of accounting recruitment at Hudson in Shanghai, says manufacturing and industry are also holding up: Theres still comparatively high demand for finance talent, as this sector forms the biggest proportion of Chinas economy, she explains. They have benefited most from the governments four-trillion yuan [$580bn or 395bn] stimulus plan. Its in professional services and banking that demand for accountants has been hardest hit, although foreign banks are still expanding here; just at a much slower pace. According to Cheuk, firms in practice who are hiring will therefore be interested mostly in accountants

HONG KONG

Cost-conscious And its not just in mainland China where organisations are running a tight ship. Howard Chan, manager of Michael Page Finance in Hong Kongs Kowloon and New Territories, says, In the current environment, the key to survival especially for manufacturing

student ACCountAnt 06/2009

Where will your qualification take you? www.accaglobal.com/careers

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fInAnCe jobseekeRs who ARe ConfIdent enough to move In the CuRRent mARket ARe PRImARIly InteRested In lARgeR ComPAnIes.

companies is to administer tighter costing controls, as well as producing accurate forecasts and budgets. Those sectors are on the lookout for accountants and finance analysts who can manage cost-cutting measures, as well as conducting financial modelling for management reporting functions. On a gloomier front, Hong Kongs retail sector for many years a stalwart of the economy has been severely hit, with consumers becoming increasingly thrifty. Telecommunications and banking are also static, although there has been a noticeable increase in hiring activity for contractors, most likely due to reduced permanent headcounts. Richie Holliday, managing director of Morgan McKinley in Hong Kong, says, Businesses with large mainland Chinese operations, especially those in property development and manufacturing, are those with the biggest demand for accountants, closely followed by pharmaceuticals. James Carss, director of Hudson in Hong Kong, says, Some infrastructure and construction companies regard the economic climate as an opportunity to expand because of lower costs but there isnt any sector thats really flourishing; everyones experiencing difficult times. Many employers are undergoing restructuring and those have not necessarily frozen recruitment; it might be that they, say, recruit one person into a brand new role to replace a headcount reduction of two. Within banking, when recruitment is authorised and those occasions are few and far between financial reporting and regulatory reporting are

key areas, reflecting a heightened focus on regulation and compliance, while healthier product control sections will recruit both temporary and permanent accountants into balance sheet and project roles. Chan says tax, costing, treasury and internal controls represent the most active recruiting areas within practice firms: Tax and treasury specialists are particularly sought-after to help corporates handle tax planning, transfer pricing, foreign exchange and cash management activities, he says. Costing and internal control skill sets are also in demand to help clients streamline processes as part of projects to reduce operational costs. But he says people with corporate finance and transaction advisory skills are suffering a lack of demand for their skills hardly surprising, due to a nosedive in M&A and IPO activity. Matthew Adamson, manager of the Hong Kong operations for WH Marks Sattin, says that, as mitigation of risk is such a high priority in the boardroom, functions such as audit and operational risk are proving more robust, while financial and statutory reporting teams have also remained relatively intact. The areas most aversely affected by the downturn are those regarded as less business-critical, such as financial analysis or project work, he says. In companies looking to drive down headcount costs, these represent the more at-risk areas for accountants. As a consequence, jobseekers in Hong Kong are becoming more downturn-savvy when weighing up potential employers, says Carss: Were increasingly being asked about how

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AsIA PACIfIC

fInAnCIAl stAbIlIty Is AgAIn the wAtChwoRd of the jobseekIng ACCountAnt, esPeCIAlly those stIll CuRRently holdIng down A job.

financially sound recruiting companies are. Candidates are also more interested in prospects for the wider industry in which a company operates, as well as what their recent history of lay-offs has been and any specific movements within the finance team. While salaries are in no sense rocketing, Holliday says pockets of demand where remuneration reflects the high value placed on skill sets include treasury, tax and SarbanesOxley compliance, as well as internal audit as long as candidates have specific industry experience. Candidates with experience of working in the mainland China market tend to be favoured.

SINGApORE

hunting acquisitions According to Hudsons quarterly report, employers expectations in Singapore continue to fall, although less sharply than in previous quarters; however, only a fifth plan to take on extra staff. Caroline Poh, the agencys senior manager there, says no industry stands out as spectacularly going into meltdown, while healthcare and pharmaceuticals are sectors where finance professionals might most profitably focus their job searches. Jeremy Canning, managing director of Morgan McKinleys business in Singapore, says, Hospitality, leisure, property and energy are all hiring, as are, of course, government organisations. But he pinpoints advertising and media, as well as shipping and logistics, as categories where recruitment has been falling off sharply.

Michael Pages Singapore MD, Tulika Tripathi, comments, Demand for finance professionals remains resilient despite the change in the economic environment, basing her observation on a greater focus on both costs and transparency. Her business has been placing people into internal audit and compliance roles, while demand for people in credit control has stepped up, with organisations keeping beady eyes on the bottom line and working capital management. Generalist skills are in less demand, she continues. What employers need are strong, process-driven accountants who can help get their businesses through the recession. In practice, firms have been focusing on skill sets around corporate advisory, restructuring and taxation. Ben Perry, who runs the Singapore office of WH Marks Sattin, says, Cost reduction and re-engineering experience remain sought-after, even pointing out that people with M&A or transactions experience desperately scanning appointments pages and jobs websites elsewhere in the region are finding work with larger organisations in Singapore looking to bolster their activities, perhaps with bargain acquisitions in the region. Financial stability is again the watchword of the jobseeking accountant, especially those still currently holding down a job. Most people switching jobs would be motivated by uncertainty in their current position, says Tripathi. This means that, while remuneration considerations are important, theyve taken a backseat to security at the moment.

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Because Singapore acts as an Asia Pacific regional hub for many organisations, employers are most prepared to pay what it takes to land accountants who have local reporting experience, or who have worked with some of Asias emerging markets, as they can play important roles in helping to maintain or grow market share. And, as with other countries, talented internal auditors, and tax professionals who can use their expertise to drive down liabilities, remain attractive. However, the international nature of much finance work in Singapore means that US GAAP and IFRS skills can also command premiums.

AuSTRAlIA

finally falling? According to Vanessa HardingFarrenberg, joint managing director of Morgan McKinley in Sydney, Australias most recession-proof sectors were initially those most benefitting from government investment, such as healthcare, infrastructure, digital media, education and retail banking. However, line managers in even those organisations are now finding it increasingly difficult to gain authorisation to recruit, as predictions for the economy look increasingly dire, despite a relatively sustained resilience after the credit crunch hit other countries in the region. New hires are expected to add significant value to their organisation and hit the ground running, she says a factor that needs to be highly visible too: From day one, employers want to see theyre getting a return

on their investment. Accountants with strong industry-specific experience or a proven track record in a particular specialist area of finance are the most sought-after. There are few areas for which employers will pay a premium but because of the focus on managing costs, weve seen a slight increase in requirements for project and management accountants. However, despite increased volumes of jobseekers, Harding-Farrenberg says talent continues to be tricky to source, as profitable organisations have worked hard to retain their best people. Finance professionals with strong academics, sector knowledge, product knowledge and, of course, exceptional interpersonal skills, enjoy the highest demand, albeit at reduced levels compared to 12 months ago. In practice, demand for insolvency and corporate restructuring people has risen, due to increasing numbers of organisations going into administration or needing assistance to regenerate and protect their future viability. But demand in more mainstream disciplines such as audit is quiet. Unsurprisingly, job security has become a key motivator for jobseekers. Accountants seek stability; they want assurances that a potential employer can offer diverse long-term opportunities, says Harding-Farrenberg. For instance, more candidates from financial services are open to working for the big four commercial banks in Australia; previously, many would only considered careers within investment banking.