At the Hong Kong Institute of Certified Public Accountants (HKICPA) Career Forum 2017, taking place in Cyberport on October 8, aspiring accountants will discover many new career opportunities for the profession emerging from the fast-evolving business environment, new technology, new economy companies as well as China’s Belt and Road initiative.
Prominent thought leaders from the profession will update attendees at the annual event on the latest trends in the practising and business sectors and share their insights into how aspiring accountants can equip themselves for new challenges at the annual event.
Hong Kong’s vibrant stock market has kept many local CPA firms engaged and has further boosted demand for fresh talent. Well-established CPA firms have been occupied with IPO arrangements while some smaller firms are advising clients on pre-IPO matters. “Confident of Hong Kong’s status as an international hub for raising capital, some overseas companies have come to Hong Kong for listings. I expect more will do so for the rest of 2017,” says Mabel Chan, president of HKICPA.
Many firms have also been involved in their clients’ review of internal control and corporate governance in compliance with listings regulations.
In addition to accounting firms, CPAs are making vital contributions in diverse sectors, including local enterprises and MNCs, NGOs, government departments, academia and non-profit organisations, she says. “We are all driven by our common goal of sustaining Hong Kong’s status as an international financial centre.”
The accountancy profession will be able to tap new opportunities when equipped with new skill sets and knowledge. For instance, many CPAs will assist in the due diligence as well as finance and management for new projects related to China’s Belt and Road initiative.
The human resources requirements among CPA firms have evolved in response to the new developments. For instance, firms involved in clients’ Belt and Road-related projects will expect their new hires to be willing to travel, she notes. “Students should nurture IT savviness, look into the analyses of international, mainland and local markets, and keep themselves updated on the latest trends and developments.”
Disruptive IT and innovative applications in the business sector will help further broaden the profession’s scope of specialisations. “When more companies adopt IT, artificial intelligence, blockchain and automation for their operations, they need specialised advice from CPAs. Companies’ management will also expect their in-house accountants to spend more time on business analysis to formulate strategies,” she says.
In response to a fast-changing global and local business environment, HKICPA will launch its new Qualification Programme (QP), with enhanced focuses on IT and business ethics. “AI applications may reduce the reliance on manual checking. CPAs need to acquire a basic understanding and skills in applying IT. They also need a heightened awareness of ethics. Hence the new QP will feature enhanced ethical requirements,” Chan says. “The new QP also focuses on nurturing future CPAs’ all-round development because strong analytical capability and soft skills will be prerequisites.”
Not only is the QP the licensing requirement for local CPAs, it also has international recognition. “Hong Kong CPAs’ qualification is recognised in major capital markets in the world, including Australia, Canada, England and Wales, Ireland, New Zealand, Scotland and South Africa. They also enjoy exemption from four papers in the PRC CPA Uniform Examination in mainland China,” she adds.
“The QP is the solid foundation and competitive edge for many CPAs. Equipped with this solid financial understanding, they can then build on it by enriching their mix of different skill sets. Hong Kong has many exemplary CFOs who have gone on to become CEOs.”
To support its members’ career advancement, HKICPA organises many events and courses throughout the year that enrich knowledge and enhance skills.
“We hold the Business Leaders Series of talks. Many courses, including face-to-face and online ones, help members keep abreast of changing regulations and to help develop their skills. In 2016-17, we held over 3,000 hours of continuing professional development training,” Chan says.
