Opportunities in Hong Kong
The Hong Kong China division was formally established in 1985 and looks after the interests of over 9500 members. The divisional director together with a team of professional staff and divisional council promote and represent the interest of members in this region.
Member services
The Hong Kong China division offers a range of products and services to its members, including:
- affinity credit card with The Bank of East Asia
- CPA Program excellence awards
- CPA Program workshops – candidates can apply for reimbursement for the Continuing Education Fund from the HKSAR government of up to HK$10,000
- free career seminars, forums and career market days
- Hong Kong law and tax workshops
- CPD seminars, conferences and networking events – over 110 events per year
- library services
- CPA Update – e-newsletter
- networking opportunities – regular promotional updates with business partners
- membership services – including assistance with admission, CPA Program enrolment, Mentor Program and Australian qualification assessment
- regular promotion updates with business partners such as Ambition, Qantas, Virgin Atlantic etc.
Pathways to membership of your local body
Members of CPA Australia who hold CPA status are eligible for admission to the Hong Kong Institute of Certified Public Accountants (HKICPA) upon fulfilling the Mutual Recognition Agreements (MRA) requirements.
If you are planning to work in industry and commerce, government, academic or audit, you are not required obtain a Hong Kong Practising Certificate (HKPC). If you wish to sign audited accounts or operate a CPA firm in Hong Kong you must obtain a HKPC issued by the HKICPA.
For further information about the MRA visit the CPA Australia website.
Hong Kong's business environment
Currently there are approximately 40,000 accountants working in the Hong Kong accounting and finance industry and over 3500 of them are active practising certificate holders.
Due to Hong Kong's close ties with China, there is now an increasing demand for fresh graduates and experienced accountants to join the accounting industry.
With the signing of the Closer Economic Partnership Arrangement (CEPA) with China, many opportunities now exist for Hong Kong-based accountants to travel to or be seconded to China for short term assignment. Hong Kong accountants are able to assist with a transfer and implementation of international accounting practices that are currently being adopted throughout China.
Employment opportunities
As the demand for graduates and experienced accountants grows, the average salary packages have increased for accountants at all levels.
Employment trends and graduate programs
Many companies in Hong Kong offer accounting related jobs for recent graduates throughout the year. The major recruitment period happens from June to August. International firms, like the 'big 4', will start their graduate recruitment processes in March and April.
Employers generally assess graduates through a number of criteria including assessment exercises, written tests, and manager interviews.
Join CPA Australia before you return home. Being an Associate member of CPA Australia will be an extra credential to your resume.
Skills and specialities in demand
While employers realise the benefit of staff retention, well rounding skills and technical ability remain the key competencies desired. A survey conducted by Michael Page International found the following skills are preferred by employers in the accounting and finance market:
- corporate governance
- business analysis, profitability analysis and business planning
- assurance and advisory services
- personal effectiveness (interpersonal and communication skills)
Source: Michael Page International 06 / 07 Salary Survey Finance and Accounting
Employers in Hong Kong are recruiting accountants at all levels, however positions with the highest demands are:
- audit / internal control
- commercial management and analysis roles
- mergers and acquisitions
- tax
- treasury
Source: Ambition, Accounting and financial recruitment, market trends and salaries report 2007.
Work permits
An employment visa is required for foreigners working in Hong Kong. For more information visit the Hong Kong's Immigration Department website.
Working conditions and lifestyle
Hong Kong has often been described as a vibrant, dynamic and cosmopolitan city with both eastern and western cultures. Combining 150 years of colonial influence and 5000 years of Chinese tradition, Hong Kong has unique qualities. The city has transformed from a fishing village to a world class financial trading centre that acts as a gateway to China.
With a population of over 7 million, Hong Kong's labour force is around 3.5 million. The Employment Ordinance is the primary piece of legislation governing conditions of employment in Hong Kong. The Ordinance covers a comprehensive range of employment protection and benefits for employees including:
- wage protection
- rest days
- holidays with pay
- paid annual leave
- sickness allowance
- maternity protection
- severance payment
- long service payment
- employment protection
- termination of employment contract
- protection against anti-union discrimination
More information can be found at the InvestHK website and the Labour Department website.
Information hubs
Visit the Useful websites section of the CPA Australia website for a full list of additional resources for graduates planning to work in Hong Kong, including:
- business directories
- educational
- professional bodies
- publications
- PRC websites
- recruitment
- government departments
- technical information
More information
- view information about the MRA
- visit the Hong Kong's Immigration Department website
- visit the the InvestHK website
- visit the Labour Department website
- visit the Useful website section on CPA Australia's website
- view Malaysia's contact details on CPA Australia's webiste
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