Huge job opportunities are available in the banking industry in Hong Kong, and candidates with high calibre are always in hot demand.

Promising 2007
The recruitment market in 2006 has been very active, and it will be equally active in the next year, according to Guy Day, Managing Director, Asia of Ambition, who says there will be an increase of head counts for big banks such as investment banks in 2007.

Mr Day comments on the career prospects of the banking industry in terms of back-office roles such as accounting, auditing, IT and HR instead of front-line positions. He points out that more resignation is expected soon after Chinese New Year because people will have got their bonuses by January or February. He expects finance professionals to get significant bonuses this year. For example, chief finance officers will get a bonus of 12 months' pay. Even for junior positions such as accountants with 5 to 6 years of experience, they can get a bonus of 3 to 4 months' salary.

Yet, banks have already started to recruit new staff by the end of 2006 because in addition to job replacements, there are new job positions in the market. "Within the banking industry, compliance- and risk-related professionals are always in hot demand," Mr Day says.

Stay Competitive
The recruitment market in Singapore has been affecting Hong Kong recently. "In Singapore, the job market in banking is very active. Some jobs in Hong Kong have moved to Singapore because of the cheaper properties there. Staffing costs there are also lower," comments Mr Day, quoting a salary comparison of $100 in Hong Kong versus $70 in Singapore. He says this is beginning to impact on Hong Kong's job market, which used to have more jobs. "But the demand is usually higher than the supply in the job market. So, if job seekers are good IT or accounting professionals, and if they do not change jobs too often, they can still get a good job in Hong Kong."

High Calibre in Demand
In hiring, the selection is vigorous especially in investment banks in Hong Kong. Mr Day says financial institutions have high expectations for candidates because they offer a high pay to them. These institutions usually adopt an aggressive management style and require staff to work very hard. High job pressure is expected. In addition to be technically proficient in their field, candidates are expected to be willing to work long hours because they will be facing unpredictable work schedule such as attending late night conference calls. In terms of academic qualification, accountants will need a professional qualification, for example. "An MBA is needed if one wants to be involved in planning or strategic work in big banks," Mr Day comments. For working experience, big banks look for brand names of large banks on candidates' CVs because that means the candidate has reached certain standard and has received good training.

In large financial companies, candidates may need to go through a demanding recruitment process in which they may attend several rounds of interviews to meet 8 to 10 management staff, even for junior positions. It is because these companies want to hire candidates of the right calibre. Sometimes, it takes about 3 months for the whole recruitment process to complete.

First-Class Preparation
Mr Day advises candidates to be well-prepared for job interviews if they want to join this tough industry. "Candidates have to understand the bank's strength, niche, competition, structure, and size in Hong Kong." Job seekers are expected to know more than just those information found on the company website, and so they should find out the answers on the market. Mr Day also suggests candidates to pay attention to job interviews, in which making a good first impression is critical. Especially for job seekers who do not have much experience in working in large banks, they need to have very strong interview skills if they want to join these banks.

The Ambition Group is a recruitment consultant in Asia-Pacific founded and listed on the Australian Stock Exchange in 1999. The Group now serves customers in Hong Kong, China, Singapore, Sydney, Melbourne and Brisbane.