Accountancy and finance is expected to remain one of the white-hot areas of recruitment in 2007. But how can you stay ahead of the pack to advance your career this coming year?

As 2006 draws to a close and the New Year approaches, we naturally consider the year ahead and many accountants re-evaluate their career goals and apply for a role that will advance their career.

However even in a market where skills are in demand, you need to be the right candidate with the right skills or potential, having done your research and wanting the job, performing well at interview and assessment. Nobody is guaranteed an instant job offer so if you plan to advance your career in 2007, you must do all you can to stand apart and give yourself a competitive edge.

Your first step in advancing your accounting career long-term is to compare your current position to your ideal position. Is there a disparity? Do you see yourself fitting well within a big multi-national, or would your ideal employer be a small local firm? This is an important decision as it determines your next move – to focus your career as either a generalist or a specialist.

Due to the distribution of personnel, accounting professionals in large corporations generally specialise in a particular field rather than becoming involved in broader aspects of the department. For example, you may be assigned to accounts payable or receivable, work as a financial accountant responsible for book closing, or be a management accountant responsible for analysis and generating reports. You will focus on this particular specialisation with only limited exposure to areas outside your scope of focus. In this case, it is worthwhile completing additional studies or research and immersing yourself in your chosen area to become the expert of your specialisation.

If you are seeking a generalist career, smaller companies offer you the opportunity to advance your skills in a multitude of areas, from accounts payable and receivable, to book closing and analysis and reporting. In this case, it is advisable to advance your career by being aware of the changes in the market, especially changes in accounting regulations and laws. Remember, you are the only person your manager can rely upon for the company's finance and accounting, so ensure your knowledge is accurate and up to date so when you are called upon, you will excel.

In addition to technical skills and knowledge today's employers, particularly sizable firms, seek candidates with broader exposure. For example, an auditor may have the necessary technical skills but employers seek candidates with experience auditing listed companies due to the perceived broader exposure and knowledge, hands-on skills, and systematic documentation skills this provides. Similarly, employers seek financial controllers with experience at group level, who can consolidate books for the whole group and have experience with an international firm. At the support level, employers seek candidates with higher academic qualifications, who they see as quick learners able to grasp concepts at a faster pace.

If 2007 will hold a transition from professional practice into commercial companies, be prepared. This is not always an easy transition because significant numbers of candidates seek commercial exposure, creating strong competition. It is consequently important you maintain a competitive edge by exploring a number of avenues. Build a good network of contacts within the finance community by attending events and meeting people within the commercial sector.

Membership of professional bodies will also be a definite advantage to candidates looking to advance their career in 2007. These bodies provide candidates with industry knowledge, access to key contacts and keep you up to date with changes in accounting standards, procedures and issues facing finance professionals. It will facilitate a forum for like-minded professionals to meet regularly and share information.

While it may sound obvious, when attending an interview ensure you know your own working history. Read your CV thoroughly and practice speaking about your daily, weekly and monthly tasks. Prepared candidates who discuss details make a positive impression and you should be able to provide specific examples which highlight key achievements and detail how you became involved in these projects.

Furthermore, many accountancy candidates fail to sell their personality in an interview – you should always hold eye contact, have a firm handshake and be able to enjoy a light preliminary introduction and general conversation. Prepare some questions to ask at the end of the interview, which will ultimately reflect why you want to work in the company and demonstrate you are conscious of making the right move into the right organisation.

Despite current market conditions and candidate shortages, employers in Hong Kong take procedures seriously. Consequently you should be prepared for a lengthy recruitment process which can take between two to four months, excluding notice periods.

Written by: Emma Charnock, General Manager of Hays Hong Kong