Finance hires on the rise

With falling economic growth, uncertainty fostered by geopolitical issues, supply chains refocusing, and the country’s sphere of influence changing as well as growing, China’s current market for accounting and finance recruitment is complex and diverse.

Andrew Brushfield, director at Robert Half China, says: ‘On the positive side, economic recovery, government initiatives, a burgeoning domestic market and a strong focus on innovation propel the accounting and finance industry forward. The demand for skilled professionals in risk management, investment banking and wealth management remains high, underlining their pivotal role in supporting and driving economic development.

‘However, geopolitical tensions, concerns over automation, talent shortages and a slower growth rate in the last two years present obstacles that require strategic navigation. Despite the slower growth, the market has not experienced a drastic downturn.’

Echo Wang, business director at Hays China, expects large multinational companies to ease off on recruitment, with accounting-related jobs increasingly outsourced to financial shared services centres in South-East Asia. She says: ‘At the same time, there is a shortage of candidates to fill key finance roles. Recent job openings come with employers preferring individuals with extensive industry and project experience. Recruitment cycles for these positions have also lengthened. Simultaneously, budget constraints are more pronounced compared to 2023.’

Hot and not

Nevertheless, Chinese multinationals and smaller companies alike have become more active, Brushfield says. He adds: ‘The landscape is not uniform across industries, with financial services and consumer goods emerging as strong sectors, fuelled by rising consumer spending and the growth of domestic brands. Conversely, manufacturing and real estate face challenges due to market corrections and regulatory changes.’

Rosa Luo, associate director at Michael Page China, expects that over the year, the change in talent demand will become clearer, with a focus on fundraising, state-owned enterprises, government investment returns, science and engineering, post-investment management and exits. ‘Everyone needs to embrace these changes,’ she says.

Luo adds that cautious recruitment demand, particularly for replacement positions, may result in an increase in confidential hiring (ie the employer initially remains anonymous to the headhunted candidate). This can be to protect the incumbent being replaced, or because a business is unknown, unattractive or highly attractive, or simply to keep the search a secret from competitors.

The boom in Chinese private enterprises ‘going overseas’ has also driven the demand for finance hires, says Sophia Zhang, associate director at Robert Walters Suzhou. ‘Candidates with a background of overseas working and study, experience in overseas team management, finance management, mergers and acquisitions, are still in short supply.’

Lastly, there are persistent challenges employers need to address, such as attracting and retaining top-tier talent, developing future-ready skills, and navigating cultural differences in a diverse market, says Brushfield.

Evolving skills

Brushfield expects a dynamic shift in the hottest accounting and finance skills in 2024. ‘Foremost among these is a strong emphasis on data analysis and visualisation, highlighting the growing significance of leveraging data-driven insights for informed decision-making. Professionals equipped with expertise in financial modelling and valuation are also highly sought after, underscoring the demand for individuals who can navigate complex financial scenarios and contribute to strategic planning.’

Similarly, the impact of new technologies is undeniable, he adds. ‘Automation, AI, big data and analytics, and cloud accounting are reshaping traditional processes and creating a demand for professionals who can adapt to and leverage these technologies. The ability to integrate and harness these tools is becoming increasingly essential for staying competitive in the ever-evolving financial ecosystem.’

Business acumen is another major trend. ‘Professionals are expected to go beyond traditional roles, being highly commercial in their approach,’ Brushfield says. ‘This entails not only a proficiency in financial matters but also the ability to extract valuable insights from data and make commercially sound decisions. The integration of finance and business strategy is becoming more pronounced, requiring professionals to bridge the gap between financial expertise and strategic business acumen.’

Salary movements

‘Salaries in China exhibit a degree of stability across various industries, providing a solid foundation for professionals,’ Brushfield says. ‘However, the key to unlocking substantial salary growth lies in strategically aligning with in-demand skills, acquiring relevant qualifications and showcasing leadership potential.’

Job-hopping junior and mid-level candidates can continue to demand a salary bump of around 20%, according to the Robert Walters 2024 salary survey. Senior-level candidates, however, are more likely to encounter two dynamics. Zhang says: ‘Candidates in short supply – those meeting an employer’s experience and seniority wish list – will have more negotiating leverage, but salary reduction, alongside shrinking candidate expectations, is also the norm.’

Wang says that salaries in 2024 will increase by 15%–25% for junior roles, stay flat or grow by 10%–25% for mid-level positions, and either increase up to 20%, remain flat or even fall by 10%–30% for senior professionals.

Benefits packages

Overall, there will be few notable changes to benefits packages beyond salary in 2024. ‘Flexible working has become more common, but the trend has slowed due to the economic downturn,’ Luo says. ‘However, there is an increasing focus on employee mental health, and private enterprises are increasing their investment in learning and development.’

Zhang is seeing more businesses focusing on building good employer brands and implementing equality, diversity and inclusion policies to attract strong candidates. Options, shares and retention bonuses are also on offer.