Accounting professionals in demand

Indeed, a shared theme across Asia Pacific (APAC) is the need for diverse skillsets. ‘Hybrid skillsets will allow professionals to navigate transformations and help companies innovate while maintaining tight cost control,’ says Elise Tok, principal consultant for commerce, finance and supply chain at Robert Walters Singapore.

Yet such candidates are hard to come by across the region. This is especially evident in New Zealand, says Megan Alexander, managing director at Robert Half New Zealand, where organisations are optimising existing teams and strategically filling critical skill gaps in financial analysis and business partnering.

‘New Zealand has a large pool of available finance candidates compared to recent years, yet a scarcity of high-quality expertise remains,’ she says. ‘While the volume of applicants may seem promising, businesses are finding it challenging to identify those who possess the skills and experience to excel in today’s demanding business environment. Employers need to be aware that stellar candidates are hard to come by.’

Sectors and roles

Sectors notable for accounting and finance recruitment activity will differ from country to country – the roles and skillsets required, far less so. In Indonesia, financial services and fintech, e-commerce, manufacturing, renewable energy and infrastructure will be hot areas, says Aureen Na, manager – commerce finance, at Robert Walters Indonesia.

‘Due to digital transformation and financial inclusion initiatives, financial services are seeking analysts, compliance officers, risk managers, and roles focused on digital banking and blockchain technology,’ she says. ‘The rapid growth of e-commerce platforms and tech companies will require robust financial management and analysis, so think financial controllers, revenue analysts, and positions related to digital payment systems and cybersecurity finance.

‘As Indonesia seeks to bolster its manufacturing sector, finance professionals will be needed to manage supply chain finance and international trade compliance,’ Na continues. ‘This means cost accountants, trade finance specialists and procurement analysts. Finally, government and private sector investments in renewable energy and infrastructure projects will drive demand for project finance managers, investment analysts and roles focusing on environmental finance.’

Kelly Wee, business director, accountancy and finance, at Hays Singapore, has noticed a high demand for finance business partners at the managerial level to oversee regional roles across South-East Asia and APAC. ‘There is a growing demand for finance business partners with strong soft skills, particularly in effective communication and the ability to work with large data sets. These professionals are expected to interpret and deliver insightful analysis from complex data, making them invaluable in driving strategic financial decisions,’ she says.

Financial planning and analysis (FP&A) specialists will be in demand to help optimise budgets and lower costs, while payroll professionals will be hot property, as will be environment, social and governance (ESG) and sustainability experts – all trends evident across the region. ‘Demand will grow for people with sustainability skills as businesses face stricter reporting requirements and pursue sustainability goals,’ says David Cawley, state director for New South Wales at Hays Australia.

In-demand technical skills include interpretation of accounting standards (IFRS, AASB and US GAAP); month-end management; Microsoft Excel (advanced); transactional accounting experience; business intelligence tools (TM1, Power BI and Tableau); enterprise resource planning systems (ERP – SAP and Oracle); financial and data analysis; FP&A/commercial finance; costing and budgeting; consolidation; and financial modelling.

Salary movements

While salaries have stabilised in some cases, finance leaders need to show willing to secure unique skillsets. ‘Individuals with a proven track record of success and a demonstrated ability to drive results can command higher salaries,’ says Alexander. ‘The demand for high performers is evident across all levels, from entry-level positions to senior management roles. Companies are acutely aware of the value that exceptional employees bring to their organisations and are prepared to compensate them accordingly.’

Candidates with ESG expertise, digital transformation experience, ERP systems, strong analytical capabilities or a proven track record in cost reduction/profit maximisation can command higher salaries.

In Australia, Cawley expects to see a modest salary increase for entry-level positions (2%-4%) and 4%-6% for mid-level professionals such as financial analysts, management accountants and senior accountants. He believes that salary growth at the senior level is likely to remain stable at 3%-5%, although Robert Husbands, manager at Michael Page Australia, thinks senior professionals could command as much as 8%.

In Singapore, the high demand for skilled financial analysts is driving up compensation, says Nicole Gorton, director, strategic APAC accounts, at Robert Half. ‘At the top end of the market, organisations are laser-focused on securing high-performing leaders, particularly FDs and CFOs,’ she says. Ng expects salaries in Singapore to increase by 5%-8% for junior employees, 8%-10% at the mid-level salaries, and senior salaries by 10%-12%.

Meanwhile, in Hong Kong, Mandy Law, senior manager in finance and HR at Robert Walters Hong Kong, anticipates a 20%-25% rise for juniors, 10%-15% at the mid-level, and 5%-10% for senior roles.

In Malaysia, Sheryn Chan, manager, accountancy and finance, at Hays, expects a 10%-20% salary rise for juniors, 15%-25% at the mid-level, and 10%-30% for senior roles.

Other benefits

‘Companies can stand out from the competition and secure the best talent by going beyond workplace flexibility and offering benefits that employees truly value,’ says Gorton.

Unsurprisingly, flexibility will remain a key focus, with companies offering hybrid work options and personalised benefits packages, says Husbands: ‘Expanded mental health support and sustainability-linked perks are also gaining traction. Skill development programmes will expand to address talent shortages.’