Hong Kong Career Blog

Two of the Big Four firms have recently announced some rather lofty recruitment and training goals for the coming years.  According to Accenture’s own website, the firm expects that “by 2015, Accenture it will equip 250,000 people around the world with the skills to get a job or build a business”.  And as to Deloitte, they have claimed that  they are going to hire an average of 50,000 people per year over the next five years.  Those are huge numbers, and a lot of that speculation is based on optimism about growth in emerging Asian markets.  However, there is plenty of skepticism over at the Big Four Blog:

“While we cannot really say whether Accenture will succeed in its goal of 250,000 jobs by 2015 (and how exactly this will be measured and tracked), the foundation of such an ambitious endeavor seems to be well thought out and in place. The three pillars outlined above should provide the impetus for Accenture, its people and its partners to realize their lofty vision – the commitment, progress and money certainly seem to be there.

Next, let’s analyze Deloitte. :Let’s start by saying that the details on the “50,000 by 2015” are quite sketchy. The Financial Times makes a brief mention about a statement that Deloitte made on Monday September 13, 2010 when it released its 2010 financial results that, “Deloitte… would hire an average of 50,000 workers a year during the next five years…”

There’s slightly more from the Guardian of the UK’s website, “The firm s existing workforce numbers 170,000, including 12,000 in Britain. Its planned hiring rate will raise this to 225,000 by 2015.”

There’s nothing we could find in the official Deloitte press release or from a special Deloitte statement or from the US papers or website on this. But be that as it may.

Doing the simple math leads to an incorrect conclusion in our opinion. If you simply multiply 50,000 by 5 to get 250,000 and then add that to Deloitte’s current employee level of 170,000, you end up with 420,000 employees in 2015. That’s an enormous number by any standards and even when you compare it to the almost 600,000 that work in all the Big Four accounting firms today.”

Probably an accurate assessment of the situation, but tone down the expectations by even a third and the outlook for new jobs with Accenture et. al.  look very good in the coming years.

To see some of the jobs we have for accounting professionals in emerging markets, please visit us at Ambition Hong Kong.

As we’ve mentioned in recent posts, recruitment in Hong Kong (and Asia in general) is still on the rebound and we get scores of requests from firms who are looking for talented professionals to fill key roles.  So, as ever, this week we’re featuring some of our latest, most attractive job opportunities. Below are just a couple examples of the kind of opportunities waiting for both expat and local job seekers:

1. Derivatives Product Control Manager (Supervisory Role)

Our client is a reputable and rapidly growing international bank committed to growth in Asia. To bring their business to greater heights, they are looking for an experienced Product Control Manager to lead the Equity Derivatives team.

This is more a supervisory role. You will be responsible for reviewing the completion of daily P&L and the month-end process performed by subordinates. You are expected to lead and coach the teammates to resolve complicated issues and build a strong business partnership with the front office such as traders. In addition, you will lead and drive project initiatives. Product coverage of this role is Structured Equity Derivatives. This role is also open to candidates who have strong derivatives experience but not necessarily from Equities.

To qualify, individuals must possess:

• A university degree in business or mathematical discipline
• Qualification in CFA or/and FRM is preferred
• Minimum of 5 years experience in Product Control or Middle Office function
• Experience in derivatives products
• Strong analytical skills and system skills (Excel, basic VBA, modelling, etc)
• Excellent interpersonal and communication skills
• Fluency in English and Cantonese

2. Staff Accountant – Leading Global Private Equity Firm

Our client is a leading Private Equity Fund house with extensive operations in Asia Pacific. Currently they are experiencing accelerated growth in the business and require a talented Staff Accountant to support the finance team.

Reporting to the Asia Controller, your primary focus will be to support the accounts payable function for the Asia Pacific region. Other duties involve bank and balance sheet reconciliation, performing accounting entries, producing financial statements and analysis with supporting schedules for period closing. In addition, you will be performing cost allocation, monitoring daily cash flow, performing cost allocation on professionals expenses and reviewing management accounts of overseas offices. You will also be expected to perform ad hoc projects and support the ERP system rollout. This is an excellent opportunity for talented candidates to enter one of the worlds foremost Private Equity Houses which is committed to growing and retaining its talent through developing their exposure within the business.

To qualify individuals must possess:

• Accounting or Business Degree
• Minimum 3 years of experience in accounts payable and / or financial accounting from a financial institution or MNC
• Familiarity with financial services industry is a plus
• US GAAP and IFRS experience is highly advantageous
• Good initiative, ability to work independently and willing to work under pressure
• Excellent communication and presentation skills in English, Mandarin skills will be highly advantageous

To find out more about these jobs and to search for other openings, please visit our job search page at Ambition Hong Kong.

As the job market and overall economy in Hong Kong improves, we have been receiving a growing number of requests to search for candidates recently. Each week, we will continue to feature some of our latest, most attractive job opportunities. Below are some of the newest positions for which our clients are recruiting:

1. Quality Assurance Manager

With offices in Europe and Asia, our client offers strategic marketing solutions to diversified retailers across both regions. They are committed to delivering top quality services and products to their clients. With ongoing expansion plans a new opportunity exists for talented individual with proven, relevant experience to join the team.

Based in Hong Kong and reporting to the Senior Manager, your prime responsibility will be to develop the testing strategy and standard for the full range of household and premium merchandise produced by the business’ manufacturing partners, for use both in Europe and Asia.

As the Quality Assurance Manager, you will be working closely with the head office to define product specifications and ensure all product testing and results consistently meet client’s quality, international safety and legal standards. At the execution level, you will conduct quality testing from sample development through to shipment delivery. This is a stand alone role and you will need to be resourceful and capable of being a key point of consultation for all quality issues.

To qualify, individuals must possess:

• Min of 6 years’ experience from a manufacturing or retailing environment
• Experience with international quality standards and legislation issues
• Practical knowledge of production and product testing
• Excellent communication skills in English and Cantonese, Mandarin is a plus
• Team player spirit, flexible and open minded
• University degree in Engineering or equivalent education

2. VP Equity Derivative Market Risk

Our client is leading European Wholesale Bank with a solid expansion plan in Asia. As part of new initiatives to develop and expand the Equity Derivatives business in Hong Kong, a newly created position has arisen for an experience Market Risk Manager to join the team in Hong Kong.

Acting as a deputy to the Head of Equity Derivative Market Risk, you will support the global equity derivatives business on market risk management and interact with the trading team and regional market risk team. You will review and analyse the equity trading book positions, highlighting significant outright and embedded risks. You will perform backtesting and VaR data analysis and investigate breaches. Working with the trading desk on understanding the risks and trading strategies, you will review new products and evaluate risk capture, monitoring and valuation. You will compute monthly provisions and familiarise with local and FSA regulatory capital requirements. In addition, you will implement new risk engine, perform UAT, implement value at risk on new risk engine and to write up backtesting P&L requirements. You will also be involved in the setup of daily risk sensitivities for risk limit monitoring, setup and run stress testing and spot-vol scenario matrix.

To qualify, individuals must possess:

• A university degree preferably with a quantitative focus
• Around 5 to 8 years of related experience in equity derivative and exotic products with at least 3 years in a market risk function
• Strong understanding of risk greeks and value at risk methodologies as well as pricing models including limitations and weaknesses
• Excellent communication skills with fluency in English

To find out more about these jobs and to search for other openings, please visit our job search page at Ambition Hong Kong.

As the job market and overall economy in Hong Kong improves, we have been receiving a growing number of requests to search for candidates recently. Each week, we will continue to feature some of our latest, most attractive job opportunities. Below are some of the newest positions for which our clients are recruiting:

1. VP, Team Leader of Equity Exotics & Volatility Product Control, Asia

Our client is a leading Global Investment Bank with growing activities in Capital Markets area in Asia. To further develop their Asian business, they are currently upskilling and strengthening the support in the Equity Derivatives Product Control function and are seeking a high-calibre Regional Team Leader for the Exotics & Volatility team, based in Hong Kong.

Reporting to the Regional Head of Product Control Equity Derivatives, you will lead a team of experienced Product Controllers in Asia covering the Exotics Derivatives and Volatility books. You will supervise the team on P&L production and explanation, look into the risk positions, review trade bookings, ensure correct use of models and accuracy of data feeds. As a team leader, you will perform reserves calculations, valuation adjustments and advise on the P&L impacts. In addition, you will also review monthly balance sheet, explain on movements and perform funding analysis. Working with other product control teams, you will assist on new product reviews, provide solutions on queries from trading desks and participate in regional and global projects.

To qualify, individuals must possess:

• A university degree. CFA, FRM or accounting qualifications would be highly advantageous
• Minimum 8 to 10 years relevant experience in Derivatives Product Control
• Knowledge of Equity Derivatives
• Experience in other Derivatives products group would also be considered
• Strong control mind-set
• Team management skills with ability to work with junior to senior level staff
• Excellent communication skills with fluency in English

2. VP Equity Derivative Market Risk

Our client is leading European Wholesale Bank with a solid expansion plan in Asia. As part of new initiatives to develop and expand the Equity Derivatives business in Hong Kong, a newly created position has arisen for an experience Market Risk Manager to join the team in Hong Kong.

Acting as a deputy to the Head of Equity Derivative Market Risk, you will support the global equity derivatives business on market risk management and interact with the trading team and regional market risk team. You will review and analyse the equity trading book positions, highlighting significant outright and embedded risks. You will perform backtesting and VaR data analysis and investigate breaches. Working with the trading desk on understanding the risks and trading strategies, you will review new products and evaluate risk capture, monitoring and valuation. You will compute monthly provisions and familiarise with local and FSA regulatory capital requirements. In addition, you will implement new risk engine, perform UAT, implement value at risk on new risk engine and to write up backtesting P&L requirements. You will also be involved in the setup of daily risk sensitivities for risk limit monitoring, setup and run stress testing and spot-vol scenario matrix.

To qualify, individuals must possess:

• A university degree preferably with a quantitative focus
• Around 5 to 8 years of related experience in equity derivative and exotic products with at least 3 years in a market risk function
• Strong understanding of risk greeks and value at risk methodologies as well as pricing models including limitations and weaknesses
• Excellent communication skills with fluency in English

To find out more about these jobs and to search for other openings, please visit our job search page at Ambition Hong Kong.