Overseas Financial Managers Eye China Market

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Last updated at: (Beijing Time) Tuesday, August 20, 2002

Overseas Financial Managers Eye China Market

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The weak world economy and accounting scandals in the United States have prompted many international financial executives and accounting organizations to look for new opportunities in the rapidly growing Chinese market.

The results of a survey conducted by the Association of Chartered Accountants (ACCA) in Hong Kong showed that more than 60percent of members believed a job on the mainland of China is bothsatisfactory and secure. Most of the accountants finding jobs on the mainland were financial controllers or managers.

Fion W L Yip, head of greater China affairs of the ACCA, said that the ACCA was placing unprecedented importance on increasing its exposure in China. She said the world's largest professional accountant organization was considering setting up its fourth representative office in the country.

It was also planning to enlarge the base of trainees in China and step up publicity and cooperation with employers, including state-owned enterprises, government and foreign-funded companies.

China has a high demand for highly qualified financial professionals after its accession to the World Trade Organization (WTO). The government estimates that China needs at least 300,000 senior accountants who are familiar with international practice and accounting rules.

However, the Chinese Institute of Certified Public Accountants has less than 130,000 members. Most are non-practicing accountants.It is the sole and largest professional accountant organization inthe country.

On the other hand, the influx of foreign direct investment in China has accelerated at a double-digit rate over the past two years. This helped widen the gap between demand and supply of professional accountants.

According to the ACCA, the managerial skills most in demand in China are highly qualified accountants who have more than eight years of work experience with multinational companies.

At present, the top four accountant companies in the world already have offices in China, introducing more and more professionals to the country to support rapidly expanding operations.

"The Chinese market is so big that everybody can have a slice of the cake," said Yip. "The question is who will get the lion's share."

Now at least five foreign public accountant associations have set up office in China, picking up trainees and giving qualification tests around the country. More than 8,000 local people have enrolled in ACCA courses, and one in every ten is already qualified.

As Chinese acceptance of overseas accounting practices spreads,training programs leading to relevant qualifications have become agrowing business. The first group of university students majoring in ACCA courses graduated from a southwestern school this summer. The first new "information system auditors" have completed a brief training program and sat exams by an Australian university in China.

It is estimated that more than 10,000 people are studying courses leading to membership of different foreign accountant associations around China.

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