Some high-school students may think that a job in accounting would be tedious and repetitive. But as Alex Cho, CEO of Sino Corporate Services explained, it is a dynamic and rewarding career that gives exposure to a variety of areas of business operation.
Cho was speaking to a group of Form 5 students who are studying business, accounting and financial studies at St. Rose of Lima's College, as part of the Chamber's Business School Partnership Programme.
He explained that not only is accountancy an interesting profession, it is also one that will always be in high demand, with plenty of opportunities available.
"Accounting and company secretarial services are considered professional services," Cho said. "These services are essential to all businesses across all industries."
This is especially the case in Hong Kong, as the requirements for establishing a private limited company here are lower compared to other regions and countries.
Cho explained that setting up a company – including opening a corporate bank account, determining the shareholders and obtaining a registered office address – can be done in just a few working days. And all of these businesses will need accounting services.
The huge variety of companies in Hong Kong means that accountancy professionals can choose to work in a range of business environments, from small family firms to multinational corporations, and across all sectors.
But while there are plenty of opportunities available in accountancy, pursuing a career in this area still takes years of effort. Studying accounting at university provides students with fundamental knowledge and skills, but this is just the first step to a career in accounting or corporate governance and compliance.
To advance as an accountant or company secretary, individuals are required to pass a series of examinations before becoming a certified public accountant (CPA), although work experience also counts towards receiving this qualification. Local certification authorities include the Hong Kong Institute of Certified Public Accountants (HKICPA) and the Hong Kong Chartered Governance Institute.
Once you have become a CPA, continuing education is necessary to retain your status. Cho explained that all HKICPA members are required to fulfil continual professional development (CPD) requirements to retain their registration as a CPA. Different types of CPD activities also help practitioners to stay up to date with the evolving business environment, and also serve to assure employers and clients of the accountant's professional competence.
During the Q&A session, the students discussed with Cho how practitioners can stay competitive in such a dynamic industry. He explained that new developments are emerging all the time, such as changes in legislation and technology advances. These all affect accounting practices, so accountants need to keep abreast of all the latest changes and trends.
In conclusion, Cho told the students that the experience and skills gained in accounting would also be useful in various ways in the professional world, opening up diverse career pathways besides accountant and company secretary.