Qualification required for Financial Controllers in HK

Due to my recent involvement in teaching in Accounting programme, I encounter a problem: do people need HKICPA to be employed as Financial Controller(s) in HK, especially in listed companies. I find that discussion about ACCA and HKICPA qualification are getting tricky (and emotional). Briefing sessions by some Professional Bodies can be quite biased and confusing (like a typical promotional talk by sales people in commercial enterprises). I am a teacher and my concern is for students to be a competent intellectual with good employability. Not to get too involved in the "debate", my findings are that:

a. If you want to be a CPA in HK (qualified external auditor in Hong Kong), you need to go through the HKICPA scheme.
b. If you want to be a Financial Controller in HK, e.g. in a listed company, it is not compulsory, legally speaking, that you must be a member of HKICPA. [see also video from Youtube and related article (pdf)] If you work for a non-listed company, the case is also clear [not a must to be a member of HKICPA to take up the post]. [I will keep verifying this point.]

To find out more about the concern on professional qualifications, I studied some recruitment advertisements from Career Post as follows:

Quote ****

Case 1
Financial Controller (Ref: ECG_FC)
Company Name: EMPEROR CAPITAL GROUP


The Group provides a wide range of financial services, including (i) brokerage services for securities, bonds, funds, futures, options and derivative products that are traded both in Hong Kong and overseas; (ii) financing and corporate finance advisory; and (iii) wealth management and asset management services. The Group is listed on the main board of the Stock Exchange of Hong Kong (Stock Code: 717).
We are looking for a high caliber candidate to fill in the following position:



Responsibilities

•A member of senior management team who will be in charge of the overall financial planning, accounting, budgeting, analysis, forecasting and tax issues
•Prepare consolidated accounting reports
•Responsible for annual and interim audit and reporting in compliance with listing rules
•Establish and maintain internal financial control disciplines and compliances, as well as ensure compliance with the relevant stock exchange rules and regulations
•Provide professional financial advice to management on business deals and investments
•Participate in ad hoc assignments and projects

Requirements

Degree in Accountancy or equivalent Professional Qualifications
•Minimum 10 years of relevant experience, solid experience in banking industry / financial institutions is a must
•Strong knowledge in Hong Kong Accounting Standards, Listing Rules, Securities and Futures Ordinance and Hong Kong Inland Revenue Ordinance
•Possess strong business and commercial acumen
•Composed and able to work in extreme fast pace & demanding environment
•Excellent command of written and spoken English and Chinese
•Ability to manage people and communicate effectively with all levels of management
•Sensitive to figures, details minded, self-motivated, independent, well-organized with strong analytical and problem solving skills


Case 2
Director of Finance (Ref. 13091109)
Company Name: THE HONG KONG POLYTECHNIC UNIVERSITY


The Institution
The Hong Kong Polytechnic University is the largest government-funded university in Hong Kong in terms of student number. There are over 32,500 undergraduate and postgraduate students, and more than 3,600 regular staff. The University maintains strong partnerships with the business and industrial sector, while expanding its role as a research institution. The University is committed to the highest international standards of excellence in teaching and research. The University has a comprehensive range of study programmes and research disciplines spread across six faculties and two independent schools.

For further details of the University, please visit its website at http://www.polyu.edu.hk.

The Position
The Director of Finance will assume overall managerial responsibilities on all functions of the Finance Office, including quality assurance, budgeting, accounting, reporting, treasury management, investment and financial risk management, tendering and procurement, staffing, staff development and providing strategic leadership. The appointee will be required to advise the Council, President, Executive Vice President and Senior Management on all aspects of the financial management of the University, and prepare the University and Consolidated Annual Budget, annual financial statement, triennial estimates and annual budget reviews and those of its subsidiaries. He/She will administer the retirement schemes of the University and monitor the investments on behalf of the Trustees. He/She will also act as Secretary to a number of major committees of the University including finance, investment and audit related matters and perform any other duties and responsibilities as assigned.
For further details of the Finance Office, please visit its website at http://www.polyu.edu.hk/fo/.

Candidate Profile
The ideal candidate should possess extensive relevant professional and management experience at senior level in sizable organizations, and preferably with some experience in publicly-funded organization(s) in Hong Kong. He/She should be well connected with the financial services sector, public accounting, legal and other professional bodies and a self-motivated leader who advocates a high standard of performance, with an emphasis on productivity, efficiency and quality of services. The ideal candidate should have a recognised degree preferably in Business Administration, Finance or related areas with relevant professional accounting qualifications. Proficiency in both written and spoken English and Chinese is required. A good understanding of the higher education sector in Hong Kong will be an advantage.

Case 3
We, MGB METRO Group Buying HK Limited, are the Strategic Buying Organization of the METRO Group. METRO GROUP ( www.metrogroup.de) is one of the largest and most international retailing companies. In 2012 the Group reached sales of around € 67 billion. The company has a headcount of more than 280,000 employees and operates around 2,200 stores in 32 countries. The Group's performance is based on the strength of its sales brands which operate independently in their respective market segment: METRO/MAKRO Cash & Carry – the international leader in self-service wholesale, Real hypermarkets, Media Markt and Saturn – European market leader in consumer electronics retailing, and Galeria Kaufhof department stores.


MGB METRO Group Buying HK Limited ( www.metro-mgb.com.hk) is responsible for the Import and Export Management and provide full sourcing solutions to the METRO Group Sales Divisions. /cms/221178893

We now invite the right candidates to join and grow with our international team. The following opportunity is now open:



The Job:
•Prepare monthly, quarterly and yearly management reports
•Assist in preparing yearly budget and quarterly forecasts in accordance with corporate policy
•Assist supervisor in monthly financial closing
•Control intercompany recharging
•Follow up cost control in the area of freight, lab test cost and artwork cost
•Handle projects assigned by supervisor
Requirements:

•Degree in accounting or finance
•Aduit experience is preferred
•Experience in ERP and SAP
•Sound PC skills especially MS office
•Strong communication skills
•Good Project Management skills

Case 4
Chief Financial Officer
Company Name: GRANT THORNTON HONG KONG LIMITED


Grant Thornton Hong Kong Limited is the Hong Kong member firm of Grant Thornton International Ltd,one of the world's leading organisations of independent assurance, tax and advisory firms. We arefully integrated with Grant Thornton China, benefiting from the strong support of the national platform across mainland China, with 17 offices and over 2,700 staff.

Our client is a reputable and well known building services engineering firm in Hong Kong. It is a well established business, in a growing Hong Kong and Macau market and brings the expertise of more than two decades of contracting experience in all aspects of engineering services to its customers. To strengthen its footprint, it is looking for a confident and energetic CFO to lead its expansion and strategic plans in Hong Kong and Macau region.

Job description:

•Reporting to the Directors and leading a finance team in Hong Kong
•Take full responsibility for the finance and accounting activities for the company at the Group and operational levels
•Take particular responsibility for statutory reporting, risk management & controls, managing relationships with banks, as well as investor relations
•Formulate and implement internal control and financial policies/procedures as well as statutory compliance and treasury functions
•Advise the directors on the existing and potential M&A opportunities and evaluation of new market growth opportunities from the financial perspective
•Lead ad hoc financial related projects
Requirements:

University degree holder in finance or accounting and a professional qualified accountant
•15+ years of finance and accounting experience with at least 10 years' post qualification experience gained from a multinational environment
•Excellent communication skill in English and Mandarin with the ability to deliver presentation independently in both languages
•Strong in financial planning and analysis, treasury function, sound experiences with accounting standards, tax and regulations throughout the region
•Confident, excellent integrity, analytical and problem solving skills
•Good leadership skills and interpersonal skills are essential


Case 5
FINANCIAL CONTROLLER - GLOBAL LUXURY BRAND (Ref: CD1509)
Company Name: PRIME CALIBRE


Prime Calibre, as part of the Recruit in Asia Group is a leading provider of Sales and Marketing professionals to a diverse range of clients.

We always closely match our Jobseekers experience and qualifications with the requirements of our clients to ensure maximum job satisfaction and career growth.

Key to our success is our knowledge of Sales and Marketing positions and the market that we operate in. Feel free to contact us for advice or referrals and know that we always have your best interests in mind.


ROLE SUMMARY:

Reporting directly to the Group CFO, you will be leading a small team overseeing the daily accounting operation of the company in full spectrum of finance and accounting duties of the company in HK and Asia Pacific as well as consolidations, budgeting, forecasting, taxation and business performance analysis

RESPONSBILITIES:

•Monitor the daily operations of the finance department and provide guidance to finance staff
•Ensure statutory compliance to law and regulations per local and overseas authorities and corporate standards
•Handle tax issues, annual audit and liaise with auditors
•Participate in reviewing and formulating accounting policy and procedures
•Monthly closures of all brands under the company
•Financial reporting for each company with complete breakdown of details for management review
•Set up and implement standard operating procedures related to financial statement close process to ensure monthly reporting cut-off within 5 business days of month-end
•Set up policies and procedures to ensure proper internal control and compliance of regulations.
•Primary party to liaise with auditors


REQUIRMENTS:


•Analytical, process and control oriented, technical competence
•Proven work experience of using sizable ERP and reporting systems
•Solid experience in consolidation and proven team management experience
•Strong system and data manipulation skills
•Proven ability to lead team to deliver results
•Qualified Accountant with over 8 years relevant experience, including at least 4 years working in a controlling capacity
•Degree holder in Accounting / Finance or related discipline
•Excellent command in both spoken and written English and Chinese (Cantonese and Putonghua)


Case 6
Financial Controller (Ref: FC-030913-CP)
Company Name: SPIDERNET RECRUITMENT SERVICES


Responsibilities:
•Responsible for overall finance management and lead the teams to manage day-to-day financial and accounting operations.•Develop, monitor and control of business planning and finance management systems including forecasts, commercial reporting, investment planning and budgeting.•Analyse financial data for the management in business decisions•Identify opportunities for enhancement of business effectiveness and improvement of operational efficiencies.•Implement internal control systems•Provide technical expertise and advice on financial and tax issues to functional or operational areas managers to help them develop revenue and expense budgets, understand financial reports, and manage their financial responsibilities. •Liaise with external auditors, bankers, legal and tax advisers. •Coach and develop the teams.•Participate in ad hoc projects as requested by the management.•Reviews accounting, financial, and other operations by measuring and evaluating the effectiveness of accounting and managerial controls.•Contributes to the formulation of audit policy and procedures.•Recommends policy and systems changes to senior management in the light of audit reviews.

Requirements:
Degree or above in Accounting/Finance with relevant professional qualifications. •Minimum 10 years accounting and financial control experience with 3 years at similar level of Financial Controller in sizable organizations.•Solid PRC exposure gained from Media or Internet related industries is highly preferred.•Devoted, analytical, competent and with good business acumen.•Diligent with strong attention to detail.•Familiar with PRC finance and tax regulations and practices is essential.•Good command of both spoken and written English and Chinese (spoken Mandarin is essential)



Case 7
REGIONAL FINANCIAL CONTROLLER (AP)
Company Name: --


To qualify, individuals must possess:

•5+ years of relevant experience in a similar capacity in a manufacturing environment. Experience in regional accounting will be a MUST. Preference will be given to those from a US MNC background.
Professional certification qualified accountant ACCA/HKICPA/AICPA etc.
•Experience in US & tax reporting and US GAAP
•M&A related & ERP system implementation experience are definite advantage
•A self starter who is high personal integrity, visionary and mature;
• Proficiency in English, Cantonese and Mandarin will be essential


Responsibilities

•Setting up, implementing and ongoing review of the internal control system for the group in Asia Pacific;
•Consolidating financial and management reporting of the region for local management as well as the US headquarter;
•Being responsible for preparing financial and cash flow budgets and forecasts;
•Being responsible for preparing statutory accounts for external audit and tax filing purposes;
•Leading the finance team across the Asia Pacific region;
•Overseeing the operation of the finance department eg. banking, payroll and legal matters;
•Willing to travel to Mainland China and S.E. Asia countries to liaise with affiliates in the region



Case 8:
Take the case of 759 (stock code), the senior management team members in Financial Management of the company are not members of HKICPA.

*******
Having done my Internet investigation, I want to get rid of some distorting messages in the labour market, so that students are better informed in deciding whether to puruse ACCA or HKICPA study route. Some students told me that it is "important" to gain the HKICPA qualification because Members of HKICPA can sign auditor reports while members of other professional accounting bodies cannot. Based on my Internet search, this is true: Auditors (in HK - must be Members of HKICPA) sign Auditor's reports); my understanding is: Auditors sign auditor's reports; Directors sign Director's reports... now, if I am a CFO, of course, I do not sign Auditor's reports. In short, Directors and CFO do not sign auditors' reports. Back to the same position, if I want to be a CFO, it is not legally compulsory that I must be a member of HKICPA.. see a related doc on this topic. And you, as a CFO or Director, do not need to be a CPA [thus a member of HKICPA] to appoint a CPA as your company's auditor(s).


As an educator, I suggest students should take a look at the assessment methods and the syllabus of papers offered by individual professional bodies to see if they appear interesting and suitable to you. I do encourage accounting students to study for professional accounting exam after graduation, making use of the professional accounting exam scheme as a mean for meduium-term professional development. Subsequently, they can also make use of the CPD schemes of the professional bodies for long-term professional development.

Note: if you are totally committed to a specific Accounting position and there is a mandatory requirement that you be a full member of HKICPA [based on your verified information], then you go for it via the HKICPA scheme. I just do not want my students to be confused by all the emotionally charged "debate" per se, in their evaluation of what professional bodies to join and what exam subjects to study. ACCA members can, after sitting for some HKICPA exam, join HKICPA, see related doc. [By the way, for those who are interested in Management Accounting, there is Chartered Institute of Management Accountants (CIMA).] In my view, behind all the "debates" on professional accounting qualification in Hong Kong, there is an intense marketing communication/ information warfare between the major professional accounting bodies; the motto is: "if they cannot convince you [to join them], they confuse you" [intentionally as well as unintentionally]. At the same time, these professional bodies are lobbying with the government and other stakeholders to influence legislation, regulation changes as well as industry practices/ norm changes in their favour. Thus, students need to be critical in order to evaluate capably the various options of study in the accounting field. . [As an educator, my main concern is on enlightening management education]. It is also a good idea, subsequently, for students to diversify into other business fields, e.g. Human Resource Management, Information Systems, Logistics, Commercial Law, etc..

Reference
Internet resource



I note the following from wikipedia article "Overseas bodies as HKICPA/CPA equivalent under Professional Accountants Ordinance are:

Association of Chartered Certified Accountants (ACCA)
American Institute of Certified Public Accountants (AICPA)
Association of International Accountants (AIA)
Canadian Institute of Chartered Accountants (CICA)
The Chinese Institute of Certified Public Accountants (CICPA)
Chartered Institute of Management Accountants (CIMA)
Chartered Institute of Public Finance and Accountancy (CIPFA) *
CPA Australia (CPAA)
Institute of Chartered Accountants in Australia (ICAA)
Institute of Chartered Accountants in England and Wales (ICAEW)
Institute of Chartered Accountants in Ireland (ICAI)
New Zealand Institute of Chartered Accountants (NZICA)
Institute of Chartered Accountants of Scotland (ICAS)
Institute of Chartered Accountants of Zimbabwe (ICAZ)
South African Institute of Chartered Accountants (SAICA)
* Bodies not yet re-accredited since 2005

"

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