Hong Kong and South Korea saw steady growth in the number of financial job advertisements over the quarter to the end of June, while activity in Singapore waned, according to Robert Walters' Asia Job Index.

Job advertising within Hong Kong's accounting and finance sector grew by 21 per cent year-on- year in the second quarter as companies sought to transform their finance function, according to global recruitment consultancy Robert Walters.

Robert Walters said the hike in recruitment advertising came as companies looked for professionals with strong communication and stakeholder management skills, as well as internal auditors to help mitigate risks under a tightening regulatory environment.

“Hong Kong remains the preferred gateway to China for many businesses. China’s economic growth, although in relative terms slower than previous years, will continue to benefit the city. We expect the optimistic market sentiment to continue through to the second half of the year,” said the firm's managing director for Greater China, Matthew Bennett.

Singapore, on the other hand, often referred to as the “wealth management hub” of Asia, saw a 7 per cent dip in job advertisements for accounting and finance. This was attributed to the city's downturn in investment banking activity, which in turn led to an 8 per cent fall in annual job advertising within the legal and compliance sphere - a traditionally strong sector.

“The annual dip in job advertising this quarter did not come as a surprise. What we have seen is a softening in the investment banking market, which has resulted in some banks downsizing and off-shoring to cheaper locations,” said Robert Walters' managing director for Southeast Asia, Toby Fowlston.

In other findings, South Korea experienced a 32 per cent year-on-year jump in job volumes for accounting and finance professionals during the second quarter. Here, new market entrants boosted the number of job openings and companies hired more finance staff to deal with the surge in regulation.  

“Foreign companies continued to enter the South Korean market in the wake of newly signed free trade agreements. Accounting and finance professionals as well as HR specialists have been in particularly high demand,” said Robert Walters' country manager, South Korea, Duncan Harrison.

Asia-wide, the accounting and finance sector saw a 9 per cent year-on-year increase in job advertising as more multinationals targeted key markets in the region.

Robert Walters' Asia Job Index tracks advertisement volumes for executive appointments across leading job boards and national newspapers in China, Hong Kong, Japan, Malaysia, Singapore and South Korea.