Practitioners optimistic over HK’s finance industry in next three years

Around 56% of industry practitioners are positive about the prospect of the sector.

Hong Kong’s resilient financial industry led to it being amongst the leading international financial centres globally. This status is reflected in the sentiment of industry practitioners over the outlook of the industry in the next three years.

In a report, the Hong Kong Financial Services Development Council surveyed some 200 incumbent practitioners in the financial services industry, 200 tertiary institution students across different majors; and interviewed over 40 employers, industry association representatives, and human resource leaders.

The report found that 56% of industry practitioners are “extremely optimistic” (5.5%) or “optimistic” (50.5%) over the prospect of the industry between 2022 and 2024. The majority of tertiary institution students (58%) also share this sentiment.

Nearly 45% of industry practitioners cited the major challenge in their current job is the uncertainty over the economy, followed by the salary and benefits that do not meet their expectations (38%) and the lack of promotion opportunities (38%).

“Overall, both employers and employees remain optimistic about the prospect of Hong Kong and its financial services industry,” the report read in part.  

“Both Hong Kong and its homegrown talents need to be mindful of the competition though.”

Most of the C-suites and senior management also expect that the city will maintain its status, as well as remain an attractive destination for talents.

Amongst the factors that contribute to this are the generally easier process in applying for a work visa, relatively low tax rate, and the cosmopolitan culture.

The council noted that some multinational financial firms that set up their regional headquarters in the city have over 30 nationalities in their workforce.

“Over half of the interviewed admit that the competition is becoming keener—both in terms of the quality of homegrown talents and the attractiveness to expats or Mainland talents,” the council said in the report.  

“It should not be difficult to recruit a person but the challenge is often about whether the firm can find a ‘suitable person who shares the same vision’.”