LCQ21: Training and development of professionals in financial services
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Question:
The Government announced on February 18, 2025, that the latest round of the Talent List update had been completed. The new Talent List, which took effect from March 1, 2025, covers 60 professions with local talent shortages. Accountants have been included in the latest around of the Talent List update to support Hong Kong's development into a high value-added and diversified economy. In this connection, will the Government inform this Council:
(1) of the respective numbers of applications submitted, approvals and arrivals in Hong Kong under the Quality Migrant Admission Scheme, the General Employment Policy and the Admission Scheme for Mainland Talents and Professionals since the Government's inclusion of accountants in the Talent List on March 1, 2025; of the major industries or professional sectors in which these applicants are engaged;
(2) how the authorities assess the initial effectiveness of including accountants in the Talent List; whether the authorities have set indicators to measure the effectiveness of such arrangements in alleviating manpower shortage and supporting the development of financial and professional services; if so, of the details; if not, the reasons for that;
(3) of the specific measures currently put in place by the Government to step up the training of talents for the local accounting profession in collaboration with the Hong Kong Institute of Certified Public Accountants, universities, post-secondary institutions and the industry, including students' nurturing, alignment of professional qualifications, on-the-job training and continuing education;
(4) in light of the new needs arising from the development of Hong Kong's financial and professional services, whether the authorities will step up the training of accounting talents equipped with capabilities and knowledge of relevant professional services (including the environmental, social and governance (ESG) strategy and sustainability disclosure standards, green finance-related reporting and assurance, alignment of international and Mainland accounting standards, digital accounting and application of artificial intelligence, and cross-border investment and financing as well as family offices); if so, of the details and timetable; if not, the reasons for that;
(5) whether the authorities have formulated a medium- to long-term strategy for the overall development of financial talents in Hong Kong to meet the development needs of Hong Kong as an international financial centre, an international asset management centre, a cross-border private wealth management centre, an international green finance centre and an offshore Renminbi business hub; if so, of the details; and
(6) whether the aforesaid strategy covers an assessment of talent needs in key sectors such as accounting, audit, risk management, compliance, asset and wealth management, fintech, ESG and family offices, as well as an overall plan for local training, attracting outside talents and cross-border talent collaboration; if so, of the details; if not, the reasons for that?
Reply:
President,
Talent is one of the key cornerstones of Hong Kong's status as an international financial centre. The Government is committed to building a strong financial talent pool by nurturing local talent and attracting professionals we need, thereby injecting momentum into the development of the financial industry.
In consultation with the Labour and Welfare Bureau (LWB) and the Hong Kong Institute of Certified Public Accountants (HKICPA), our reply to the six parts of the question is as follows:
(1) and (2) To address the shortage of local accounting professionals, the accounting profession has been included in the Talent List with effect from March 1, 2025, with the aim of attracting accounting professionals from outside Hong Kong. As of end-March 2026, the Government has received and approved a total of 63 applications submitted under the profession category "accountants" of the Talent List that met the relevant professional qualification requirements (including 11 applications under the General Employment Policy and 52 applications under the Admission Scheme for Mainland Talents and Professionals). Applicants approved through the above channels must be engaged in work that meets the relevant requirements for the "accountants" profession in the Talent List. Specifically, their duties must be related to financial reporting, auditing, and assurance.
Since the accounting profession has only been included in the Talent List for just over a year, the Government will continue to monitor the application situation, the number of approvals, the industry's response, and the manpower needs of the accounting sector.
(3) The Government attaches great importance to the sustainable development of the accounting profession and has been working closely with the HKICPA, universities, tertiary institutions and industry bodies to strengthen the training of local accounting talent in three key areas, namely student nurturing, alignment and recognition of professional qualifications, as well as continuing professional development (CPD) and on-the-job training.
Regarding student nurturing, under the collaboration between the HKICPA and several tertiary institutions, graduates of accredited degree programmes will obtain module exemptions from the Associate Level of the Qualification Programme (QP). At present, 35 undergraduate and postgraduate programmes offered by 16 local tertiary institutions have been accredited by the HKICPA, representing an increase of about 10 per cent over the past five years. The HKICPA is actively exploring further collaboration opportunities with more tertiary institutions to strengthen the connection between academia and the profession. In addition, the HKICPA is committed to promoting accounting education in primary and secondary schools by providing teaching resources and career guidance, helping students gain a better understanding of the profession. Each year, the HKICPA organises over 150 outreach activities, reaching more than 30 000 students and young people, to whom the diverse opportunities in the accounting profession under the digital transformation and environmental, social and governance (ESG) developments are introduced, with the aim of attracting more young people to join the profession. Recognising that individuals from diverse backgrounds may be interested in pursuing a career in accounting, the HKICPA launched the Certificate in Accounting and Business in 2025 to equip individuals from non-accounting backgrounds with core business and accounting knowledge, thereby providing them with a clear pathway into the profession.
Regarding alignment and recognition of professional qualifications, the HKICPA's QP continued maintaining a high international standing and is recognised by the Global Accounting Alliance, enabling Hong Kong certified public accountants (CPAs) to benefit from cross-border professional recognition and mobility. The number of new QP student intakes has increased for four consecutive years, reflecting growing market confidence in the accounting qualification. To facilitate the provision of services by Hong Kong accounting professionals in the Chinese Mainland, examination exemption arrangements have been established between the Chinese Mainland and Hong Kong to help reduce duplicated qualification costs. Qualified Hong Kong accountants are only required to pass three subjects of the Uniform Certified Public Accountant Examination of the Mainland ("Taxation Laws", "Economic Laws" and "Comprehensive Level Examination") to obtain Mainland CPA qualification.
The HKICPA has also been committed to strengthening the requirements for CPD and on-the-job training for professional accountants. It has established clear standards requiring each CPA to complete at least 120 hours of CPD activities in each rolling three-year period (with at least 20 hours per year) in accordance with statutory requirements. Practising certificate holders, responsible persons of registered public interest entity auditors, and HKICPA-awarded Specialist Designation holders are subject to additional CPD requirements. The HKICPA currently offers around 700 courses annually, covering areas such as artificial intelligence, financial management, international and Chinese Mainland accounting standards, and ESG reporting. These initiatives aim to ensure that the profession keeps pace with evolving developments and maintains a high level of professional competence.
(4), (5) and (6) The Government conducts periodic manpower projection exercises to assess Hong Kong's future manpower supply and requirement trends at a macro level. The National 14th Five-Year Plan has established Hong Kong's positioning as development centres in eight key areas, including its role as an "International Financial Centre". As one of the key development areas, finance-related industries are among the selected industries for detailed analysis in the manpower projection.
The Government has introduced a range of policy measures to promote the development of Hong Kong's financial industry in different areas, including the steadily growing green and sustainable finance market, wealth management benefiting from the expansion of family office business, and fintech innovation related to artificial intelligence and digital assets. These developments have in turn driven demand for relevant financial professionals. According to the Report on 2023 Manpower Projection published by the LWB in November 2024, manpower requirements for industries under "International Financial Centre" reached 275 500 in 2023, and were projected to grow by approximately 1.8 per cent annually over the following five years. The Government is implementing various initiatives to strengthen local talent training and assist the industry in seizing emerging opportunities in these expanding areas.
On green and sustainable finance, the Government launched the Pilot Green and Sustainable Finance Capacity Building Support Scheme in December 2022 for application by market practitioners, related professionals, as well as students and graduates of relevant disciplines. As of end-March 2026, over 9 700 applications had been approved, and 114 eligible programmes and qualifications were available, including green and sustainable finance programmes and qualifications related to banking services, asset management, and the insurance industry. These were provided by institutions such as professional and continuing education schools of local universities, professional institutions, international training providers, with the list continuing to be updated. To continuously support local green-finance talent training, the Pilot Scheme has been extended to 2028.
For the asset and wealth management sector, the Pilot Programme to Enhance Talent Training for the Asset and Wealth Management Sector was implemented from August 2016 to March 2026. Under the Programme, over 1 130 tertiary students completed internships, and 5 700 subsidy applications for eligible course fees were approved. The Government also funded the establishment of the Hong Kong Academy for Wealth Legacy (HKAWL) in 2023 to provide a platform for collaboration, networking, knowledge sharing and talent development. In 2025-26, the HKAWL organised and co-organised 21 events, enabling asset owners, wealth inheritors and family office practitioners to engage in discussions and exchanges.
Regarding fintech, the Government launched the Pilot Scheme on Training Subsidy for Fintech Practitioners in September 2022 to provide training subsidies for financial practitioners who have successfully attained fintech professional qualifications, with about 870 banking practitioners having enrolled in relevant training courses to date. In addition, the GBA Fintech Two-way Internship Scheme for Post-secondary Students was launched in October 2023 to subsidise students from the Chinese Mainland and Hong Kong to participate in short-term internships in fintech companies. Over 120 students and about 30 fintech companies have participated in the internship scheme so far.
The LWB is conducting a mid-term update of the manpower projection, using the latest situation in 2025 as the base year to update the projection of the manpower situation for 2028. The mid-term update will focus on analysing the impact of recent global and local developments on future manpower prospects. The findings are expected to be released in the fourth quarter of 2026 and will be provided to relevant bureaux and departments as a reference for formulating corresponding strategies and measures for the relevant industries.
We will closely monitor market developments and industry changes, and regularly review the talent needs of the financial sector. We will also make continuous efforts to strengthen local professional training, promote cross-boundary talent collaboration, and attract overseas professionals, with a view to ensuring that Hong Kong maintains an adequate and competitive supply of talent in key areas such as accounting, auditing, fintech, green finance, and asset management, thereby further consolidating and enhancing its position as an international financial centre.
Ends/Wednesday, April 22, 2026
Issued at HKT 15:55
Issued at HKT 15:55
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