Want to go into accountancy in Hong Kong? A recent survey suggests banks are bursting for good candidates.

Four out of 10 Hong Kong financial services firms say they plan to increase their accountancy headcounts over the next six months but, with skilled candidates in desperately short supply, they are being forced to pay through the nose and lower the bar on Mandarin skills.

The research, by recruiter Robert Half, found that 43% of firms say they plan to increase the number of their accountancy roles in the first six months of this year.

Yet this expansion comes against a backdrop of growing difficulties even in filling current vacancies, with fierce demand reported for skilled finance and administration managers, accountants, assistant treasurers, internal auditors, chief accountants, accounting managers and chief finance officers and directors.

“The industry is caught in a difficult position. In 2007 it faced staff shortages and in 2008 it is predicting increased workloads. Combined, these two issues could make for a tough year for both employers and employees,” warns Andrew Brushfield, director of Robert Half in Hong Kong.

This war for talent is inevitably feeding through into pay packets, with more than a third of those polled predicting their biggest expenditure this year would be salaries.

“We have seen pay increases for movers of about 15% to 16%. And I think it will be similar this year. Movers are getting a fair whack to tempt them away,” points out Andrea Williams, managing director of recruitment firm Ambition in Hong Kong.

Banks are also having to look further afield for their talent. “We are continuing to see more international movement into Hong Kong. Two years ago you had to be a Cantonese speaker for anything under vice-president level, but that is not as important as it was,” Williams explains.

The market is tight at both senior and junior level, agrees Jacky Yiu of Hong Kong-based SearchAsia.

The start of the Chinese New Year last week also plays its part. With bonus envelopes traditionally landing on desks over the next few weeks, this time of year often sees an increase in the number of people looking for new opportunities, she adds.