Hong Kong Accounting Firms Expand Workforce and AI Use by 2026

Hong Kong Accounting Firms Embrace AI for Growth

Hong Kong’s accounting firms are set to expand their workforce by 2026 while significantly increasing their use of artificial intelligence (AI), positioning the technology as a key tool to support staff and attract new talent. According to industry reports, major firms like KPMG China and Deloitte China are investing heavily in AI capabilities to enhance efficiency, improve job satisfaction, and prepare for future market demands.

KPMG China, for instance, has no plans to reduce hiring despite the integration of AI. Instead, the firm views AI as complementary to human expertise, enabling accountants to take on more strategic roles. This aligns with the broader trend in the industry, where AI is seen not as a replacement for humans but as a tool to augment their capabilities and improve overall productivity.

Andrew Wong, KPMG China’s partner of audit quality and professional practice, emphasized that AI has already improved the quality and efficiency of their work. He noted that AI is particularly effective in parsing trends and detecting anomalies in large datasets, which is crucial for analyzing complex financial issues. This capability not only supports current operations but also makes the profession more appealing to young talent, who are increasingly drawn to roles that leverage advanced technology.

AI as a Catalyst for Talent Attraction and Retention

The integration of AI is not just about efficiency; it is also a strategic move to attract and retain talent. Deloitte China, for example, plans to hire about 1,000 people in Hong Kong over the next four years and invest HK$500 million (US$64 million) to expand its capabilities in fintech, capital markets, and AI. This investment underscores the firm’s commitment to staying at the forefront of technological advancements while meeting the evolving expectations of young professionals.

Similarly, EY’s senior partner and leader of Asia-Pacific turnaround and restructuring, Derek Lai Kar-yan, highlighted the importance of AI in attracting young talent. He noted that many young professionals are interested in careers in debt restructuring and liquidation but expect employers to provide AI tools to enhance their efficiency. Lai plans to expand his team from 80 to 130 by 2026, anticipating a rise in demand for these services due to economic uncertainties and geopolitical tensions.

Lai also pointed out that AI significantly speeds up the analysis of paperwork, a task that once consumed long hours. With AI summarizing documents and transcribing meeting minutes, staff can focus on higher-value activities, making the profession more dynamic and appealing to the next generation of accountants.

Government Support and Industry Collaboration

The Hong Kong government is also playing a critical role in promoting AI and data science development. Through the HK$3 billion Frontier Technology Research Support Scheme, the government is supporting initiatives aimed at helping early-career professionals and students prepare for AI-driven roles. This collaboration between the government and industry is essential for Hong Kong to maintain its status as an international financial center.

Damien Green, non-executive chairman of Manulife Financial Asia and director of the Financial Services Development Council, referred to the Microsoft/LinkedIn Annual Work Trend Index, which shows that employees want to use AI at work and expect their companies to adopt these technologies. Green emphasized that the development and integration of AI capabilities in the professional services workforce are vital for Hong Kong’s future as a global financial hub.

In conclusion, the expansion of AI in Hong Kong’s accounting sector is not just a technological shift but a strategic move to enhance productivity, attract talent, and prepare for future challenges. As firms continue to invest in AI and collaborate with the government, the industry is poised for significant growth and innovation in the coming years.