Deloitte China is on a recruitment drive, looking for talents to work in both its Strategic Accounting Solutions IFRS 17 team and the new Corporate Treasury Services team.
As the implementation date for the insurance accounting standard IFRS 17 draws nearer (1 January 2022), the Strategic Accounting Solutions IFRS 17 team is facing growing demand for its assistance.
Francesco Nagari, Partner and Global IFRS Insurance Leader at Deloitte, says: “It is a very exciting time. We are entering a crucial phase in the implementation of IFRS 17.”
“As China leader for the Strategic Accounting Solutions practice and the Deloitte Global IFRS 17 leader I am acutely conscious that there is high demand from the insurance industry for the level of expertise that our team can offer, but we need more skilled professionals to join us.”
At the same time, China’s Belt and Road Initiative (BRI) is creating an increasing need for corporate treasury services in Hong Kong.
As a result, Deloitte is investing heavily in this area, and has created a new Corporate Treasury Services team within its Strategic Accounting Services practice. The brand new team will be headed by Lal Manglani, Assurance and Audit Partner.
Deloitte is looking to recruit between 20 to 30 people to work on helping insurers implement IFRS 17, mainly based out of Hong Kong, although there are also opportunities in Mainland China.
In terms of qualifications, Nagari says he needs people with the ability to grasp the accounting complexity of IFRS 17, as well as being able to understand data and formulate accounting judgements.
“We are looking for people with industry knowledge, either from working as a service provider or within an insurance company.”
“We will also be considering non-traditional accounting professionals who come from either the data management space or with an actuarial background,” he says.
Deloitte’s Corporate Treasury Services proposition will start with a small team, and is currently looking to recruit 5 to 10 people, again mainly in Hong Kong, although the team will also have a presence in Mainland China.
Manglani explains: “The skillset we require is not easily available in the market and that makes it a challenge to build up the team.”
“We want people who understand sophisticated products, such as derivatives and structured products, but we also need people who have a deep accounting knowledge in terms of how you account for these products and how you use them for risk management.”
“Candidates would normally come from the financial services industry because that is where they would be exposed to these products. People from treasury and accountants with a very deep knowledge of financial instruments would also be very good candidates.”
Beyond the technical requirements, they are looking for people who are creative and able to develop innovative solutions, as well as being good self-starters with a high degree of intellectual rigor.
Both teams offer significant career advancement opportunities to successful candidates.
Deloitte currently has more than 3,000 people in Hong Kong working out of offices in Pacific Place and City Plaza, as well as around 15,000 personnel in China.
Nagari says: “When you join the Strategic Accounting Solutions team and work on projects you will immediately be immersed in the multifaceted disciplines and domains that Deloitte personnel embody.”
“As an individual, you will be enriched on a daily basis through having people who work in other functions helping you to build your knowledge. Deloitte offers very rewarding intellectual and professional growth.”
Alongside on-the-job learning, it also provides comprehensive training, and candidates working in its Strategic Accounting Solutions team will go through its IFRS 17 boot camp to equip themselves with the technical skills they will need to carry out their duties.
Nagari says: “Our desire is to create the best IFRS 17 consultants in the world. We also give advanced accountancy training on how to manage risks and understand other relevant aspects of the regulatory environment.”
In addition, employees are also given opportunities to build up their soft skills through training in areas such as communication or persuasion skills.
“We have an ample range of training available to our team members and we encourage everyone to build into their career plans enough time to continue their personal growth, using not only the job experience but also the formal training we make available to our people.”
Deloitte prides itself on being a very meritocratic organisation and rewarding people who make contributions to its success.
“Given the opportunities IFRS 17 offers, the environment is very supportive for accelerated career progression for candidates who can deliver, simply because there is so much more business to be done,” Nagari adds.
Deloitte offers people who want to move their careers to different countries the opportunity to do so, while remuneration is at the top end of the market range for professionals working in the areas of IFRS 17 and Corporate Treasury.
The firm also puts a high emphasis on staff wellbeing. Manglani says: “We are the first organisation to offer a monthly opportunity to people to get stress relief massages in the office.”
“There is a lot of social engagement between employees, and we encourage staff to participate in activities because it is good for their wellbeing.”
To anyone considering joining Deloitte, Nagari says: “If you want to be famous in your market for having been a great consultant during this unique phase of the insurance industry history, the place that gives you the best chance to do that is Deloitte.”
On the Corporate Treasury side, Manglani adds: “Our Corporate Treasury Services is a young and growing practice, so it offers lots of opportunities to professionals in the market.”