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As anxiety grows that artificial intelligence will replace human labour, young finance professionals are confronting a harsher reality: entry-level work is disappearing fast. Yet with the right skills, mindset and a recovering market, opportunities remain, according to senior bankers and recruiters in Hong Kong. Three-quarters of Hong Kong banks had already integrated AI into their operations, up from 59 per cent in 2022, the city’s de facto central bank said on Friday. The shift mirrors a global trend, with financial institutions outpacing other sectors in AI investment – forecast to reach US$97 billion by 2027 – as they race to boost efficiency and automate routine tasks, according to a World Economic Forum and Accenture report earlier this year. Rather than eliminating entry-level roles, AI could act as a catalyst for faster career progression, said Jacky Leung, Goldman Sachs’ head of Hong Kong coverage and co-chief operating officer of its technology, media and telecoms group for Asia excluding Japan. “In the past, one would spend more time on groundwork at the start of their banking career,” Leung said. “Now, individuals need to have a head start and prepare for the next level. This shift makes the job more interesting and fulfilling at an earlier stage.” Technology means graduates could spend less time on basic tasks and more time engaging clients, he added. To thrive, early-career staff should focus on analysing information and drawing insights, “differentiating their work through accuracy, problem-spotting and meaningful conclusions”. Soft skills – “how to present themselves, connect with others and build networks” – would also matter more, as young professionals were likely to meet clients earlier than before, he said. According to John Mullally, managing director in Hong Kong at recruitment agency Robert Walters, graduates should take a long-term view of their careers. “The days of making quick money in financial services and gaining early financial independence are mostly gone,” he said. He urged jobseekers to embrace AI, noting that automation had stripped away much of the drudgery, freeing staff to focus on client relationships and “the human side of banking”. Hiring had picked up amid a rebound in capital markets, with junior to mid-level roles in demand, Mullally added. “There’s a greater appetite to hire at the junior to mid-levels [because] they’re cheaper and the junior ranks have been thinned out in recent years,” he said. According to JPMorgan, Hong Kong’s equity and debt financing proceeds rose 2.6 times year on year – a sign that deal flow, and by extension demand for junior staff, is recovering after several muted years. “Banking skill sets are evolving, but opportunities remain abundant,” said Leung. That sentiment aligns with the Financial Services Skills Commission in London, which this year identified 13 “future skills” ranging from digital literacy and data analytics to creative thinking and coaching. Young professionals should “ride with the market” by learning new skills and staying alert to growth areas, said Elaine Lam, managing director of global recruitment firm Robert Half Hong Kong. “The path to success is no longer a traditional one,” she said, adding that being mobile, open to change and willing to network would open doors. “Each generation encounters unique changes and challenges,” said Goldman’s Leung. “But with markets improving and financing returning, I foresee increased optimism and growth, driven by talent and AI.”
