Hong Kong continues to be a major hub for accounting and auditing expertise, supported by a large pool of qualified professionals. Across the three leading accounting bodies, namely the Hong Kong Institute of Certified Public Accountants (HKICPA), the Association of Chartered Certified Accountants (ACCA), and CPA Australia (CPAA), there are an estimated 95,000 qualified accountants in Hong Kong. This reflects the city’s strong emphasis on professional standards, governance, and global business practices.
The Core of the Profession: Big Four and Second-Tier Firms
Estimates suggest that between 10,000 and 15,000 professionals work in Hong Kong’s Big Four and second-tier CPA firms combined.
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The Big Four firms (PwC, Deloitte, EY, and KPMG) together employ around 8,000 to 12,000 professionals locally. Each firm maintains a strong presence serving multinational and listed clients in Hong Kong and Mainland China.
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The second-tier firms, including BDO, RSM, Grant Thornton, Mazars, and Forvis/PKF, collectively account for approximately 2,000 to 3,000 professionals. For example, BDO Hong Kong reports more than 1,000 staff members.
These firms form the foundation of Hong Kong’s external audit profession and provide essential technical and control expertise that professionals later apply in corporate and internal audit roles.
From Public Practice to Commercial Roles
A significant proportion of CPAs transition into corporate, industry, or public-sector roles after gaining experience in public practice. Industry surveys and practical observation suggest that about half of all qualified accountants now work in roles outside external audit. Many move into finance management, compliance, risk management, or internal audit positions as their careers progress.
Internal Audit: A Specialized but Smaller Segment
From my experience and observation, only large enterprises or multinational corporations can maintain dedicated internal audit teams of meaningful size. It is estimated that roughly 5,000 to 7,000 CPAs in Hong Kong are working in internal audit functions.
In most organizations, the ratio of internal auditors to finance staff is about 1 to 12, meaning internal audit remains a relatively small but strategic function. For example, large conglomerates such as CK Group, Swire, and Jardine Matheson maintain internal audit teams of about 20 to 40 members, while many listed companies operate with 4 to 8 internal auditors depending on their sector and scale.
The Link Between CPA Firms and Internal Audit Careers
Understanding how accountants are distributed across firms helps explain why the CPA qualification continues to carry significant value for internal audit careers. Many internal auditors begin their professional journey in external audit at Big Four or mid-tier firms. This early experience builds a strong foundation in financial reporting, internal controls, and audit methodology, which are essential in internal audit. Recruiters often regard Big Four experience as an indicator of technical strength, professional discipline, and readiness to handle complex audit environments.
Summary of Estimates
| Accounting Body | Estimated Number of Qualified Members in Hong Kong | Estimated Staff in CPA Firms (Hong Kong) | Estimated Staff in Internal Audit (Hong Kong) |
|---|---|---|---|
| HKICPA | ~47,000 | See Big Four + second-tier total above | ~2,600 to ~3,700 |
| ACCA | ~29,000 | Included in Big Four + second-tier total | ~1,600 to ~2,300 |
| CPA Australia (CPAA) | ~19,000 | Included in Big Four + second-tier total | ~800 to ~1,000 |
| Total (All Three) | ~95,000 | ~10,000 to ~15,000 | ~5,000 to ~7,000 |
Please note that the numbers for CPA firm employment and internal audit roles are estimates based on industry data and observation, not official census figures.
Conclusion
Hong Kong’s accounting profession supports approximately 95,000 qualified professionals, with around 10,000 to 15,000 working in public accounting firms and 5,000 to 7,000 engaged in internal audit functions. This structure reflects a healthy talent pipeline and a clear career pathway from public practice to corporate audit and finance roles.
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