Firms grappling with compliance talent shortage

Pete Chia, managing director of recruitment service provider BRecruit China, also said that the healthcare, vehicle, finance and high-tech sectors have a higher demand for compliance talent.

"We foresee cooperation between China and the US will be booming in the above industries. During this process, mergers and acquisitions are definitely the favored strategy for companies on both sides.

"Compliance people play the important role of making sure the acquisition and operations after the acquisition in one country obey the laws and policies of another country," Chia said.

"Recently, we received many assignments from pharmaceutical clients, which urgently seek candidates who are well-versed in the laws of both China and the US."

"Healthcare, vehicle, finance and high-tech companies are keen to find compliance staff. Generally, they have very specific requirements, but language skills, law certifications in both the US and China, and deep project experience are preferred by MNCs.

"Salary is not the only key factor in retaining these people. Based on feedback from our candidates, they care more about the job scope, authority and career development," he said.

Zhou Tian, 30, received a law degree last summer and soon landed a compliance job in a local securities company in his hometown of Wuxi, in Jiangsu province.

To him, this is an ideal job, which is a little bit different from traditional legal work while also giving him a chance to enter an industry that provides opportunities to learn new things.

"The Chinese legal system is not yet mature. Neither is the Chinese finance industry," said Zhou.

"There are only a few people working as compliance professionals at present. Therefore, if I can really obtain more financial knowledge, I can do the job really well in the long run. And the salary is also quite good, this is already quite attractive to me."

Chia from BRecruit also added that the growing number of Chinese companies going public in overseas markets have helped boost the demand for compliance talent, with jobs in investor relations getting a lot of attention from Chinese companies.

"Many companies consider an IPO not as an end goal but as the starting point to enter the global market. This vision boosts the demand for compliance talent," he said.

However, it is quite difficult to find the right compliance talent in China. Lance from Hays said that the pool of candidates is quite small in the country, but that is also the case globally.

Chia said that the major way to find such people is still the internal referral, as many compliance openings are not publicized.