The job market for professionals in Asia has slowed amid concern about the global economy and hiring can take twice as long as a year ago, recruitment firm Ambition said on Thursday. “There’s a great deal more caution on who employers want to hire and more emphasis on experienced candidates,” , Guy Day regional managing director of Ambition, told a news briefing.

Candidates for even relatively junior positions at multinational companies were sometimes interviewed by very senior management from headquarters before being offered a job, Ambition said.

Hiring generally was taking about eight weeks, compared with 4-6 weeks last year.

The Australian-based company, which specialises in recruitment in accounting, banking and financial services and sales and marketing, said it had seen a 30 percent drop in vacancies at investment banks from a year ago in the wake of the global credit crunch.

Job opportunities, however, were steady in legal services and sales and marketing.

While some investment banks have laid off staff in Hong Kong in the wake of the global credit crunch, the number was small and there were no widespread redundancies as banks opted for natural attrition and, in many cases, a hiring freeze.

“I don’t think things are going to improve. Investment banks will continue to be under pressure as there still could be bad news to come, such as more writedowns,” Day said.

He expected bonus payments in banking early next year could be 30 percent lower than this year, while salaries would increase by about 5 percent, down from high single-digit increases this year.

Supply of suitably qualified staff remains tight in Asia, however, and candidates can earn 10-15 percent more on moving jobs, while the best candidates can increase their salaries by 15-20 percent.

Using contract rather than permanent staff was becoming more popular to save costs. The market was generally less liquid though, as employees had also become far more cautious and there was less movement between jobs, Day said.