Accounting and finance today are some of the most cutting-edge professions in need of more employees with a strong background in business, investment and leadership.
The constant demand within the Industry is in excess of the supply with some banks and financial institutions looking at international talent in addition to candidates based regionally.
In fact, 75 percent of CFOs say it’s challenging to find skilled professionals with industry-specific experience within the GCC. Which employment sectors is in need of these professionals? The real estate, construction, professional services and healthcare industries are showing strong demand for candidates in accounting and finance fields.
Pay is decided considering age, experience, qualification or nationalities. However, today’s accountants and finance professionals in UAE have a median salary of Dh30,000, top authorities have a salary range between Dh55,000 to Dh90,000. Chief financial officers (CFOs) rank high on the pay scale earning up to 200,000 Dirham per month. Also earning high wages are bank chief operating officers (finance and operations) with a salary range of Dh63,750 to Dh77,500.
CFOs are highly paid (Range: 40,000 to 180,000 / Average:160,000) because of their decision responsibilities regarding finance, accounting, profits, and investments whilst an accounts assistant will receive a lower salary (Range: 6,000 to 10,000 / Average 8,000).
According to PayScale –
- The average pay for an Accountant is AED 61,142 per year.
- The average pay for a Financial Accountant is AED 98,722 per year.
- The average pay for a Business Analyst, Finance/Banking is AED 163,516 per year.
Roles in demand
- Chief Financial Officers (CFOs)
- Accounting Assistants/Clerks/Managers
- Budget Analysts
- Credit Analysis Managers
- Accounts Payable Clerks
- Accounts Receivable Clerks
- Billing Clerks
- Payroll Clerks
- Auditing Clerks
- Bookkeeping Clerks
- Financial Advisors/Planners/ Analysts
- Tax Accountants/Managers
- Treasury Analyst/ Directors/Managers
Skills and qualifications in demand
- Internationally recognized qualifications (ACA/ACCA/CA/CFA/CIMA/CPA)
- Financial planning and analysis
- ERP skills (SAP and Oracle)
- Cash management
- Macro-level Excel expertise
- Effective communication (Arabic speaking)
Companies hire those who have the understanding of areas like auditing, payroll, financial reporting, and (of course) taxes.
If you have the right qualifications (at least a three- or four-year undergraduate degree in any of these fields), plus relevant experience in the industry, and a curiosity about the Islamic financial system then this country is the place to be because it’s hiring bright young UAE Nationals and international individual) to undertake an array of roles.
Typical Job Requirements include –
- Education Level: A college degree in accounting, business administration, or finance is a necessity. Those with the education have a higher chance of getting hired.
- Experience: Must have judgment and problem-solving skills needed to make crucial decisions in making sure that the work of a corporation’s financial departments gets done.
- Qualification: It’s essential to become certified in your specialty that provides a clear proof of your expertise. Plus, it’s a good way to get your foot in the door and set yourself apart from the competition.
Who’s Hiring and Training Key Staff
The Emirates Institute for Banking and Financial Studies (EIBFS) offers great programs and courses in banking and finance to the UAE at its three campuses strategically located in Sharjah, Abu Dhabi and Dubai. EIBFS has helped to meet industry demands to drive the participation of UAE nationals in the profession.
A career at DIFC Authority instead offers opportunities for professional development and career growth while Dubai Financial Services Authority (DFSA) aims to employ experienced individuals with a track record of high quality, innovative work in major financial markets to become part of a team of motivated professionals who seek to deliver world-class regulation within the Dubai International Financial Centre.