How to land a Credit Analyst Role in UAE’s Banking Sector?

 Finding credit analyst job in UAE banking sector

  • The market for Credit Analysts in UAE’s Banking Sector is vast.
  • But getting your preferred role may not be easy, requiring you to push through for a few years. 
  • Having relevant qualifications such as CFA or CPA and a network can boost your chances. 

Robust Banking Sector of UAE

The banking sector in the UAE has witnessed tremendous growth, thanks to inflows from various other sectors such as Oil and Gas, real estate, and tourism. 

The sector has undergone a lot of strengthening processes such as mergers of financial institutions and amalgamations of banks. This has resulted in a robust banking structure that can meet the growing economic needs of the country. 

With the entry of many Fintechs in the UAE, the banking sector is expected to experience tremendous growth in the near future, along with an increase in job opportunities.

Job seekers can find most of the job openings in the Banks' career portal alone. 

Some of the prominent banking groups in the UAE include First Abu Dhabi Bank (FAB), Emirates NBD (Dubai), Abu Dhabi Commercial Bank (Abu Dhabi), and RAK Bank (Ras Al Khaimah).

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Restarting my Banking Career in UAE as an expat  

After qualifying as a Chartered Accountant, Bhavin Raithatha began his career in the banking sector in India.

He had gained almost 7-8 years of banking experience before searching for job openings in the UAE. Unfortunately, he did not receive any job offers or interview calls while still in India. 

“Finally, after completing my notice period in India, I packed my bags and moved to Dubai on a 3-month visit visa with NO OFFER LETTER, NO JOB but lots of FAITH. I now started searching for a job proactively, spending at least 8 hours a day on my laptop and mobile connecting with people,” says Bhavin. 

Despite his sound banking experience, Bhavin had to start again as a fresher and compromise on his salary expectations. He ultimately received a job offer from a consulting firm after almost 5 weeks of job searching.

Bhavin continued working at the consulting firm for almost 2 years before returning to the banking industry.

Now he is working at Abu Dhabi Commercial Bank as a Risk & Controls Manager.

Strategies for finding Credit Analyst jobs in the UAE

Finding job opportunities as a credit analyst in UAE requires the right timing and opportunity. 

However, the market for credit analysts is widespread in major fields, and there are several avenues that one can explore to find these opportunities.

Let’s discuss the various avenues one can leverage to find these opportunities:

Applying from Banking Portals

  • The first and most obvious option is to apply for a credit analyst role from banking portals. 
  • One can browse through the various banking job portals and apply for credit analyst roles as and when they are advertised.

Relationship Management or Credit Risk Roles

  • If credit analyst roles are not available, one can explore other related roles in banks such as relationship management or credit risk roles.
  • These roles are highly in demand and require similar skill sets. 
  • Moreover, having experience in working capital management can be an added advantage.
  • “A Relationship managing role is more remunerative than a credit analyst role because of the performance bonus and hikes. But you have to understand the market, have a network, and be ready to push through for a few years. In short, it might / might not be an easy journey in the start, at least,” says Bhavin. 

Internal Audit Opportunities

  • Another option for credit analysts is to explore internal audit opportunities within the banking industry. Internal audit is a highly valued role and is always in demand.

Consulting Firms

  • If opportunities within the banking industry are limited, one can explore opportunities in consulting firms that cater to the banking industry. This can be a great alternative to shift from one industry to another.

Relevant Qualifications and Certifications

  • Having relevant qualifications and certifications such as Chartered Financial Analyst (CFA) or Certified Public Accountant (CPA) can improve your chances of finding banking opportunities in the UAE. 
  • These certifications are highly valued by employers and can set you apart from other candidates.

Flexibility and Second Career Options

  • Flexibility and second career options can be crucial when looking for job opportunities in UAE. If you are not getting enough opportunities in the banking sector, explore other related roles or industries. 
  • For instance, if you have experience in internal audit in banking, you can consider moving to consultancy jobs in internal audit.

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Different Channels for Applying for Jobs

Recruiters receive a large number of applications for jobs in the UAE, and they tend to filter out resumes based on specific criteria. 

To improve your chances of getting a job, try contacting the HR or relevant person directly or find different channels for applying. Also, staying active on different job portals can increase your chances of finding a job.

Some of the popular job portals in the UAE are…

In conclusion, landing a credit analyst role in the UAE requires a combination of work experience and networking. 

As the UAE's economy continues to grow, there will be a high demand for skilled professionals in the banking and finance sector. And credit analysts play a crucial role in assessing creditworthiness and managing risk. 

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