Most in-demand job roles in the UAE for Finance and Accounting Professionals
These 6 job roles are in demand in the UAE and industries are continuing to hire, despite recession warnings and currency fluctuations.
- Recession warnings and currency fluctuations are at an all-time high.
- But these 6 job roles in Finance are in demand, and industries in the UAE are continuing to hire.
The job market in UAE 2023
The UAE's world-class infrastructure, port facilities, and airline connectivity have enticed people to establish businesses in the country.
According to Dinesh DSouza, Head of Recruitment and Talent Acquisition at GENESIS Executive Search, many employees will be shifting to startups.
Finance and banking, Engineering, Real Estate, Tourism and Travel, Manufacturing and Trading, Supply Chain, and Pharmaceutical Industries will see an increase in hiring.
The growing demand for tech roles reflects the region's ongoing digital transformation and increased emphasis on data automation.
Here are the finance job roles that are trending in the UAE.
1. Financial Analysts
Is the Financial Analyst job in demand in UAE? A big yes.
A Financial Analyst's primary responsibility is to sift through data in order to identify opportunities or evaluate outcomes for business decisions or investment recommendations.
Educational Qualification: Bachelor's degree in accounting, economics, finance, statistics, mathematics, and engineering, MBA/PG Diploma in Business Management, Chartered Financial Analyst, Chartered Accountant
Skills required: Interpersonal skills, problem-solving skills, Hyperion, SAP, SQL, Advanced knowledge of Excel, Knowledge of Accounting Software, Financial Modeling
Job Growth: Overall employment of financial analysts is projected to grow 9% from 2021 to 2031.
About 32,000 openings for financial analysts are projected each year, on average, over the decade.
Estimated Salary: The average salary for starting out as a Financial Analyst is AED 45,117 per year in the UAE.
Industries that are hiring now: Banking, Insurance, Investment.
If you look at NaukriGulf there are almost 385 jobs for financial analysts available. It is only larger organizations that hire exclusively for financial analysts. However many times a finance controller/manager role will include doing the tasks of a financial analyst or they might hire finance analysts to become a finance manager.
Accountants gather, monitor, and make necessary corrections to a company's finances to assist businesses in making critical financial decisions.
They are in charge of financial audits, reconciling bank statements, and ensuring the accuracy of financial records throughout the year.
Educational Qualification: You’ll need a Bachelor’s degree in accounting or a related field. However, completing certifications of either ACCA, CPA, or ACA will improve job prospects.
Skills required: Business Acumen, Technological Savvy, Analytical Ability
Job Growth: The employment of accountants and auditors is projected to grow 6% from 2021 to 2031. On average 136,400 openings for accountants and auditors are projected each year, over the decade.
Estimated Salary: The average salary for a Fresher Accountant is AED 60,000 per annum in the United Arab Emirates.
Industries that are hiring now: Banking and Finance Industry, Engineering, Manufacturing.
3. Transfer Pricing Experts/ Taxation Experts
Complying with all the tax rules and regulations might be difficult due to the complexity of tax laws, that is where a tax expert comes in.
They stay current on tax laws, rules, and regulations, which might change periodically to assist businesses or individuals.
Corporate tax was recently introduced to the UAE. A 9% corporate tax will be levied on the income of a company, effective from June 2023 onwards. And Companies/Businesses need transfer pricing experts and taxation experts.
Educational Qualification: You need a Bachelor's or Master's degree in accounting, business, finance, or a related field.
Skills required: Analytical and logical skills, oral and written communication skills, and knowledge of tax reporting software.
Estimated Salary: The average salary for a Fresher Tax Specialist is AED 67,953 per annum in the UAE.
We asked Maithili Thanawala, a CA and Tax Manager at a Big 4 firm in the UAE what it's like working in Taxation.
She said, "My initial days as a tax consultant were an exhilarating yet overwhelming experience. There was a vast and complex ocean of Indian/ Global tax laws, case laws, complex projects and to top it all, stringent timelines. The most intriguing and amusing part of being a tax professional is interpretation; two people reading the same thing and interpreting it in different ways."
4. Portfolio Managers
Portfolio Managers are in charge of making investment decisions in order to meet the financial goals of their clients. Their goal is to maximize the client's financial benefit while minimizing risks.
Educational Qualification: A Bachelor's degree in Finance, Commerce, Economics or relevant fields. Professional Certifications such as Chartered Accountant (CA), and Chartered Financial Analyst (CFA) gives a boost to this role.
An MBA in Finance or Investment Banking also would give you a leg up over someone with only an undergraduate degree.
Skills required: Real Estate, Asset Management, Investment Management
Job Growth: According to sources, by 2028 there will be a projected 6% increase in employment within the field of portfolio management.
Estimated Salary: The average salary for a Fresher Portfolio-Manager in the United Arab Emirates Area is AED 60,000 per annum.
Industries that are hiring now: Real Estate and Equipment Rental Services, Financial Services, Transportation
5. Talent Acquisition Specialists
A Talent Acquisition Specialist ( Related roles - HR Managers/ HR Business Partners) identifies, and interviews candidates to determine the best fit for a company's long-term objectives.
Educational Qualification: Bachelor’s/ Master’s degree in human resources management or a similar field. Working experience preferably as a Talent Acquisition Specialist is a plus.
Skills required: Interpersonal skills, Decision making, and Detail orientation.
Job Growth: The employment of human resources specialists is expected to grow 8% from 2021 to 2031. There will be an estimated 81,900 job openings each year, over the decade.
Estimated Salary: The average salary for a Fresher Talent Acquisition Specialist is AED 1,56,000 per annum in the United Arab Emirates.
Most common industries: Information Technology, Consulting & Professional Services, Banking & Finance.
As businesses in the UAE diversify their revenue streams and ramp up their attempts to attract the best talent, there will not be a dearth of HR roles.
6. Data Analysts
A Data Analyst's role is to collect and analyse data to address a certain issue of an organization/business. He gathers, processes, and interprets data sets in order to provide a solution.
The Data Analyst position is available in a variety of sectors and industries in the UAE.
Educational Qualification: You need to acquire a Bachelor's Degree in science, mathematics, or related fields. However, if you are from a different background but wish to become a data analyst, it is possible. You just need to have the required skill sets.
Skills required: SQL, Excel, R or Python, statistical programming, critical thinking, machine learning, and data visualization.
Job Growth: The data science field will grow by about 28% through 2026.
Estimated Salary: The average salary for a Fresher Data Analyst is AED 96,000 per annum in the United Arab Emirates Area.
Most common industries: Finance, Healthcare, Business Intelligence
You may have the basic qualifications in your possession but without reskilling and upskilling you cannot enhance your career.
You won't be the only applicant when you attend an interview for your preferred job role. There will probably be hundreds of applicants with similar qualifications as yours.
How will you stand out from the crowd?
You need to be able to convey your capabilities through storytelling.
Obtain additional skill sets that will impress your potential employers. Learn new technology, interpersonal skills or other areas relevant to your role.
The salary estimates were acquired from Glassdoor and job growth estimates were acquired from the Bureau of Labor Statistics
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