Which Finance Jobs are in demand in Saudi Arabia? 5 roles that have a positive outlook in 2023.
Here are the top five job roles that are projected to be in demand in Saudi Arabia. Saudi Arabia’s thriving oil and gas, engineering, and IT sectors provide rewarding career paths.
- Saudi Arabia’s thriving oil and gas, engineering, and information technology sectors, provide rewarding career paths.
- Here are the top five job roles that are projected to be in demand in Saudi Arabia.
How is the job market in Saudi Arabia?
Saudi Arabia is one of the favourite countries among expats due to its robust economy.
Its thriving oil and gas, engineering, construction, information technology, and telecommunications sectors all provide rewarding career paths.
According to the Riyad Bank Saudi Arabia purchasing managers’ index, a robust improvement in business conditions across the non-oil economy was seen in November 2022.
But on the other hand, the job market in Saudi Arabia also has been affected by various economic and political factors in recent years.
The COVID-19 pandemic has had a negative impact on the job market, with many companies cutting jobs or reducing salaries.
Despite this, the Saudi government has announced various initiatives to increase employment such as the National Transformation Program and the Saudi Green Initiative.
Here are the top five job roles for Finance and Accounting Professionals that are in high demand as per Linkedin reports.
Financial Specialists – (Financial Analyst or Financial Advisor)
Financial Experts advise management on potential investments and tactical choices that align with corporate goals and legal requirements.
They conduct cost analyses, evaluate accounting trends and create budget reports among others.
Educational Qualification: You’ll need a Bachelor's degree in accounting, economics, finance, statistics, or mathematics. You can acquire a CFA qualification to give your career a boost.
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, faster than the average for all occupations. About 32,000 openings for financial analysts are projected each year, on average, over the decade.
Estimated Salary: The average salary for an entry-level Financial Analyst is SAR 46,106 per year in Saudi Arabia. The average salary for a Senior Financial Analyst in Saudi Arabia
is SAR 177,560.
Industries that are hiring now: Financial Services, Manufacturing
Data scientists build and utilise tools for data analysis, conduct experiments with data, and extract insights to help businesses solve challenging problems.
A wide range of organizations around Saudi Arabia has a significant need for data analysts.
If you're skilled to gather, clean, analyse, and display data then this role might be perfect for you.
Educational Qualification: Usually a Bachelor’s degree in a relevant field such as data science, statistics, or computer science is required. But if you don’t have any relevant educational background, working experience with Data Visualization tools, Machine Learning, and Big Data will get you the job.
Skills required: Relevant programming languages such as Python, R, SQL, SAS, Statistical analysis and computing, Machine Learning, Deep Learning, Processing large data sets, Data Visualization, Mathematics, Statistics, Big Data.
Job Growth: The employment of data scientists is projected to grow 36% from 2021 to 2031.
On average about 13,500 openings for data, scientists are projected each year over the decade.
Estimated Salary: The entry-level salary for Data Scientist is SAR 1,94,892 per annum in Saudi Arabia. The average salary for a Senior Data Scientist is ₹20,00,000 per year in India.
Industries that are hiring now: Healthcare, BFSI, Media & Entertainment, Retail.
Human Resources Operations Specialists
There is a need for human resource specialists among all kinds of companies. They help with hiring, onboarding, and managing employees. And this role is not just in demand in Saudi Arabia, but the world over.
Qualification: Companies want a candidate to have a Bachelor's in business administration, psychology, human resources, management or other relevant fields.
Skills required: Interpersonal Skills, Excellent oral and written communication skills, Strong and effective interpersonal and customer service skills, Strong computer skills, including Microsoft Office suite (Outlook, Word, Excel, and PowerPoint), Communication, Decision-making, and Detail Orientation.
Job Growth: The employment of human resources specialists is expected to grow 8% from 2021 to 2031. Over the decade, there will be an estimated 81,900 job openings each year.
Estimated Salary: The average salary for an entry-level Human Resources (HR) Specialist in Saudi Arabia is SAR 85, 171 per year. The average HR specialist salary in Saudi Arabia is SAR 168,000 per year.
Industries that are hiring now: Manufacturing, Government Administration, Financial Services
Project Managers are essential to the smooth operation of all enterprises, from marketing firms to healthcare organisations.
Any venture with a specified scope, has a project manager in charge of planning, procuring, and executing the project.
Educational Qualification: You need a Bachelor’s or Master’s degree in management, business or any related field.
Skills required: Proficient with Project Management Software, Team Management, Time Management, Risk Management, Leadership Skills, Communication Skills, Negotiation Skills, Problem-Solving Skills, Critical Thinking.
Job Growth: The employment of project management specialists is projected to grow by 7% from 2021 to 2031. About 70,400 openings for project management specialists are projected each year, on average, over the decade.
Estimated Salary: The average salary for an entry-level Project Manager is SAR 203,184 per annum in Saudi Arabia. Average Senior Project Manager salary in Saudi Arabia is SAR 306,000 per month.
Industries that are hiring now: IT, Banking, Financial Services, Healthcare
Accounts Payable Specialists
Accounts payable professionals process payments, validate invoices, make account reconciliations, file expense reports and purchase orders, and keep a general ledger among others.
Educational Qualification: Companies want a candidate at least to have a Bachelor's degree in accounting or business.
Skills required: Understanding of double-entry bookkeeping, Proficiency with accounting software, Verbal and written communication skills, Mathematical aptitude, Ability to use Microsoft productivity software such as Excel and Word, Excellent attention to detail, Strong organizational ability, Effective corporate communications skills.
Estimated Salary: The average salary for an entry-level Accounts Payable Specialist in Saudi Arabia is SAR 54,000 per annum.
Industries that are hiring now: Accommodation, Manufacturing, Oil, Gas, and Mining
Corporate layoffs have become an unfortunate reality in the business world.
Meta, Amazon, and Alibaba each slashed up to 10,000 positions for cost-cutting, performance-related layoffs, restructuring, or other reasons.
Which skills should you focus on to avoid layoff?
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