UAE finance jobs on the rise: Job titles most in demand are…

Published Wednesday, July 17, 2013

By Shuchita Kapur

More finance related jobs are expected to open up in the UAE in the coming six months. According to a new survey by recruitment firm, Robert Half UAE, nearly four in 10 (37 per cent) of the country’s chief financial officers (CFOs) will be expanding their finance departments in the second half of 2013 compared to 35 per cent in the first six months, giving a boost to the local job market.

“Companies continue to struggle in finding skilled financial professionals, with more than half (51 per cent) saying is it ‘somewhat challenging’ and 35 per cent saying it is ‘very challenging’ to do so,” said the survey.

“The areas posing the greatest challenges include specialists in financial management/control (28 per cent), accounting (27 per cent), accounts payable/receivable (24 per cent), tax & treasury (24 per cent) and business/financial analysis (21 per cent),” the report listed as the positions and job titles that are the most in demand.

“As a result, nearly nine in 10 (87 per cent) finance leaders are concerned about losing top performers, prompting many organisations to consider their retention strategies to keep their best and brightest on board,” it added.

And while 37 per cent of CFOs say they will expand their teams in the next six months, a significant minority, on the other hand, will stick to the number of employees they have. Fifteen per cent of those surveyed stated that they will be maintaining existing headcount levels and only 4 per cent are expected to eliminate positions. Forty-four per cent of companies will be freezing hiring – not filling vacating positions nor creating new ones – which, is up from 12 per cent six months ago.

Based on a survey of 75 chief financial officers (CFOs) and finance directors (FDs), the Robert Half Financial Hiring Index1 (the ‘Index’) finds that Dubai-based financial leaders are most bullish about their hiring plans with more than half (53 per cent) anticipating the expansion of their finance teams compared to 22 per cent in Abu Dhabi.

The major factors driving hiring up are new projects and initiatives, as cited by six in 10 (64 per cent of the CFOs, which is followed by product or service expansion (57 per cent). One in three (32 per cent) will be entering new markets and 29 per cent claim that business growth or expansion in both international and domestic markets, respectively, was prompting additional permanent hiring within the finance and accounting function.

Even though the demand is up and there are enough candidates available in the market but finding the right skill set is hard to come by.

The good news is that finance executives are confident about the economic prospects facing the UAE. A majority (72 per cent) of the respondents expressed confidence, including one in five (20 per cent) who are ‘very confident’. A further 77 per cent are confident in the business outlook facing their companies in the latter half of the year, revealed the findings.

However, a recent survey released by eFinancialCareers, a career site for professionals working in banking and the financial markets, revealed that finance professionals in the UAE and the region are the most stressed out in the world due to the uncertainty of their jobs.

The survey stated that majority (58 per cent) were either very or quite concerned about being laid off in the next six months, which is perhaps why Middle East professionals put in the most overtime with 41 per cent claiming it is due to staff cut backs.