Report on Employment scenario in Finance Sector – UAE


Contents
Financial Sector Overview 2
Skills required to be successful in the Financial Sector 2
Type of Employees needed In the Financial Sector 3
Type of Jobs available in the Finance Sector 3
Nature of Work in the Financial Sector 3
Degrees required for jobs in Financial Sector 4
Availability of Jobs in Financial Sector 4
Conclusion 5
Bibliography 5

Employment Scenario in the Finance Sector in UAE

Financial Sector Overview

The financial sector at a company level focusing on the aspect of employment or jobs can be explained by the type of work that happens in finance department in companies. In this area, employees working in the finance department handle company’s finances by managing the flow of funds, analyze the financial dealings within the organization, aid in providing quotations for projects or budgets for annual activities inside a company.
In a national scenario, the financial sector of UAE contains the banking and finance sector as well as areas of corporate finance regarding private companies. The financial scenario of country also includes its stock markets. Considering the financial scenario of UAE, a unique factor is that element of Islamic Finance which has been growing fast. It is not based on the religion per se, but on the Islamic Ethical Foundation which forbids trading in money for profit.
Skills required to be successful in the Financial Sector

There are some financial and non-financial skills which are required or demanded for a job in the finance sector and these skills are required from the basic to a higher level job. Superior communication skills are required for a job in any good company regardless of the sector. Communication is required to deal with clients, customers as well as coordinates and colleagues. Communication skills go toe-to-toe with the skill of relationship management which is a crucial skill required for a person in finance. (Fontinelle, 2010)
Skills like extensive knowledge of accounting and a clear insight of financial and management principles are a must for jobs in the financial sector. A concise knowledge of laws, rules are regulations are necessary for an individual working in the financial sector.
Organizational skills are required for a person in finance for handling projects regarding analysis or preparation of financial statements. Skills regarding technology and handling financial issues are required for being a successful employee in finance. Motivational skills are also required for a higher level employee in finance to properly coordinate with employees. Technical skills to use Microsoft office and other report generating software are a must to work in the financial sector currently. (Messmer, 2006)
Type of Employees needed In the Financial Sector
Employees with integrity and a penchant for working hard with a focused outlook are required for work in the finance sector. And considering the field, people possessing analytical skills are also required in this sector as any financial work requires analyzing numerical and statistical data of sensitive and complex nature. Employees knowing financial accounting software such as Tally are also required in the accounting field. Employees knowing Oracle and Focus are warmly welcomed in enterprises.
Type of Jobs available in the Finance Sector

The array of jobs related to finance include Finance/Accounts Assistant, Senior Accountant, Financial Analyst, Finance Director, Credit Analyst, Finance Manager, Financial Controller, Chief Financial Officer, and Senior Associate. (efinancialcareers, 2015)
Nature of Work in the Financial Sector

The nature of work might depend on the level of hierarchy or the post of the financial executive but certain elements are common among all finance sector employees. Finance managers need to organize the flow of funds internally and externally regarding the company. In case of large organizations, financial accountants oversee the financial dealings of multiple departs or divisions inside a company general work in the financial sector is a very sensitive and requires to be done responsibly by any individual.
Degrees required for jobs in Financial Sector

Bachelors/Master’s Degree in Accounting is a basic qualification required for financial jobs. On top of that, professional accounting qualifications like CFA, CPA, CA, CIMA, ACCA and ICWA are a bonus or a requirement at times, according to the nature of work/ position of employee. (Laimoon.com, 2015)

Availability of Jobs in Financial Sector
Considering the economic scenario of UAE, due to the advancements and development in the banking sector and general economic growth, the availability of jobs in financial sector is increasing day by day. Companies are seeking individuals with high level financial skills and a good amount of professional background for working in the financial sector.
The managing director of monster.com, one of the leading websites that feature employment portals commented on the scenario of employment in the financial sector that job listings in this sector will increase by 38% every year in UAE and along with that, positions in finance and accounting are in great demand as there has been a 43% increase in job postings in the scenario of UAE market. (Kapur, 2015)
In the perspective of an employee the pay available for employees in the finance sector is also increasing which makes it a wise decision in the contemporary period to consider working the field of finance with required degrees and qualifications.
Conclusion

Considering the acquired data and my qualifications, I can start by acquiring a job as a financial assistant in a multinational/ banking company and work my way up to advanced positions of work. There is also an alternative of pursuing an advanced accounting course along with acquiring knowledge of Tally and other similar useful software and then search for a job with an advanced requirement which will pay me more than a graduate with a degree in finance.
Bibliography
efinancialcareers. (2015, 4 18). Jobs in Financial Sector – Gulf Region. Retrieved from www.efinancialcareers-gulf.com: http://www.efinancialcareers-gulf.com/jobs-Accounting__Finance.s001?keywords=&locationsId=&locationsName=&page=1&sortBy=&searchType=&searchMode=DEFAULT_SEARCH&updateEmitter=EMPTY&filterGroupForm.includeRefreshed=true&filterGroupForm.datePosted=OTHER&filte
Fontinelle, A. (2010, 5 18). Top 7 Non-Financial Skills Required In Finance. Retrieved from www.investopedia.com: http://www.investopedia.com/articles/financial-theory/10/important-non-financial-skill-sets.asp
Kapur, S. (2015, 4 8). Jobs in UAE: Banks and finance companies on a hiring spree. Retrieved from emirates247.com: http://www.emirates247.com/news/emirates/jobs-in-uae-banks-and-finance-companies-on-a-hiring-spree-2015-04-08-1.586702
Laimoon.com. (2015, 4 18). Available Jobs in Accounting / Finance. Retrieved from jobs.laimoon.com: https://jobs.laimoon.com/uae/Accounting,Finance
Messmer, M. (2006, June). 10 Qualities of Successful Financial Executives. STRATEGIC FINANCE, pp. 20-22.

Skills

Posted on

March 7, 2018

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