Dubai: Demand for accountants with suitable qualifications and experience remains steady, according to recruitment consultants, but the need for financial professionals in specific industries is expected to pick up in the coming year.

Steve Freed, director, The Gulf Recruitment Group, expects to see his firm recruiting for more FMCG (fast moving consumer goods) and pharmaceutical companies. Government spend is likely to continue to create finance positions in infrastructure projects. And, local banks are expected to launch a number of new Islamic products that will require suitably qualified finance professionals, he added.

Experience factor

The market really depends on the industry sectors, says Rayhana Levy, senior consultant at Hays. "It is very important for accountants to have the relevant industry experience," she says.

The highest in demand are those that are qualified CA or CFA (chartered accountant/chartered financial analyst) with several years experience in an international organisation, says David Evans, general manager at Talent2.

"People with these experience are readily sort after in the Middle East across all industries," says Evans. "Those with the ability and interest to read beyond the numbers and translate them into a commercial and business understanding are the ones that have the highest success in their careers. People with experience in International Financial Reporting Standards [IFRS] are generally most sort after."

In chief financial officer or finance director roles, those with experience across finance and operations are highly sought after, he adds. There are more positions at junior to mid-level than at executive level, says Freed. However Evans, points out that while entry level roles in accounting and bookkeeping are available, "we are seeing many of these roles being outsourced to specialised accounting firms."

Levy has seen a 10 to 15 per cent drop in salaries compared to 12 to 24 months ago, mainly at middle management level. Clients are being more and more cost conscious. "A lot of candidates are now moving for the same or even less salary if it's a good role with a good company," she says.

In view of the current competition, Freed advises that now is not the time to be looking for a change in the sector.