For UAE finance, accounting jobs, starting salaries are dropping sharply

Dubai: A surge in candidates applying for available entry-level financial positions in the UAE leads to a drop in average starting salaries.

According to the latest report from Robert Half, the recruitment consultancy, positions in finance and accounting have ‘taken the biggest hit’. This has led to average salaries dropping by 2.1% and scaling up to 23% for some corporate accounting positions.

The cause of the issue? A surfeit of expat talent seeking to land new jobs in the UAE.

“While those with accounting skills are still in demand – particularly those with financial planning and tax experience – the immediate availability of expats who come to the UAE without roles is driving down their market value,” said Robert Half in a statement.

“Although the influx of expats has made it easier and cheaper for businesses to hire, (corporate) leaders should be mindful of the impact this could have on their existing employees,” said Gareth El Mettouri, Director – Middle East at Robert Half.

“Unable to secure pay rises in both their existing roles or new roles, many employees feel trapped, which impacts job satisfaction and productivity. If employers do not take steps to look after their best talent, they will move on as soon as the market shifts.”

Others in the recruitment industry are seeing a similar trend, adding that the surge in demand for finance/accounting professionals created by the UAE introducing corporate tax has also started to quieten down.

Which job roles are trending?

Starting salary packages for in-house legal job profiles has been on the rise. Average starting salaries have gone through a 15% hike by now, as ‘demand is driven by growing interest from global investment companies in UAE businesses’, says Robert Half. The trend has also been helped by more private businesses considering IPOs and ‘requiring experienced legal support to do so’.

Rising costs

While they are calling the shots now, employers should not be ‘complacent about their ability to retain existing talent’.

“While 7 in 10 report a rise in worker satisfaction over the past 12 months, only half of employees agree, which may reflect limited opportunities for salary growth,” says Robert Half.

Harder to ask for salary raise

“A third of employees agree that they need a higher salary to meet their obligations,” the report adds. “The decline in salaries and oversupply of expat talent is undermining in-role salary growth, with three-quarters agreeing that it is harder to negotiate a pay rise than 12 months ago.

“If the market shifts, these employees will be among the first to jump ship, leaving employers without the talent they need. Overall, two-thirds will look for a new job before the end of 2025, with 30% of those citing the rising cost of living as a key driver for their move.”