Malta’s financial sector has experienced rapid development in recent years and has become a strong and steady foundation for other organisations on the island. The financial sector comprises over 10% of Malta’s GDP. Several major accounting companies and innovative fintech startups. have set up businesses in Malta. In the next section, we consider the demand for professionals in the financial services industry.
Which jobs are in high demand in financial services in Malta?
The varied financial requirements of the growing businesses and diverse companies on the island mean there is a pressing need for experts in the financial sector. Malta boasts a healthy and profitable banking system that is quickly adapting to more stringent compliance legislation and a growing commitment to tackle financial crime within the industry.
The Malta Financial Services Authority (MFSA) has recently set objectives to secure Malta as a regulated and efficient financial services hub. This strategy will likely encourage more financial services companies to come to the island. Check out the financial and legal job opportunities with Accelerate Recruitment agency today. Currently, within banks and companies, there is a demand for the roles below:
Chief Financial Officer (CFO). There are great opportunities to develop a career as a CFO in Malta. CFOs fulfill various roles; they manage financial planning, monitor cash flow and identify the company’s strengths and areas for improvement. They set policies, help to meet company financial targets, make recommendations and oversee tax issues.
Accountants and Auditors. The demand for accountancy and auditing professionals within small and larger well-established corporate businesses continues growing, with consultancy experts among Malta’s most highly sought professionals.
Finance Managers. Within corporate finance, the demand for professionals to oversee and improve accountancy practices and prepare statements, business reports, and forecasts has never been higher.
Investment Advisors. Investment advisors qualified to suggest portfolios and pension solutions and help manage trusts and estate planning are highly sought after among expatriates and locals.
Asset Management. It’s an exciting time to work in asset management in Malta. The role of an asset manager is to invest capital and savings into productive activities that generate growth and funding. The demand for compliant solutions and products means a high need for expert advisors.
Insurance Management. The insurance sector in Malta is booming and is predicted to continue to grow in the next few years. Experts in insurance management are seeking to protect insurance companies by updating policies, analysing data and ensuring that the companies continue to grow and develop.
Blockchain Technology. Malta has acquired its reputation as “Blockchain Island” with its groundbreaking approaches to cryptocurrency. There is a need for experts who understand decentralised digital asset management and can identify and explain new investment opportunities.
Tax Advisors. While the tax system in Malta is straightforward, ex-pats and citizens from other countries often need advice on tax planning, managing investment payouts and minimising returns.
Financial Advisors. With its high numbers of established businesses, entrepreneurs, and foreign residents, Malta has a high demand for experts to assist and advise on financial planning and minimise expenses incurred by Brexit.
Career progression in the finance sector
Careers in finance offer financial stability and huge potential for professional development. The diversity of roles and ever-changing economic landscape mean the scope for learning opportunities is vast. From entry-level positions and apprenticeships to chief finance director positions, there is a clear career pathway with ample opportunities to diversify. Working on a small, prosperous island like Malta also gives professionals excellent exposure to major companies and diversified roles.
Careers in the legal sector
The financial sector depends on legal teams and advisors to keep their activities compliant and legal, so careers in finance and law are closely related. Stringent regulations by Malta Financial Services Authority (MFSA) mean the industry must comply with norms and directives and is well-trusted globally.
According to the EU’s fifth anti-money laundering initiative, all member states must implement safeguards to combat financial crime and terrorist activity. The development of the fintech and iGaming sectors has brought about an urgent demand for legal expertise in money laundering. As a result, there is a significant demand for legal professionals to implement and impose AML frameworks and ensure compliance.
What legal roles are in high demand in Malta?
There is a great demand for legal experts within Fintech and the online casino sector, as well as jobs within more generalised sectors in Malta. Consider the possibilities below:
Chief Compliance Officers are in high demand in Malta. The strong presence of iGaming giants in Malta calls for compliance experts with updated knowledge of new legislation.
Legal Counsel. While legal advisors are often sought within specific niche areas like iGaming and fintech, they are usually required to fulfill more general roles where they may work within large teams or in-house for companies and give internal corporate and commercial advice.
Compliance Officers. As banks and corporate organisations realise the essential need for compliance and due diligence to counteract money laundering, there is an increasing demand for compliance officers.
Money Laundering Reporting Officer (MLRO). Compliance specialists within corporate businesses and financial institutions are in high demand.
Data Protection. With data breaches and compromised digital security issues, there is now a demand for lawyers with expertise in data privacy and data handling matters.
Lawyers in Financial Services. Banks and financial institutions require lawyers to advise clients on corporate banking, compliance, finance and national/international transactions.
Commercial Litigation. Companies and law firms often seek assistance and legal advice on contract, commercial, and employment law.
Legal Tech Specialists. Cleverly designed tech and AI with automated contracts, transaction tracking and digital compliance systems facilitate lawyers’ workloads, cut costs and boost efficiency in the workplace. The growing use of technology has also created a need for experts to test and advise on legal tech, identify and manage risks and train staff to implement legal tech effectively.
Why choose a legal career in Malta?
As hundreds of businesses and investors choose Malta as their base, the need for talented legal experts in the legal and compliance sectors will continue to grow. A career in law is a well-paid profession with scope for growth and fantastic, diverse opportunities.
Malta is a vibrant hub with a young, dynamic population and a base for several major corporations. It is a perfect place for networking and meeting experts in your field. Contact us today if you’re interested in finding a job in Malta’s finance or legal sector.