Qualified Accountants & Senior Financial Appointments Market September 2022
As predicted earlier in the year, there has been continued progression within the finance and accounting sector in Malta with little signs of this slowing down as we move towards the final quarter of the year. Overall, the demand for finance professionals in Malta has continued to increase as both local and international companies look to continue growing and expand their organisations further.
With the demand for quality finance professionals remaining high, it means that we are still operating in a candidate-driven market. This has resulted in companies choosing to move forward throughout their recruitment process much faster and effectively to secure the best talent available.
Candidates’ interest in the iGaming industry remains high and is usually one of the more preferred industries that candidates are looking to move into. This does have its challenges as most iGaming roles these days do require applicants to have iGaming exposure given the depth and strength of the talent pool in Malta with that industry experience.
This has led to an increased interest within the iGaming industry in general meaning not only operators but also affiliates, payment service providers (PSPs), performance marketing companies and all companies related to the iGaming sector.
Locally there is still a high demand, which has been the case for the past 18 months within the insurance sector. We are still seeing an exciting increase in activity from both local and international companies requiring candidates that have very specific insurance exposure. In terms of salary, given the demand, this is resulting in them competing financially with and in some instances leading the way salary-wise. The Fintech sector is popular given the attractive salaries and excellent work incentives on offer, this suggests it’s right up there with iGaming and insurance opportunities.
Interestingly, client-facing roles are gaining more and more momentum as candidates are realizing the learning potential on offer within this sector. Many small to medium-sized companies are now offering salaries and perks normally associated with the iGaming sector, meaning candidates are gaining broad industry exposure while still being able to work in a hybrid role. They are receiving attractive salaries and their performance reviews and bonuses are right up there with the best.
From a financial analyst standpoint, we are still witnessing an increase in clients wishing to hire external auditors, knowing their skills and training are exactly what is required to make them an excellent addition to their finance teams.
Yet again this is paving a great way forward for many external auditors looking to transition from a client-facing role into that of an in-house role.
There is an excellent drive and need for external auditors throughout the industry as a whole, similar to that of client accounting, we are seeing an increase in salaries, benefits and working conditions on offer while companies are looking to secure and retain the very best talent available.
The desire for these professionals remains high and given the highly attractive salaries on offer for these professionals, there is a gradual increase in candidates ignoring the allure of in-house, wishing to focus on this industry.
In terms of qualifications in Malta, the required qualifications remain either a Master in Accountancy or an ACCA fully qualified accountant. Hiring managers are naturally looking for quality applicants that are not only fully qualified accountants but there is a growing requirement that they are skilled with Excel.
Many companies comment on this as one of the main reasons why an applicant fails or isn’t considered to be taken forward in the process. On the other hand, hiring managers are always keen on management and leadership experience in tandem with problem-solving skills.
Generally, candidates are looking for stable and financially secure companies. Job security is a high priority and being allowed to grow both professionally and personally. The elusive work-life balance is still a major pull for candidates when they are considering new opportunities, given the high number of applicants working long hours in their current roles.
In terms of benefits and incentives on offer, currently on top of the base salary, there has been little change in the traditional offerings within the past 18 months. The standard options of health insurance, performance-based bonuses and paid memberships are still attractive.
Given the recent global pandemic many clients are now operating on a hybrid system and this benefit is attractive to talent. Flexitime is something that is still really important also, as companies are allowing staff members to start earlier and therefore finish earlier or vice versa.