GUEST COMMENT: How the financial crisis has been beneficial for accountants' employment prospects
The changing times, in many ways exemplified and accelerated by the global financial crisis, have brought with them a greater focus on having the right people with the right skills across all sectors. This is certainly very much the case in the Middle Eastern finance and accounting professions.
The aftermath of the financial crisis will bring with it a raft of changes and new challenges. In the UAE, for example, there is a new corporate governance code coming into force in the next couple of weeks aiming to boost the levels of responsibility and transparency in the way that companies are directed and controlled. Implementing the code and ensuring compliance means people with broad corporate governance experience will be very much in demand.
The growing need for insolvency professionals
There is also reform of the UAE insolvency law on the horizon. Though there have been insolvency laws in place for some time in the UAE, the crisis has put the regime to the test with some recent high-profile insolvencies.
As a result, there is concern that the current law is not fit for purpose. Whether the new regime will be a reworked version of the current law or a new-build based on regimes in other markets where the insolvency laws are more ingrained and efficient, there will be an increased need for insolvency practitioners and other professionals with experience of finding and agreeing the best outcome for failing businesses and their creditors.
Having proper insolvency regimes are absolutely necessary to maintain confidence in doing business in the Middle East, but the laws will make no difference if there aren't enough of the right people with the right skills to ensure they are applied and enforced.
The Middle Eastern markets' steady path towards globalisation has also brought with it new opportunities as well as many challenges for businesses and industry, requiring specialist skills and experience of international practices and standards.
The drive towards the development of global financial reporting standards, for example, means that successful candidates for high-profile jobs in the finance and accounting professions not only have to understand local law and practices but also be well versed in what is happening at an international level.
Locals need to be equipped with the right skills
In the UAE, an Emiratisation programme has been in place since 2000. However, for Emiratis to fulfil their potential as future business leaders it is critical that they are equipped with the right skills. Nationals with globally-recognised qualifications and experience will play an important role in helping rebuild confidence as well as safeguarding against future crises.
Whilst the crisis undoubtedly has had some negative impact on recruitment to the finance and accountancy professions in the Middle East, it has also opened the door for many. Chartered accountants have the qualification and skills necessary to meet many of the above challenges.
For those wishing to specialise there are also some obvious areas worth focusing on. Expertise in restructuring and risk management will help finance professionals remain attractive in the job market.
Much may still be uncertain about the future but there is no doubt that there will continue to be strong demand for skilled professionals with a broad understanding of business issues and practices.
Amanda Line is the ICAEW's Middle East Regional Director. She is a chartered accountant with extensive international business and financial training experience. She has spent the last 15 years living and working in Asia and the Middle East.
The ICAEW is a leader in the accounting and finance profession, with more than 134,000 members across over 160 countries. It opened a Middle East regional office in Dubai in 2009 to offer better support to its more than 800 members in the region and also work more closely with local stakeholders to strengthen the profession.
