Gulf growth plans among Big Four firms
The Big Four accountancy firms have (relatively) big plans for the Middle East, which is likely to create something of a talent shortage in the not-so-distant future.
PwC unveiled its annual results this week and the Middle East has proven a growth market for the firm. Revenues increased by 17% in the region year-on-year - largely as a result of ongoing expansion in its advisory business - and senior partner Ian Powell said that the Middle East practice is set to double in size over the next two years.
Similarly, Deloitte - which last month unveiled a ridiculously ambitious hiring spree - is likely to build in the Middle East, where revenue grew by 15% this year.
This creates something of a problem. Expansion is improbable within audit (where revenues continue to slide), so is more likely to take place within the more specialist advisory and consulting divisions, which are either growing or holding up well. Finding talent is therefore likely to prove challenging.
PwC's attempt to wrestle the regional top spot from Ernst & Young last year through an aggressive recruitment campaign created something of a poaching frenzy, as well as relocations from the UK, US and Australia. This suggests that there's not exactly a bountiful supply of candidates locally.
Headhunters confirm that any Big Four expansion could prove challenging: "The Big Four's advisory practices typically lose talent to the locally-based investment banks (which are recruiting again) and there's also a lot of movement between firms. Such a talent shortage makes significant expansion a challenging proposition," says one financial services recruiter.
Of course, it's likely that the Big Four will simply look within as they build headcount in the region. The Middle East may not be as attractive as it once was, but it's likely that there will be not shortage willing volunteers for relocation for the right position in a market that is clearly growing.
E&Y's MENA partner promotions earlier this year pointed to a commitment to "geographical mobility options" to its employees.
The Big Four accountancy firms are also looking to develop a pipeline of local talent. Deloitte, E&Y, KPMG and PwC all signed up to an initiative by the ICAEW to encourage more Emiratis to train as chartered accountants in September.
