The Must-Have Skills For A Finance Professional In The UAE

Considering a career in finance amidst the rapidly evolving UAE market?

Curious about the essential skills that can set you apart in this competitive field?

You’ve reached the right place.

The United Arab Emirates represents a place of rapid economic growth and diversification. Its transformation from a desert landscape to a global financial hub is nothing short of remarkable. 

In this evolving financial arena, the skills for finance professionals have become paramount. This article will take you through the multifaceted competencies that finance professionals in the UAE need to master in this dynamic era.

Why Finance Skills are Highly Valued by Employers

Based on data from Robert Half Talent Solutions, 62% of top-tier finance and accounting executives are recruiting for new roles. Interestingly, just 34% of them are hiring to fill vacated vacancies, indicating that a significant number of these jobs are new. 

Yet, 89% of the managers are facing challenges to hire proficient finance professionals. This trend can be attributed to the evolving skill requirements in the sector.

Employers are on the lookout for finance professionals who can blend global financial practices with the intricacies of the local market. 

Such individuals not only ensure the financial stability of organizations but also play a crucial role in strategic decision-making. Their expertise influences investment strategies, risk management protocols, and long-term financial planning, making them indispensable to both local and multinational corporations.

Technical Skills: The Backbone of Finance

Accounting Proficiency: Beyond just balancing books, accounting in the modern age is about understanding financial software, integrating AI tools for forecasting, and ensuring real-time financial transparency.

With businesses becoming more complex, the need for professionals who can understand and interpret financial statements, manage audits, and ensure compliance has never been higher.

Financial Modeling: In an age of startups and venture capital, financial modeling is about assessing the viability of innovative business models, understanding long-term profitability, and ensuring sustainable growth. 

With the UAE becoming a hub for startups, especially in fintech, the ability to create and interpret financial models has become invaluable.

Risk Management: This is about identifying risks, diversifying portfolios, and understanding the intricate world of derivatives and swaps, especially in a vibrant stock market like the UAE's. 

With global events having far-reaching impacts, the ability to assess and mitigate risks is crucial for businesses and is one of the key skills for finance professionals.

Regulatory Knowledge: With the UAE constantly updating its financial regulations to align with global standards, professionals need to be proactive. They should anticipate changes, understand their implications, and guide businesses in compliance. 

The UAE's regulatory environment is unique, with free zones having their own regulations, making this skill even more crucial.

Soft Skills: Equally Crucial in the Finance World

Communication: In multicultural hubs like Dubai or Abu Dhabi, skills for finance professionals are needed to interact with a global clientele. This requires clarity and cultural sensitivity. 

Communicative skills ensure that financial insights are communicated effectively across diverse teams. The ability to translate complex financial jargon into understandable insights is invaluable in a diverse business environment like the UAE's.

Ethical Judgment: With the UAE aiming to be a global finance hub, maintaining its reputation is crucial. Financial professionals play a pivotal role, in ensuring ethical practices that enhance the nation's credibility on the global stage. 

With high-profile cases of financial fraud making headlines, the importance of ethics in finance cannot be overstated.

Problem-Solving: Every business challenge is unique, especially in a dynamic economy like the UAE's. Skills for finance professionals need to be out of the box, crafting bespoke solutions that align with a business's vision and the region's economic goals. 

Whether it's navigating the challenges of a startup or guiding a multinational, problem-solving is a crucial skill.

Adaptability: As fintech startups rise in the UAE and digital banks challenge traditional financial institutions, being adaptable is not just an asset; it's a necessity. The financial landscape is evolving rapidly, and professionals need to stay updated, and ready to adapt to new tools, technologies, and trends.

Digital Proficiency: Embracing the Future of Finance

Fintech Familiarity: From digital wallets to robo-advisors, fintech is redefining the financial landscape. Skills for finance professionals include understanding these tools, ensuring they harness them effectively. The UAE's push towards becoming a cashless society further emphasizes the importance of fintech proficiency.

Blockchain and Cryptocurrency: With Dubai aiming to be a blockchain-powered city by 2020, understanding this technology is crucial. It's not just about cryptocurrencies but also about smart contracts and transparent ledgers. 

The UAE's forward-thinking approach to blockchain and its potential applications in finance, real estate, and other sectors make this skill indispensable.

Data Analytics: Big data is a goldmine. But it's of no use if businesses can't extract insights. IT skills for finance professionals need to be adept at data analytics, turning raw data into actionable strategies. 

With businesses collecting vast amounts of data, the ability to analyze this data and derive actionable insights can provide a competitive edge.

Continuous Learning: The Key to Staying Ahead

Ongoing education and certifications are crucial to stay updated. And here's where the MSc in Financial Management from university of Manchester comes into play. This program, a blend of online and in-person sessions, is tailored for the modern finance professional. 

It equips students with technical skills and instills the soft skills for finance professionals that are increasingly becoming indispensable in the globalized world of finance. Hear the success stories of their thousands of alumni here.

For those keen on getting into a career in finance and equipping themselves with a globally recognized qualification that provides the key skills for finance professionals, this program is a golden opportunity. 

Download the brochure to delve deeper into what the University of Manchester offers.

Final Thoughts

The skills for finance professionals in the UAE are multifaceted. From technical prowess to soft skills, and digital proficiency, the demands are high. But the rewards, in terms of career growth and opportunities, are equally significant. 

As the UAE continues its journey towards becoming a global financial hub, the value of these skills will only rise. And programs like the MSc in Financial Management from the University of Manchester are paving the way for professionals to achieve value in their careers.

Considering taking this transformative journey? The University of Manchester's MSc in Financial Management awaits. 

Request a callback, for more information or apply directly to join a programme that is proven to help accelerate professional growth.

Frequently Asked Questions (FAQs)

1. How do you list skills on a resume for finance?

On a finance resume, categorize skills into 'Technical' and 'Soft Skills.' Under 'Technical,' list proficiencies like financial modeling or accounting software. For 'Soft Skills,' highlight attributes like communication and adaptability. If you have certifications or specialized training, consider a separate 'Certifications' section. 

2. What skills should a finance manager have on a CV?

A finance manager's CV should emphasize technical expertise in areas like budgeting and financial reporting. Leadership skills, such as team management and strategic planning, are also crucial. Additionally, mention certifications like CFA or CPA.

3. What are the five basic financial skills every manager should have?

Every manager should be adept at budgeting, financial analysis, cash flow management, risk identification, and strategic financial planning. These skills ensure efficient resource allocation and sustainable growth.

4. How crucial is it to be familiar with local financial regulations when embarking on a finance career in the UAE?

While initial roles might not demand a deep understanding of local regulations, having a foundational knowledge can be an advantage. As you advance in your career, this expertise will become increasingly vital, especially in roles centered around compliance or regulatory functions.

5. Fintech is gaining traction in the UAE. Is it advisable for someone new to the field to consider specializing in this area?

Definitely! Fintech is an expanding sector in the UAE, presenting a myriad of opportunities for those at the onset of their finance journey. Diving into fintech can lead to roles in digital banking, blockchain innovations, and financial technology solutions. It's an exciting domain for those keen on blending finance with cutting-edge technology.