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UAE Sees Significant Growth in Financial Jobs Market

UAE : 25 March 2010

If you are hoping for a career in the Financial Services sector then take heart because the latest reports indicate that job opportunities in this sector are growing and could increase by as much as 20% in the next three months.

At present the focus is on those candidates with specialist skills and high end experience. While this is very positive news for many it is best to remember that we are still in recessionary times and salary expectations now have to come into line with this. It is now an employers market with supply definitely greater than demand. Employers who are looking to recruit now are expecting a lot more for their money that they would have received two years ago.

The Financial sector took a particularly severe blow during the recession and it is now believed that worldwide this led to the loss of approximately 15 million jobs between the last quarter of 2007 and the third quarter of 2009. So there are many qualified and experienced individuals out there seeking work in this sector at present.

In a survey of 1500 employers a promising 60% said they were now either actively recruiting or seriously considering doing so in the near future. Of all the sectors in the financial sector those engaged in Finance and Accounting practices have weathered the recession the best. This is largely due to the fact that when the boom ended everybody was looking to their bottom line to see how they could cut costs so their financial advisors and figure crunchers were more vital to the business than ever before.

Many markets across the globe are beginning to feel somewhat confident again and many large corporations are beginning to tentatively increase their recruitment budgets. While it is now evident that many firms are hiring it is an employers market out there and an employee can expect to be offered a salary package that will probably be about 20% less than in would have been in early 2007.

Employers now also want more for their investment and they are like to go for quality as opposed to quantity. They are also going to choose the candidate who is the most flexible and possesses the widest range of skills and experience. As one Entrepreneur puts it, they want employees who will hit the ground running.

So expect to work for about 20% less than you would have been offered two years ago. Many companies though are investing these savings in offering their employees many training opportunities which will undoubtedly help bolster their employees future employment and promotion potential.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
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