13 Mar 2016

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Accounting & Finance 2016 Salary Guide - UAE


A review of the expected salaries for accounting and finance professionals in the UAE for 2016.

Hiring trends

Thanks to the UAE weathering the decline in oil prices more successfully than other GCC countries, the federal government has been able to maintain the majority of its fiscal policies and the delivery of its large-scale projects.

Businesses are therefore broadly confident about the region’s growth prospects in the foreseeable future.  This optimism is set to benefit accounting and finance professionals, as UAE employers seek to reorganise their finance teams and improve systems and processes – all in anticipation of future expansion.

The jobs market for accounting and finance professionals is extremely competitive, however, and UAE employers are becoming increasingly demanding with the criteria that they are setting for new hires.

Talent supply

Although the regional economy has plateaued in recent months, partly due to the reduction in oil and gas activity, UAE employers continue to fill open vacancies and backfill permanent positions.  They are also preparing for growth as a result of the government taking a number of measures to diversify the economy. This has led to a talent shortage as employers search out the best candidates to help take their organisations forward.

Employers are keen to attract finance professionals with formal accounting qualifications who can bring financial discipline and improved controls to their organisations. The most sought-after candidates hold ACA, ACCA or CIMA qualifications, are familiar with US GAAP, IFRS and SOX accounting standards, can use accounting software (such as Oracle and SAP) and have three to five years’ experience of working for a multinational corporation.

The GCC remains a unique region both culturally and economically. So in 2016 those candidates who will have the edge in the jobs market will be able to combine local knowledge with sector knowledge and experience. Nevertheless, the positive publicity being generated by the media has meant there is renewed interest in the UAE as an expatriate destination from finance professionals across the globe.

Salary & compensation trends

In 2016 the salaries of accounting and finance professionals are expected to increase by 4% on average, above the forecast regional average of no growth or negative salaries. Individuals who are already based in the UAE can expect their salaries to increase by at least 5-6% when they move jobs, however. Rent and the cost of living are expected to remain similar to 2015, with net savings expected to increase.

Role
Part-Qualified
Newly Qualified
2-5 years PQE
5-7 years PQE
10+ years PQE
Chief Financial Officer
*
*
*
62,000- 70,000
70,000+
Financial Director
*
*
*
57,000- 62,000
62,000+
Financial Controller
*
*
33,500- 39,500
38,000- 51,000
51,000- 57,000
Financial Planning Analysis Manager
*
*
28,000- 32,500
*
*
Finance Manager
19,000- 23,000
23,000- 26,000
27,000- 34,500
34,500- 40,000
31,500+
Reporting Manager
12,000- 14,000
14,000- 16,500
16,500- 19,000
19,000- 22,000
25,000+
Budgeting Manager
13,500- 15,000
15,000- 16,500
16,500- 20,000
20,000- 25,000
25,000+
Treasury Manager
15,000- 18,000
18,000- 21,000
21,000- 23,500
23,500- 27,500
27,500+
Finance / Business Analyst
16,000- 20,000
19,000- 25,000
25,000- 29,000
29,000- 33,500
33,500+
Chief Accountant
16,000- 20,000
21,000- 26,000
26,000- 31,000
31,000- 34,500
34,500+
Financial Accountant
16,000- 19,000
19,000- 23,000
23,000- 29,000
29,000- 33,500
*
Management Accountant
16,000- 19,000
19,000- 23,000
23,000- 29,000
29,000- 33,500
*
Financial Modeller
15,000- 17,000
17,000- 20,000
20,000- 25,000
25,000- 35,000
35,000+
Head of Internal Audit / Internal Audit Manager
*
19,000- 25,000
25,000- 31,000
31,000- 35,500
35,500 +
Internal Auditor
16,000- 19,000
19,000- 23,000
23,000- 29,000
29,000- 36,500
*
Tax
19,000- 23,000
23,000- 27,000
27,000- 34,500
34,500- 42,000
42,000 +
*typically does not exist at this level
-Courtesy: morganmckinley.ae


Consultant
+971 4 352 2506
vdobilaitis@morganmckinley.ae




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