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

Vilius Dobilaitis

Consultant

+971 4 352 2506

vdobilaitis@morganmckinley.ae

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Being a Time Efficient Employee in Abu Dhabi: Does it Work?

It’s a dream indeed. You took a decision, worked day and night and got through every screening process to lead a truly lavish professional life in Abu Dhabi. It has been a great experience, learning from the best in the business and working in corporations that foster growth at a global level. The money’s good and you’ve got every modicum of happiness to make your work life in Abu Dhabi an experience worth cherishing.

However, is money the only thing you care about?

As in, an emirate that invites work cultures and business practices from every corner of the globe surely gives you a chance to inculcate habits that prove lucrative in the long run. Time efficiency is one such thing which stands as a litmus test for employers here to segregate candidates. Here are a few tips for you to be a time efficient employee in Abu Dhabi. Drop a glance and better your chances to ace that job.

Start Prioritizing Your Work

Obviously, working in leading Emirati Corporation, multitasking is the life-blood to exist in a place as competitive as Abu Dhabi. Well, this does stand as the golden rule of time management at work, be it any corner of the world. Each day, spot 3-4 tasks that are the most crucial to complete. Once you’re done with them, you can always move on to work that came as a request maybe, or that wasn’t as significant as the one you just did.

This also calls for the need to say a simple ‘no’ to make some space in time. Making a plethora of commitments might force you to juggle between engagements, hence increasing the load on your head. 

Delegation Helps Too

It’s agreeable that being under the pressure of being constantly noticed by your boss, who controls your tenure in the company and your stay in Abu Dhabi as well, you want to come up as the most efficient employee, every time. But, taking all the load on your head would probably fester things, if not better your chances for a promotion.

You did all that hard work in securing a lucrative job offer, but it’s time to play a wee bit smart. Unless, you are at the bottom of the totem pole, try splitting up repetitive task and delegating them to your team members and subordinates. However, you should always remember to be active in following up with each of your colleagues and checking the progress at every step possible.

Start Eliminating Distractions

Whatever may happen, you should always hold on to the fact that it’s your employer who sponsors your stay in the emirate. It’s not your friend you chat on Facebook with or the girls you’re stalking on Twitter, it’s your hiring manager who brought you to the country and made arrangements for your accommodation.

If time wasters like web-browsing breaks and chit-chatting with your co-workers is what annoys him, cut-off for a small period would be highly preferable. Don’t be afraid to intercept or draw the line, wherever you feel the need of it.

Get Organized with Technology

Who said it’s only about getting done with your work, technology can efficiently be used to organize the same as well. It often happens that we lose ample time in stacking up all the work we did. There’s so much you can save here, organizing systems aren’t that complicated to implement.

Create filing systems for documents and streamline all tasks assigned within a specific time-frame. It’s really easy!

It’s your chance to learn, to grow and to witness the best working environment in Abu Dhabi. Make the most out of it and be judicious in whatever time you spend in this exotic destination. 

Author Bio: Anshuman Kukreti is a professional writer and a keen follower of the global job market. An engineer by qualification and an artist at heart, he writes on various topics related to employment across the Gulf. Reach him @ LinkedIn, Twitter and Google+.

Emirates ID to add five new languages to its website

The languages, in order to make services easier and more accessible to various nationalities, include Malayalam, Urdu, Tagalog, Russian and Mandarin.

The Emirates Identity Authority, Emirates ID, has announced that it will add five more languages – Malayalam, Urdu, Tagalog, Russian and Mandarin - to its website, offering information and guidance on procedures. This is in addition to the two languages already in place, Arabic and English.

The Emirates ID said the decision to add new languages to its website was part of its efforts to make its services easier and more accessible to the various nationalities residing in the country.

Abdulaziz Al Maamari, Director of Government and Social Communication at the Emirates ID, said the decision came as a result of surveys and studies on the number and types of visitors to the website, the departments and services most frequently browsed and the queries and clarifications most sought. “In the year 2014, nine millions visits from inside and outside the UAE happened on the website, by people speaking around ten languages,” he explained.

Al Maamari said the addition of the new languages would allow the customers to learn in their own languages about the procedures for registration in the population register, issuance, renewal and replacement of ID cards, necessary documents for getting the services rendered and the fee for each service. “The idea behind the initiative is to make our website and services more accessible and customer-friendly,” he added.

“This initiative came from our efforts to achieve the fourth objective in our Strategic Plan 2014-2016, which aimed at guaranteeing total satisfaction for our customers. We are introducing the new languages also as part of our corporate governance framework which focusses on creativity and innovation in all aspects of organizational work. There are large numbers of people who are not proficient in Arabic and English and we thought it was important to reach out to these segments with information in languages they are comfortable with,” Al Maamari pointed out.

Al Maamari said that the Emirates ID had already brought about a quantum leap in its communication efforts with its customers through the 14 channels of communication, including the website, social media platforms, and the round-the-clock call centre. “This new initiative, we hope, will bring us further close to our customers,” he concluded.

-Khaleej times

How to Get a Pay-Hike in the UAE?

The UAE has been buzzing lately, either due to the career opportunities, which seem to be brimful or the booming sectors, which are pushing the economy’s growth beyond its limits. Of course, any aspiring professional would vouch for a career in this country happily.

But have you ever given the remuneration prospects some serious consideration?

Obviously, a country where an accountant earns AED 69,284 and a marketing manager earns AED 203,277 (as on 10^th Dec 2014), salary is not that big a problem. Plus, there sure are factors like the current talent-crunch and increased job vacancies that indicate towards a hefty pay hike during 2015.

However, a reputed gulf-based website suggests that an average salary increase of 4.8% is expected in 2015.

Yes, these facts might seem contradicting, but UAE is always known to harbor uncertainties that transform into results favoring a people inclusive growth.

Hence, the discussion to follow will talk about certain common yet overlooked aspects that need a fair share of your focus. Heeding to these, you can easily gain a pay hike, while working in this exotic Arab land.

Dart sufficient glances and arm yourself to success!

What makes up your basic salary/ compensation package in the UAE?

Before we progress towards the right way to go about it, it’s quite imperative to consider the chunks that add on to form the basic salary or your overall package in the country.

·         Basic Remuneration

·         Paid annual leave for 30 days (21 days during the first year of employment)

·         Medical insurance by the government (some employers provide private medical insurance post the probation period)

·         The costs associated with the recruitment process and getting the visa processed

·         Gratuity Amount

·         Travelling allowance for the flight back to your country, after the expiry of your work contract

How to Go About It?

You Need to Do Your Homework

Before you put your case forth, you need to undergo some research. It’s quite significant to know what someone with the same position and the years of experience typically gets paid in the UAE. This will help you draw a much accurate comparison. Websites like PayScale and Hays might prove handy during this step.

The salary might also vary from emirate to emirate. For instance, a civil engineer earning AED 115,274 in Dubai might make AED 123,147 (as on 10^th Dec 2014), while working in Abu Dhabi.

In addition to this, the company structure in many of the companies includes a family hierarchy. Try to find the one associated with your employer. Who knows, nepotism might just work!

Get Your Objectives in Line

Walking into a negotiation without a clean set of justified goals might make the whole process futile. Define the raise you’re aiming for and don’t be afraid to quote a figure that’s high, unless it’s unrealistic. Validate the figure by drawing a clear picture of your efforts and the expenses you bear, while workingin the UAE.

Go for a Contract Compliant Negotiation

Before you start haggling, remember that the increase you expect might not be more than the stipulated salary rate in your employment contract. This generally holds valid throughout the term of your work contract in the UAE. For example, minimum wage laws exist in a lot of countries except for Dubai, where the employers aren’t bound to give 13^th month cheques or any annual hike.

Consider Other Perks too!

While a pay-hike might not be guaranteed, it’s a worthwhile idea to consider other perks associated with your job. Some of them include:

·         Relocation assistance

·         Private medical insurance

·         Accommodation and transportation allowances

·         Vehicular allowance

·         Food allowance

·         Furnishing allowance

·         Mobile phone allowance

Heed to the Social Conventions in the Country

Working in the country, by now you must be accustomed to the social norms practiced. Keeping the fact that the decision taking authority would probably be a local senior official, in mind, there are certain subtleties that need your attention. For instance, scheduling the meeting on Friday (the prayer day) might not be a worthwhile idea. Moreover, things like avoiding pointing your soles towards the counterparties and passing all documents with your right hand are other things to keep in mind.

The UAE stands today with a plethora of opportunities for one to explore a highly lucrative career, in whatever field you desire. Salary is just a single aspect, which can be taken care of, keeping the above tips in mind. All you need is to hang in there, your best is yet to be witnessed!


- Anshuman Kukreti

Author Bio: Anshuman Kukreti is a professional writer and a keen follower of the global job market. An engineer by qualification and an artist at heart, he writes on various topics related to employment across the gulf. 
Reach him @ LinkedIn, Twitter and Google+.

Cash Falling From Sky In Dubai | Money Flying On Dubai Streets

It's raining money! Dubai drivers abandon cars after notes worth £90 start blowing across highway 

Hundreds of thousands of pounds worth of cash fell from the sky and blew through Dubai, UAE, one of the most cash-rich cities in the world

Post by Gulf Recruitments.

This is the incredible moment people in Dubai abandoned their cars and scrambled for cash after it started raining MONEY.

Hundreds of thousands of pounds worth of cash fell from the sky and blew through Dubai, UAE, one of the most cash-rich cities in the world.

Pedestrians proved that despite the country's riches, they weren’t above dodging traffic to pick up the swirling 500 UAE Dirham notes - worth around £88 each.

The notes were carried by strong winds through the Jumeirah area of the city.

One surprised local described how his wife pulled over her car to film motorists avoid people grabbing cash on a busy stretch of highway in the city.

He said: ‘It was just raining money. It was 500 AED notes which is worth quite a lot. 

‘Everyone was [amazed] this was happening.'

Police arrived at the area later and ushered people away. 

Locals still have no explanation for the incident which happened on February 11.

-Yahoo News