The demand for Finance and Accounting skills in Malta has been steadily increasing over the years, creating a gap between supply and demand. To bridge this gap, it is crucial for employers to identify the key skills required when hiring new team members. Similarly, professionals in the field can enhance their value and job prospects by upskilling in these areas. This article highlights some of the most important Finance and Accounting skills that employers in Malta are seeking in their teams.
Key Finance and Accounting Skills
ACCA Certification: Employers in the field of Accounting and Finance Services often seek professionals with ACCA certification. This certification equips individuals with the necessary skills to provide a range of general accountancy services, including preparing accounts and tax returns, offering tax advice, planning accounts and cashflows for banks and lenders, and providing business advisory services.
Financial Modelling, Management, Analysis, and Controlling: Each of these areas contributes to achieving financial success. Financial modelling involves creating representations of a company's financial situation to forecast future results, while financial management ensures the effective handling of finances for business success and compliance. Financial analysis evaluates finance-related transactions to determine suitability, and financial control monitors financial performance to drive decision-making.
Regulatory Reporting: Due to frequent regulation changes and the risk of non-compliance fines, companies require finance professionals with regulatory reporting experience. These professionals are responsible for submitting data to relevant authorities to demonstrate compliance.
Fund Accounting: Fund accounting is crucial for monitoring the use of assets acquired through donations, tax payments, grants, and other sources. It emphasizes accountability and ensures the proper allocation of funds.
External Audit: Those involved in external audits conduct financial reviews on behalf of independent bodies, providing an objective and independent examination to ensure the accuracy of financial statements.
Internal Audit: Internal audit provides independent and objective assurance and consulting services to improve operations and provide assurance around risk management, governance, and internal control processes.
Tax: Tax accounting involves the preparation of tax returns and tax payments, ensuring businesses comply with tax regulations based on their financial activity.
Finance Business Partnering: Accountants and finance professionals who possess the ability to be a finance business partner work closely with other business areas to provide support and advice, ultimately driving better business performance.
Interpersonal and Soft Skills
In addition to the technical skills mentioned above, several key interpersonal and soft skills are essential for finance and accounting professionals, including:
Communication: Strong communication skills are vital for effectively conveying financial information and collaborating with colleagues across different departments.
Business Acumen: Understanding the broader business context and having a deep understanding of industry trends and market dynamics is crucial for making informed financial decisions.
Ability to Multi-task and Problem-solve: Finance and accounting professionals often face complex challenges and must be able to juggle multiple tasks while finding innovative solutions to problems.
Business Partnering: The ability to work closely with other business areas and provide value-added support and advice is highly valued in finance and accounting roles.
Conclusion
In 2024, the demand for finance and accounting professionals with specific skills will continue to grow. Employers in Malta are seeking professionals with expertise in finance business partnering, ACCA certification, extended financial planning and analysis, financial modelling, management, analysis and controlling, regulatory reporting, fund accounting, and audit and tax. Additionally, strong interpersonal and soft skills, such as communication, business acumen, multitasking, problem-solving, and business partnering, are essential for success in the field. Professionals looking to enhance their career prospects in finance and accounting should consider upskilling in these areas to meet market demand.
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