The banking and financial sector in Dubai (UAE) went through a very bad phase in the recent past. Layoffs were at the peak in 2016. One of the key factors was the technological disruptions and digitalization just like the India job market in 2017. But, with the introduction of the VAT and adapting digital technologies, the glorious days of banking jobs in Dubai are back now. Dubai has always been a preferred destination for Indians to work abroad. However, getting jobs in Dubai from India is not that straightforward. Additionally, there are plenty of Dubai job scams around. So, how to get banking jobs in Dubai? Let’s dive in deeper.
Finance and Banking Jobs in Dubai
UAE has been thinking about implementation of 5% VAT in UAE since2016. Following the introduction of new tax rules, hiring for professionals with specialist skills is on the rise. According to Gareth El Mettouri, associate director at Robert Half UAE, Digital transformation, automation diversification from the reliance on the oil industry, and the introduction of VAT has triggered a huge demand for talented candidates with excellent skills, as quoted on Gulf News. One of the most lucrative sectors is going to be the banking and financial services sector; especially Dubai. As per Paul Drum, head of policy at CPA Australia, there will be around 5,000 finance and accounting vacancies. Learn more about VAT in Dubai.
Things were tough in 2015-2016. But, things have got better now, as forecasted by IMF. More jobs and better salaries will be on the rise for the coming months. Folks who want to pursue a career in the banking and financial services domain should feel encouraged. Roles that will be hugely popular in this field are compliance officers, anti-money laundering specialists and mergers, and acquisitions (M&A) associates. “Candidates with five to ten years’ industry experience will be the most sought-after, with GCC experience proving the most valuable skill,” said Robert Half. Scopes for technical roles are also looking great. However, in this post, we will focus on the baking jobs.
Banking and Financial Services Sector in Dubai – Outlook
The career in banking and finance services offers a variety of money management services which includes customer banking, retail banking, credit operations, investment banking, marketing, public relations etc. It’s a large field with immense opportunity for growth and development. All that one needs to grow in this field is to have a bachelor degree and passion about the work, enjoying working with numbers and ability to handle customer and clients. A Master’s degree from foreign destinations like the USA or the UK would give you a tremendous boost for getting banking jobs in Dubai.
The banking sector has grown rapidly in the past few years. Its rapid advancement and growth have opened the way for many banking career opportunities across the world backed by huge wealth and earning. Moreover, the banking career is international in nature and thus brings excellent opportunity for the fresher’s and beginners to develop an understanding of the economy globally. Also, the Numbers of international and private bank setup globally have opened many opportunities for the deserving candidates. The banking and finance sector is gearing up and there is much more international and private bank to come in the near future which will bring many new jobs along, across the world. But, besides any other country, in recent times, the banking and finance jobs in Dubai has endless opportunity.
Many companies in the banking and financial sectors are located in Dubai International Financial Centre (DIFC). Therefore deserving candidate is huge in demand by the banking sector in Dubai. Banking and finance positions in Dubai include relationship manager, account manager, financial manager, director, advisor, and financial analyst, teller, telemarketer and more.
“Working in Dubai International Financial Centre“ might sound very exciting, hearing from our friends or peers, but it’s not as easy as it sounds, getting a genuine job matching with your profile becomes really tough if you are not applying through the right channel. So, therefore, the question arises here how to get Job in Banking and Finance sector in Dubai? It’s a tough task, but I have tried to make it as easy for you as possible.
How to get the Finance & Banking Jobs in Dubai
One of the best ways to find a job in Dubai banking and financial services sector is through trusted job sites. The below job sites and recruitment agencies have been selected for their 100% job guarantee reputation. You don’t want you to fall for some of Dubai jobs scams as there are many sites promising high salary with amazing lifestyle in Dubai. What they don’t mention is how difficult it is to get a job in the banking industry due to multiple rounds of interview and background verification. Applying job in Dubai was never easy. The only thing which was easy is sending your CV from anywhere in the world without any cost through internet but cracking interview, clearing application process and background verification and deep checks are not easy tasks without having right channel.
Refer to the Recruitment Agencies and Job Portals for Dubai Banking and Finance Sector
http://www.khaleejtimesjobs.com
Click here for complete list of companies in Dubai. Getting in touch with Recruitment Agencies for Dubai specific jobs will also be helpful. Working with top headhunters is a very effective way to find jobs overseas. However, please be careful of fraud agencies and scams. One of the key characteristics of the fraudsters is charging some token money upfront.
Stay Away from the Fraud Recruitment Agencies and Job Scams
A recruitment agency anyway gets a commission when they place a candidate to the company (employer). In some cases, the agency might ask for visa processing fees or other charges. But, that would be after you have got an offer letter. A genuine recruitment agency won’t ask for money upfront. In the majority of cases, the employer (big companies) pays for the visa and work permit related costs. So, be very careful. If they say you that this is a registration fee or paying this fee will guarantee a job or your money back – run away and inform the police. Before you pay up, always know exactly what you are paying for and who you are dealing with.
Additionally, never ever give your original passport to a recruitment agency. You should also avoid companies that ask you to submit your passport to the HR. A good employer never does that.
Work with a Career Counselor, Mentor or Coach
Working with a career coach could be beneficial; especially the career consultants who have worked abroad and/or from the same industry. A career coach or career consultant will help you to stay competitive in the job market in many ways. A coach will help you to learn the most critical skills for a specific job market. You can develop and/or improve your value proposition. Besides, a coach will always have a large and resourceful network.
If you are working with a career counselor or career coach, you have to pay for his/her consulting services. Career consultants or career coaches do not represent any particular employer, and hence no commission. They charge you for providing guidance on job hunting strategy, profile building, online branding, resume, interview prep etc. However, a mentor is different. Read Career Coach vs. Mentor: Which Can Help You the Most?
Requirements for the Banking Jobs in Dubai
- Graduates with a Bachelor’s degree or Master’s degree (degrees from UK, US, Australia, Canada are favorable)
- Candidate good with numbers and accounting
- Able to interpret financial information and make sound judgments
- Ability to comprehend large amounts of information
- Well organized to maintain customer/client portfolios
- Knowledge and adherence to regulations and procedures affecting banking and financial services sector
- Problem-solving abilities while dealing with funds and accounts
- Strong analytical skills to understand financial figures and anticipate future trends.
- Strong communication skills to work well with clients and present situation and options in a clear and cohesive manner
Popular Degrees for Getting Banking Jobs in Dubai
- MBA
- MSc Banking & Finance
- MSc Investment Banking
- MSc Finance and Risk Management
- MSc Business Analytics
- MSc Data Science (Big Data)
- MSc Finance
- MSc Economics
- MSc Actuarial Science
- MSc Strategic Management
- MSc International Business
- MSc Marketing
- MSc Accounting
- Professional Certifications and MOOC courses
Related Posts:
How to get Banking Jobs in India as Fresher
Experience needed for Banking and Finance Jobs in Dubai
Banking Companies in Dubai not just want a candidate with the right qualifications, but they are also looking candidate with excellent interpersonal skills, presentation skill and good command of communication in English and Arabic. Even for basic entry-level jobs, graduates with a Bachelor’s degree or Master’s degree are preferred. Having customer-facing jobs experience is an additional advantage for the candidate. Employers are giving more preferences to a candidate with previous experience in a similar position. Most banks are looking for the candidate who is available for an immediate Joining.
Salary and other Perks in Banking and Financial Sector in Dubai
The salary and other perks vary from organization to organization and person to person basis of their experience and positions. It is also dependent upon other factors like any special skills acquired. An entry-level job salary in bank starts from AED 1,500 per month. Someone with additional certification course or a higher degree like MBA can earn AED 70,060 yearly. Project managers and skilled professionals can earn an annual salary of $98,100-$163,500.
Folks with 5 years’ experience (in the same domain) can earn approximately AED 15,589 per month. After working few years in Dubai, you can also fetch a monthly salary can also become AED 20,000 – 30,000. Dubai is costly. So, do try to negotiate by all means. Try to go after the Relationship Executive job roles. Those roles pay a minimum of AED 5,000 per month, which is not bad at all to get started.
Salary also depends on the nationality of employees. The other perks like a free flight to Dubai, accommodation in a hotel or shared company apartment for the first month, one return flight to your home country per year and standard healthcare insurance are also provided. At senior management level subsidized accommodation, free schooling and maybe a car is also provided.
Top 10 banking and Financial Institute in Dubai
Below is the list of companies that are well known in Dubai for their rigorous hiring and excellent working environment.
- Emirates NBD
- National Bank of Abu Dhabi
- Abu Dhabi Commercial Bank
- First Gulf Bank
- Dubai Islamic Bank
- Mashreqbank
- Abu Dhabi Islamic Bank
- Union National Bank
- Commercial Bank of Dubai
- RAKBANK
Any queries or feedback, feel free to post your comment below. And don’t forget to share with others.
Acknowledgement: The article has been co-authored by Parinita Gupta, a Banking professional and Digital Marketer.
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