Banks hire accountants to manage the numerous books of accounts they maintain for reporting purposes. Bank operations are complex as it often involves inter-company accounts, third-party liabilities and even offshore remittances. The banking industry is also a highly-regulated industry and Dubai’s banks are subject to special laws such as those pertaining to Islamic banking.
• Finance Operations. Accountants oversee the day to day financial operations of the bank – conduct cash counts and look into daily teller reports, prepare checks for local and regional clearing, etc.
• Financial Reporting. Accountants maintain and update books of accounts, prepare reconciliations, analyses and reports for internal and external reporting requirements, especially as it relates to intercompany accounts and home office reporting requirements, as well as tax reports.
• Management Reporting. Accountants work as teams to report on the performance of multiple entities, consolidations and other complex financial reporting requirements, especially required and looked into by independent auditors and top management.
• Support functions. Accountants work closely with internal audit team in evaluation of internal control systems, especially in the selection of IT services providers and testing of systems.
• Education – A Bachelor’s degree in Accounting is a must. A professional license as an accountant issued by any regulatory body is a plus. Although not a standard requirement, continuing education units pertaining to international business, correspondence banking and/or tax laws are excellent qualifications
• Technical Skills – Experience with specialized accounting software is a given; excellent MS Excel skills is a must. Familiarity with banking laws and the banking and financial services industry is an advantage. Proficiency with generally-accepted accounting principles (GAAP) and proficiency with various financial analysis techniques is also important.
• Other Requirements – Experience specific to the banking and financial services industries are not necessary although would definitely be an attractive item on the resume. Excellent communication skills is a must as accountants work with colleagues and clients both within and outside the UAE.
AED 5,000-25,000, depending on position level, organization size and related qualifications.
Various companies in the banking and financial services industries hire qualified professional accountants, with or without experience. As Dubai has become the financial center of the Middle East and Africa, many multinational firms with global presence are located here. In fact, accountants are among the most sought-after professionals in the Dubai job market.