Working in the Financial Services Sector in Malta

The major accounting and auditing firms including names like Deloitte, PricewaterhouseCoopers (PwC), Ernst & Young (EY), and KPMG have all opened offices on the island along with a healthy number of smaller and specialised, professional service providers covering a plethora of different niches and needs.

Asset Management, Wealth Management, and Insurance Management have also seen noticeable growth over the years as Malta has established itself as one of Europe’s leading financial hubs. Recently this growth trend is being seen as the country is starting to branch out and expand its portfolio into new sectors and areas such as Payment Services, Fintech and Distributed Ledger Technologies (DLTs) based businesses.

Malta’s Banking Sector has also developed over the last two decades from just a handful of retail banks, the island now has over 25 credit institutions which offer a wide range of banking services to both retail and professional consumers.

Roles and Responsibilities when working in the Financial Services Sector in Malta

The financial services offered across the island are varied and specialised to cover the multiple needs and requirements of large and small businesses alike. The large demand for professionals in the sector is highly evident by the sheer volume of job opportunities constantly opening up for Payroll Officers, Accountants, Auditors and other Financial Services Professionals, such as Tax Advisors and Financial Analysts on a daily basis.

Accountants in the Financial Services Sector in Malta

The role of the accountant in a company’s daily processes and growth is invaluable regardless of its size or sector. Whether working in-house or for an accountancy firm which outsources its services to other businesses, by providing accounting services to its clients – an accountant’s roles cover all aspects of a business, from budgeting to overall strategy and business direction.

From the preparation of financial statements, business plans, and budgets, to analysing variances and financial performance and the preparation of cash flow and daily accounting reports. Accountants prepare and examine a company’s accounts in order to identify and analyse risk and scrutinise internal practices and even investigate any irregularities as well as putting forward advice and recommendations. All of this as well as preparation of VAT and income tax returns and advice, payroll services, management of investments and so much more; there is always sufficient work for qualified accountants.

Salaries for Junior Financial Accountants start from €25,000 and can go up to €35,000 per year. If you are ACCA certified, the range increases to between €35,000 to €45,000. More senior positions such as Financial Account Managers and Financial Controllers earn anywhere up to €70,000, depending on the industry and the experience of the candidate.

Auditors in the Financial Services Sector in Malta

Auditors occupy a more specialised role in the financial sector and are responsible for reviewing company accounts and financial movements to certify that these have been prepared in accordance with financial reporting rules and the law. They can also occupy a more advisory role in order to help companies with analytics and to develop and improve financial processes. This not only lowers risk for businesses but also results in cost savings. Therefore, the establishment and maintenance of solid and professional working relationships based on trust and professionalism with clients is of the utmost importance for an auditor.

Junior Auditors can expect to earn a salary starting from €20,000 while Senior Auditors can earn between €40,000 and €60,000, depending on the years of experience.

Other Financial Services Positions in Malta

The Financial Services Industry offers many other possibilities for finance professionals with various skills and expertise.

Financial Planners and Financial Analysts, for example, monitor their clients’ financial forecasts and account activity, prepare performance analytics, budgets and generally advise on decision making, scenario planning, and investment decisions to name a few.

Fraud Analysts are employed by banks or financial institutions to monitor and investigate potential cases of forgery and theft within accounts. This could also include verifying and approving withdrawal requests, analysing suspicious activities, reviewing, and approving KYC (Know-Your-Customer) documents, and blocking or unblocking customer accounts in line with internal procedures.

Qualifications Required when Working in the Financial Services Sector in Malta

Working within the industry requires the right experience and qualification depending on the roles and fields you are looking to get into. One of the most important and useful qualifications to hold in the Financial Services Industry is an accounting qualification such as ACCA (Association of Chartered Certified Accountants); CIMA, or the CFA. Holding any of these professional qualifications, to name a few, can increase your chances of being employed and will increase the likelihood that you earn a more competitive salary.~

Auditors generally require very specific experience such as having good knowledge of IFRS (International Financial Reporting Standards), EU Funding and certain local incentives like those provided by The Malta Enterprise.

Knowledge of accounting software like SAGE, SAP, and Shireburn’s Indigo Suite, or payroll software such as Talexio, Leap Payroll and Dakar’s Payroll and HR Solutions, is also usually considered an asset.

Find out what Accounting, Auditing, and Financial Services positions are currently open on Broadwing.