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Evolving Skills for Accounting Jobs in Malta

over 1 year ago by Luigi Muscat Filletti
Person using a calculator

As digital innovation continues to shape various sectors worldwide, working trends and cultures begin to evolve further, resulting in an increased demand for a wide range of skills. Such technological advancements are giving rise to exciting sectors of Fintech, Regtech and Insurtech, thus merging more than ever the spheres of finance and technology.

As companies in financial sectors carry on integrating advanced technologies in their day-to-day operations, professionals in finance, particularly here in accounting, are thus expected to be proactive in their approach when developing their skills and learning new ones. Keeping up with the pace of digital transformation is equally important for finance professionals as it is for companies operating in financial sectors, meaning that top talent must keep in mind the growing demands of their industries. As the role of the accountant continues to evolve, accounting jobs in Malta are presenting greater career opportunities in finance for top talent.

Such talent must ensure meeting the demands of their potential employers, and this can be regarded through various areas, some of which are discussed below.


Data Interpretation

Firstly, and perhaps most expectedly, through increased fluency in interpreting data. As Big Data continues to mature, it becomes more essential for accountants in Malta to be on the ball when it comes to managing company data - this implies that finance professionals are knowledgeable in data extraction and analysis tools - this being a must for the role of the accountant in order to collate and manage data intelligently to achieve company objectives. As markets become more and more data-driven, companies are on an increasing look-out for top financial talent, and as the accounting role evolves through digital innovation, individuals following a career in accounting while being presented with greater career progression and opportunities.


Strategic Management

A second skill, one which is still in the shadows, is that of strategic management - this is one which demands more experience, however. Strategic management encompasses the abilities to carry out various tasks, most understandably according to the area of expertise in question. Such tasks include performing a competitive analysis, forecasting market trends and recognising market patterns, setting well-decided budgets, guiding quality management, analysing for risk as well as leading innovation. An important point to take into consideration is that such tasks, also relevant for accounting jobs in Malta, are in themselves being greatly influenced by digital innovation - technologies of BI, AI, Big Data and Cloud Computing are providing professionals with additional and more enhanced tools to carry out their roles more productively.

The increased efficiency brought about through technology is influencing accounting jobs in Malta at a faster rate - this resulting in a greater demand for professionals in finance with specific skills and industry experience. Skills in strategic management allow one to guide company objectives and direction, and is achieved by gaining relevant experience of current and upcoming technologies. Therefore, in relation to the first skill, this skill ties with business acumen and operations which demand knowledge in industry-specific areas, thus, young professionals studying accounting are greatly encouraged to expose themselves to the latest technologies to better prepare for opportunities in accounting careers in Malta down the line.


Ethics & Values

As data continues to grow at incredible rates, new ethical challenges present themselves to the working world. As finance and accounting professionals become more in tune with managerial tasks, greater responsibility presents itself in the form of ensuring all decisions taken are done so in an ethical and professional manner. Perhaps more of a responsibility rather than a skill, such control still demands experience, good initiative and moral.

Accounting jobs in Malta will see rise to such regulations with regards to data protection and management, and this once more points at the importance of being well-educated about such concerns. The power of increased accessibility and implementation of data should be used in the right way, and professionals should be encouraged to lead by example in this regard.


Leadership

As a result of the above acquired skills and experience, the essence of leadership in the accounting profession is progressively nurtured. Such leadership traits enhance other soft skills such as collaboration, relationship management, negotiation and decision-making, conflict management and also talent management.


All in all

The accounting profession is evolving through digitisation and its a result is generating more accounting jobs in Malta for local and offshore talent alike. Keeping up with technological trends and familiarising oneself with the latest changes and best practices of their industry is vital to acquiring the skillsets which are being demanded by employers today.