FinanceMalta¸ the public-private partnership set up to promote Malta’s international financial centre¸ has been involved in a number of initiatives to ensure that Malta has the right talent and qualified employees in the financial services industry which is crucial for the industry to grow and compete globally.
Bernice Buttigieg¸ FinanceMalta’s head of administration¸ says the demand for talent continues to grow with new players entering the market with the issuance of new licences in a number of key categories. She says FinanceMalta expects greater demand for talent in the financial sector as both existing and new players continue to expand their operations using Malta as a base for operations. Buttigieg adds that the demand for talent is on the rise in areas such as insurance¸ wealth management¸ compliance¸ and corporate services.
Dr Bernice Buttigieg continues ‘we are particularly conscious about the lack of accountants and accounting technicians¸ and this is not because our educational institutions are not providing adequate numbers¸ but because the growth in financial services has been substantial. We are pleased to note¸ however¸ that this challenge is being addressed from different angles¸ and that Government has introduced fiscal incentives to attract trained women back to the workforce.
MISCO Managing Director Joseph F.X. Zahra says searching for the right talent for the right job at the right price is an on-going challenge. “While we do not mind cultivating the young graduates into our talent pool¸ keeping them is indeed a challenge due to vibrancy of the industry as a whole. The MISCO Salaries and Benefits report for 2012 which will be published next week indicates that pressures on salaries in the financial sector have remained strong. We are also seeing increasing pressure coming from new players¸ particularly from the new EU UCITS IV rules players as they beef up their own talent pool¸ especially among experienced staff¸” he notes.
Both the MFSA and FinanceMalta have played an important role in facilitating the training of new graduates in the financial services industry since its inception. The MFSA Education Consultative Council (ECC)¸ for example¸ recently launched a new financial services careers portal: http://careersinfinance.mfsa.com.mt that aims to help young people plan a career in the financial services industry in Malta. Other institutions have also played their part in raising the bar. For example¸ MCAST¸ MITC¸ IFS¸ ILS¸ MIM¸ IFSP¸ STEP¸ IoD and MIA have provided training for over 1500 mid-skill level personnel to date¸ to elevate their competency and skills in financial services . The ILS is involved in high level training for senior staff¸ while the IFSP aims to elevate and advance financial knowledge to make Malta more competitive. Human capital development and training for finance received a shot in the arm with the