The UAE’s finance and accounting sectors are seeing a sharp dip in starting salaries for new hires, largely due to an influx of expat talent vying for a limited number of positions. According to Robert Half’s latest recruitment report, finance and accounting roles are the most affected, with starting salaries dropping by an average of 2.1% and in some cases, falling as much as 23%. This shift is driven by the growing pool of qualified expats arriving in the UAE, many without pre-arranged roles, which has created an oversupply in the job market.
Though accounting skills remain in demand, especially in financial planning and tax specialties, the high availability of expat candidates is reducing market rates. “The immediate availability of expats has made hiring easier and more cost-effective for employers,” said Gareth El Mettouri, Director – Middle East at Robert Half. However, this trend could negatively impact existing staff, potentially affecting morale and retention rates if wage growth remains stagnant.
While starting salaries for finance positions are softening, other fields like in-house legal roles are experiencing a boost, with salaries up by around 15% as demand grows among global investment firms and private companies planning IPOs.
Despite rising worker satisfaction reports, limited salary growth and the high cost of living are prompting employees to consider career moves, with two-thirds indicating they may look for new opportunities by 2025. As El Mettouri warns, employers should focus on retaining top talent, as a market shift could see valuable employees departing in search of better pay and opportunities elsewhere.
