Excertped from the Austria Career Guide
Austria’s capital, Vienna, has established itself as the financial gateway to Eastern Europe, a decidedly mixed blessing depending on which way the economic winds blow. Although Austria’s banks are in relatively sound financial condition, the European debt crisis is placing pressure on Austria’s financial sector. The Austrian National Bank (OeNB) recently noted due to uncertainties about real economic developments, Austrian banks’ profitability deteriorated significantly in the past year. While domestic banks have improved their capital base, they continue to be undercapitalized by international standards. In response to the renewed tightening of liquidity conditions in the European banking market, Austrian banks have reduced their liquidity risk positions.
Austrian Bank earnings are lagging far below last year’s. The industry’s most powerful players are Erste Bank Group AG and Bank Austria (BA). BA is part of Italian bank UniCredit. UniCredit, which has 160,000 employees, lost more than 9 billion EUR last year. BA’s net profit fell by more than 70 percent last year to 209 million EUR.
Areas of Job Promise
Hiring continues, as 41 percent of Austria’s banks have plans to hire new employees, according to a survey by global compensation consulting firm Towers Watson. Also, one in two institutions has reinstated bonuses above pre-crisis levels, while only 16 percent have reduced bonus levels.
Accounting and finance professionals are in high demand as the deepening European financial crisis has increased the need for sound fiscal controls throughout Austria. Global financial recruitment firm Robert Half reports 75 percent of Austria’s employers are having difficulty finding sufficient financial talent to fill their companies’ growing needs. The shortage is considered serious by nearly a quarter of those surveyed.
Trade Associations
Kammer der Wirtschaftstreuhänder (KWT)
Austrian Chamber of Tax Consultants and Certified Accountants
http://www.kwt.or.at/ (German)
KWT, the Austrian Chamber of Tax Consultants and Certified Accountants (Kammer der Wirtschaftstreuhänder), is the official representative of the accounting profession in Austria. Aside from playing a major role in the preparation of any accounting-related legislation, KWT offers its members extensive services in the areas of information and networking. Its website posts job opportunities in the accounting profession by region.
The Austrian Chamber of Tax Consultants and Certified Accountants
Schönbrunner Straße 222-228
A-1120 Vienna
Tel: +43 1 811 73 0
Fax: +43 1 811 73 100
Email: office@kwt.or.at
Labor Unions
Gewerkschaft der Privatangestellten / Druck-Journalismus-Papier (GPA-djp)
Union of Salaried Employees / Print – Journalism - Paper
http://www.gpa-djp.at/ (German)
Accounting and financial professionals are represented by the GPA-djp, a merger of the Union of Salaried Employees (Gewerkschaft der Privatangestellten) and the Union for Printers (Gewerkschaft für Druck, Journalismus und Papier). The GPA-djp is responsible for handling trade union issues and concerns about the workplace. GPA-djp is the trade union with the most members within the ÖGB (Österreichischer Gewerkschaftsbund/Austrian Trade Union Confederation). It represents many different economic sectors, including commerce, financial and economic services, social insurance and services, the manufacturing industries, research, education, culture, charitable societies and interest groups, as well as the gambling, tourism and leisure industries.
GPA-djp-Service-Center
Alfred-Dallinger-Platz 1
A-1034 Vienna
Tel: +43 5 03 01 301
Fax: +43 5 03 01 300
Email: service@gpa-djp.at
This is just a short sample of what you’ll find in over 100 pages of information in the Austria Guide.
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