Excerpted from the Russia Career Guide
Accounting and Finance
The Russian banking system is still evolving in terms of being able to meet the capital and credit needs of a rapidly growing and dynamic market economy. The sector is highly segmented, with the top five banks controlling 48 percent of assets. There are more than 1,000 banks in Russia; 80 are foreign-owned. Together, Russia’s top two banks, Sberbank (controlled by the Central Bank) and VTB (controlled by the government) own about one-third of the country’s banking sector assets. The Russian government has approved privatization of Sberbank and VTB.
Russia’s financial services industry is expected to grow at the rate of 4.7 percent per year over the next 20 years, according to the Hays Oxford Economics report.
Areas of Job Promise
In Russia’s banking industry, strategies vary for attracting candidates. Some remain active in search and selection of candidates, while other await further developments.
A number of mid-level positions are available. The majority of new positions for chief accountants are being created either in medium-sized companies or start-ups. Deputy chief accountants are increasingly sought after. There is also high demand for payroll accountants. The greatest need for accountants is currently in B2B and retail.
Salaries and Bonuses
The salaries in banking and finance have not increased much since last year. Companies are not willing to outbid each other, according to Antal, except when a company has been looking for an employee for a very long time and is ready to make an offer.
Certification and Education Requirements
In the field of finance, with the exception of support functions, the main requirement is specific education and qualifications or a proven relevant background. A strong knowledge of financial markets and understanding of banking, investment and wealth advisory services is very important in terms of successful employment and further career development. In this sector, experience with firms that are part of the Global Big Four Alumni Community (http://www.Big4.com) and a relevant MBA are preferable. For middle management positions in investment banking, the required number of years of experience varies from three to eight. Necessary personal attributes include excellent analytical skills, a structured approach, skills in communication and negotiation, a client and service orientation, relationship management skills and leadership capabilities.
Organizations and Trade Associations
Association of Accountants and Auditors ‘Sodruzhestvo’ (AAAS)
http://www.cisaaa.org (Russian and English)
AAAS is an international organization founded in 1989. At present, it has members in nine countries. AAAS has close relationships with international professional organizations such as the International Federation of Accountants and International Accounting Standards Committee. In addition, it is a member of the International Association of Accounting Education and Research.
Mitchurinsky prospect 21, building 4
Tel: 7 495 938 2265
Fax: 7 495 938 0265
In publication since 1996, this magazine is devoted to the banking business and its development, as well as to general finance and economy issues. The online version of the magazine was created in 2011. The publication covers banking news, industry professionals’ opinions, industry best practices and new banking products description.
3rd Khoroshevskaya 18, building 1, office 303
Tel: 7 495 940 8277
This is just a sample of what you'll find in over 100 pages of information in the complete Russia Guide.