Excerpted from the Mexico Career guide
Financial services firms have increased in Mexico, including niche banks, savings banks, credit unions and other non-banking entities, mainly in response to the needs of the SME sector. The financial services sector in Mexico is still under development, however. Many of these firms are becoming more institutionalized and thus require the skills of regulatory specialists, i.e. credit, risk and compliance, and internal audit professionals.
Areas of Job Promise
Mexico’s corporate banking sector seeks analyst and associate profiles.The private banking sector is also faring well, and companies are hiring bankers with existing client portfolios.
Mexico's finance industry offers opportunities for specialists in bonds and stocks. Many US-based investment firms set up shop in Mexico and need currency specialists. Short supply ensures these positions are well paid.
There is also a dearth of Chartered Financial Analysts (CFAs) in Mexico; in fact, there are fewer than 50 CFAs in all of Mexico, compared to more than 55,000 in the US and Canada.
Certification and Education Requirements
A certified accountant will need a degree in accounting, work experience and certification by the IMPC (Mexican Institute of Public Accountants). An assistant accountant will need a technical degree in accounting or a Bachelor’s degree in accounting. In the legal sector, a degree in law is required and, depending on the area of specialty, a master’s degree. A controller will need a degree in management or business and an MBA in finance. If the position is in an international firm, a high level of proficiency in English is required.
Organizations and Trade Associations
Instituto Mexicano de Contadores Públicos (IMCP)
Mexican Institute of Public Accountants
The IMCP was founded in 1923 and is the certification body for accountants in Mexico. It is a confederation of 60 schools of accounting. There are 20,000 affiliated accountants in Mexico. IMCP is a member of the IFAC (International Federation of Accountants) and of the Inter America Association of Accountants. The body certifies accountants in the following specialties: fiscal, finance, cost, ethics, quality control and accounting.
Instituto Mexicano de Contadores Públicos
Bosque de Tabachines No. 44
Col. Bosques de la Lomas
11700 México, DF
Tel: (52-55) 2567-6400
This is just a short sample of what you’ll find in over 100 pages of information in the complete Mexico Guide.