Excerpted from the Russia Career Guide
The Russian banking system remains relatively small and is not yet efficiently performing its basic role of financial intermediary (i.e., taking deposits and lending to business and individuals). Though Russia has roughly 1,000 banks, the sector is dominated by state-owned banks, particularly Sberbank and VTB.
Russia's financial market suffers from a shortage of private domestic institutional investors.
The financial instability in Europe is affecting the labor market in Russia’s banking sector.
Many experts who had worked in banks in Europe are actively considering job offers in developing countries, including Russia. Staff reductions resulting from mergers and acquisitions are also affecting the labor market.
Areas of Job Promise
Internal auditors: Demand has increased recently for internal auditors. And, there are severe shortages of staff with requisite skills and low levels of professional qualification. One reason for the difficulties in this field in Russia is the lack of use of technology. Fewer than half of those surveyed by PwC are using automated audit software. Use of data analytics is relatively limited as well, and compliance with IIA standards is incomplete.
Russia’s finance market is in the process of recovering. Ready to grow, small and medium-sized Russian businesses are feeling the effects of their lack of experienced financiers.
Finance professionals: The greatest demand is for financial and investment analysts and controllers. Employers want candidates who are aware of the undercurrents of the business. These multifunctional roles combine the duties of an accountant, financier and manager. In addition to a degree in finance or accounting, candidates with good English skills and experience working with international ERP systems are especially appreciated.
This is just a sample of what you'll find in over 100 pages of information in the complete Russia Guide.