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Germany, renowned for its prowess in biotech, physics, and mechanical engineering, is now facing a shortage of finance, and IT professionals.
The finance sector has undergone a digital transformation. On the other hand, in Germany, the focus has been more on traditional accounting rather than modern accounting practices.
To keep up with the changes that are taking place, German organizations are now on the lookout for professionals equipped with skills like big data analytics, and information security. (Source KornFerry)
We spoke with CA Vipin Arora to gain more insights. He relocated from India to Berlin in 2017 and joined Springer Nature as Director-Contract Compliance.
Vipin says, “If you are a Chartered Accountant (CA), with IT certifications and tech skills, you can command a salary of approx. €150,000 per year. This is equivalent to INR 12,600,000.”
In this article, we will discuss the top tech skills that finance professionals need, to succeed in Germany.
1. SAP
- CAs with SAP HANA knowledge are always required in companies. Any work experience in SAP implementation or modules is also valuable.
- If you have worked with Hana S4, SAP Business Intelligence (BI), and Business Warehouse (BW), then it would make for an interesting resume.
2. AI or automation knowledge
- If you are a CA with knowledge of Python or any other statistical tool, this will be a good selling point.
2. Tableau
- Expertise in data visualization tools like Tableau is also preferred.
3. Financial Digital Transformation
- If you have experience in this area, or if you have experience in running global projects, you will be in high demand. These opportunities are mostly available at German-owned companies with a global presence, such as Lufthansa.
4. Big Data Analytics
- Finance Professionals who possess skills in big data analytics can contribute significantly to a company’s success. Analyzing vast amounts of financial data and extracting valuable insights is crucial in making informed business decisions.
5. Information Security
- Given the increasing reliance on technology and the growing concern for data privacy, knowledge of information security is essential. Protecting sensitive financial information from cyber threats is of paramount importance.
Closing…
Germany is grappling with a shortage of skilled professionals, and the situation is expected to worsen.
According to a report from Korn Ferry, the deficit of skilled workers in Germany was estimated to be 1.2 million in 2020, and it is predicted to surge to 2.5 million by 2030.
Notably, the financial services sector is expected to face a substantial shortage, accounting for over 25% of the overall deficit.
Given these circumstances and the growth prospects, finance professionals should consider relocating to Germany.
