There’s a reason why accounting and finance experts are some of the most valuable employees in businesses around the world.
Apart from the fact that, half the time, no one really understands what they’re doing apart from other accountants (ever tried reading through an accountant’s files? Candid advice: don’t), they’re the superheroes every business’ books need.
One expert describes them as carrying out the absolutely crucial function of providing “the conditions of trust in a modern market economy”. They occupy massive roles indeed, and the same is true for finance jobs in Estonia.
Companies also recognise the role that accounting and finance experts play in giving their business legitimacy.
Have you wondered how this interest plays out? Or are you interested in how the hiring activities of companies has shaped the market for finance jobs in Estonia in 2019?
You don’t have to wonder for much longer, as drawing on data from the MeetFrank app, we’ll show you the latest trends to keep in mind.
What’s business like in the Estonian accounting and finance sector?
The market for finance jobs in Estonia constitutes a part of the larger Services sector, which is quite large indeed. The sector employs around 60% of Estonia’s 1.3 million population.
The global accounting services industry is much larger, employing more than 6 million people. About 1.2 million of that number are employed in the US, making it one of the largest markets for accountants in the world.
The global industry enjoyed total revenue of $507 billion in 2018. This represents an annual growth rate of 3.5% between 2013-2018 and the industry is projected to grow even further between 2018 and 2023.
Accounting and IT enjoy a very peaceful and mutually beneficial existence in Estonia. This is unlike many other countries where there is a real concern that IT will soon encroach materially into the job description of accountants.
Due to the fact that Estonia has incorporated IT into the very fabric of its society since the 90’s, every industry has evolved along with the country’s IT capabilities.
Are there really more finance jobs in Estonia?
According to MeetFrank data, yes there are. We tracked the offers made for finance jobs in Estonia over the first six months of 2019, on our app. And we found that offers for these jobs grew by 146% compared to the period between July to December 2018.
Massive growth indeed. The figures signal the increased hiring activity of companies on the MeetFrank platform. They also show the higher opportunities for talent to secure the jobs they want.
We also mined our data to find out what companies are leading the charge in this hiring spurt. The top 10 companies currently hiring for finance jobs in Estonia this year include Eesti Energia, Estonia’s largest energy producer, SEB and Inbank.
Others in the top 10 are Grant Thornton Baltic, Alliance for Recruitment, Dynodesk, Monese, Mobinner, NoCry and COBALT Legal Eesti.
Where do the interests of these companies lie? MeetFrank data indicates that the highest hiring demand in the first 6 months of 2019 was for mid-level and senior finance positions.
The demand was reasonably fair for junior and lead positions while there was much less demand for entry roles.
The data indicates that the focus of companies for the first half of the year was on better experienced and higher skilled finance positions.
What’s the average pay for finance jobs in Estonia?
Finance jobs in Estonia pay reasonably well. The overall average minimum salary offered in the first 6 months of 2019 was €1,413 while the average maximum was €2,242 per month.
The overall highest salary offered during the period was €5,500. Not a bad sum to take home for a month’s work.
January saw the highest monthly average for salaries in finance jobs. It started the year on a bright note with an average of €1,810. The lowest figures were registered in February posting an average of €1,225.
The decline may be explained by the usual reduction in recruitment activities during the summer. Things rebounded nicely in May though, as the monthly average surged back to €1,950 and peaking at €2,150 in July.
Based on the figures for the first half of the year, candidates for entry finance positions can expect to start with €1,560 per month or thereabouts. Juniors earned €1,888 on average during the period while senior and lead executives earned highest, commanding €2,573 and €2,770 per month, respectively.
Top skills for success in the Estonian accounting and finance sector
The Estonian accounting and finance sector adds an interesting element to the traditional skillset that would ordinarily be required for finance positions: IT. While AI and smart accounting software are becoming important for businesses around the world, this is doubly so in Estonia.
Our data indicates that out of 12 tracked skills, employers for finance jobs in Estonia were most interested in talent with strong accounting skills. Book keeping skills were next preferred in 14% of offers.
Financial planning, financial auditing and financial consultation skills rounded off the top five with almost similar demand of 11%, 10% and 10% respectively.
To get a chance at earning salaries over €2,500, you would need a combination of competencies in compliance & regulation, financial auditing and financial planning.
It would be wise for you to add some accounting software skills to your portfolio as well.
According to the Sage Practice of Now 2019 report, 90% of accountants now feel there is a cultural shift that favours a leaning towards technological adoption in accountancy. They feel traditional accounting skills may no longer be enough to remain competitive.
49% of accounting firms have now reviewed their business practices and 58% of firms have had to invest in accounting software to satisfy client expectations. This is one trend that only looks to increase in the foreseeable future.
Where do you want to work?
At MeetFrank, our data is never complete until it takes the feelings and perspectives of talent into consideration as well. We asked our users in Estonia where they want to work and their preferences are to work in Fintech, startups and from remote locations.
There are several companies that perfectly fit the bill. They include Monese, Mobinner, Inbank, NoCry and Grant Thornton. Others are Adcash, COMODULE and Playtech.
To see more companies that offer remote work in Estonia, check out our list of 41 companies that allow remote work in Estonia.
Make your preferences possible with MeetFrank
MeetFrank makes the job market more open and transparent. You can find all the data you want on finance jobs in Estonia and all other jobs you’re interested in on our app. Download it on the Apple or Android stores to find all you need today.
We also help companies streamline their recruitment process, making it straightforward and cost-effective. Schedule a demo call with us to see how the app works.