Against a global shortage of finance professionals, the American University of Ras Al Khaimah (AURAK) is addressing the issue by pursuing a vision of molding competent modern-day finance specialists through specialized programs.
While the demand for finance professionals has been growing dramatically, driven by data analytics and fintech, as reflected in the rising enrolments at universities, talent shortage has been a matter of concern. According to global recruitment agency Omega Hire, the global finance industry is facing a significant shortage of skilled professionals across sectors, including accounting, banking, investment management, insurance, and fintech.
A report by Cooper Fitch’s Salary Guide UAE 2024 highlighted a significant talent shortage in the UAE. This is because the rapid pace of technological advancements, regulatory changes, and evolving business models require a workforce that is agile, skilled, and up to date with the latest industry developments. However, talent shortage is not just a local issue but part of a global trend.
According to a PwC report, 92% of financial services leaders around the world report difficulties in hiring the talent they need. Universities like AURAK are responding to the market need by designing tailored programs.
AURAK’s Bachelor of Science in Business Administration BSBA (major in Finance), launched in 2020, has been updated to meet the challenge of talent shortage. Its graduates are trained to pursue career opportunities in booming fields such as investment banking, corporate finance, financial planning, asset management, and consulting. Graduates are encouraged to use entry-level positions as a gateway to advanced roles, such as pursuing advanced certifications like CFA and CPA.
Prof. Stephen Wilhite, Senior Vice President of Academic Affairs and Student Success, and Provost at AURAK, says: “The finance industry plays a pivotal role in the modern global economy, driving businesses, managing risks, and shaping strategic investments. With a dynamic job market and diverse opportunities, the finance sector continues to thrive, even amid technological disruptions and global economic shifts and talent shortage. We at AURAK have crafted a program that molds professionals to join this booming industry and build a satisfying career for themselves.”
The AURAK BSBA Major in Finance follows an American-style curriculum, accredited by international recognized bodies like SACSCOC and AACSB. The program is also accredited by an international professional accountancy body, the Association of Chartered Certified Accountants (ACCA) in the UK, to ensure that the AURAK graduates are internationally recognized in the accounting profession. Additionally, it is affiliated with the CFA Institute.
“We have designed this program to equip graduates with versatile skills applicable across industries, especially valuable in our interconnected global economy,” explains Prof. Vazeer Jan Begum, Associate Dean/Professor, School of Business, AURAK. “The world of finance is evolving, and practitioners are challenged to keep pace with disruptive developments triggered by AI, Blockchain, and emerging technologies. This program addresses all these issues and keeps students at the top of the game.”
Graduates acquire competencies to take up challenging roles in banks, Big 4 accounting firms, multinational (fast-moving consumer goods) FMCGs, tech giants, export/import firms, manufacturing, logistics, retail, consulting firms, tech scale-ups, and family businesses expanding abroad.
The BSBA program can lead to a highly lucrative career path. Based on the latest available data (2023–2024) from UAE government sources, recruitment agencies, and salary surveys, the average monthly salary range for fresh Bachelor of Science in Business Administration (BSBA) graduates in the UAE starts at between AED 6,000 and AED 12,000; and could grow to AED 15,000 in two years.
