Ever since the AI revolution started in earnest, there have been many milestones and more than a few scares.
With the increasing ability of AI to execute tasks with superhuman precision and even learn how to perform better, it’s no longer a question whether AI will take away some jobs. The bigger question is: whose jobs are on the line?
Analysts predict that modern technology will result in the loss of more than 800 million jobs. Everyone, from doctors to accountants and even truck drivers, seems to have a target on their backs.
Will the same trends affect the market for finance jobs in Finland? How well is the market coping with the increasing rise of technology? What skills do you need to do well in this market?
Come along and we’ll answer all these questions with data we have drawn from the MeetFrank app. Here’s all you need to know about the trends for finance jobs in Finland over the first 6 months of 2019.
Technology and AI in finance jobs in Finland
The finance and accounting industry has always seemed a prime candidate for an AI takeover. It involves a lot of repetitive tasks that have to be performed with perfect or near perfect precision using large amounts of data.
Due to this, the industry has been a fertile ground for the introduction of advanced tech and AI. For instance, Robotic Process Automation has been implemented in the industry. It reduces audit and contract processing time from months to mere weeks.
The biggest accounting firms in the world have incorporated AI into their business to increase efficiency and improve service quality. Automated data entry and categorisation is facilitating better analysis of broad financial trends.
But will these trends lead to a decrease in finance and accounting jobs around the world? Has it negatively impacted the market for finance jobs in Finland?
The experts say No. Rather than take away finance and accounting jobs, they predict instead that technology will transform jobs in the industry. It will help accountants and finance professionals perform their jobs better, leading to higher productivity and greater efficiency. In fact, many argue that is already the case today.
In Finland, for example, technology already enjoys a peaceful co-existence with finance. The country is a world leader in electronic financial management. It has developed online services and software that enable “paperless, real-time e-bookkeeping and e-accounting”.
Far from clashing with opportunities for finance jobs in Finland, these solutions have helped the industry grow, introducing cost savings and flexible financial management.
MeetFrank data indicates that offers on the app for finance jobs in Finland grew by an astonishing 280% in the first 6 months of 2019. Instead of a market with dwindling job openings, there are more companies hiring on MeetFrank and better opportunities for talent to get the jobs they desire.
What skills do you need to succeed in this market?
This is pivotal, because the increasing prominence of technology in the industry will necessitate the acquisition of new and vital skills.
Currently, the top skill required by employers for finance jobs in Finland is accounting, a requirement in 21% of job offers. Bookkeeping follows in second with 19%, while financial management, financial consultation and financial planning make up the rest of the top 5.
It is noteworthy that three out of the top 5 skills require qualities that have much more to do with human capabilities than technological input. This reinforces the fact that while AI may take away repetitive jobs, it will free professionals to concentrate more on high-level tasks.
It however makes sense for talent to add some adeptness with accounting tech to their skillset. Forbes reports that labor intensive processes like payroll management, auditing and tax remittance will be fully automated by 2020. Prudence dictates being ready for that future.
Hiring trends for finance jobs in Finland
According to MeetFrank data, the hiring trends for finance jobs in Finland indicated greater demand for candidates in mid-level and senior positions. They commanded far and away the most offers from employers in the first 6 months of 2019.
Offers for lead and junior positions were quite a way off, with offers for entry finance positions bringing up the rear.
The hiring trends indicate a greater demand for better skilled and more experienced candidates during the period. This emphasises the need for talent to obtain vital skills and experience before entering the market.
The top 10 companies that led in hiring for finance jobs in Finland during the period include Azets Insight Oy, one of the biggest accounting services companies in Finland, and Efima Oy.
Others in the top 10 are Kuori Oy, Leinolift Oy, Singa, Nightingale Health Ltd., Digia Oyj, ParkMan, Loiston and Tilitoimisto Lemon Tree Oy.
How well do finance jobs in Finland pay?
Our figures for average salaries in Finland indicated that the minimum average pay earned in the first 6 months of 2019 was €2,450. The overall maximum average earned during the period was €4,105 and the highest salary offer received was €7,000.
On salaries per seniority, employees in lead finance positions were highest paid with average monthly salaries of €4,400. Seniors earned an average of €4,230 while entry level employees earned €3,333 on average.
The average salaries for entry level employees were similar to the monthly averages per month for the period. January started out at €3,275 and salaries peaked at €3,563 in May.
Interested in earning much higher than this? We found just the perfect combination of skill you need to earn more than €4,000 every month. According to MeetFrank data, competence in accounting, financial management and financial planning will set you up for the payday you desire.
Work preferences for talent in Finland
Where do our Finnish users want to work? Mostly for Startups, Fintech and The Next Big Thing.
You can check out this list of 12 Fintech companies in Finland to watch out for. You can also get the MeetFrank app here to see other companies that fit your preferences and that are also hiring for finance jobs in Finland.
MeetFrank is tech that makes you better
MeetFrank is an app that makes job hunting and recruitment easy. It provides a handy resource for the latest trends and information on employment in every sector you can think of.
From finance, to software development and designing, you can find all the info on the jobs that are close to your heart here. Download our app for Apple and Android to get started.
MeetFrank also helps companies overhaul and streamline their recruitment process. Have some specific type of candidate in mind? You don’t have to entertain hundreds of applications just find the right one.
With MeetFrank, companies can connect effortlessly with talent that ticks all the right boxes. Get in touch with us and schedule a demo call to see how the app works.