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In demand: Polish finance professionals’ skills shine in Europe and the UK
ACCA Polska | Jun 26, 2024, 12:55
For several years, Poland has been one of the main hubs for the modern business services sector, including financial services centres. Thanks to its strategic location in Central Europe, relatively low costs compared to Eurozone countries, and a high level of education, our country has become an attractive destination for companies seeking to optimise costs by outsourcing financial functions. Warsaw, Kraków, Wrocław, and Gdańsk have emerged as modern hubs, housing key shared-service centres (SSCs) and business process outsourcing (BPO) centres, offering comprehensive financial services such as accounting, auditing, financial analysis, and risk management.
However, for some time now, the costs of retaining loyal employees and operating a business in Poland have been increasing, prompting many international corporations to seek outsourcing opportunities in cheaper markets. Although it might seem that this situation would reduce the demand for the skills of Polish financial professionals, we are witnessing the opposite trend. New talents are continuously sought, both in Poland and other European countries.
Qualifications in Poland
Young people aspiring to develop in the financial industry have immense opportunities in Poland. Most of the leading Polish universities, both public and private, offer ACCA accredited programmes, allowing students to be exempt from certain ACCA exams by completing selected subjects in their standard course of study. ACCA-accredited postgraduate studies, for which recruitment has begun, are often chosen by those who are already more aware of the specialisations they want to develop in, and who have a clearer vision of their career path. ACCA exams, the most prestigious certification of competence for finance and accounting professionals, can be taken at any stage of one’s career, meaning that the doors to an international career and high positions open relatively quickly for those choosing finance as their career path. Acquiring such skills allows young Poles to choose quickly between relocating to other countries, including the UK, or continuing their career development in Poland.
Polish specialists working abroad
The reputation of Polish specialists is strong worldwide! Polish qualified professionals are in demand not only by companies based in Poland but also by those outside our country’s borders. According to the Global Hiring Report 2023 by Deel, Poland ranks tenth in terms of the number of visa applications submitted. Where do Polish specialists work? They are most frequently employed in countries like the US, the UK, Ireland, Cyprus, Sweden, and Germany. One of the sectors in which they are most often employed is finance.
We know that in the UK, Ireland, and Luxembourg, there is a huge demand for Polish finance and accounting specialists, especially those with appropriate international professional qualifications and knowledge of international standards. Experienced managers, but also financial directors, auditors, or specialists in accounting risks, are increasingly deciding to relocate.
Global mobility
Highly qualified specialists, such as ACCA members, can successfully seek employment in any country. However, what is an opportunity for specialists to pursue an international career becomes a problem for many companies, as not only acquiring employees is a challenge but also retaining them in the organisation. According to ACCA Global Talent Trends 2024, a comprehensive study encompassing close to 10,000 finance specialists across 157 countries, a significant 44% express interest in changing their jobs. In the Gen Z age category, i.e., people under 26 years old, this rate exceeds 50%. Additionally, it is noteworthy that the highest willingness to relocate from their current place of residence along with career development is demonstrated by educated specialists from countries like Pakistan (85%), India (76%), and African countries such as Zimbabwe (76%) or Nigeria (71%).
Changes in Europe
Data on the migration of finance professionals indicates that the approach to team building must change. By acquiring international competencies, not only can Poles seek work in the UK or US, but there will also be greater cultural diversity due to attracting talents from developing countries. Interestingly, findings from the ACCA Global Talent Trends report reveal that 60% of respondents in Europe emphasised the significance of a robust culture of diversity and inclusivity when selecting an employer. This presents a tangible opportunity for employers to differentiate themselves from competitors by prioritising and fostering an inclusive workplace environment. Building international environments will be one of the ways to create stable and non-rotating teams.
Sustainable development – another change for the financial sector
Sustainable development issues are linked with financial considerations, as evidenced by the introduction of mandatory Environmental, Social, and Governance (ESG) reporting. This integration is reshaping the landscape of the financial sector, prompting specialists to adapt to new paradigms that include both traditional financial as well as ESG factors.
This shift also presents a unique opportunity for organisations to attract talent, particularly among the youngest age group. These individuals are increasingly drawn to opportunities that allow them to make a meaningful impact not only on a company’s financial performance but also on society and the environment.
“The results of the report Attract, Engage, Retain: Insights and Recommendations for Audit Talent Success, conducted among 6,500 finance professionals and prepared by ACCA and the Chartered Accountants Australia and New Zealand (CA ANZ), show that nearly half of the respondents, even those without previous audit experience, would consider joining the profession, provided they had had the opportunity to engage in CSR reporting and auditing activities”, said Anna Paszkiewicz, an ACCA expert and partner at KPMG.
Not outsourcing but working with the best
Polish financiers are successfully conquering international job markets thanks to their high qualifications, aspirations, and professional flexibility. Increasing global mobility supports their employment in various countries, further enhancing their attractiveness in the job market.