Germany is facing a deficit of finance professionals due to its focus on science and engineering. CA from India who joined Springer Nature in Germany discusses how to find opportunities in the market
by The Finance Story
Due to Brexit-related uncertainties, many financial institutions and other large corporationshave shifted their operations from the UK to various parts of Europe, including Germany.
Germany was predicted to face a deficit of 1.2 million skilled workers in 2020, which would increase to 2.5 million by 2030. Significantly, over 25% of this deficit will occur in Germany’s financial services sector.(SourceKorn Ferry)
Germany is not traditionally known as a finance hub, focusing more on biotech, physics, science, and mechanical engineering.
This has caused a surge in demand for finance andIT professionals.
We spoke with CA Vipin Arora,who moved to Berlin, Germany, 2017 to join Springer Nature as a Director-Contract Compliance.
Vipin lays out six essential steps to finding a job in the German market.
1. Research the market
The first step is to gain a good understanding of the industries and sectors in demand in Germany.
Research companies and sectors that align with your skills and experience.
Big 4 and other large corporationsare actively hiring for auditing, investment banking, and financial digital transformation roles.
Many multinational companies are setting up businesses in Germany.
Berlin has become the “Silicon Valley” of Europe, and many establishedstartups are hiring Indian talent.
2. Online portals
You can find a job in Germany while applying from your home country.
Indeedis a popular job portal for expats seeking opportunities in Germany.
Other than that, there are,
The success rate of finding a job through job portals (andLinkedIn) is relatively high in Germany, but there are some factors you need to keep in mind.
Match the job description:
- Your resume and cover letter must match the job requirements word for word; otherwise, you’ll likely get rejected.
- Many recruiters now use AI tools to scan resumes for keywords. If yourresume matches the job requirements by more than 90%,you will only be selected for the first round of interviews.
Refine your CV
- You can improve your chances of getting shortlisted by modifying and highlighting your resume and cover letter to emphasize your skills and experience.
- Explain, in detail, why you are the best candidatefor the job in your resume.
3. Network
In addition to applying through job portals, it is also important to network and develop professionally.
This can be done byattending industry events, whether online or offline, andjoining professional associations.
Many associations are available in Germany, such as the Association of German Banks. You can also find regional finance, professional groups, and networking groups. Germany also has a specific group for Chartered Accountants (CAs).
You can easily find these groups by searching online.
Once you are a member of these groups, you can talkto people about what is available in the job market. You can alsodo this in parallel with your job search on job siteslike Indeed.
Online networking, joining professional associations, and attending industry events are all great ways to meet new people and learn about new opportunities. They can also help you build your network and gain credibility.
4. References
Word of mouth is always helpful in finding a job in Germany.
In a highly competitive market like Germany, a firm reference can make hiring much more accessible.
5.Intra-company transfer
An intra-company transferis the best way to find ajob in Germany.
Vipin, too, moved to Germany through this method.
He initially joined Macmillan Education in 2013 as a Vice President of Finance. Macmillan Education’s parent company is Springer Nature, a German-British academic publishing company headquartered in Berlin, Germany.
During a business trip, the Global Internal Audit Head of Springer Nature visited the Indian office.
In three weeks, they worked together on various business aspects and developed a good work rapport.
In 2017, Vipin was offered an opportunity to join them in Berlin as Director of Internal Audit and Group Compliance.
It was an exciting offer as Berlin is the Financial Global Hub for the entire Springer Nature Group with a top line of nearly €2 billion.Vipin took it up!
6. Study in Germany
Studying here is another effective way to build a career in Germany as an expat.
If youstudy in one of the universitieshere, you will have a 100% chance of being placed in one of the companies in Germany.
You can also look for internships within your city, as there are many opportunities for working students.Working students typically work around 20 to 25 hours per week instead of the total 37 to 38 hours.
Most companies readily take in working students, so there’s a high likelihood of being offered a permanent position within the same organization after the internship.
Focus on getting an internship in any e-commerce company such as Zalando. These companies are hiring extensively, especially Indian talent.
Finance Roles that are in demand in Germany
According to Vipin Arora, the following profiles are in order.
Auditing:The Big 4 accounting firms are hiring heavily in this area.
Investment Banking:This is also a high-demand field in Germany. Therisk analysis role is an easy way to enterthe investment banking route. Deutsche Bank is a great place to start, along with the Big 4 accounting firms.
Financial Digital Transformation:If you have experience in digital transformation, you will be in high demand. These opportunities are primarily available at German-owned companieswith a global presence.You could also move into financial planning and analysis (FP&A) or consulting roles in large corporations.
Consulting:There is a growing demand for consultants in Germany.You can consider approaching the Big 4 or Big 10 firms andother large consulting firms such asMcKinsey & Company,Bain & Company, and Boston Consulting Group (BCG).
Closing…
Finding a suitable job in Germany usually takes at leastthree monthsand sometimes extendsto six months.
It is a slow but thorough process. But it will be worth it once you get hired by an organization in Germany.
German labor laws favor employees, and the country offers an excellent work-life balance.
