February 5, 2024
iGaming Finance: Qualifications and Opportunities
Malta has been actively raising regulatory standards, particularly across Anti-Money Laundering (AML) controls and requirements since being promoted from the Financial Action Task Force (FATF) “grey list”, the list of Jurisdictions under Increased Monitoring, As the centre for iGaming in Europe, Malta’s increased measures are also having an impact on hiring, skills and qualifications, most notably in the realm of finance roles.
One of the key trends is the increasing requirement for finance candidates to have the Association of Chartered Certified Accountants (ACCA) qualification. It’s emerging as the preferred choice over Masters in Finance, becoming a “must have” for many of the iGaming finance roles currently being advertised.
The Rise of ACCA Qualification
The ACCA is recognised in over 170 countries, and is considered to be a “top drawer” global qualification. While technically on the same level as a Masters in Finance, it’s often viewed as being more rigorous and more commercially aligned, and it’s a professional qualification as opposed to an academic one. The industry increasingly views the ACCA as not only having the potential to elevate standards within the iGaming sector, but also as a catalyst for attracting talent to Malta, and growing business quickly and efficiently.
Attracting Finance Professionals to Malta
Traditionally, finance professionals in the iGaming sector have been sourced from audit backgrounds. This is a finite talent pool that has been pretty much exhausted. The problem is further compounded by the diminishing trend of relocating professionals from outside Malta. As a result, the sector is now actively seeking candidates from diverse backgrounds, encouraging mid to professional level candidates from other industries to consider the iGaming sector as a viable career option.
The steps taken to increase standards and AML controls, including elevating the ACCA qualification, are drawing the attention of finance professionals to Malta and the career opportunities within the iGaming sector.
Financial Framework for Growth
Many iGaming companies, especially startups and SMEs, recognise the strategic importance of strong financial processes. This realisation stems from the understanding that robust financial frameworks provide a solid foundation for rapid and efficient business growth. Data also shows that if you hire strong professionals they are more likely to stay with you on your growth journey.
The ACCA qualification is demanding with 14 papers and taking a minimum of three years to complete. Students also need three years practical experience before you can become an ACCA member and be considered a qualified accountant. As a result, the professional skills acquired through the ACCA qualification, coupled with the practical experience requirement, bring immense value to the iGaming sector and companies looking to strengthen their financial foundations and build sustainable growth.
In terms of financial management, the CIMA (Chartered Institute of Management Accountants) qualification could be a future alternative to ACCA. With a focus on financial accounting and reporting, this is also a globally recognised qualification and provides a strategic perspective that aligns with the financial needs of the iGaming sector. While our clients in the iGaming sector are not specifically asking for this qualification, it’s worth considering if you’re struggling to fill your finance roles.
For finance professionals interested in exploring opportunities in the iGaming sector, check out our comprehensive Location Guide for Malta. Sharing insights into working in the region, salary guides, cost of living considerations, expat tax rates and the diverse opportunities Malta has to offer, our guide is a great place to start if you’re thinking about making a move.
Whether you’re a finance professional looking for your next role, or an iGaming employer that needs to hire, we’re here to help. Please get in touch to discuss your requirements. Contact Kerry Gillitt @ kerry.gillitt@pentasia.com