Financial sector

Financial sector agencies are involved in customer service and consulting, financial planning and analysis, risk management and business development.

There are more than 2,300 companies operating in the financial field in Estonia, most of them concentrated in Tallinn and its vicinity. The biggest employers are banks.

In addition to traditional financial companies, there are many financial technology companies in Estonia that operate in the financial field and develop financial products, but whose business is enabled and managed by information and communication technology.

About 12,000 people work in the financial field, 5,600 of them in the field of trade. Most of the employees work in customer service and consulting services. In the future, the number of jobs in the financial sector will remain the same.

Because technological developments have made many activities semi- or fully automatic, the need for customer service providers and advisors will decrease in the future. At the same time, digitalization is leading to an increase in the number of e-services users, which somewhat increases the need for customer support professionals.

Digital finance is evolving hand in hand with legislation that needs to be adapted to ensure transaction security and consumer protection. Additional rules and legislation will create new requirements for banks and insurance companies, therefore, the need for risk managers, anti-money laundering experts and compliance and customer data experts to ensure compliance will increase in the future. In addition, there is a growing need for product managers leading product portfolio design, who are already greatly missed by employers.

The big need is for graduates in mathematics and statistics, they are less likely to work in the financial sector than employers want. There is also a shortage of employees who at the same time have knowledge of both the principles of the functioning of the economy and the possibilities of implementing digital technologies in enterprises. There are more graduates with economic and legal education than can be offered a job in the financial field.

• Strong basic knowledge of the functioning of financial companies and markets
• Strong basic knowledge of the functioning of the employer's products and services and related rules
• Fundamental knowledge of the risks associated with the activities of financial companies
• knowledge of the laws and regulations of Estonia and the European financial field, ability to orientate on topics related to the legal field
• Fundamental knowledge of the economic mechanisms of business and macroeconomics to understand financial models and related rules
• >Fundamental knowledge of financial reports and forecasts