As automation takes over routine processes, the sector’s competitive advantage is shifting towards professionals who can interpret complex information, exercise judgement and advise clients through increasingly uncertain regulatory and commercial environments.
Labour shortage is not the primary issue. Malta’s financial services sector remains a growing industry, employing professionals across fund administration, insurance, fintech and aviation finance.
According to the NSO, employment in financial and insurance activities stood at around 18,958 persons up to March 2026.
The real challenge is not the number of employees available, but the availability of professionals with the combination of technical expertise, commercial awareness, analytical ability and regulatory judgement required for higher-value work.
Dr Bernice Buttigieg, Chief Strategy Officer at FinanceMalta, says the future competitiveness of Malta’s financial services sector will depend on developing professionals who can combine technological capability with uniquely human skills.
“The solution to the talent challenge is unlikely to come from a single source. Internal development, international recruitment and continuous education will all play a role,” she says.
Earlier this year, the Malta Financial Services Advisory Council commissioned a comprehensive Talent Mapping exercise to examine recruitment patterns, retention challenges, emerging skills requirements and talent mobility. The research, being carried out by researchers at the University of Malta with support from Identità, should provide a clearer understanding of how the sector’s workforce needs are evolving.
The study is ongoing but early discussions with industry leaders point to a common conclusion: Malta’s financial services sector does not simply need more people, but more professionals equipped to operate alongside intelligent systems.
“The profession is moving decisively away from volume-based hiring towards depth of capability,” says Romina Abdilla, Head of HR at RSM Malta.
“As technology continues to automate more foundational and transactional tasks, greater emphasis is now placed on professionals who can interpret complexity, apply judgement, and support clients through increasingly nuanced regulatory and commercial challenges.”
The pressure is most visible at the mid- and senior-career levels. Entry-level recruitment remains active, but demand is increasingly focused on professionals who can oversee automated processes, interpret complex data and make decisions in areas where technology cannot replace human accountability.
Historically, junior professionals developed expertise through repetition: preparing data, performing reconciliations, carrying out audit testing and completing routine compliance tasks. These activities provided the foundation on which professional judgement was developed.
However, many of these activities are now being automated or supported by analytical tools. While this improves efficiency, it also creates a new challenge for firms: how to develop experienced professionals when some of the traditional training ground is disappearing.
Many employers are responding by investing more heavily in internal mobility and reskilling. Rather than relying exclusively on external recruitment, firms are identifying employees with strong analytical potential and helping them transition into advisory-focused roles.
Ms Abdilla says the priority is developing capabilities such as critical thinking, problem solving and commercial awareness to create stronger internal talent pipelines.
Ian Coppini, Financial Services Industry Leader at Deloitte Malta, says automation and analytics are reshaping how audit, tax and advisory teams operate.
“Technology is absorbing many routine tasks so that professionals can remain increasingly focused on analysis, interpretation and client engagement. But before we automate or implement an AI tool, we put in place appropriate controls and governance,” Mr Coppini explains, noting that human oversight remains essential for quality assurance and professional judgement.
The changing operating model is also influencing recruitment, with junior professionals expected to demonstrate digital literacy and critical thinking from the outset.
“We want people who can quickly detect errors in automated processes while also identifying value beyond the routine,” he says.
Deloitte Malta is investing in structured learning and leadership programmes to build internal talent pipelines.
“We intentionally design work so that humans and machines each contribute their unique value-adding skills. I believe this is what will redefine talent around judgement, expertise and value creation,” added Mr Coppini.
The same transformation is evident within Malta’s accountancy profession. Maria Cauchi Delia, CEO of the Malta Institute of Accountants, says professional qualifications remain essential but are evolving beyond technical competence.
“Accounting expertise remains the foundation but employers increasingly value skills in data analytics, technology awareness, communication, ethics and strategic decision-making. The role of the accountant is expanding from technical compliance towards governance, business insight and organisational resilience.”
She explained that the Institute is responding through continuing professional education programmes focused on digitalisation, sustainability, financial crime compliance and emerging business needs.
Regulators are also strengthening the talent pipeline. An MFSA spokesperson noted that while Malta’s financial services workforce is committed and experienced, rapid regulatory change has exposed capability gaps in compliance, risk management and governance functions.
In response, the MFSA, in collaboration with the University of Malta, has launched a flexible online Master of Science in Financial Regulation and Compliance, building on an established postgraduate diploma programme and bringing together regulatory, academic and industry expertise.
“For Malta’s financial services sector, the future talent challenge will not be solved through numbers alone. But what we know for sure is that the organisations best positioned for long-term growth will be those capable of developing professionals who can work with technology while applying their experience, judgement and accountability,” adds Bernice Buttigieg.
“Those are qualities that will always remain uniquely human,” she concluded.
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