Technical Analyst – Financial Markets (NPSA-8)

UNDP Serbia has been supporting the Ministry of Finance of the Republic of Serbia since 2013 to build capacities for an effective coordination and management, economic reforms, accession negotiations as well as for fulfilling the economic and political criteria for European Union (EU) membership. “Support to strengthening technical capacity and institutional development of the Ministry of Finance and coordination in the field of economic governance” project implementation started in 2018. The main project activities are focused on the provision of capacity building support and analysis of the current economic environment, as well as the support in the ongoing implementation and revision of the capital market development strategy adopted in 2021 by the Ministry of Finance of the Republic of Serbia.

The consensus amongst all interested parties is that capital markets in Serbia are shallow and relatively underdeveloped. Despite showing some promise in the early 2000, capital markets never truly recovered from the 2008 financial crisis. A recent study of capital markets in Serbia, conducted by the World Bank in cooperation with all relevant local institutions (Ministry of Finance, National Bank of Serbia, Securities Commission, Central Securities Depository and Clearing House, Treasury, Belgrade Stock Exchange, etc.), concluded that the core challenges lie within the following areas:

• On the demand side, the institutional investor base is thin; the aggregate size of mutual funds and voluntary pension funds is less than 1.5 percent of GDP, and improvements must be made to allow for and stimulate its growth;
• On the supply side, apart from the government bond market, which is performing reasonably well, there is a complete absence of affordable financial instruments that could provide an alternative to the domestic banking sector;
• Investing in financial education so as to mobilize savings for long term finance;
• Improvements to administrative procedures and cross-institutional pricing necessary to improve attractiveness of existing and planned financial instruments.

Given the aforementioned, the Ministry of Finance has commenced the implementation of the said strategy by carrying activities devised in related public policy documents such as the action plan covering the period 2021-2023 and other related documents.

• Provide expert advice to the management of the working group on the Capital Markets Strategy implementation and follow-up progress reports;
• Be responsible for conducting regular financial markets benchmarking with financial regulations in relevant markets in the region and the EU;
• Provide financial expert advice to the Ministry of Finance, Financial System Sector, in the process of drafting of legal & regulatory documentation in relation to the Capital Markets Act and Strategy for Capital Markets Development;
• Provide expert advice to the Ministry of Finance, and its relevant institutions, in drafting and implementation of relevant bylaws in line with changes to the Capital Markets Act and the Strategy;
• Provide expert advice in facilitating public hearing and consultations on relevant regulatory and strategic recommendations;
• Provide expert advice to the Ministry on capital markets and related policy paper drafting, report analysis and synthesis;
• Ensure good cooperation and coordination between national counterparts, project partners and other relevant stakeholders;
• To perform any other duties as required.

• Achieve Results: LEVEL 1: Plans and monitors own work, pays attention to details, delivers quality work by deadline
• Think Innovatively: LEVEL 1: Open to creative ideas/known risks, is pragmatic problem solver, makes improvements
• Learn Continuously: LEVEL 1: Open minded and curious, shares knowledge, learns from mistakes, asks for feedback
• Adapt with Agility: LEVEL 1: Adapts to change, constructively handles ambiguity/uncertainty, is flexible
• Act with Determination:  LEVEL 1: Shows drive and motivation, able to deliver calmly in face of adversity, confident
• Engage and Partner: LEVEL 1: Demonstrates compassion/understanding towards others, forms positive relationships
• Enable Diversity and Inclusion: LEVEL 1: Appreciate/respect differences, aware of unconscious bias, confront discrimination

Cross-Functional & Technical Competencies

• Strategic Thinking:
  • Ability to develop effective strategies and priority plans in line with UNDP’s objectives, based on the systemic analysis of challenges, potential risks and opportunities; linking the vision to reality on the ground, and creating tangible solutions
• System Thinking:
  • ​​​​​​​Ability to use objective problem analysis and judgement to understand how interrelated elements coexist within an overall process or system, and to consider how altering one element can impact on other parts of the system
• Knowledge Generation:
  • ​​​​​​​Ability to research and turn information into useful knowledge, relevant for context, or responsive to a stated need
• Results-based Management:
  • ​​​​​​​Ability to manage programmes and projects with a focus at improved performance and demonstrable results
• Strategic Policy Engagement:
  • ​​​​​​​Economic forecasting
• Ethical Implications of Policy Development:
  • ​​​​​​​​​​​​​​Consult on the ethical implications within all policy development and standard setting.

• Master’s degree in Finance, Economics, or related field.
• Bachelor`s degree with 2 years of experience can be taken into consideration in lieu of Master`s degree.

• Minimum 2 years of relevant progressively responsible professional experience in banking sector and/or financial services with Bachelor’s Degree;

Required Skills: 

• Ability to deliver results when working under pressure and within changing circumstances;
• Excellent writing/reporting and presentation skills;
• Excellent interpersonal, networking and team building skills;
• Strong oral and written communication skills;
• Client oriented: establishes and maintains productive partnerships with clients by gaining their trust and respect; identifies clients’ needs and matches them with appropriate solutions; monitors ongoing developments inside and outside the clients’ environment in order to keep them informed and to anticipate problems; keeps clients informed on regular basis of progress or setbacks in projects;
• Good organizational and time management skills;
• Demonstrates integrity by modelling ethical standards;
• Focuses on impact and results for the client and responds positively to critical feedback;
• Builds strong relationships with clients and external actors;
• Treats all people fairly without prejudice regardless of cultural, gender, religion, race, nationality and age sensitivity and adaptability
• Demonstrates integrity by modeling ethical standards

Desired Skills:

• Experience in working with commercial and/or business / banking sectors shall be considered as an asset;
• Experience in analyzing economic risks, financial analysis and business analysis shall be considered as an asset;
• Experience in performing business operations in line with local regulations and International Accounting Standards shall be considered as an asset;
• Excellent understanding of Serbia’s socio-economic situation;
• Knowledge in the use of computers and office software packages and handling of web-based management systems;
• Excellent writing/reporting and presentation skills;
• Excellent interpersonal, networking and team-building skills.

Languages:

• Excellent knowledge of written and spoken Serbian and English.

Institutional Arrangement

The Technical Analyist will work under the overall guidance and supervision of the Technical Advisor – Delivery Unit Coordinator.

Required Documents

• Personal CV or P11, indicating all past positions held and their main underlying functions, their durations (month/year), the qualifications, as well as the contact details (email and telephone number) of the Candidate, and at least three (3) the most recent professional references of previous supervisors. References may also include peers.
• A cover letter (maximum length: 1 page) indicating why the candidate considers him-/herself to be suitable for the position.
• Managers may ask (ad hoc) for any other materials relevant to pre-assessing the relevance of their experience, such as  reports, presentations, publications, campaigns or other materials.