Boost your financial services career offshore!
In the spirit of ‘New Year, New You’, you might be considering a career move. With the winter in full swing, you may also have thought about emigrating!?
What if you could live in the beautiful Caribbean at the same time as advancing your CV and career prospects?
Having worked in the Cayman Islands for two and a half years now, I have learnt a lot about the growth benefits from a personal and professional point of view. The personal benefits seem fairly obvious (sun,sea,sand, shorter commutes and more free time, the fun ex-pat lifestyle… :
So, what about the benefits from a professional growth point of view?
The Cayman Islands is a world-class financial services hub! Having spoken with candidates I’ve placed within FS over here in Cayman, and having watched their careers play out, I can honestly say offshore experience can do wonders for your CV! Multi-national companies often expect applicants to have undertaken at least one expatriate assignment.
Here are some of the benefits of gaining offshore experience:
- Specialist knowledge – The offshore industry is a very specialist sector. As an Audit Senior in the Cayman Islands, for example, you would most likely be responsible for managing a varied portfolio of financial services clients (funds, trusts, SPVs, insurance, banking…) You would gain invaluable exposure to US GAAP and IFRS as well as a strong knowledge of international fund structures. Honing your specialist skillset and knowledge can greatly improve your employability internationally.
- Scope for progression – In light of the specialist knowledge required when working offshore, full training is invariably offered. Professional training will provide you with the ability to widen your expertise and give you a competitive edge over other applicants who have stayed closer to home. This will allow you to progress more quickly and is a route to ‘fast-tracking’ your career.
- International contacts – Working offshore means working in a diverse workplace. You will have the opportunity to meet and network with professionals from all over the world. This will broaden your horizons and may get you headhunted to other jurisdictions later down the line!
- Financial benefits – As a tax-free environment, the Cayman Islands, Bermuda (and other offshore jurisdictions) offer the chance to build on your savings. A lot of companies offer a tax-free bonus on top of your annual salary! Many companies will also offer a generous relocation allowance.
So, even if it’s a temporary option for you, taking the leap offshore could truly enhance and develop your career!