Friday 23 May 2014

I’M LEAVING ON A JET PLANE………. Reasons to pursue an overseas career..


Qualifying as a Chartered Accountant is like getting a ticket to move to the global location of your choice.

Let’s set the scene. You’ve just qualified and Very Big Plc is interested in interviewing you for a local position with solid career prospects. Meanwhile, your best mate is just about to set off on a round-the-world adventure and his light-hearted accusations that “you’ll have cobwebs all over you by the time I come back,” sets you thinking. Will he really return as a more rounded - not to mention tanned - individual in a few years time? How’s he going to sustain himself? What will the effect be on his career?  What other benefits could he possibly get from his move?

Career Development
There are numerous benefits in making an international move.  Overriding all has to be Career Development. International experience is often a pre-requisite for senior management positions. The Big Four firms have often stated you need overseas experience to make it to Partner level.  We live in a global economy – business is increasingly international and an understanding of other countries’ working policies, economic climate and conditions can be a real feather in your cap.
The move has completely exceeded my original expectations.  My client portfolio includes American oil companies, French media broadcasters, Japanese construction giants and high-profile Spanish opera singers.  The diversity of the clients has necessitated a steep learning curve but every single day brings something completely different, which is what I want from my career.  Liana moved to Qatar




Personal Development
One of the reasons the large firms rate highly international experience is that it is felt that someone who has pushed themselves outside their comfort zone doing things such as learning new ways of doing things, making new friends and setting up a new home, will have gained confidence.  This more confident person has time and time again returned into positions above the pier group they left behind.

Lifestyles



Some people go for English speaking, similar culture but better weather and consider Australia or New Zealand.   

If you are looking for more of a cultural change, you don’t mind the heat and the odd jungle trip then Africa may be your bag.  A penchant for the Oriental and cultural experiences? Then the Far East or Middle East will hold an obvious attraction. Sun sand sea sport and rum?  Then look no further than Bermuda and the Caribbean. 

If you have given any thought at all to moving overseas I would recommend you go for it. Although it can be a scary thought, once you are actually there you realise everyone else is in the same position and it is so easy to make friends. It is also a great chance to use your qualification to gain valuable experience from working in a different culture.
Joanne, moved from the UK to the Cayman Islands




Bit of hunger to learn or utilise a language skills then mainland Europe or South America could be the place for you.  Or you may wish to stay closer to home, whilst experiencing a different lifestyle, meeting new people and experiencing a better work/life balance, then perhaps the Channel Islands would be the place for you.

Money
Salaries are important but take care to consider the whole package.  Whatever happens you will be paid a fair salary and in some locations you will have your accommodation provided and a generous tax structure.  These days, don’t expect to make a lot of savings unless in a developing location.  There is often plenty to spend your money on and it is just as important to “live the life” and get as much experience as possible out of your contract.

Go for it! It's highly enriching and it makes you realise that there is a lot more to life than money and career development, such as just living somewhere different, making new friends, enjoying a lifestyle and work/life balance that suits your as a person.
Julie, moved from London to New Zealand


If you are considering a move overseas we suggest you visit:  www.thinkgr.com

Please do share this with anyone else you feel will be interested!  Thank you.

Friday 16 May 2014

Moving Abroad for Work: UAE and the Finance Industry, contributed by Emma Lathom



According to the Quality of Life Report conducted[i] by the Centre for Future Studies for Natwest, nearly 150,000 Britons are emigrating from the United Kingdom each year. Encouraged by the ease of contact with family and friends abroad via personal technology and mobile devices, many British workers are looking for work abroad, particularly in popular business locations such as the Australia and the UAE.

Popular destinations
The Quality of Life Report found that Australia and Canada[ii] were the top two destinations for British expats, with Australia coming out on top for Britons. Around 40,000 people move to Australia from the UK each year and the country now has up to 1.2 million British expats. Despite the potentially high cost of living, the sunny climate and high quality of life makes it a popular destination amongst those seeking a fresh start.

According to the report, the UAE beat the US and Hong Kong[iii], coming third on the list, with 75% of those surveyed suggesting that one of their main reasons for moving there would be career opportunities. Dave Isley, head of Natwest International Personal Banking[iv], suggests that this shift in views is one of the most notable in many years, with a large number of Britons stating that they’re willing to adjust their lifestyles in order to enjoy the stronger economy and better job opportunities available in the UAE.

The benefits of UAE
The UAE has quickly become one of the go-to destinations for British expats working within many industries. In general, the lack of tax is beneficial for any expats looking to earn a good money while avoiding outgoings. However, job growth is also causing Britons to flock to the country. According to the Monster Employment Index for the Middle East, banking, financial services and insurance[vi] sectors registered the maximum number of online job opportunities in the UAE, with a 9% grow year-on-year. This growth is only expected to increase after the UAE unveiled a new law[vii] that will aid job creation across the emirates.

The new law, which is currently being finalised, is aimed at boosting entrepreneurship using incentives as a means of creating jobs for a growing population. UAE Finance Minister Sultan bin Saeed Al-Mansouri says he believes that the law, which allocates 10% of the development bank capital to go towards helping the businesses, will come into effect within the second quarter of 2014, helping national and international workers within the financial sector to create a business of their own.
Of course, those wishing to enter the UAEs financial and accountancy sector via an already established company[viii] will also benefit from the country’s recent boost in attention[ix] from across the globe. According to Olivier Meier, senior mobility consultant at Mercer, an increasing number of foreign workers are being sent to the UAE for both short and long-term assignments due to the country’s new position as a key global economic hub.

Why Dubai?
Within the Emirates, Dubai is rapidly becoming one of the most popular expat destinations for finance and accountancy workers. The main draw for expatriates to Dubai is the zero rate of income tax, but financial workers are also attracted to the country to take advantage of its rapidly growing financial sector and the increasing job opportunities appearing as the industry booms.

This boom is partly down to the emirate’s recently unveiled plan to become the Islamic economic hub[x]. In December 2013 the Dubai government set up a new body for the financial sector, the Dubai Islamic Economy Development Center. As part of Dubai’s goal, the center will provide legal and other services to companies within the Islamic banking industry, boosting growth and encouraging the emirate’s transformation into an economic hub. However, this growth is leaving a shortage of qualified workers in the sector, and so has prompted a search for talented financial professionals. 

In order to bridge this gap, many institutions and companies within the banking industry are developing strong intern programmes to provide hands-on training for younger bankers looking to gain practical experience in Dubai. Muneer Khan, a partner at law firm Simmons and Simmons Middle East[xi], has highlighted the role that international workers should play in the development of Dubai’s finance sector, suggesting that expatriate bankers are required to help globalise the Islamic economic sector.

However, Mr Khan also stresses that many Dubai banks are unwilling to hire international staff without the right experience. Managing director of the Dubai International Academic City[xii], a free zone for international university campuses in Dubai, has highlighted the importance of training and education within the Islamic economy, and argues that the emirate is working hard to help international workers enter the industry. He suggested that industry experts, government officials and leading academics are already working together to identify the skills gaps within Dubai’s finance industry and help national and international workers develop the required skills to meet the sector’s needs.


[i] Gulf News http://gulfnews.com/business/general/thousands-of-britons-relocate-every-year-outside-their-county-1.1328497
[ii] The Telegraph http://www.telegraph.co.uk/finance/personalfinance/houseprices/10803090/Is-Dubai-the-new-Spain-for-British-expatriates.html
[iii] Al Arabiya News http://english.alarabiya.net/en/life-style/travel-and-tourism/2014/05/05/Fun-in-the-sun-British-expats-prefer-UAE-over-Europe-and-U-S-.html
[iv] Natwest International http://www.natwestinternational.com/nw/personal-banking.ashx
[v] Quotezone http://www.quotezone.co.uk/debt-help.htm
[vi] Emirates 247 http://www.emirates247.com/news/emirates/looking-for-uae-job-sectors-with-most-opportunities-2014-04-22-1.546572
[vii] Arab News http://www.arabnews.com/news/555126
[viii] United Arab Bank http://www.uab.ae/cms/
[ix] Gulf News http://gulfnews.com/business/general/uae-a-hot-spot-for-overseas-assignments-1.1325425
[x] The International News http://www.thenews.com.pk/Todays-News-1-244105-Dubai-seeks-to-become-Islamic-economic-hub
[xi] Simmons & Simmons http://www.simmons-simmons.com/en/Locations/Middle-East
[xii] Dubai International Academy City http://www.diacedu.com