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.

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[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

WORLDWIDE OPPORTUNITIES FOR EXPERIENCED ACCOUNTANTS

There is a world of opportunity out there for experienced and qualified accountants,   maybe not as much as pre global down turn; however, there are still plenty of roles available if you look across the global market. Accountancy is still a profession that is in high demand.

The main effect of the current economic climate for experience accountants seeking a new role is that potential employers are focused on finding specialists and often have very specific skills/experience criteria they seek to match. 

 

There is another interesting swing around the globe also worth noting.  Insolvency is in high demand in a number of countries, including Australasia and the Caribbean and on the reverse side Transaction Services is in demand in Europe.  

Language skills, in particular fluent German or French, can be a ticket to secure very interesting, sought after roles throughout Europe, including Switzerland. Alternatively, Mandarin and a proven track record of career progression is appealing to employers in Hong Kong, China and Singapore, whilst Arabic speakers can enjoy an excellent career throughout the Middle East.

Audit experience in the financial services sector will secure that offshore experience, weather it is the Channel Islands, Caribbean or Luxembourg.   

Audit remains the skill in the largest demand. Mainly because CA firms are the biggest employer of accountants and they need a large number of auditors to service clients who have to be audited.  In the current market employers generally require experience of auditing the relevant sector their clients are in.

The demands of employers have definitely tightened up. Historically they would be happy to cross train sectors and provide language training.  

However, it is highly likely criteria will open up again as the economy stabilises again.  Previous financial down turns and recessions have seen a high demand for experienced accountants in the following years and there are signs this will happen again.  Although many firms tried not to decrease the number of trainee accountants they hired in recent years, they had no choice in the end. We are also seeing statistics that show new generations are not choosing accountancy as a career, which will lead to a further shortage.

A recent survey published by the Education and Employees Taskforce targeted 11,000 13-16 year olds in a bid to chart the job aspirations of teenagers against the employment market from now to 2020. It stated that less that one in 30 young people are currently considering jobs in banking and finance which will result in experienced accountants being in even more demand.

A report conducted by Markit, surveying the UK job market has documented a rise in the need for both permanent and temporary accounting/financial professionals from 2012 to 2013. The report which collates data supplied by recruitment agencies also noted that the key skills that are in short supply in accountancy is ‘Accounts, Audit Managers, Credit control, M&A, Tax and Purchase ledger’.

       

With the job market gradually improving both internationally and domestically and the need for experienced accountants and their skill set greater, the openings for accountants is on the rise and the opportunities are better and will continue to increase. Having an ACCA qualification is your ticket to opportunities all over the world and the future looking far more positive than it has in recent years.  

Written by Abigail Stevens, Managing Director, Think Global Recruitment

OPEN FOR ADVICE - ASK ABIGAIL

It's the New Year and for many of you that means making resolutions of changes you wish to make in your life, whether it is starting the gym or changing jobs.

In my career I am proud to say that I have helped improve people's lives from every Continent in the World and understand the obstacles that are in the way of progressing your career Internationally. I have updated my blog to provide an 'Ask Abigail' section to allow anyone that has questions to ask. Just click on the tab or here to find the list of topics that I am happy to provide comment and advice on.

Above is a cut-out of a feature in the December issue of the CA magazine where I was asked to provide comment for accountants who are considering 'Finding work in Canada'. I was approached by ICAS to supply comment on the topic because of the experience I have in not only the Accountancy recruitment sector but also in regards to moving overseas and relocation. I take pride in providing honest and free advice and have in the past discussed provided comment in multiple international accountancy journals.

To Makeover or Not Makeover?

Happy Monday all. I know many do not like Monday's because that means a whole work week in front of them. However, if that is the case I challenge them to consider changing jobs.... Radical? Well you are in work more of your waking hours than anywhere else and if you do not enjoy those hours then you should vote with your feet. Stop! Do not rush out there and hand your notice in though. Wait will you have something else to go to. It is important not to have gaps in employment dates on your cv (resume). Believe me the amount of accountants we have seen get rejected for gaps on cvs is extremely high.

There are heaps more jobs on the market now then over the last 18 months, so if you are considering a move and felt there was nothing to go to before, take a look now. If you are an accountant our web site has some very interesting and varied roles. We specialise in moving accountants around the globe. Why not consider an overseas move? After the tough times we have had in the UK over the last couple of years, maybe its time for a clean slate... or a Make Over?

Who else will be considering a make over? Well the top CA firms seem to have been giving it a go, recently PricewaterhouseCoopers have made the much anticipated change to pwc. Causing a little confusion as to if they are now 'pwc' or 'PwC'. Their logo seems to indicate 'pwc', but the media article on their sight indicates PwC, then why change their PwC logo other than to take off 'PricewaterhouseCoopers'? BDO also seem to be dropping off the various other names they have historically had to simply be BDO. This seems a good move to me. Rumour has it Ernst & Young will be next for the make over.

The question is, why spend such a large budget on a change, just as everyone is tight for money and coming out of a recession? Maybe that is just it. The firms have made a lot of change, redundancies, cut backs etc to survive this period and maybe feel they need a fresh image to forget the past.

Any comments on why companies change their brand? The pro's and the con's of doing so? ....