The Finance Industry has established itself as a forward-thinking sector, undergoing constant change and improvement. The globalisation of the industry has created an integrated and connected working space, with developing economies and emerging markets offering a new paradigm for Finance and Accountancy professionals seeking employment abroad.
With Covid and Brexit putting a stop to many people’s plans to relocate abroad, we’ve collated some tips to help you secure your new Finance role overseas.
Applying for Finance Jobs Abroad:
The first thing to address when looking for a job abroad is the need for the correct permits and permissions required by a particular country. Work permits for temporary or permanent status must be obtained, with consideration for yourself/anyone joining you in your venture. For more information, head over to the UK Government website.
Certain employers may be able to sponsor you for the duration of your employment.
As Kimberley Greenland, Human Resources Advisor at the Falklands Islands Government noted, “relocating thousands of miles is a big decision and one that you should take the time to carefully consider and research before applying for a role”.
If applying for a role in the Falklands, then “successful candidates need to go through pre-employment checks. This includes checks required by Customs and Immigration in order to secure a Falkland Islands Work Permit. This can be a rigorous process and can sometimes take several weeks to complete and any family members accompanying you will also need to complete certain checks”.
The Global Financial Landscape:
When deciding upon your location, it’s good to consider the financial market you’ll be working in.
The world’s financial markets have changed exponentially over the years, with the industry moving away from London and New York hubs. The top cities for Finance professionals now range across the US, Asia and Europe, with cities such as Boston and Chicago, to Singapore and Hong Kong establishing themselves as centres for major investment companies and accounting firms.
What About Salary and Benefits?
Working abroad brings different financial, compensation and tax implications, with salaries and benefits differing from country to country. Our 2022 Audience Insight Survey detailing the responses of 1,400 finance and accountancy professionals, analyses global salary trends.
Providing a global overview, the survey reveals that London retains the top spot of the UK pay table, with a 4% average salary growth rate from 2021. The UK experienced a countrywide salary increase, arguably due to the increase in hybrid working, affording previously London-based professionals with higher salaries the option to work outside of the capital.
Salaries overseas also reported year-on-year increases, demonstrating that global economies are bouncing back. Salaries for finance professionals in Australasia take the top spot globally, offering an average salary of £80,000.
“The Falkland Islands Government offers a range of competitive benefits” according to Kimberley Greenland, “some of which are specifically designed for overseas contracts and are created to help those making the big move. The Falkland Islands Government have 12 pay bands creating a broad band pay structure...the Government will consider the level of inflation, the movement of the Public Sector Pay index in the UK, the availability of funds to the Government and the Government’s commitment to seeking efficiency savings to cover pay awards.”
The Pros and Cons of Working in the Finance Sector Abroad:
The benefits and factors for consideration when moving abroad, apply to all, whether you’re seeking graduate or Newly Qualified jobs abroad, or simply looking for a new venture.
The opportunity to explore a new culture and environment.
Personal development: expand and enhance your world view.
International experience makes you a very desirable candidate within the competitive UK job market.
Gaining a wider understanding of how the global economy works and how different countries interact with the market.
Cross-cultural experience: expanding your professional network.
Things to consider:
Different financial and tax implications.
Language barriers (however, we see this as a chance for candidates to learn and be immersed in a new language).
Obtaining necessary permits.
Uplifting your life in the UK.
What Does it Take to Work Abroad?
As advised by Kimberley Greenland, to work in the Finance and Accountancy industry aboard, “you will need a healthy dose of pragmatism and common-sense. The ability to build relationships quickly, listen, and ask questions to gain a full understanding of the environment you are operating in and the challenges you may face”.
Direct employers and recruiters wish to see that you have “the professional drive, ambition and initiative, coupled with a proven track record of successful service delivery".
Finding Financial Jobs Abroad:
There are two main ways you can seek a financial job abroad; by applying for job roles with re-location opportunities or finding a specific company abroad and applying for work and sponsorship.
Here at GAAPWeb, we offer a plethora of positions for those looking to work abroad. Discover your new role via our location category search. Certain recruiters on our site, such as The Falkland Islands Government, specialise in overseas recruitment. Based in the Falklands, they offer candidates a wonderful work-life balance with the chance to work in an area of natural, un-spoilt beauty, with magnificent wildlife and a safe and secure environment.
Finding an Accountancy and Finance job abroad can lead to self-discovery, adventure and a newfound sense of professional achievement. Discover the latest senior, entry-level, and graduate jobs abroad for finance professionals on GAAPWeb.