Top five things to consider when relocating with your career
Working abroad in international finance can be the experience of a lifetime. Here are some tips from Eden Scott to help you make the right decision.
1. What’s your why?
When considering relocation, the first question you will always be asked is, why?
Deciding to relocate to another country is a big decision. You must be clear on the reasons for relocating as a prospective employer will be looking for loyalty and stability in their new recruits.
It might be to:
- Gain new skills
- Gain international experience
- Develop your professional network
These, amongst others, are all valid reasons for relocation and they are all more than possible when you decide on a move abroad and take your career to the next level.
2. Visa restrictions
While many countries have their own unique set of visa requirements, there are often exceptions for British citizens.
For example, locations such as Bermuda and the Cayman Islands, both in the top 50 worldwide financial locations, are British Overseas Territories which can make it much easier to relocate than to mainland USA or Canada.
Moreover, travelling with a partner or dependents can add an additional layer of complexity, in particular when travelling if you are not married.
3. Cost of living / NET salary calculations
While your skills as an accountant are transferable, salaries are not. Each country has its own unique financial conditions including among others, the cost of living, which is vital to consider as it will give you a better indication of your expected standard of living, as opposed to simply a salary conversion.
Malta is a very popular destination for accountants looking to take advantage of a Mediterranean lifestyle. Salaries can seem dramatically different to the UK but the cost of living in Malta is significantly lower; for example rent is 33.88% lower (average data for all cities*). This, coupled with a lower tax rate and government bonuses for expatriates, make it easy to sustain the same standard of living in Malta.
4. Plan ahead
Securing an international opportunity can obviously take longer than a search for a new domestic opportunity, especially if you require a visa for this destination.
Different countries have different financial year ends and thus different busy seasons, which usually align with recruitment intakes. Whether you are in your final year of your training contract or already have post qualified experience, it is advisable to start your international job search 3-4 months in advance of your ideal start date.
5. Relocation allowances
Relocation packages are extremely helpful when you are making an international move as the cost incurred can be significantly more than your flight ticket. Costs can include shipping, visa /work permit, deposits for accommodation, medical tests, police clearance and much more.
Typically international CA firms are one of the best for providing extensive relocation packages to facilitate your move, not only covering these cost but also often having dedicated relocation officers to help you through every step of the process. As the world becomes more interconnected, more financial services companies are also starting to provide such relocation packages as they try to attract top talent for the offices internationally.
So, it is clear that there are opportunities out there to help you give your career an international boost, helping you grow both personally and professionally.
About the author
Since graduating from the University of Strathclyde with a degree in International Business and Spanish, Nicola has been working in the International Accountancy and Finance market for the last year. Nicola specialises in international Audit, Advisory, and Financial Services positions, servicing Big 4, Top 10 accountancy firms, and fund administration companies. Nicola specialises in recruitment across a number on and offshore financial services centres across Europe, the Caribbean, Bermuda, North and South America. Nicola is passionate about helping CA level candidates explore international career opportunities and helping them achieve their goals.
This blog is one of a series of articles from our commercial partners.
The views expressed are those of the author and not necessarily those of ICAS.