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We believe that there are great offshore career
opportunities and professional development possibilities in one of the largest financial
services sectors in the world. A significant motivating feature is the excellent
financial packages with no taxation payable. With no tax, expenditure above
the basics (eg.rent)
is largely discretionary, so with discipline savings can be significant.
It is critical that we understand the candidates career aspirations and
goals so that we can introduce them to the correct clients. There are many
available positions with leading international financial services institutions
in areas such as fund accounting, financial accounting,
trust work, insurance management and banking. The candidate will generally
need to have passed all their professional accounting exams before securing
a job and associated work permit.
The types of roles that are available within the industry for qualified
professionals are illustrated below:
Offshore Trust/Company Administrator
Trust Administrators can expect salaries to be between US$50,000 to US$60,000 plus bonus. Senior Trust Officers can expect salaries to be between US$60,000 to US$80,000 plus bonus. Trust Officers should be a member of the Society of Trust and Estate
Practitioners (STEP) or working towards membership and have previous experience
of working in trust services as well as being a chartered secretary
or professionally qualified as an accountant, lawyer or banker.
Specialist lawyers with between 3 to 10 years experience can expect salaries
to be between US$150,000 - $250,000 tax free plus benefits.
Paralegals can look at the region of US$60,000 – US$80,000 tax
free plus benefits (salary dependent on experience) and a Legal Counsel
can look at between US$85,000 – US$160,000 tax free plus benefits
(salary dependent on experience).
Lawyers should have at least three years post-qualifying experience in
a British Commonwealth jurisdiction as well as previous financial services
experience, preferably in mutual/hedge funds, insurance, insolvency,
structured finance or corporate litigation.
First year US50,000 to US55,000 plus bonus up to 15% of salary
Second year US55,000 to US60,000 plus bonus up to 15% of salary
Candidates will need to be a qualified accountant with at least three
years auditing experience. Previous experience in the financial services
sector is not a pre-requisite as training will usually be provided. 18
month contracts are available as an alternative to the normal 24 months.
Salary range: US70,000 to US 90,000 plus bonus
Financial controller vacancies require qualified accountants with at
least three years previous experience at controller level. These roles
are not nearly as widely available as are audit and fund administration
Investment Fund Administrator
Salary range: US70,000 to US 80,000 plus bonus up to 30% of salary
Qualified accountants are required to calculate the net asset value of
funds at certain times during a month depending on the fund and, in addition,
may report to the investors the value and movements on the units held
by the investors. The first role is seen as fund administration and the
second as shareholder services, but both may be performed by a fund administrator
depending on the employing administration company.
The fund administration role is a great inroad to investment accounting
and many administrators add to the experience by studying for their Chartered
Financial Analyst (CFA) qualification.
The contacts that are developed within the industry provide a gateway
to possible future career enhancements.
Captive Insurance Manager
Salary range: US55,000 to US70,000 plus bonus
Qualified accountants maintain the accounting records and manage the
daily administration for the captive insurance companies. Most insurance
managers will travel to international destinations and entertain client
personnel who often visit the Cayman Islands.
Salary range: US85,000 to US95,000 plus bonus
These managers need to either be a qualified accountant or lawyer with
prior experience in offshore financial services juristictions. They
need to implement requirements of legislation, as well as support the
identification, development and execution of anti-money laundering
programmes. They also assist management in improving company standards
and procedures, and ensure that guidelines are carried out effectively.
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