Region Focus - Spain
Each month we will be focusing on a different region of the world and will provide tips for auditors thinking about working in these areas. If you have a particular region you would like us to investigate, please let us know here.
We have so far covered Russia, Greece, the Middle East, Eastern Europe, The Cayman Islands and Spain. If you would like to know more about working in these regions, please see below.
September 2008: Spain
Spain was once the most sought after work location in Europe. Prior to London’s recent dominance as ‘most desirable place to work’, many audit and accountancy candidates harboured an interest to work in Madrid or Barcelona.
Most wanted to move there for what they considered would be a good work/ life balance, but comparatively low salary levels coupled with some high tax costs and social deductions means that Spain is far less popular than it was. For example, newly qualified accountants can expect to lose over 45% from a salary of approximately €43,000. Those moving to Spain can expect a similar salary and as the country is within the EU, very little assistance is provided with regard to relocation costs.
Spain, in common with its neighbour France, really does require some ability in the local language in order to ensure social integration and professional career development. Without it, both will be difficult. Spanish companies tend to favour recruiting and promoting Spanish nationals.
Also, there is a genuine shortage of American multinationals that have chosen to locate their regional HQ in the country. Whilst Switzerland, Belgium, Germany and France can boast many, Spain has only a few, one of which is the consumer goods multinational Sara Lee.
For those without the Spanish language, you are advised to consider working for one of the ‘Big 4’ practice firms. These have relatively international environments as well as strong reputations. If a move to the ‘Big 4’ does not interest you, then the next best move would be into one of the many banks or insurance companies in Madrid. Industrial and commercial companies, most of which cluster around Barcelona, tend to be more parochial in their recruitment and therefore of less interest to those seeking international career development.
However, for those going through an interview process for a job in Spain, your watchwords should be patience and perseverance. Spanish interviews tend to take far longer to complete than anywhere else in Europe, so you shouldn’t necessarily misread the signs if things are beginning to drag!
Keep up-to-date with all the audit vacancies in Spain and Iberia by registering for email alerts. For more information, click here.
August 2008: Caymans Islands
It is usually the lure of a tax-free salary that leads most people to consider opportunities in the self-governing British territory of the Cayman Islands. Compensation packages range from about US$65,000 to around US$75,000 for newly qualified accountants, US$90,000 for Audit Managers and US$120,000 plus for Actuaries. Salary levels aside, there are plenty of other reasons to move to the Cayman Islands. The finance community is lively and extremely international, with expatriates making up nearly half of the island’s population of 45,000.
As employment contracts usually last only 2 years, the community is continuously renewed and replenished. Additionally, the majority of those who make the move experience a better quality of life than they do elsewhere. Whilst you shouldn’t make the mistake of thinking that the island isn’t hard working, there are plenty of opportunities to explore life outside work. Commuting distances are small, which means more time for other activities, most of which revolve around sport.
You may be surprised to learn the Cayman Islands is actually the world’s fifth largest financial centre, and as such, has an ongoing demand for accountants, actuaries, IT specialists and other finance professionals. Those with experience in financial services, fund accounting and banking will be welcomed with open arms, but it should also be stressed that employers regularly recruit qualified accountants with limited or indeed no previous relevant sector experience. Many of the larger companies provide extensive training and fill any gaps in the specialist offshore work environment.
As you would imagine, the ‘Big 4’ have a strong presence on the island, and in additional to seconding existing employees, they regularly recruit externally. Those who wish to find opportunities will be well served by any number of job boards that cover the region and there are also many recruiters on the island who will be able to provide you with additional assistance.
Contact with potential employers is handled primarily by phone and given the distances involved you should not be unnecessarily alarmed if you complete an interview process without having met your employer. Naturally, for more senior roles you should expect to fly there, but most would agree that it’s a highly enjoyable way of completing an interview.
However, whilst candidates find that the interview process moves quickly, the visa process does not. It can take as long as six months from first applying for a position to the first day of your new job, which needs to be considered when trying to time your application and any number of personal considerations. All job offers are conditional upon a work permit being issued by the Immigration authorities, although you will be pleased to hear that it is the employer’s responsibility to apply for the work permit. Providing the employer has followed the correct procedure, the visa is usually a formality.
However, just before you dash off to pack your snorkel and sun cream, there are a couple of potential pitfalls you need to consider. First, and hopefully without pressing an obvious point with too much vigour, you will be a long way from your home country. If the experience does not go according to plan it can be difficult to repatriate yourself. Whilst you may have an exceptional CV, most employers in the UK will exhaust all their domestic options before starting an interview process with someone in Cayman. Whilst the interviews you had to get the job in Cayman may have been handled over the phone, UK recruiters tend not to hire in such a way. You will be forced to return to the UK without a job or bear the expense of the flight.
Also, whilst the experience you gain in Cayman will provide a useful learning experience, it is not instantly applicable to other sectors and employers. Fund accounting experience may guarantee you a lifetime’s employment in Luxembourg, Jersey or any number of offshore centres, but it’s less useful if you’re planning your relocation to Newcastle or Cardiff.
As with everything, do as much research as you can before making the move. Take advice and tips from those who are there. Whilst there are a couple of risks involved in the move, these can be mitigated relatively easily and the experience of the vast majority who go there is positive.
Keep up-to-date with all the audit vacancies in the Caymans by registering for email alerts. For more information, click here.
July 2008: Eastern Europe
The last five years have seen significant numbers of Eastern European auditors moving to Western Europe, but it seems that many are taking the decision to return. This is due partly to the slowdown in the west, but also to improved salaries and better opportunities for career development in their home markets. Salary levels for Polish auditors are now greater than those of their counterparts in Spain, Portugal, Italy or Greece. Other markets such as Bulgaria and Romania are working hard to repatriate native auditors to lead the finances of businesses that are growing beyond the abilities of those currently in charge.
Many corporations have already established shared service centres in the area, including General Electric and Diageo. Additionally, the region has become a hotspot for industries such as automotive, where reducing labour and material costs is key.
Those returning to their home market are taking with them experience of international working environments. Those standards will now be applied to their new workplaces, which will hopefully benefit from less discrimination, greater transparency and generally become more attractive for those seeking international experience.
Keep up-to-date with all the audit vacancies in Eastern Europe by registering for email alerts. For more information, click here.
June 2008: Middle East
Candidates interested in working in the Middle East are most likely to be drawn towards positions in Bahrain, Kuwait, Qatar, Oman, Saudi Arabia and the UAE.
As one of the most liberal states in the region, the UAE tends to attract the most interest. Dubai and Abu Dhabi are important trading posts and have become the location of choice for many multinationals when choosing a base for their regional HQ or shared service centre. As a result, there is good demand for auditors, not only from within public practice but also from numerous industry sectors for non-audit positions, such as financial control, reporting and analysis. The benefits of working in the UAE include a very international environment, a good variety of work and the opportunity to benefit from gaining early responsibility.
Although rental costs are rising in the state, the cost of living remains low. Many firms will pay for or make a strong contribution to relocation costs. For those with families, the UAE offers a safe environment and an excellent choice of international schools.
Working in the other states in the Middle East can requires a greater level of sensitivity to cultural and religious issues. Having said that, these locations remain extremely attractive to Europeans, particularly the British, most of whom are found in senior positions in Banking and Oil & Gas.
Keep up-to-date with all the audit vacancies in the Middle East by registering for email alerts. For more information, click here.
May 2008: Greece
Once an isolated niche Mediterranean market, Greece has changed drastically over the last few years and is now considered to be the gateway for South Eastern Europe. Historically, employers in Greece were able set the market and dictate salaries, but the huge growth across several sectors has placed the balance of power firmly in the hands of candidates.
Greece’s flourishing shipping industry is the driving factor behind this change. This industry, famed for the ebb and flow in its fortunes is going through a golden age, with further growth predicted over the coming years. Another factor in this growth is the ‘Big 4’, who have been particularly successful in positioning themselves as the gateway to the South Eastern European region. Audit, Business Advisory and Corporate finance teams are competing against each other in what is a small talent pool and salaries in this traditionally conservative sector have risen sharply. Greece, for the first time ever, is also reaching out for talent outside its borders as it seeks to import the type of specialist knowledge not widely available in Athens.
A move to Greece would be particularly suitable for those with shipping experience or perhaps those working in the ‘Big 4’ who are looking for a less mature, or more interesting market and Greece would certainly do more for your career than a move to Australia or the majority of offshore markets.
Opportunities for those with good financial reporting experience are also very good and for the huge number of internationally based Greeks it’s a good time to consider returning, particularly those with London banking experience.
Finally after a hard day’s work you might well ask what’s life like outside these office walls? Well it may be fair to say that Athens may lack the cosmopolitan polish of London or Paris, but reports from auditors out there say it offers a heady night life and offers access to many amazing islands for weekend retreats. So go on, what are you waiting for?!
Keep up-to-date with all the audit vacancies in Greece by registering for email alerts. For more information, click here.
April 2008: Russia
As the economy cools in the UK and across much of Europe, auditors keen to maintain momentum in their career development may wish to consider opportunities in Russia. The growth in the Russian economy, particularly in the fields of mining and oil and gas has created an enormous demand for auditors from practice firms and industry. This growth has seen salaries increase considerably, and when you combine these high salaries with a staggeringly low tax rate of 12%, it’s easy to see why Russian based auditors are among the best paid in Europe.
This skills shortage also ensures that auditors in Russia tend to be promoted more often than they would in a more traditional European market and find themselves in very senior finance roles at a relatively early stage in their career. For example, it’s not unusual to find Managers from one of the larger practice firms moving straight into a Finance Director role without any previous experience in industry.
The good news for non-Russians entering this market is that the business language is English and the ability to speak Russia is not required either for social integration or career development. Additionally, some of the packages being offered to expatriates are extremely generous.
Whilst the growth in this market is good news for candidates, it’s bad news for anyone wishing to recruit in Russia, particularly in Moscow. Clients report that candidates are regularly counter offered by their current employer and that some candidates have even tried to renegotiate salaries after they have accepted the terms of an offer.
Keep up-to-date with all the audit vacancies in Russia by registering for email alerts. For more information, click here.
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