Region Focus - Russia
In the Region Focus series of articles we focus on different regions of the world and 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 Greece, France, the Middle East, Eastern Europe, the Cayman Islands, Spain and Australia. If you would like to know more about working in these regions, please see the appropriate articles.
Region Focus - 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 the industry.
The good news for non-Russians entering this market is that the business language is English and the ability to speak Russian 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.
Written by CareersinAudit.com, the leading job site for auditing vacancies.
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