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Hamilton Recruitment specialises in helping newly and recently-qualified accountants find employment in locations such as Bermuda, the Cayman Islands, the British Virgin Islands and other high-profile offshore financial centres. Unlike most recruitment agencies, we are not tied to particular companies or jurisdictions, meaning that we will give you the widest range of possibilities from which to choose your next career move.
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You can take your pick of jobs in the Caribbean with leading international financial services institutions in areas such as financial accounting, funds, trust work, insurance management, banking and in assurance with the Big Four firms, thereby ensuring continued professional development. You will need to have passed all your professional accounting exams before securing a job and associated work permit. (If you don't expect to be qualified for another year or so, or you are still in the early stages of a current employment contract with some time yet to run, you should make use of our Pre-registration service).
Depending on the Island, your salary will generally be tax-free. This will give you a head start in saving for the future. Packages for newly or recently-qualified accountants are in the US$60-75,000 range depending on the role/location, and will always include paid relocation, vacation and medical/life insurance as well as other benefits. There is no income tax in Bermuda, the BVI or Cayman. Bermuda salaries can be higher than in other jurisdictions though note that there is a 4.75% payroll deduction.
NB: For applicants from the United Kingdom, adjusting at an exchange rate of 1.60 and using income tax and NI rates 2009/10 levels, a tax-free salary of US$75,000 equates to a UK gross salary of £68,900. How this was calculated?
The rapid growth rate and natural staff turnover at Bermuda/Cayman firms combine to offer successful candidates excellent advancement prospects. Many offshore financial services companies - including fund managers, insurance managers and accountancy firms - have experienced more than 100% growth in recent years so there are truly extraordinary promotion prospects for high-calibre accountants from the outset. Even better, this boom legacy is enhanced by the traditionally high staff turnover at offshore firms. (High staff turnover arises for two reasons: first, competition for experienced accountants is fierce so high salaries are offered to lure them to new positions; and second, most people will at some point decide to return home or move elsewhere, leveraging the skills they have picked up whilst on the Island, and thereby creating a new vacancy).
There are jobs in audit and in accounting services, plus opportunities for secondments and occasionally in insolvency. (There are not generally openings in the areas of corporate finance or consultancy services. Whilst there are vacancies in US tax for CPAs, this is not the case for UK, Canadian or other tax specialists). These roles usually start in September or October though we start recruiting for these as early as January each year.
Audit departments are often arranged into Funds and Insurance divisions although there will also be "local" clients (e.g. in tourism, retail). You may work predominantly on your own or in small teams on certain clients which means you are responsible for the planning, fieldwork and finalisation on these engagements. This gives you the opportunity to manage the assignment from start to finish and be the main point of contact with the client. Generally, the work is quite 'hands on'. Each year a number of audit seniors are promoted to management positions. Pay rises for such promotions are substantial.
Hamilton Recruitment can help you find employment with the Big Four and other accountancy firms in locations such as Bermuda, Grand Cayman and the BVI (including internal transfers), and we can readily facilitate direct interviews for you with the key decision-makers.
Positions are generally of a financial accounting nature, often for US clients of the offshore funds and international insurance management companies in the financial services sector. Prior experience of this sector helps but is not required provided you demonstrate that you are keen to learn. For such jobs, however, you will need to have good financial statements preparation experience. More on Caribbean job vacancies
In today's job market, there is no substitute for broadening your experience to include an international dimension. Companies think globally and so should you. To quote the December 2005 edition of FORTUNE magazine: "In the era of globalisation, companies... expect [future] managers to have global... perspectives and contacts. Employers expect senior executives to think locally and strategise globally. Actual experience is the best qualification".
Many of the world’s premier financial services institutions are represented in Bermuda, the Cayman islands and other Caribbean jurisdictions, offering you the opportunity to:
- Benefit from having a prestigious "big name" employer on your CV
- Develop an extensive network of professional contacts across the world
- First-class exposure to the financial services sector (such as banks, insurance companies, funds and trust companies)
- Gain in-depth working knowledge of US, UK and Canadian GAAP as well as IFRS reporting
- Understand the purposes and uses of offshore structures and advanced financial vehicles
- Work within a friendly, international organisation where you will be valued
- Employers usually encourage and sponsor further professional studies
- Enjoy better career prospects with commensurate financial rewards
- With experience of US GAAP, the option often exists to move to the US afterwards
For overseas applicants, Bermuda and the Cayman Islands offer the most career opportunities for those seeking a first move offshore or into financial services. The British Virgin Islands are also popular. There are occasional job openings available in other destinations such as the Channel Islands.
Standard contracts in Cayman are for an initial period of two years (or effectively two busy seasons in public practice). Bearing in mind the costs involved (relocation, work permits, training) it is not worthwhile for firms to bring people over to work for shorter periods. Most people choose to stay on beyond their initial contract period - a sure sign that life is good there - so candidates looking for longer term commitments are encouraged to apply.
To start, most employers offer 15 days paid vacation days plus statutory public holidays (approximately an additional 10 or so days, depending on location) making 25+ days in all.
It is difficult to predict how much overtime you may work as this clearly depends on your client mix, staffing levels and the deadlines set. However, a recent study by one of the Big Four firms on 26 of its audit seniors in Bermuda found that on average they did 166 hours a year, which equates to 3 hours a week, with most of this occurring during busy season (January to April).
Candidates most likely to be successful are newly or recently-qualified ACAs, CAs, CPAs and ACCAs from the UK, Canada, the USA, Australia, New Zealand, South Africa and Zimbabwe. This is because there is reciprocal recognition of these accounting qualifications with the Islands. However, applications for qualified accountants from other countries is encouraged since there can be occasional exceptions.
To successfully get a job in practice or financial reporting in commerce, you must have a strong auditing and/or financial accounts preparation background. To secure a job as a fund accountant, you need not always have to possess an accounting qualification but you must have at least two years' direct funds (i.e. Net Asset Valuation) experience plus a finance degree.
