Imagine you have already taken the step to move offshore and gain experience in financial services as an Audit Senior. What happens next? There are plenty of attractive options, as we find out here…

We often get asked this question: If I move offshore, what happens after my contract? Making the decision to go is a very exciting time – of that there’s no doubt – but it’s worth delving into the career possibilities that present themselves afterwards.

So here is our take on it, based on 20+ years of offshore experience.

As you will have seen from our other posts, the focus of the work experience gained as a Financial Services Audit Senior will primarily be on Hedge Funds, Insurance and Banking clients (in particular the first two categories) as well as perhaps some local businesses on the Island. And from this will stem the additional future career routes.

After 18-24 months auditing such clients and reporting under international and offshore standards, you will have gained considerably marketable new expertise that you did not previously have, meaning the range of options available to you is wider than it currently stands if, like many, you don’t already have financial services expertise.

Typical options that will readily present themselves include:

1. Promotion to become a Financial Services Audit Manager

There is an ongoing need for Financial Services Audit Managers at the accounting firms and every hiring decision taken, including for new Seniors, is with a view to ensuring there is a ‘pipeline’ of key future talent being developed.

There will be promotions into management each year and there is no reason why this option could not be available to you, provided you perform sufficiently well compared to your peers since it is a meritocratic environment.

Such a promotion can be lucrative. It involves a significant hike in responsibility, of course, but this is matched by a very competitive (tax-free) pay rise, accelerating your potential for capital accumulation.

2. Moving to work directly into Financial Services on the Island

Given the skills you will now possess, you will be the first choice for offshore employers in industry/commerce when they are seeking to hire staff.

This could be, for instance, as a Financial Accountant in the Insurance Management sector, or as a Fund Accountant with a Hedge Fund.

The reasons this move will be straightforward are: 1) you have the desired skills, 2) you are easy to interview and 3) there are no relocation issues.

I would say this option is the one most frequently taken up by Audit Seniors at the end of their initial contract, since it allows them to stay offshore for longer, with an enhanced salary package, plus migrate into commerce if they feel they’ve ‘come to the end of the road’ with external audit.

3. Move to another offshore jurisdiction

This is very easy to do. You have already established that you are a professional with an international stature. And you have a top-level skills base that will be valued in other jurisdictions around the world.

It’s a popular option for professionals who have been on one of the Islands for an extended period of time and who enjoy offshore life but want a change. Thus someone who has ‘done Jersey’ may choose to move to say Bermuda or the Cayman Islands (or vice versa of course).

4. Move to a different country altogether

As in the option above, this will also be easy to do given the credentials and experience you possess. If you want to continue globe-trotting, it’s a cinch. Some people decide to move to the United States, others to Australia and others still go to London, Hong Kong or Singapore.

The important thing is that it is all doable and you get to choose where you go!

5. Return home and work for a new employer

A longer-term option that many will take up in due course, most likely after having prolonged their time offshore by a move from audit to work directly in the financial services sector.

It is worth emphasising that by now you will be able to offer a great deal more to any employer back home than you could ever have hoped to have done by simply remaining where you trained.

You will be financially rewarded for this, as well as enjoying a wider array of career choices.

6. Return home and rejoin your old firm

Not a very popular option IMHO. After all – what’s the point? By this time, you will have spread your wings and wish to explore more ambitious and exciting opportunities. Still, the option will always be there if you want to take it up.

The truth is there’s really is no limit to the directions you can take your life and career. Your future is very much in your own hands.

See also: What Do Candidates Say After Moving Offshore?

Do you work in the Channel Islands or Caribbean/Bermuda region? We’d love to hear your comments on how things panned out after you go there.

If you are a lawyer or chartered accountant and interested in working in the Bermuda/Caribbean region, visit our jobs portal to see the latest vacancies. Our site also includes a downloadable All You Need to Know guide which will tell you all you need to know about living and working offshore.