There was a time when Wall Street was a proverbial dead-end, a powerful but small congregation of investment bankers, CEOs, money managers within a stone-throw distance from each other. Globalization has disassembled the natural construction as the outsourcing trend slopes upward. The fiscal industry has followed all other industries in their efforts to reduce costs to enhance the bottom line. This is why there is greater efficiency in moving financial jobs, the direct access to emerging markets and the extension of working hours too.
This phenomenon has given birth to a new paradigm for the professionals who seek employment in the financial industry. If you’re someone who has already been pink-slipped, you should do some homework before you pack your bags. Difference of culture, languages and the anticipated compensation should be definitely considered before taking the plunge.
Soaring growth being noticed in the overseas market
Moving your financial operations overseas is not only a function of brand new capital opportunities but there is more to it. There is a sudden expansion of the middle class and this middle class is seen to keep expanding. Consumers have changed their demands to more sophisticated services and goods, from investments to mobile phones. All this is forcing the global economy to rebalance. These days, companies depend less on US demand and more on the emerging economies.
The industry is now aware of the magic trick – that the price of labor in countries that are emerging is considerably lower than that of the developed countries. This is the primary reason behind so many companies outsourcing financial jobs for years.
New promising opportunities from financial hubs
Previously, the financial centers of the world have been London and New York. Asia later on entered as more and more offices were being opened in Singapore, Hong Kong and also in India. The latest growth strategy is to expand finance jobs to those countries which have got an exceptional potential for growth. Some of the biggest investment companies are moving their main employees to Latin America, Middle East and also to East Europe. The economic growth of China has taken the entire market by awe.
Tips to find a finance job abroad
Conventionally, the 2 common ways of locating a financial job overseas were:
- Finding an employer who will not only hire you but also relocate you abroad for some specific job position and
- Visiting the country where you wish to work and keep hunting for an employer who will sponsor your job there.
Hedge funds, investment banks and private equity firms present challenging opportunities for employment abroad. The recruiters who specialize in placing employees abroad are very helpful in grabbing new jobs for you.
In most cases, word of mouth can be an effective source of locating jobs abroad. Getting in touch with other professionals who work in the country you’re interested in is indeed great. Before moving to a place, you would definitely want to get a realistic picture of the working environment and this picture can be best given to you by a person who is already working in such an environment.
When it comes to evaluating a job overseas, for example if you’re interested in starting a finance career in London, there are some vital factors like language issues, compensation and cultural differences that have to be taken into consideration. With such a wide array of factors to take into account, you should first build a list of pros and cons based on the factors which are important to you. Try your best to reduce unanticipated challenges and make up for a smoother transition. Get help of some acquaintance abroad to get the ideal picture of the country you’re interested in.