Wall Street was once a small yet powerful contingent of investment bankers, money managers, and CEOs but globalization has forever disassembled this original construct as the trend toward outsourcing continues. The financial industry has followed other industries in its cost-cutting efforts to help improve the bottom line. Moving financia♋l jobs overseas has provided greater cost efficiency, the expansion of working hours, and direct access to emerging markets.

This has opened doors for financial professionals who seek employment outside their home country but those who are looking must engage in old-fashioned research before packing their bags and turning off the utilities. The differences in language, culture, and expected compensation should be t🐎horoughly considered but jobs overseas abound.

The Overseas Market Is Growing

Moving operations overseas isn't just a function of new capital opportunities. A new middle class has emerged in the world's developing economies, particularly in Asia and India. This middle class continues to expand. Consumers are demanding more sophisticated goods and services. The world economy has been forced to rebalance as companies rely less on demand from the United States and more on these emerging economies.

The financial industry is learning what retail manufacturers have known for decades: the price of labor in emerging countries can be significantly lower than in the developed world. This is important in challenging economic times. Companies have outsourced finance jobs for years but many of these jobs were 澳洲幸运5官方开奖结果体彩网:back-office operations such as informa𝔍tion technology 🐻and phone support. More front-office, finance, and research-related jobs are moving as well.

Where Financial Jobs Are Going

New York and London were initially the 澳洲幸运5官方开奖结果体彩网:world's financial centers. Then came India and Asia with companies opening offices in Hong Kong and Singapore. The strategy is to move finance jobs to countries with burgeoning growth potential. Major 澳洲幸运5官方开奖结果体彩网:investment companies are moving key employees to the Middle East, Latin Am🐈erica, and even Eastern Europe. China's explosive economic growth has taken the world markets by surprise.

Multiple banking, brokerage, and 澳洲幸运5官方开奖结果体彩网:accounting firms often move top-le𒆙vel executives to such international locations for indefinite stays.

Permission to Work Overseas

You must have permission to work in the country to which you plan to relocate. Work permits for temporary employment or an 澳洲幸运5官方开奖结果体彩网:expatriate status are difficult to obtain, especially if you need one for your🐼 spouse as well. Some countries allow only one spouse to work.

Permanent residency status can be even more difficult to obtain. A prospective employer might have to sponsor you a𒁃nd even then you can only work for that employer while in that specific foreign country.

One of the best ways to get a finance job overseas is to work for a U.S.-based financial services company that does business internationally. You can gain invaluable experience within a culture that's already operating on multiple continents.

How to Find a Finance Job Overseas

The two ways to find a financial job abroad have traditionally been to find an employer who will hire and reloca✃te you overseas for a specific position or visit the country in which you want to work and look for an employer there who will sponsor your employment there.

Investment banks, 澳洲幸运5官方开奖结果体彩网:hedge funds, and private equity firms all present excellent opportunities for overseas employment. Recruiters specializing in overseas placements can be very helpꦬful.

Word of mouth can be a great source of finding jobs abroad as well. Speaking to other professionals who are working in your country of𝄹 interest is invaluable. You want to have as realistic a picture as possible before making such a move and this is best painted by someone who currently works in that environment.

What to Consider Before Moving 

You should consider sev❀eral factors beforeജ moving.

Language

Speaking the local language for short-term overseas placements, sometimes called rotations, might not be essential. You should plan to learn the language for longer-term assignments, however. Research ahead to find out if you'll be able to understand or be understood by the locals and what the adult education opportunities are for learning the language. You may even want to take a basic online course to get more comfortable.

Be sure to highlight language skills on your resume. Include personal activities and education where your foreign-language skills were developed if you don't have foreign work experience.

Compensation

Be sure to put your salary in the context of the country's 澳洲幸运5官方开奖结果体彩网:cost of living. A wage of U.S. $250,000 per year in London might not go as far as $50,000 per year in Delhi. Consider the 澳洲幸运5官方开奖结果体彩网:impact of income taxes that can be higher than in the U.S. or abse🐷nt altogether. Be sure you know whethe♕r you'll be paid in U.S. dollars or the local currency because exchange rates can significantly raise or lower your net income and are completely out of your control.

You should also consider non-cash compensation such as benefits and vacation time. Most foreign countries offer more vacation time than U.S. companies and this can make a lower salary more worthwhile. The company might also pay for your housing in some cases, at least during the transition if your 𒐪employer has head-hunted you.

Some questions you should consider are:

• Will your 澳洲幸运5官方开奖结果体彩网:health insurance be adequate by Western standards? Will you have to supplement it with an individually purchased policy?
• What about flights home for the holidays and other visits? Will they be covered by your employer, or will you have to pay for them 澳洲幸运5官方开奖结果体彩网:out of pocket?

These 澳洲幸运5官方开奖结果体彩网:extra costs can add up quickly and make a seemingly sweet compensation ♉package taste a little bi𒆙tter in the long run.

Cultural Differences

Those who crave an international experience might toss this potential pitfall aside but that's often easier said than done. People simply don't work the same way everywhere and this can be frustrating to someone who's used to a high-pressure finance job.

Different perceptions of time areܫ often difficult for Westerners to adapt to. U.S. workers tend to see the workday as linear with a fixed series of events following one other. Time is often treated with much more flexibility in other countries. An 8 a.m. appointment might not start at 8 a.m. and might even not occur at all and this can frustrate U.S. expats who are used to tight schedules and a general sense of urgency to get things done.

The Bottom Line

Building a list of pros and cons based on all these considerations is beneficial when you think about an overseas career move. Engaging in comprehensive due diligence will reduce unexpected challenges and make for a much smoother transition. The best advice for evaluating an overseas finance job is expressed in the carpenter's oath, "measure twice, cut once."