One of the best places to develop a career as an Audit Senior is in the Cayman Islands.
Many different industries make up the vibrant economy of the Cayman Islands; however, one particular pillar of the economy is thriving – financial services. Qualified accountants are always in demand in Cayman, and this is particularly true here at CML, where a steady portion of our work comes from placing Audit Seniors in some of the world’s top accounting firms.
If you are currently working in Audit but are looking to move out and into industry, check out our blog on this process here.
Why Should You Consider a Career as an Audit Senior in Cayman, and What Should You Expect?
1) Work for Top Global Employers
Cayman is one of the best places to work in audit, as there is a broad focus on Financial Services, and over 60% of the world’s hedge funds are domiciled in Cayman. Many Audit Seniors start with Big 4 or Top 10 firms.
Typically, we start speaking with Audit Seniors in the spring before the next audit season begins. Firms like to have new audit seniors to begin at the same time as other audit seniors as a “class” (usually October/November), as this can make settling in and finding your feet in a new company much easier (hello automatic peer group)!
2) Resources and Training
When onboarding Audit Seniors, sometimes we get asked, “Are these firms going to expect me to know everything about offshore financial services?” The answer is no. Part of the reason the firms prefer to have a “class” of auditors begin at once is that there will always be a period of training. While the work may be demanding at times, you’ll gain a ton of knowledge that you wouldn’t elsewhere. We recommend you come into it with a great attitude and be ready to learn.
3) Opportunities for Promotion
The possibility of being promoted is a bit higher and moves much quicker than it would at onshore counterparts. In addition to the standard attrition rate experienced in public accounting, there is more opportunity for advancement offshore as some folks will look to continue their global travels, leaving additional openings. While we don’t recommend being impatient and antsy, it is always possible for a promotion within your first two-year assignment should you put the work in and prove yourself a strong value-add for the organization.
4) The Work-Life Balance
When speaking with Audit Seniors from across the world, one of the downsides to their current day-to-day is their commute to and from the office. The chances are that when you live in Cayman, your commute likely won’t be over 5-10 minutes. While you may experience 50-60-hour weeks in high volume times, your proximity to the office means you’ll have lots of free time for exercise, leisure, and sports. You’ll probably find yourself having enough time after work for a swim in the ocean or stopping for a beer to watch the sunset with friends.
5) Offshore Exposure
For international candidates, looking from a broad career prospective, the experience you’ll gain from offshore financial services can allow you to get to the higher salaried roles in audit, advisory, and industry either offshore if you decide to stay for the longer term, or back onshore.
6) Cayman is a 100% Tax-Free Jurisdiction
For international candidates, this one is a no-brainer. Living in Cayman as an Audit Senior means you take home much more than you would onshore. With there being no income tax, you can expect your take-home pay to only have a few small expenses coming out each month for health insurance and pension. The firms in Cayman offer generous relocation packages, bonuses, and vacation days. Additionally, once you start to move up the ranks, the zero tax starts to make a huge difference.
Why Work With Us?
Here at CML, we are the largest recruiter based in Cayman, with professionals solely basing their focus on qualified accountancy recruitment. You’ll benefit using us during your job search rather than a recruiter in the UK or Australia as they won’t be able to answer your questions about life on the ground in Cayman or have personal relationships with your new employers. We’re the preferred recruitment agency for the Big 4 and the Top 10 across Cayman, Bermuda, and BVI, so don’t hesitate to reach out to us if you have questions. We know our stuff!
If you’d like to learn more, feel free to reach out to us for a confidential conversation. Not to toot our own horn, but recruiting for Audit Seniors is kind of our thing, so if you’re interested in developing your career in this field, you’re in the right place.