What sort of companies exist in Cayman and where are you likely to find employment in the professional services industries?
One of the questions I get asked most often from our Qualified Finance & Accounting candidates who are interested in making a move to Cayman is “Is my experience suitable for employment in Grand Cayman?”
Presuming you’re a qualified accountant with a reputable degree, it sounds like a simple question, but you first have to consider what type of companies exist in Grand Cayman before you can decide whether you have the right experience to make a career move here… yes, “career” move; unfortunately wanting to move out here for the beautiful beaches and the (mostly) unbroken sunshine just won’t wash as a compelling reason to employ you!
So in response to this question, I generally give the following very basic description…
The Basics About Cayman Companies
- Cayman is an offshore financial district where financial services are the dominant sector, and as a result, it has a range of different companies.
- These can be loosely broken down into the following categories; Funds, Trust, Captive Insurance, Reinsurance, Company Management Companies, Banking, and Directorship/Fiduciary Services. In reality, pretty much every company is different from the other, but I don’t want to over complicate things at this initial stage.
- In addition to the financial services companies, you also have all of the ‘Big 4’ professional services firms here, as well as the so-called ‘2nd tier’ firms.
- Then we come to the General Industries, or Commerce & Industry as I have also heard it referred to in the past. That represents a smaller proportion of the market in Cayman, but it certainly still deserves consideration.
- Leisure & Tourism is by far the biggest sector after Financial Services in Cayman, in addition to that, there are four main Telecommunication providers, a handful of major Retail firms, about twenty-five IT firms, a few breweries and distilleries, some SME media firms, Utility companies, a very small Energy/Mining/Oil & Gas presence, and also some General Services companies.
- The other major industries out here are Local Government/Not-for-Profit/Public sector, and also the Legal industry; the first of these sectors tends to recruit directly so not to incur recruitment fees, and the latter has a very small number of accountants working in this sector, as it’s mainly made up of lawyers and other legal professionals, so I haven’t focused on them too much here. If you are a legal professional however, read more about that industry here.