Financial services professionals from all around the world flock to the Cayman Islands, vying for some of the best jobs at the top firms.
Cayman (like many other international financial centres) has established legislation requiring certain entities, which are incorporated or registered in Cayman, to demonstrate that they have sufficient ‘economic substance’ in Cayman to show that they should not be taxed elsewhere. Therefore, many operational offices are opening in Cayman, including significant family offices, virtual assets service offices, private equity firms, foundation companies and reinsurance companies. These offices then need middle and front-end qualified professionals that can run the office and make decisions.
On top of this, Cayman is one of the world’s top 10 financial centres and the field of regulatory compliance is vital to the success of the jurisdiction. As the regulatory requirements for businesses increase, so do the resources needed to ensure that teams of experts are in place to monitor and uphold the standards required. From annual FATCA and CRS reporting to ongoing KYC work and AML investigations, the job market for compliance in the Cayman Islands holds a vast array of diversity and breadth at all levels. With some of the largest financial services organisations residing in the Cayman Islands, coupled with some of the strictest regulations within the industry, there is a constant demand for qualified, detail-focused staff with compliance experience. For more senior positions, relevant offshore experience and the ACAMS qualification are both highly regarded in the jurisdiction.
Many positions also exist for professionally qualified accountants, particularly those with audit, investment, funds or reinsurance industry experience (but this is by no means essential and experience working as an accountant for an operating company in industry is equally considered). The Cayman Islands recognises most Commonwealth and international accounting designations. Many accounting positions are filled via recruitment agencies, and job seekers would be wise to consider registering with a specialist, Cayman Islands-based recruitment agency that has an in-depth understanding of the local marketplace. An experienced recruiter will be able to advise you on the prospects and appropriate salary for someone with your experience and qualifications. Many of the largest financial services employers on the island find their professional staff through recruitment agencies. However, if you are interested in working for one particular employer, it may be beneficial to approach them directly first, expressing your interest, before registering with an agency.
Lawyers should note that if they are seeking to practise Cayman Islands’ law, there are strict Bar admission requirements. To be eligible for admission, non-local lawyers must have at least three years post-qualification experience gained in a relevant jurisdiction (UK, Ireland, NZ, Australia, Canada and certain Caribbean nations), as well as previous financial services experience, preferably in mutual/hedge funds, insurance, insolvency, finance or commercial litigation. Visit our Attorneys & Law Firms in Cayman page for a listing of the top firms on Grand Cayman.
