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, blockchain, private
equity, 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 ten 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 lot of need 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 investment, funds or insurance industry
experience (but this is by no means essential). 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 Cayman
Islands-based recruitment agency that has an in-depth understanding of
the local marketplace. They 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 would be more advisable to approach them directly first, expressing
your interest, before registering with an agency. See our Accounting & Audit Firms page for a complete list of the accounting firms in the Cayman Islands
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. For many years there has been talk of changing the three years PQE to five years, so expect this to change in the coming years. Visit our Attorneys & Law Firms in Cayman page for a listing of the top firms on Grand Cayman.