Executive recruiters are reporting that more financial professionals are looking for work overseas, and are more willing to relocate for the sake of job security. A recent survey by the executive search firm Korn/Ferry International, reported in the Wall Street Journal, found that more than half of 438 respondents felt the best job opportunities are now in developing countries such as Brazil, Russia, India and China. And 1 in 5 say they would be more willing to accept a job overseas.
While foreign markets have been affected by the current crisis, the market for investment banking jobs overseas hasn’t been as severely damaged as in New York. Recruiter Robert Olman, president of Alpha Search Advisory Partners in Roslyn, N.Y., says interest in working abroad has tripled since last year. (JobSearchDigest interviewed Mr. Olman earlier this year.)
Other attractive locations for investment banking jobs include Dubai, Shanghai, Hong Kong, Eastern Europe, and Israel. In addition to better job security, many expatriate compensation packages can include a six-figure living allowance. What’s more, many foreign jurisdictions such as Dubai do not tax income. Recruiters caution, however, that moving overseas may mean significant lifestyle changes and may also be a tough sell to spouses and older children.