For many seeking a move offshore, the Cayman Islands is one of the first destinations that springs to mind. For qualified accountants, there are expat jobs available in public practice as well as in commerce. Here we look at the popular option of moving across with one of the Big Four or Top10 firms…

Multiple opportunities

Leading global audit firms hire experienced and fully qualified Audit Seniors to join their assurance departments in the Cayman Islands – as well as other important jurisdictions including Bermuda, Barbados, the Bahamas, the British Virgin Islands and the Channel Islands – to work on financial services clients.

Audit positions in Cayman tend to start in September and January each year, and Seniors are typically brought in from countries such as the UK, US and Canada.

Key responsibilities

As an FS Audit Senior based with a firm in the Cayman Islands, you will be responsible for managing a portfolio of financial services clients within the Insurance or Asset Management (Funds) sectors.

Audit clients range from multinational groups to smaller entities, and you will gain beneficial exposure to accounting standards including US GAAP, Canadian GAAP and International Financial Reporting Standards.

Your primary role will be ensuring completion of engagements from planning through to final reporting within agreed timescales and budgets. The role will be very ‘hands on’ and may involve management of a team of up to 4 staff in total or shorter solo work, depending on the size and nature of the particular client.

The work is challenging and stimulating, and you’ll learn a great deal very quickly.

Full training on financial services clients (Funds and Investments, Insurance, Banking, Trusts, SPVs) is included and therefore financial services experience is not required, provided you possess the desire to widen your professional skills, have a ‘can do’ attitude and can supply good references.

21 professional & personal benefits

Advantages of such positions jobs in Cayman include the following:

  1. Performance-driven, fast-track promotion to enhance your career
  2. Benefit from a ‘big name’ & US /international reporting experience
  3. World-class training in working with financial services clients
  4. An attractive tax-free (or low-tax) expat package
  5. Additional tax-free annual bonus, overtime and referral rewards
  6. Client include: Insurance, Funds, Banks, Special Purpose Vehicles
  7. Option for further study as well as free continuous professional development training programmes
  8. Promotion to FS Audit Manager within 18-21 months is possible, including for applicants who do not have any financial services expertise before joining
  9. Gain a competitive advantage by widening your client experience to include Investments and Insurance so you’ll have wider skills to offer future employers
  10. Build an international network of professional contacts from around the world and pave the way to a high-flying international career
  11. Flights, relocation, short-term initial housing and work permit sponsorship are included on all contracts so the move is free
  12. An interest-free staff loan to help with accommodation and transport
  13. A peer group of other CAs starting work at the same time as you
  14. Enjoy an excellent quality of life, a beautiful climate… and no more commuting. Say goodbye to the Tube & shovelling snow off your drive!
  15. Life insurance, medical cover, dental cover, and other expat benefits
  16. Job security for at least two busy seasons or two years
  17. Payment of your annual professional membership fees is included
  18. The beaches, a great social life, and lots of sports and travel await you
  19. A number of firms promote a more casual office-based dress code
  20. Option to stay on the Island after your contract – move across to work directly in Hedge Funds, Insurance Management, Banking using the skills and experience you now possess
  21. Places are limited and we are already shortlisting. Don’t leave it too late to apply or you’ll miss out

Candidate requirements

  • You must be fully qualified as an ACA/CA/ACCA/CPA
  • Due to the learning curve, you must have 3 years of external audit experience by the start date
  • Contracts are offered on a two-year (two busy seasons) initial basis
  • Candidates from a Big Four background and/or with financial services (especially Funds or Insurance) experience – or those who have trained in the UK, US and Canada – have the greatest chance of success though all qualified candidates are invited to apply

About the Cayman Islands

Located 180 miles south of Florida, the Cayman Islands are made up of three Islands: Grand Cayman, Cayman Brac and Little Cayman. These Islands comprise a land area of 100 square miles with Grand Cayman being the largest. The Cayman Islands are tempered by trade winds that maintain a consistently comfortable temperature in the 80 degrees Fahrenheit (27 degrees Centigrade) range. The population is 58,000 with the majority of these people living in Grand Cayman. The local currency is the Cayman dollar, which is fixed at 1.2 US dollars; there is no income tax.

Grand Cayman is the 5th largest financial centre in the world and home to over 40% of all hedge funds. After Bermuda, it is the 2nd largest captive insurance domicile and is famously a major banking centre. It is also a leading centre for structured finance and capital markets activities.

Finding a Cayman job is therefore a popular option for suitably-qualified chartered accountants looking to relocate offshore and gain financial services experience, perhaps for the first time.

Recreational activities

As with Bermuda and the BVI, the Cayman Islands offer an ideal mix of exciting opportunities for professional development and accumulation of tax-free savings, together with an active social and sporting life.

There is never a shortage of things to do, especially for those who love sports, meeting new people, socialising and sunshine. There are numerous sporting clubs and fun bars and restaurants. A typical day at the weekend, for instance, could include a swim at the famous Seven Mile Beach in the morning followed by watching a match at the rugby club or playing tennis in the afternoon, winding up with dinner or drinks out or by joining a group of friends for an evening BBQ overlooking the Caribbean.

Learn more about living & working offshore

If you are a lawyer or accountant and interested in working in the Bermuda/Caribbean region, visit our jobs portal to see the latest vacancies. Our site also includes a downloadable All You Need to Know guide which will tell you all you need to know about living and working offshore.