Overseas careers: building with BRICs

Accountants seeking to escape the UK’s tough economic climate might be tempted to consider the emerging markets of Brazil, Russia, India or China. But BRIC opportunities aren’t open to – and won’t suit – everyone.

Gaining a new job in a BRIC location does have some obvious attractions. These are growing economies, offering those working within them the chance to quickly gain new experience and achieve rapid promotion. So what opportunities exist for UK-trained accountants?

Frederic Ronflard of Robert Walters Brazil offers initial encouragement. “There is some demand in Brazil and other developing countries for financial controllers and financial directors from the UK and the rest of Europe, generally to oversee operations in certain countries or zones within international organisations,” he says. However, he then qualifies the level of this demand.

“Tax regulations in Brazil tend to be extremely complex and vary by state,” Ronflard says. “So it does not make sense for multinationals to source accountants to the country when there are candidates available locally who have been trained in local practice. For accountants that do move to Brazil, it is absolutely essential that they speak the local language.”

Language ability is an aspect that Angus Braham, director of recruitment consultancy McCann & Braham, also highlights as necessary for most emerging markets. “I have never recruited anyone to Brazil who didn’t have fluent Portuguese,” he says. “And all my clients in India have a requirement for candidates to speak the local language.”

India is perhaps the toughest market for a UK-trained, pure English speaker to access. “India produces more accountants than anywhere in the world,” Braham says. “There are also experienced, qualified candidates who speak the local language moving back from the US.”

In a similar vein, Braham sees most opportunities in India and China for UK second generation immigrants who were educated and gained their accountancy qualification in the UK, but who are fluent in their parents’ tongue and understand the emerging market’s culture. “I recently recruited someone British born and bred, who went to school here and became qualified here, whose parents happened to be Chinese,” Braham says. ‘They had Chinese language skills and thought they could really fast-track their career in China.”

One challenge for anyone wanting to gain experience in an emerging market is that these countries are now producing many qualified accountants themselves. Although UK and European qualified accountants are highly appreciated in China, Carter Yang, managing director of Robert Walters China, says demand for their services is not particularly high at the moment because “a vast majority of local need is fulfilled by local talent”.

However, there are some opportunities at mid to senior level. “It is necessary to possess an understanding of China’s local accounting practices and China GAAP,” Yang notes.

“In addition, having the ability to speak Mandarin would definitely be a great asset.”

China, of course, includes former British colony Hong Kong, which still has some roles for those with limited language skills. “There are still opportunities for English speakers,” says Frances Porter from Global Audit Recruitment. “The roles I tend to deal with – for big accountancy firms and global industry clients – aren’t language dependent. You might be based in one country but travelling elsewhere, so you can’t have all the languages. Though, if you do have languages, that’s a bonus.”

Recently Porter has been seeing demand for UK accountants in Hong Kong in various advisory roles, particularly in transactions services, corporate finance and risk management.

Jeff Davies, a partner at Davies Kidd, which runs the recruitment website big4careers.com, also sees some potential for UK accountants in Hong Kong. “Certain sectors, like banking and finance, are quite active,” he says. “There are opportunities for people with language skills and at least two or three years’ post-qualified experience.”

However, he feels there are fewer opportunities to join Big Four firms in these emerging markets than there used to be. Due to the economic downturn, firms are more likely to transfer their own people internally than recruit outsiders.
Russia has a strong track record of recruiting UK accountants, but here too, local trainees are increasingly meeting local employer demand. However, Braham notes there remain opportunities for UK applicants at senior levels – from manager to partner. “There is also demand for specific skill sets,” he says.

Porter notes that in both China and Russia, employers are “picky” about who they recruit. “There’s more competition for jobs,” she says. ‘“Employers are looking for the highest calibre people, maybe people who have had some international experience before. That’s because both these countries can be quite tough to work in – there’s a cultural difference.”

Some Russian employers will also look for expertise in US GAAP.

Recruiters agree that applicants to most emerging markets need to have a clear reason for their desire to work in their chosen location. “I have problems when candidates say they will go anywhere,” says Porter. “You need to have done some research and have a clear reason for wanting to go somewhere.”
Those UK accountants who have a good reason to move to a BRIC economy, and the required skills and experience, can expect to enhance their future career prospects. Apart from the potential for rapid promotion, experience in an overseas environment – particularly an emerging market – impresses most employers.

“It shows you can work in a tough environment,” says Braham. “It shows you are fairly adventurous. Experience gained in these locations is viewed positively.”

“Working overseas can significantly add to the value of your CV,” agrees Clive Davis, director of Robert Half UK. “Many employers see international experience as vital to their business needs, especially if they have offices around the world or have plans to expand globally. In many cases the opportunities to experience different business practices first-hand will only serve to enhance your employability.”

Contacts made while overseas, as well as the understanding gained of an international culture, can prove to be “crucial” to future career development in the finance and accounting profession, Davis adds.

Locations compared

Brazil

Brazil combines emerging market experience with an attractive lifestyle. For expats, the country offers exotic glamour, a lively cultural heritage and seductive beaches. Those who can master the challenges of Brazilian Portuguese will fit in particularly well. However, many Brazilians live in poverty and crime is an issue.

India

As a former part of the empire, Brits living and working in India will find plenty of familiar practices as well as many English speakers. At the same time, there will be plenty of new cultural experiences to be gained. The climate can be harsh, however, while the continuing inequality of wealth can be disturbing for Western Europeans.

Russia

The long-established tradition of expat workers in Russia means there are plenty of support networks available. The country also has a rich cultural heritage, which lovers of opera or ballet will particularly appreciate. However, doing business in Russia is not for the faint-hearted, with corruption a common complaint.

China

Experience gained in China could be highly valuable, given the country’s future economic leader status. However, for those of non-Chinese background, the culture differences can be significant. There are also unappealing sides to living in a Communist state, such as weaker human rights and reduced freedom of information.