FOR Offshore reports that despite recent market turmoil the offshore finance sector is still recruiting for senior banking and accountancy roles.

After a tepid first two quarters within offshore financial recruitment in the banking and accountancy sectors, questions have been asked about likely hiring volumes for the rest of the year. The number of senior offshore financial jobs would suggest that offshore banking recruitment and vacancies in offshore accountancy practices should see a steady increase.Likewise offshore banks and wealth management organisations, who have weathered the credit crisis, are taking an aggressive stance on banking recruitment and are using this opportunity to head hunt the very best people, whilst their onshore competitors are forced to take a more cautious approach.

However it would appear there is still this misguided belief that recruitment is slow or stagnant. Whilst it's true that many players in the market are watching their headcount more carefully and some redundancies are occurring, other banks are taking advantage of the situation. Similarly the market for accountants is still very strong within senior and specialist roles, often involving some Trust or offshore company incorporation knowledge. Senior roles are often the first to suffer from headcount issues in a bad market, but this is proving not to be the case in the accountancy world

Indeed, according to a recent survey senior accountants working within investment banks have seen their salary rise by 15-20%. This is a premium on other offshore accounting jobs which have commanded in the region of 10%. Salaries are also maintaining their buoyancy and have not dipped in the wake of the sub-prime crisis.
Within the offshore banking sector, salaries and bonuses remain high for vacancies with job specifications that are geared more towards client focused roles which offer real world revenue generation.

Indeed much has been said about market conditions, but in the accountancy world it would take a huge shift before we faced a vacancy driven market.

Based on FOR Offshore research for the last four years there have been significantly more offshore accountancy jobs than accountants. The market for offshore banking jobs remains healthy and rewards still exist for the very best.

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