UK finance professionals seduced by the allure of Dubai while ignoring employment closer to home

21/04/2008 10:03:00

Over half of finance and accounting professionals questioned in a recent survey cited Dubai, New York or Sydney as the top cities they would be most likely to relocate to (52%, 52% and 51.3% respectively). Lifestyle benefits were the main driver for 72% of respondents, well ahead of business benefits which were the driver for only 28%. Financial hubs closer to home were largely ignored - the Channel Islands came in at the bottom of the list with 24.3% of respondents stating they would consider moving to Jersey, 20% Guernsey and only 15.7% would consider a move to the Isle of Man.

The survey from GAAPweb, the UK’s leading specialist accounting and finance jobsite, questioned 142 job seekers in the finance and accounting sector to determine which locations were most attractive and perceived to hold the best opportunities. The majority (21%) of respondents considered Dubai to be the top spot in terms of opportunity with New York coming in second at 12%. European finance centres Zurich, Geneva and Frankfurt were bottom of the list at 5%, 4.7% and 4% respectively. Other findings include:

Attracting change - location was cited as the factor that would most attract respondents to move overseas (26.3%), while 20% cited salary and only 16% mentioned career progression as a main attraction for relocating. A further 11.3% were driven by the opportunity to acquire more skills, 10.7% would choose based on climate and 7% selected culture as the reason

Beefing up the CV – 39.7% considered overseas work experience a necessity to add value to their career, while 52% felt overseas experience was a ‘nice to have’. A further 8.7% felt working overseas would make no difference to their career whatsoever

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Plugging the skills gap - while the majority of respondents felt overseas work experience was a ‘nice to have’ rather than a necessity, 74.3% felt the skills acquired from overseas work could help plug the skills gap in the UK

Melissa Buxton, head of marketing, GAAPweb commented:

“While it’s hardly surprising that places like Dubai, New York and Sydney ranked high in terms of the most sought after cities for relocation, what is surprising is how low career progression sits in the motivation for seeking work outside the UK. Candidates are also missing out by not considering more seriously the thriving economies right on their doorstep such as the Channel Islands. Jersey, for example provides a huge opportunity with 60% of its economy based around the financial sector. Over 50 accountancy firms are based in Jersey as well as over 300 law, trust, banking and fund businesses which all require finance and accountancy staff.”

www.GAAPweb.com

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