Irish accountants head for warmer climes

Not only are they in strong demand in the domestic market, but recently qualified Irish accountants are also being recruited by firms in exotic locations such as Bermuda and the Cayman Islands.

According to Joanne McCarthy of Brightwater Recruitment, there is a huge market throughout the Caribbean for fund accounting staff, and Irish accountants are being snapped up by the fund accounting divisions of 'Big 4' firms, as well as large fund administration companies such as Citco. "They want people to commit for at least two years," she said.

While the Caribbean fund accounting sector is not as lucrative as it once was, people generally return home "with a little bit of a nest egg", Ms McCarthy observed. Earnings are tax-free in most Caribbean islands, and recently qualified accountants can expect a starting salary of $40,000 to $60,000, with incremental increases every year. Employers generally offer Irish recruits one return flight as part of their contract, and in some cases a rental allowance is paid.

Apart from the monetary incentive, people are attracted by the Caribbean lifestyle, with many accountants in their mid-twenties viewing the experience as an extended version of a gap year. People also gain excellent experience, particularly in dealing with US funds, and are highly sought after when they return to Ireland.

The number of Irish accountants relocating to the Caribbean is not sufficient to have an impact on Irish firms, Ms McCarthy said, explaining that the shortage of qualified accountants in this country has eased in recent years.