International Banking & Finance Jobs

By: EconomyWatch   Date: 30 September 2009

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EconomyWatch

The core Content Team our economy, industry, investing and personal finance reference articles.

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International finance jobs are opening doors for the laid-off section of society in recession-hit countries. International work experience is sure to provide you an edge over others when you return to your native land. Consult your alumni network in the destination country to know about the best recruitment firms.

International Finance Jobs: Market Growth

London and New York have been the major global financial centers for a long time. A huge section of pink-slipped professionals is now considering the Middle East and Asia, particularly India, Hong Kong and Singapore, as its work destination. The rising demand for consumer goods in developing countries has created some balance in the world economy. Outsourcing of research-related, front-office and finance jobs has generated many jobs in Asia.

Recruiters in Asian countries are more receptive towards job seekers from the US and other recession-hit developed territories. A number of international finance companies are recruiting foreigners through Linked In and even sponsoring work permits.

International finance job seekers should consider the following before making a move:

  • Conduct a thorough research regarding job opportunities in your specialization in the country you are planning to move to. For instance, if you are in private equity, Dubai is the best place to settle in. On the other hand, India is a lucrative destination for experienced investment bankers.
  • Moving abroad requires you to get acclimatized to the foreign culture as soon as possible. This helps you avoid any obstacles to getting along with colleagues and customers alike.
  • Language barriers are sure to pop up. Try to overcome them at the earliest.
  • If you want to settle in a foreign country permanently, things such as transfer of spouse, enrollment of children in a new school and selling your property will have to be taken care of.
  • Thorough study of the economy of the desired country is crucial before making any decision. If need be, pay a visit to the country.
  • Do not get put off by the salary structure in Asian countries, especially if you are a US citizen. Consider the cost of living in the prospective country. For instance, if you are earning a US$250,000 per year as a wage in London, do not expect more than US$50,000 per year in New Delhi.

Foreign Banking Job Opportunities

 

With globalization, there has been a rise in outsourcing, especially in services such as banking, telecommunications, health and insurance. Thus, the surge in foreign banking jobs is making many of those who were laid-off look for opportunities abroad. A poll conducted in 2009 by Korn/Ferry International, a provider of talent management solutions, showed that 48 percent of respondents preferred to work overseas during a meltdown.

Banks differ in the number and type of products and services they offer. The size and type of banks influences the foreign banking jobs available. Here are the most common types of banks:

  • Commercial Banks: These banks rule the industry and operate globally, regionally or in communities, depending upon their size. Commercial banks serve governments, businesses and individuals. Global commercial banks, apart from providing typical services and products, deal in foreign currency and international lending. Regional banks have a wide network of branches and ATMs. Community banks operate on a local platform and serve individuals and small businesses. Job seekers looking to apply for jobs in commercial banks should have enormous knowledge of the global economy and the products and services that these banks offer.
  • Savings Banks: These are the largest depository institutions after commercial banks. The core area of operations of these banks is to lend money to individuals and hold savings. Savings banks are also called thrift institutions. Candidates who want to apply for foreign banking jobs in these banks should have excellent customer service skills.
  • Credit Unions: People belonging to the same community or working in one organization usually form credit unions by pooling in funds. They can also take low interest rate loans from these unions. Interest rate is low comparing to other lending institutions.
  • Reserve Banks: These are government banks, acting as regulatory authorities for other banking institutions in the country. These banks control the supply of money in and out of the country. Also, they keep a check on the country’s cash deposits. For instance, they provide money to commercial banks for lending by buying government securities from them. This helps boost the economy during a slowdown.

Job hunters can send their updated résumés to reputed international recruitment firms to find suitable foreign banking jobs.

 

 


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