Often our default mindset when job hunting is to only really consider opportunities that are familiar and within the parameters that we are used to. Moving into a new role outside of sector or making an insolvency and restructuring international move will always require a period of adjustment but the rewards for doing so are often great.
The UK is suffering from a skills shortage across many different industries. In certain professions, the talent pools on a global scale are getting smaller. Within corporate finance and business restructuring, corporate advisors are in short supply and the lack of recent global mobility due to the covid-19 pandemic has only deepened the issue.
Many mid-cap and big ticket M&A deals that are handled from the UK contain international components. We have seen plenty of UK deals this year that have involved corporates with entities located in multiple jurisdictions or foreign investors seeking to gain a foothold in the UK market. An international candidate coming to the UK will be able to work on these type deals. Plus, any language skills that complement the transaction will be looked at highly favourably.
Restructuring and insolvency has had a flat 18 months since the pandemic first hit but the expectation in 2022 is a surge of UK corporate insolvencies involving businesses with unsuitable debt levels. The UK insolvency market has always been lean for talent and the pinch will be felt when workloads start mounting up.
In the Caribbean restructuring market, there is a constant stream of expats coming and going each year meaning that organisations in Cayman, the British Virgin Islands and Bermuda are often relying on overseas talent to plug the gaps.
If you are a corporate advisory professional operating in M&A, transaction support, insolvency and financial restructuring, you will not be short on opportunities either in the UK, across Europe or in the Caribbean.
An international move is big change but the rewards for doing so are clear.
- You will learn a lot and quickly. Exposure to working with people that have a different skill set, training path and transaction history will accelerate your own learning and development.
- High quality engagements. The opportunity to lead on projects that you may otherwise never have had exposure to. The M&A market in the UK is hot right now and the restructuring industry is heading in the same direction. The quality of deals and restructuring engagements will accelerate your career and give you a very well rounded set of skills.
- Networking opportunities. Living abroad will enable you to meet with people that can have a major influence on your career now and in the long term. Successfully leading on an international project opens you up to contacts that will want to use you again, even if you no longer work in that jurisdiction. A global network can be highly beneficial.
- Travel. Links to Europe from the UK and flights from Cayman and the BVI to the US opens up the opportunity to travel and experience different cultures outside of work.
- Financial reward. Restructuring and insolvency jobs in the Caribbean pay well. Tax free locations offer the opportunity for enhanced earnings. Certain UK M&A houses and advisory consultancies reward with big bonuses and high base salaries which are often stronger than in most other countries.
Working abroad has may benefits both in a professional and personal capacity. Your career can accelerate, earning potential is often high and your skill set, decision making and all round business acumen will develop.
If you are someone who is considering a career change in 2022 then don’t necessarily stick to the familiar path. Do give some consideration to an insolvency and restructuring international move. It could well be the making of you.
