Financial Jitters Spur Interest in Jobs Abroad


Dana Mattioli
The Wall Street Journal
October 17, 2008
2008 Dow Jones & Company Inc.

The financial crisis, a weak economy and increased competition for jobs are sending some professionals running for the border -- literally.


Executive recruiters say more professionals, especially those in finance, have been inquiring about opportunities abroad in the past few months. Some undergraduate finance and M.B.A. students are refocusing their job searches from Wall Street to overseas. And in a number of cases, people with families say they would pull up roots for the sake of job stability.


More financial professionals are looking overseas for work.

Recent surveys from executive search firm Korn/Ferry International add to the idea. One found that 53% of 438 respondents believe the best job opportunities are in developing economies like Brazil, Russia, India and China. Another showed that 20% of 718 respondents said they are more likely to accept an overseas work assignment now, in an economic downturn, than in a stable economy.

Although foreign markets are suffering as a result of the spreading credit crisis, the financial job market abroad hasn't been damaged as severely as it has been in New York and other U.S. financial hubs. U.S. employers cut 159,000 jobs in September, and that figure doesn't take into account the newest wave of job losses on Wall Street. Recruiters say job opportunities for finance professionals in Asia, the Middle East and Central and Eastern Europe still abound.
"There has been a gold rush to places like Dubai," says Alex Alcott, partner and head of U.S. investment banking at Heidrick & Struggles, an executive search firm. He cites Beijing, Shanghai and Moscow as areas of opportunity for finance professionals.



Mr. Olman says he has seen interest in working abroad increase threefold since last year.

"It's somewhat ironic that people are seeking these emerging markets for job security," he says.

In July, a former client, a partner with a multibillion dollar New York hedge fund, resigned and moved his family to Shanghai to pursue opportunities in equity investing.

They are making room for UG graduates..

Need to get my resume updated.

quote:

Originally posted by Terry Ishmael:
Need to get my resume updated.

Don't forget the canadians are coming. You'll get some competition..

I'm meeting many US, European and Asian, even few African professionsals here, some even took positions with large Indian companies. There are even larger groups of Indians from the diaspora, Tanzania, Kenya, S-Africa, UK, US and even one from Guyana , many of whom has little or no direct connection with India.