Job Profiles
There are a huge number of openings for qualified accountants on Grand Cayman. Here is a brief description of some of the most popular accounting positions.
Auditor
With all of the world's Big Four audit firms having a presence of the island, qualified auditors are in great demand.
An auditor will review and verify a company's financial records and accounts.
Auditors can be internal or external with the latter being most prevalent on the island. An internal auditor works within a business to ensure good accounting practices and correct accounting. External auditors usually work for large audit companies such as KPMG or Ernst & Young and they are sent into companies to verify their accounts.
Corporate Recovery Accountant
The insolvency sector is a growth industry globally and accountants who have passed the Joint Insolvency Board examination are in great demand.
An accountant in corporate recovery will deal with distressed companies and help to find ways of avoiding insolvency or dealing with insolvency if it should happen.
This can lead to dealing with administration, receivership, or insolvency and they can be called upon to assist with any regulatory implications of such a course of action.
The traditional insolvency roles of administration and receivership appointments are now supplemented by a greater focus on recovery of both the business operations and the business model. Financial restructuring and reorganization, corporate investigations, and business reviews now form a greater part of insolvency work.
Mutual & Hedge Fund Accountant
As a Hedge Fund Accountant on Cayman you will deal with some of the biggest players in today's financial services arena. More than US $1 trillion is invested in mutual and hedge funds globally and this figure is rise sharply in the coming years. The Cayman Islands plays host to more hedge funds than anywhere else in the world.
In a mutual fund, investment managers raise capital from investors and invest it in a portfolio of equities, fixed income and derivative securities with the aim of exploiting inequalities in the market to deliver positive returns while limiting market volatility.
Hedge funds are essentially mutual funds with broader investment guidelines and, often, the capacity for leverage. Recent high growth in the sector has led to a high demand for qualified accountants who are able to communicate effectively with investors and investment managers on a daily basis.
At the entry level, the accountant is responsible for a portfolio of funds for which they will calculate periodic Net Asset Values, prepare monthly financial reports and perform daily fund administration duties. More experienced accountants with previous funds experience are highly sought after for managerial and directorship roles.
Financial Controller / Finance Manager
These senior accounting jobs are generally well paid and as a consequence, competition can be strong when positions arise. IT experience can be an advantage as many smaller companies look to their Financial Controller to maintain their critical information systems. Many accountants who are interested in a career in financial control start out initially in financial services until a suitable role arises.
Trust Accountants
Trust accountants monitor and record the financial transactions of trusts and report periodically to the trustees, beneficiaries and/or the trustor.
Trusts can be complex entities and accountants will be expected to deal with transactions and clients as well as trust accounting. Trust accounting can incorporate elements of both structured finance and fund accounting.
Trusts and trust structures are very common in the Cayman Islands as one of their main uses is for tax, estate planning and asset protection.
Assistant Trust
Accountant jobs are also available. The ideal profile of candidate should be a part qualified ACCA or CIMA with a minimum of 3 years experience within a role having exposure to month and year end.
Temporary Accounting Contracts
With Cayman having so many accounting jobs, many people choose to move to Grand Cayman to get a feel for the country and its employers before committing to a lengthy full-time contract. Recruitment agencies offer temporary contracts with accountancy firms on Grand Cayman.
Although a temping contract may seem to imply that you will move around between companies, in practice you will generally be placed with a company who will retain your services for a period of time. Many temporary positions lead to full-time employment opportunities.
