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Need A Job? Consider Moving to Brazil.
 

SDEcon11's picture
 
Points)
 on 6/29/12 at 10:30pm
Brazil Flag

Yesterday, there was a post by another author discussing the possibility of moving to Singapore. Today, we will discuss the possibility of relocating abroad to another major international location: Brazil.

As some of you may already know, many reports have deemed Brazil as the next potential economic superpower, similar to how China was viewed about a decade ago. Interestingly enough, just ten years ago, Brazilian professionals were leaving their country to look for better opportunities elsewhere. However, these days, hordes of foreign professionals from countries such as the United States, Portugal, and Spain are going to Brazil for potential career opportunities.

The reason?

A booming consumer market and a shortage of workers in skilled professions in the country, which have fueled the demand for foreign labor. According to the Justice Ministry, the number of legal foreign workers in Brazil jumped 57% last year to 1.51 million. In addition, Brazil added 2 million jobs in 2011; a large number of them being white-collar jobs. Here’s a look at some other facts and figures for the country :

  • Brazil is the largest economy in South America, the world's seventh largest in terms of Purchasing Power Parity (PPP) according to the IMF, and recently overtook the UK as the world's sixth largest economy.
  • The unemployment rate was at 5.8% for May compared to those of other countries - U.S.(8.2%), U.K.(8.2%), Euro zone(11%).
  • In the last six years, the demand for skilled labor and economic growth in Brazil have driven up average inflation – adjusted wages by 30% to 2,114 reais ($1,060) per month.

An opportunity seems to be there: the move has become increasingly popular for many finance professionals and/or entrepreneurs. Personally, I do not know anyone that has moved to Brazil, but I want to share one of the profiles of American expatriates that was examined in a report from CNN Money:

Josh Livingston, a banker and New York native, moved to Sao Paulo and "found a vibrant banking community and expat community."

Livingston:

It’s a lot more exciting…you sort of feel the energy, there’s a lot more going on in terms of mergers and acquisitions, which is where I work.

In fact, according to the Institute of Mergers, Acquisitions and Alliances (IMAA), 7,012 M&A transactions with Brazilian firms totaling a value of $707 billion had been announced between 1993 and 2010.

One of the downsides though: prices are around 20% higher than they are in Manhattan. Nevertheless, interest in moving to Brazil has certainly been developing. Even a quick search on Wall Street Oasis for ‘Brazil’ reveals several discussions about IB/HF/Consulting opportunities in that country.

So I want to officially open this topic up for discussion: what do you guys think about the idea of moving to Brazil?

See my other WSO blog posts

Comments

Tommy Too-toned's picture

I'm interested too. Brazil is

(Gorilla, 509
 
Points)
 on 6/24/12 at 4:03pm

I'm interested too. Brazil is home to some of my favourite booties.

How do you go about getting a job in Brazil? Are these just internal transfers, or are they actually hiring expats directly?

I guess safety could be an issue. I've heard of hotel room break-ins at nice hotels in Rio. Otherwise, I'm down to move there.

Studiofan's picture

Kinda of irrational, but all

IB
(Orangutan, 253
 
Points)
 on 6/24/12 at 4:26pm

Kinda of irrational, but all of the kidnappings freak me out.

LiquidDreams's picture

I'd love to hear from someone

(Monkey, 60
 
Points)
 on 6/24/12 at 4:38pm

I'd love to hear from someone who knows about this. I would love to move to Brazil, if the opportunity presents itself.

brandon st randy's picture

I think Brazil was a great

PE
(Gorilla, 734
 
Points)
 on 6/24/12 at 4:50pm

I think Brazil was a great place to get in a couple years ago. My impression is that now the economy there is now overheated. Inflation is becoming a real issue again as wages and prices of everything increase rapidly.
I don't know about Brazil being more expensive than Manhattan (electronics are more expensive thou) but the country is certainly getting very expensive very quickly.
To protect domestic industries the government is raising tariffs. Protectionist measures like these didn't work for Brazil before. Also such measures can easily backfire as China has been a major buyer of Brazilian commodities.
Brazil had a history of mismanagement and bad economic policies. As recent as the 1980s the country's irresponsible fiscal and monetary policies resulted in hyper-inflation and they had to scrap the old currency and come up with the Real. Since then, Brazil has enacted good policies to foster open market and economic growth and kept inflation under check. It seemed that Brazil has finally become a mature, responsible country. However some of the new populist policies adopted by Rousseff administration reminds of the bad old days.

Brazil is in much better shape than Argentina but the bubble may soon burst.

...well, he's no use to us if Detroit is his idea of a small town!

blacksmith's picture

Hi there! Do you guys know

(Chimp, 1
 
Points)
 on 6/24/12 at 8:30pm

Hi there! Do you guys know any recruiting site or similar to start moving on?

PetEng's picture

The obvious question is what

O
(Gorilla, 747
 
Points)
 on 6/24/12 at 11:59pm

The obvious question is what someone can get paid in Brazil. I'm not convinced there are even close to the opportunities working in Brazil than in the US.

pinnacle's picture

I have a close friend who

(Monkey, 32
 
Points)
 on 6/25/12 at 12:49am

I have a close friend who moved to Brazil to work in technology VC. According to his boss, tech in Brazil is currently what it was like in the late 90's in the US.

In case you are wondering what the salaries are like check this Robert Half Report on salaries. It is in Portuguese though:

http://www.roberthalf.com.br/EMEA/Brazil/Assets/sa...

I interviewed for a position in Brazil as an expat but unfortunately I did not receive an offer. It is really hard to find junior level positions that will directly transfer you to Brazil. Let me know if you know of any.

E sim, falo portugues pessoal.

"I have never let my schooling interfere with my education" - Mark Twain

John Rolfe's picture

I spoke with a girl whos

AM
(Orangutan, 361
 
Points)
 on 6/25/12 at 1:12am

I spoke with a girl whos family is from and Brazil and she has visited many times. She said people are very poor there. Kids will come up to you and ask you for money and if you are wearing any designer brands, they will try and take them from you. Crime is a big issue there. Lots of violence, gun violence in particular. If Brazil is to ever come close to becoming a super power they will need to crack down on crime in a serious manner.

pinnacle's picture

John Rolfe...welcome to Latin

(Monkey, 32
 
Points)
 on 6/25/12 at 2:34am

John Rolfe...welcome to Latin America.

Crime and drugs are linked to politics in Brazil, so I wouldn't necessarily think that cracking down on crime will come from the government. The Dilma government has worked on it by pacifying some of the favelas in Rio but I still wouldn't say that they are exactly safe.

"I have never let my schooling interfere with my education" - Mark Twain

seedy underbelly's picture

How important is fluency in

IB
(King Kong, 1,113
 
Points)
 on 6/25/12 at 3:04am

How important is fluency in Portugese to working in Brazil?

industrial_banker's picture

I am a native and maybe I can

IB
 
Points)
 on 6/25/12 at 8:55am

I am a native and maybe I can help you guys,
The positions for juniors are not so great, I cant tell about seniors,
Search about BTG Pactual, the bigger player in the industry right now,
Recruiting for who doesn't speak portuguese is really tough, engineers majors are more valued than business majors, because the business schools (most of them, not all) here are a joke and you enter in the university taking a exam for the major and not to the university,
The target schools are USP, Unicamp, FGV (São Paulo) and other universities that start with UF (Universidade Federal), they are tuition-free,
Best regards,

Unforseen's picture

I want to end up in Brazil

(King Kong, 1,127
 
Points)
 on 6/25/12 at 9:39am

I want to end up in Brazil eventually but like it has been said, as a junior it is extremely difficult.

I would love to have a buy side role in rio 10 years from now, when I have my CFA, MBA and 10 years of work experience.

Check out my Blog

onemanwolfpack's picture

Very timely - Just received

IB
 
Points)
 on 6/25/12 at 11:03am

Very timely - Just received an offer from my firm for a 2 year associate assignment in Brazil. Anyone who is currently or headed to Brazil, I'd love to chat via PM.

In reply to onemanwolfpack
PetEng's picture

onemanwolfpack: Very timely -

O
(Gorilla, 747
 
Points)
 on 6/25/12 at 11:36am
onemanwolfpack:

Very timely - Just received an offer from my firm for a 2 year associate assignment in Brazil. Anyone who is currently or headed to Brazil, I'd love to chat via PM.

What type of firm? Is the pay the same as US positions?

masolam's picture

I have pretty good first hand

(Monkey, 39
 
Points)
 on 6/25/12 at 1:26pm

I have pretty good first hand knowledge regarding Brazil. Here are my two cents:

1) First off, if you want to work in finance there, you will likely end up in Sao Paulo. SP is the NY of Brazil. There are a few things here and there in Rio (a few PE funds have offices, and so do lots of local asset management firms as well as some banks like Pactual), but the best opportunities in finance are in SP hands down (and no, SP does not have beaches - there are a few good ones however 2/3 hours away).

2) Pay in Brazil, at least since 2005, has been incredible. Equal to or better than NYC market, especially in the i-banking / S&T world. The only problem is that the market "range" is very wide, so you need to aim at working at either a global institution / Bulge Bracket bank or a leading local player (Pactual, Itau, or buyside firms like Gavea, etc., tho I hear Gavea doesn't pay super wages). There is however one catch, which brings me on to the next point:

3) You must speak portuguese fluently. In recent years, due to the lack of qualified ppl, firms have been making exceptions here and there and have brought on foreigners (it helps to speak spanish if you don't speak portuguese, for instance). This is best accomplished either through going to target schools in the US (either undergrad or MBA), or somehow getting a transfer from your current bank / fund to work in the local offices there (know plenty of ppl that have ended up in SP that way, and just as a warning, most end up wanting to go back to the states).

Regarding points 2) and 3), given the cooling down of the Brazilian economy, it will likely get harder to break in there if you don't speak great portuguese. In fact, that may soon not be enough - Brazil has traditionally been a very isolated country with its own culture (do not make the mistake of thinking Brazilians are the same as Mexicans, Colombians, etc.), and local experience / networks are key. It may not be as difficult as learning Chinese, but it is still tough. Also, with regards to the actual money, that may also cool down as demand eventually matches supply within the finance realm (although, on a positive note, I believe Brazil currently has a record low unemployment rate, though I think that will change soon).

As a final takeaway regarding the Brazilian economy, I do not believe it is not overheated, that was a year ago. I think it is now cooling down, GDP growth is falling, inflation is in check and there will potentially be issues with credit and a continued devaluation of the currency. This last point may make it better for those earning a USD-denominated salary, but overall worse as the "market" wage will be lower in USD.

onemanwolfpack - PM if you have any questions.

pinnacle's picture

Question - how is an MS in

(Monkey, 32
 
Points)
 on 6/25/12 at 4:25pm

"I have never let my schooling interfere with my education" - Mark Twain

In reply to masolam
brandon st randy's picture

masolam: I have pretty good

PE
(Gorilla, 734
 
Points)
 on 6/25/12 at 5:10pm

...well, he's no use to us if Detroit is his idea of a small town!

In reply to brandon st randy
masolam's picture

brandon st

(Monkey, 39
 
Points)
 on 6/25/12 at 5:32pm
In reply to masolam
ProdigyOfZen's picture

masolam: brandon st

ST
(Orangutan, 316
 
Points)
 on 6/27/12 at 12:32am

The one who does not fall, does not stand up

phpmvk's picture

Unless you are transferred

 
Points)
 on 6/27/12 at 12:25pm
PetEng's picture

As someone who has never been

O
(Gorilla, 747
 
Points)
 on 6/27/12 at 5:55pm
pinnacle's picture

PetEng there are plenty of

(Monkey, 32
 
Points)
 on 6/27/12 at 5:58pm

"I have never let my schooling interfere with my education" - Mark Twain

pktkid10's picture

I was just in Brazil,

 
Points)
 on 6/30/12 at 6:59pm
Dan567's picture

I subscribe to the belief of

(Chimp, 1
 
Points)
 on 11/3/12 at 3:56pm

I subscribe to the belief of

Dan567 (not verified)
(Chimp, 0
 
Points)
 on 11/3/12 at 3:57pm
awm_russ's picture

Basically you should just

(Chimp, 5
 
Points)
 on 11/5/12 at 6:09am
In reply to awm_russ
PetEng's picture

awm_russ: Basically you

O
(Gorilla, 747
 
Points)
 on 11/6/12 at 2:05pm
Unforseen's picture

All i want is a hedge fund

(King Kong, 1,127
 
Points)
 on 11/9/12 at 10:49am

Check out my Blog

eduabib's picture

Want to learn portuguese in

(Chimp, 2
 
Points)
 on 12/26/12 at 9:13am
eduabib's picture

Brazil is a great country but

(Chimp, 2
 
Points)
 on 12/26/12 at 9:15am
duarte.f's picture

Lads.. I'm Brazilian, I had

(Chimp, 15
 
Points)
 on 1/10/13 at 2:50pm
In reply to pinnacle
duarte.f's picture

are u still looking for job

(Chimp, 15
 
Points)
 on 1/10/13 at 2:52pm
donalynoliveira's picture

i really want to go in brazil

(Chimp, 4
 
Points)
 on 2/3/13 at 1:07am
donalynoliveira's picture

i really want to go in

(Chimp, 4
 
Points)
 on 2/3/13 at 1:08am
In reply to duarte.f
donalynoliveira's picture

yes i am can you help me

(Chimp, 4
 
Points)
 on 2/3/13 at 1:10am
In reply to donalynoliveira
duarte.f's picture

where r u from man???? what

(Chimp, 15
 
Points)
 on 2/3/13 at 6:05am
donalynoliveira's picture

i am a woman,i worked in

(Chimp, 4
 
Points)
 on 2/4/13 at 12:42am
abedneg06's picture

You must look past the makeup

PE
 
Points)
 on 2/25/13 at 1:43pm
blackcleo's picture

was in Brazil recently. No

 
Points)
 on 2/25/13 at 2:34pm
In reply to blackcleo
abedneg06's picture

Yes, the ladroes are

PE
 
Points)
 on 2/25/13 at 2:46pm
pinnacle's picture

Abedneg06, what has been your

(Monkey, 32
 
Points)
 on 2/26/13 at 8:16am

"I have never let my schooling interfere with my education" - Mark Twain

abedneg06's picture

If the fluency is real there

PE
 
Points)
 on 2/26/13 at 11:19am
In reply to abedneg06
brandon st randy's picture

abedneg06: Argentina &

PE
(Gorilla, 734
 
Points)
 on 2/27/13 at 7:17am

...well, he's no use to us if Detroit is his idea of a small town!

abedneg06's picture

Pretty much the same as

PE
 
Points)
 on 2/27/13 at 7:53am
In reply to Tommy Too-toned
LuísDaniloDeOliveira's picture

Hi Tommy! I guess the easiest

(Chimp, 2
 
Points)
 on 2/27/13 at 3:41pm
Themb's picture

abedneg06, thank you for your

(Chimp, 1
 
Points)
 on 3/19/13 at 12:15pm
In reply to duarte.f
PrestonChristian's picture

I am looking for a job in

(Chimp, 1
 
Points)
 on 4/15/13 at 4:53pm
marinagomes's picture

seedy underbelly: How

(Chimp, 1
 
Points)
 on 4/28/13 at 7:07pm
In reply to marinagomes
LuísDaniloDeOliveira's picture

Hi, Marina! Basic Portuguese

(Chimp, 2
 
Points)
 on 4/29/13 at 12:51pm

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