Highest Paying Jobs in the Caribbean!?
Hello all,
I have one simple dream - to be a rich man living and working in the Caribbean. I'm looking into a lot of different professions down there (medicine, law, business, government, etc.). Here in this thread I'm hoping to learn a little bit more about the financial sector down there.
The main question I have is this - what are the highest paying finance jobs in the Caribbean!? I know that a lot of the top funds are 'listed' in the Caribbean. But most of them have all of their highly paid professionals located in the states, right? I'm not talking about that. I'm talking about actually living and working IN the Caribbean.
hedge fund jobs? private equity jobs? venture capital jobs? investment banking jobs? Management consulting jobs? Investment Management jobs? Insurance jobs?I'm guessing that the highest paid finance jobs in the Caribbean are in Private Banking/Wealth Management or Insurance; and I'm guessing that they're located in one of the three 'off-shore financial centers' in the Caribbean - Bermuda, the British Virgin Islands, or the Cayman Islands. Is that correct?
In whatever field(s) is the highest paying, it'd be great to know a little bit more about who the top firms are, and how much those in the highest paid positions there earn (relative to those in Medicine, Law, Business, Government, etc. down there). If anyone has any information to share about this, it'd be greatly, greatly appreciated. Or, even better, if anyone has any actual experience down there, it'd be great to get into contact if possible and have an informal talk or two via WSO private message, AIM, Facebook, etc.
Thank you very much in advance for any help!
I have a lot of friends from college that are from the Caribbean and I dated a girl whose family came almost entirely from Bermuda and St. Kitts and I had the same dream you did--make a boatload of money and enjoy great weather, relaxed atmosphere, good food, etc. Sadly, I was forced into the realization that there are very very few jobs of any worth in most of those countries. Most of the 'good' jobs go to those well connected down there and there certainly are not many. Those who can get into some of the RE/development type stuff with resorts and whatnot can do well, but that has slowed dramatically, is saturated, and requires a lot of connections. Forget any sort of 'real' finance type position because they don't really exist to a large enough extent to worry about it. The stuff of value is going to be for either people that are already experienced or simply handled by people in the US or Europe. There are exceptions, but overall this is the case. There are some decent engineering prospects in places like Trinidad and Tobago with their huge nat gas resources that are not even close to being fully exploited.
I mean really, your best bet would be to do something remotely and live in the Caribbean (be it trading, running some sort of online business, etc.) or make your money and move there. There is a reason why pretty much all of the wealthy Caribbean folks that attend target schools tend to stay in the US or Europe and work there for an extended period of time before going back home (if they ever go back home).
I would say its necessarily high paying, but I know at least EY has an office in Bermuda
drug mule
Many HF/MF has offices in Cayman Islands
An associate of mine was working for a hedge fund down there out of school. He came back after two years. Apparently the dream isn't everything it's cracked up to be.
I had the same hope too. I noticed that UBS (or maybe someone else) had an office down there, Nassau I believe, for PWM. Kind of makes sense to have PWM offices down there given all the rich people who probably either live or spend lots of time on the beaches there. Definitely worth looking into. I would guess there isn't much else though.
josabankhard- why didnt your friend like it? A hedge fund in the Carribean sounds awesome to me.
Is this blue or whatever with a new screen name?
A dream of any sane man. I'm sure it's easy to miss NYC when it's plastered all over TV no matter where you go, but when you get back here, you realize what you had lost.
thank you all very much for the responses! I do have some follow up questions though...
FIRST - GENERAL COMMENTS - It sounds like there's not going to be any high paying jobs in private equity, venture capital, investment banking, and management consulting due to the lack of big businesses in the caribbean. so, that leaves me with basic investments, hedge funds, mutual funds, private banking/wealth management, etc. i'm guessing that those who responded didn't say because they don't know...but for anyone else who joins this thread...i'm still wondering how much can be made in these fields relative to other prestigious professions down there (md's, lawyers, high public officials, hotel managers, etc.)...and who are the top firms/funds paying those salaries down there?
1) jerome marrow - i really appreciate you taking the time to write that response. it seems like there are some contrasting opinions? maybe those are just the exceptions though. if there are high paying financial jobs down there, with a superior american education at a top school, it seems like i'd at least have a fighter's chance though, right?
2) happypantsmcgee - I'm sorry, but I don't know what EY is? Could you please give a little more info? I'd love to follow up on it.
3) cfaboston28 - Is there any chance that you could provide some more information about those HFs and MFs. It's really hard to find information on firms that are actually physically located in the Caribbean via google.
4) jos.a.bankhard - This might be a little bit out of line, but could you put me in touch with your friend, via private message or whatever. People with experience like that are really the ones I need to be talking to.
5) ibintx - I'm sorry, but I don't know what UBS is? Could you please enlighten me? I'm eager to follow up on any leads.
6) Hank Scorpio - I'm not a big fan of big city life. I was raised in a small town. I went to college in a big city. And I definitely prefer the former. I also studied abroad (and lived) in the Caribbean for six months, and have vacationed there many times. I absolutely love it down there and know that it's the place for me. So, no worries there.
thank you again in advance for any help!
Ernst and Young - http://www.ey.com/ Financial Services, Audit, Tax, Accounting, Advisory.
UBS - http://www.ubs.com/ A bank from Switzerland, looks to be focusing on PWM.
Google is your friend.
be a hitman, pay is great
ibintx - He said there's just not that much to do there socially, especially for a young guy. Hitting on tourists gets old after a while, and believe me this guy could clean up on chicks. Unless you're cool with just lounging away your 20s, it might not be that fulfilling.
pun - sorry dude, he was an acquaintance from school, i don't have his current contact info
Dude if you don't know what UBS or EY is you're looking in the wrong profession! People in those jobs are reading the FT (financial times) everyday and have had a strong interest in the financial markets from a young age. It's stiff competition and based on experience and passion. My advice is look for commission based jobs, do something you enjoy and after you've gained experience start your own business.
Top finance jobs in the Caribbean? (Originally Posted: 06/04/2010)
Hello,
I studied abroad in the Caribbean for a semester in college and have wanted to live/work there ever since. So, I was wondering - what are the top financial positions (i.e. highest salaried) in the Caribbean? In particular, I am asking about these three 'off-shore financial centers - Bermuda, the Britsh Virgin Islands, and the Cayman Islands.
I can't imagine that there's much available down there for Private Equity, Venture Capital, Investment Banking, or Management Consulting, as there aren't a lot of Fortune 500 companies or top schools. But, I'm guessing that there are a lot of great positions at Hedge Funds, Mutual Funds, and other Investment Management institutions (private banking, insurance companies, etc.) due to the low, or complete lack of, taxes.
If anyone has any insight, it would be greatly, greatly appreciated.
Sincerely,
Blue
I think they just legally hq there stuff there for tax purposes... I don't think they have actual positions open there
private banking and wealth management related positions
Yeah I was talking about hedge funds just to clarify
Elliot, 4frnt, thank you very much for reading and responding to my questions. I really appreciate it.
alright...private banking and wealth management...several questions...
1) Do I need to be great at math to rise to the top of a private banking or wealth management outfit? Background - In high school I was never on the advanced math track, so I didn't make it to calculus, but I was able to get A's in all of the regular track courses, and I scored a 30 on the math section of the ACT (equivalent to a 1340 on the SAT). In college all I took was intro to stats, and intro to econ, but I got A's in both those courses as well, and without giving much of an effort. Still though, with that being said, math is not my favorite subject.
2) How high can salaries get at the top of a private banking or wealth management outfit? (in the Caribbean? US?
3) How many hours per week does one who has reached the top of a private banking or wealth management outfit typically work? (again, in the Caribbean? US?)
4) Who are some of the top Private Banking and Wealth Management firms in the Caribbean...and...in the US? In particular, in the Ann Arbor, MI, Detroit, and maybe Chicago areas? I ask because the path I am probably looking at is getting some relevant pre-mba experience near home (where I can live for free), then getting my MBA, then starting the Caribbean search. If you don't know...do you know of any good resources that might help me find out?
Thank you very much in advance for any help whatsoever!
Sincerely,
Blue
1) Can you count? Good, you can do PWM. Even that might be overkill. 2) It's usually on a commission basis on AUM, so it really depends. You can make a few million comfortably if you're good in the US - no idea about the Caribbean, but I'd imagine it's similar (and you don't get tax benefits, as US citizens are taxed on their worldwide income) 3) Not many - you can get by at 40 after a while, though your AUM may suffer - no idea if it's different for the Caribbean than the US, though I'd imagine you spend more time on the phone down there and less at the golf course 4) No idea about specific locations, but ML is traditionally pretty good at PWM, but it is really more of an individual thing than a firm thing - clients tend to follow their advisor
ps 4frnt - I'm digging your SN
1) hilarious/re-assuring. that's two thus far shooter -
2) interesting...so in this business, its all about finding the firms with the highest AUM? am I hearing you right there?
3) this is starting to sound too good. millions, 40hrs/wk, no math skills, etc. where's the catch!? lol.
4) I actually have an "in" with a vice president at a local ML. Maybe I should pursue that, aggressively.
I suggest you read the link I posted under that other thread you started. One of the biggest misconceptions about finance is that it is easy and that everyone makes millions.
2) PWM is based on your individual AUM, not firm AUM - so if your firm has $80bn under mgmt, but you only have four clients at a million each, you're not walking away a rich man. AM is different from PWM, in that it tends to be more institutional clients, but that's not really what you seem to be driving at 3) most advisers won't make quite that much - you asked about top comp. The catch is that you need to be a really fucking good salesman
Drex -
Individual clients or institutional clients...I really don't care...I want to go into whatever enables me to earn the most in the Caribbean. Is there both AM and PWM down there?
In your opinion, what is the trick to identifying a good firm to work for? Should I be looking at individuals' AUM's instead of firm's AUM's (i.e., identifying mentors)?
I think that I actually am a pretty good salesman...probably my greatest strength as far as the business world is concerned...so maybe this IS for me?
Here's another thing I don't get...
People running Asset Management outifts and hedge funds seem to be doing essentially the exact same thing...so, why is it that people say working at a hedge fund is so much harder, so much longer hours, etc. Is that all just because its riskier?
they both have pools of money. What they do with it does not have to be exactly the same thing
it just seems strange to me that one is considered such a cushy laid back job while the other is considered IBanking 2.0...when really, they seem to be performing the same actual function.
That's because the clients investing have very different expectations of how their capital is going to be invested.
In a mutual fund for example, your job isn't to be some rock-star that's hitting absurd numbers. Rather, they're investing in your fund to get consistent numbers that are safe and only marginally better than the market. Your investors are often financial advisors who see you as a great way to make sure grandma doesn't lose her money in the market. The way you make your money is in volume, since the number of investors in your fund isn't limited to 99 like it is in a hedge fund.
As a hedgie, they're putting up with your absurdly high fees because you're expected to kick the market in the knee caps and have your way with it as it kneels defenselessly before you. Hedge Funds are more stressful and you work longer hours because you have to take greater (but still very informed) risks for your high return and the clients are bigger, bitchier, and more prone to coitus interruptus.
Hedge Fund (or alternative investment) Jobs in the Caribbean (Originally Posted: 10/18/2010)
Hello all,
I posted something similar in the AM forum, but I wanted to get some Hedge Fund specific responses. The title basically says it all - I'm looking for hedge fund jobs that are physically located IN the Caribbean. Any information would be greatly, greatly appreciated!
There are a lot of reinsurance business units located in Bermuda.
A lot of the big multi-strategy funds have reinsurance units:
Generally, they only hire underwriters. Here is PDF that you may find useful: http://www.conyersdill.com/uploadedfiles/Article%20103%20Hedge%20Funds%…
KevinNYC - Thank you for that great article. It really got me thinking. I had never really thought much about the insurance business, but this was very interesting. I'm going to do some reading on the industry right now, actually. Hopefully I have some better questions for you later on...but immediately after reading the article...some things that stood out:
"Bermuda has a long-established hedge fund industry with blue chip fund managers that is the envy of many world financial centres"
...Definitely sounds like there are hedge fund positions available down there.
"Bermuda has also attracted and nurtured a sophisticated insurance service provider industry made up of high quality law firms, auditors, banks and captive insurance managers. Further, all of the major brokers now have offices in Bermuda handling both insurance and reinsurance products."
...Sounds like there are great jobs in a lot of other industries available as well...even in investment banking!?
"In addition to hedge funds (whether they be Bermuda based or overseas) investing in or establishing new reinsurers in Bermuda, an increasing number of hedge funds have become interested in offering protection to reinsurers through the execution of insurance derivative products (typically weather catastrophe swaps, catastrophe bonds or similar derivative contracts).
...Derivatives!? Math isn't really a specialty for me. How limited is that going to make me in this region?
...I might email this lawyer and see if he's looking for any intern-types? I just graduated from a good liberal arts school with a History degree and a decent g.p.a. It might be a good way for me to get introduced to the business culture down there and see what I'm the most into.
Thanks again!
Glad I could help. You may find the certifications and exams here valuable as well: http://www.aicpcu.org/
Fund of Funds in the Caribbean? (Originally Posted: 11/28/2010)
Hello all,
I want to live and work in the Caribbean, and make as much money as possible doing so; so I've been looking for high paying jobs in some of the 'off-shore financial centres' down there - Bermuda, the British Virgin Islands, the Cayman Islands, and the Bahammas.
I figure there's probably not going to be much in the way of investment banks, private equity firms or venture capital firms down there, due to the lack of major corporations/leading universities; so it's probably going to be hedge funds or Asset Management for me.
I'm not that great with complex mathematics, and I'm probably never going to be, so if I'm going to go into 'hedge funds', it's probably going to need to be a fund of hedge funds, or a fund of private equity funds outfit (or both, if that even exists?).
So...with that being said...do any of you know of any legitimate fund of funds outfits operating in the Caribbean (where I could actually live and work down there)?
And, second question...do you think that I would make more money in a fund of fund outfit down there, or in a more traditional asset management outfit?
And, I guess third question...do any of you know of any legitimate traditional asset management outfits down there? It's really hard to find any information whatsoever on the leading banks (the one's with the highest salaries, best reputations, etc.) down there.
Thank you in advance for any help!
I want to be a giraffe.
I want a baby giraffe
thanks
No one works over there
i've heard/read to the contrary
Pretty sure the funds are set up in the Carribean due to tax shelters, but I don't think any of them are actually operating there.
OK blue I'll bite. What I know for sure is that there are some PWM firms (mostly Swiss) who have offices there, and that most of the people who work there are transfers from their main offices. From what I've heard there are other AM firms as well but as to who/what/how big they are I don't know.
Bear in mind that the people I've met who work there were lawyers, so maybe the actual investing/trading isn't done there at all.
Jorge' - Any chance you could put me into touch with some of those people? I really just need to talk to someone that's in the business down there.
Sent you a pm
They legally "domicile" their funds in the Caymans, Bermuda and Bahamas, but usuaully they just have legal firm/ company down their that represents them. A few examples of funds using these legal lps are: C12 Capital, Brevan Howard and Jabre Capital
as the above poster said funds that are domiciled in the carribean dont have the actual office down there, its just a legal thing. I knew a guy who worked in hedge fund accounting and spent a couple of years in bermuda but thats it. If you want to be a hedge fund accoutnant there may be opportunities at firms like CITCO that administer funds.
EY has a decent size office in Bermuda
guys, I really don't care all that much about what it is that I'm doing down there. I just want to find out who is making the most money amongst those living down there full time. And then I want to do what they do.
I feel like there are probably some actual investment management groups acting alone down there. but if not, and my only options are to be a lawyer, an accountant, or whatever down there, then, so be it.
are those people still making more than, say, caribbean doctors, lawyers, businessmen, government officials, etc.?
Are you entirely money driven? You are willing to pursue any of those jobs, but only if they make you the most money?
I hope you realize how different the life of a doctor is from a lawyer or hedge fund manager. How exactley would became a government official? Are you open to becoming a Cayman island citizen?
I would love to see you in a job interview.
I'm with NYFinancedude here,
Please record your job interview, it'd go viral.
You want the sunny life with huge income now. It's acceptable to have this mentality when you're 15 but come on, read your own post. Who the **** would hire that?
"i want to make the most money" - That's a new concept. Who'd a thunk it. Stick with that original line.
Why do you want to work for this firm? I want sun sea and money. What makes us different to the others? Nothing at all, I just want sun sea and money. So what can you bring to the party? See above. What do you know that sets you apart from everyone else that applies here? Dont' start me off....
Do you even know the first thing about what these places do?
i'm trying to learn more about what those places do man. i'm trying.
and honestly, no, i don't really care. i want to live in the caribbean. and i want to be rich. shoot me.
to be honest getting rich in the carribean in finance is not going to be easy. The rich people down there are in the drug smuggling or tourism biz...i suggest you pick one of the two if ur dead set on living down there.
I'm interested in this topic as well.
Do General Managers at hotels (for example) in the Caribbean make more than those at the head of Hedge Fund offices in the Caribbean?
The bond reinsurance business is pretty big in Bermuda etc. I know Assured Guaranty (NYSE: AGO) has offices down there. It's finance-y and it pays decently.
IB opportunities in the caribbean (Originally Posted: 12/26/2010)
What are the IB opportunities in the caribbean. I know the Grand Caymans have some unique banking laws, but does anyone know anything about this region?
Thanks
.
anyone considered working in the caribbean or currently works there? (Originally Posted: 10/14/2011)
Hey guys, as the post says, anyone considered working in the caribbean or currently works there?
im strongly considering looking around down there for really any type of financial work (recent unemployed grad), i think it would be a great learning experience in a really awesome area
Money is no object, I'd like to learn about working there too. Seriously, how do I make this happen?
Unless you're cool with being a Puerto Rican bank teller, it will not be easy. PWM guys in the Bahamas can live like kings. Competition not exactly welcome, nor is the job market expansive. Keeping that in mind, if you can do it I sincerely doubt that you will regret your decision.
I actually work in a PE fund in Puerto Rico, the economic situation in the island is fairly bad, much worse than in the US mainland. Not to mention the current crime wave (super high). There is a banking industry here but there have been a lot of job cuts. The pay is fairly less but then again there cost of living is much lower. Overall I have to agree with Midas there isn't much here on the finance side most people who make money here are entrepreneurial.
Considering the lower pay, and high crime, it is always good to know that at least one has a good office view to the bay and can land at the beach at a moments notice...(that is if you have time hahaha)
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