Could an international move be a game-changer for your actuarial career? More and more people are looking to relocate and there are clear benefits for those who do. But there’s a lot more to consider than just a job description. Here, Patrick McAleer, Director of International Actuarial at Emerald Group, goes deep into the decisions involved to help you decide whether your next move should be international.
The international recruitment market is buzzing with relocations, as actuaries seize opportunities to expand their horizons and work overseas. Patrick explains, “We’re seeing a refreshing new perspective from candidates on overseas opportunities. Post Brexit and Covid, people feel that life can be uncertain. By embracing opportunities to develop their careers internationally, they’re making the most of the experiences around them and building great careers along the way.”
Work and Life Experience in One Move
Patrick continues, “We’re seeing candidates at various ages and stages looking to relocate from all markets, including the UK. Nearly or newly qualified actuaries want to build life and work experience early in their careers. Their personal circumstances often mean they are in a great position to try something new and they can be very open-minded to a range of opportunities and locations. Some candidates may be looking to add international experience to an existing strong skill set. Others are set on a particular country or have family circumstances that mean some opportunities really stand out for both their personal and professional needs. Whatever the starting point, narrowing down what you’re really looking for is an essential starting point for anyone considering an international move.”
Location, Location, Location
“Geographically, there’s a huge amount of choice in the international recruitment market,” Patrick continues. “You need to do your research and this is where talking to a recruiter with international experience is essential. At Emerald Group, we have a very well-established international team, with connections to clients in all key markets. We talk you through visa requirements, qualification, tax and pension implications. We explain competitive salary and cost of living levels, residency or citizenship conditions and other local considerations. This is all in the context of how transferrable your skills and experience are, the technical needs of specific roles, the maturity of the local market and growth opportunities when you’re in post.”
He adds, “We also help those relocating with a partner or family to think through the factors involved. It’s crucial to look realistically at what relocation actually means, beyond a new role. There are practical and personal considerations such as visa requirements for a partner, school arrangements and lifestyle implications. Reality sets in very quickly if you’re not fully prepared for life in your new country. The thought you’ve given to all this will definitely come up during an interview. It’s an important part of demonstrating your commitment to relocation to your potential employer and your offer may depend on it.”
Sprechen Sie Deutsch?
And then there’s the language barrier. Honesty about language skills is essential. Requirements vary, as companies in some countries may require fluency in the local language (such as France) while others may operate internationally and use English in their working environment, including the Netherlands and Germany. Patrick highlights the role of the recruiter in assessing language skills: “We are usually asked to confirm local language skills. Our goal is to help candidates find the right roles, so at Emerald Group, we use globally recognised language tests to understand your particular skills. If you are at a level below what’s needed, clients may be prepared to revisit your application after a period of learning. We can also profile you if your language skills are intermediate: we know what clients are looking for and whether they’re prepared to help you develop your language skills further over time.”
Just Checking…Have You Asked Your Own HR team?
Just Checking…Have You Asked Your Own HR team? You might be surprised at this next piece of advice, but Patrick shares a key tip for anyone thinking of a big move. “Sometimes, the easiest and quickest route to an international move is within your own company. It’s always a good idea to ask before you start looking externally. You might find the perfect opportunity, plus you avoid the risk of a surprise counter-offer when you’re in discussion with another company: turning down an offer at the final stage can have an impact on future opportunities with that team, so it’s always worth having an early conversation about your goals with your current employer.”
FOMO
For some candidates, part of the journey is deciding that now is not the right time to relocate. Clients want team members who are committed to staying and growing with their company. Patrick confirms, “It’s essential to take a long-term view and an international role isn’t right for everyone. Timing, personal and professional circumstances all play a role. We’re always happy to talk things through with you. If you decide you want a change but don’t want to move too far, we’ll help you find an opportunity that will work for you, now.”
Ready to Relocate?
For those candidates who are ready to relocate, a world of international opportunities awaits. Whether you’re moving into a developing market where your skills will leapfrog you into senior roles or moving into a more mature market where you’ll be rapidly building experience and developing transferrable skills, you’ll be setting yourself up for an exciting and varied career. A final word from Patrick, “We find that the relationships our Emerald Group consultants build with international candidates create a strong anchor as individuals progress in their career. We know you, your market experience, your technical skills and your professional journey. That means we’re ideally placed to give you continued support as you consider future opportunities and pursue your career goals, regardless of your current working location.”
Did you know…?
- Qualifications may be transferrable: South African, Indian and Irish qualifications are closely aligned with UK qualifications. German and Swiss qualifications are also closely linked.
- Most companies in Bermuda will offer housing support and it’s common for payroll tax to be covered.
- Switzerland has its own specific visa requirements.
- There are links between the SOA and IFOA and it’s possible to gain exemptions from exams you’ve already taken if you change designation.
- The South African solvency regulatory standard (SAM) is similar to UK’s Solvency 2, so market experience can be transferred with minimal training.
- Many clients have specific goals to recruit international team members to ensure a global perspective and access to international technical expertise.