Dig gold at Africa and Gulf

Due to the global recession there is a shortage of new opportunities for the finance professionals in the Indian job market. The shrewd Indian business houses are taking the full advantage of this situation by freezing in annual increments or even reducing the salaries in some cases. The employees are at the receiving end due to their poor negotiation powers and immovability.   

As we are aware that there is a gold rush among all the Indian business groups to invest in African countries either through acquisition on setting up new plants or branch offices. Obviously these overseas operations require efficient and reliable finance and accounts professionals in huge quantities. Besides that the Gulf countries still have sufficient petro dollars to attract professionals despite of the ongoing recession. During Feb.-Mar. 2010 campus placement program, Dubai based Tolaram (Olam) group offered US$ 150,000 p.a. to 7 candidates.

Undisputedly the Indian CAs are the most efficient, hardworking, economical and  dependable professionals in the world. But we CAs, specially north Indians, are not bold enough to move out of our home towns and make the competition more severe for the limited job or professional opportunities. For us the overseas positions in Gulf or African countries are like joining Indian Army to fight LTTE in the jungles of Jafna. Some of us are interested in migrating to US or UK, but it is almost impossible to get work visa for these countries and our degree is not recognized. Besides that, the local taxes and cost of living is very high in the western counties.

While the African and Gulf countries offers good earning and saving potential with decent lifestyle. You just need to leave your fears behind to earn the top black and petro dollars. Who knows that you may become a LN Mittal in future.

I’m presenting some suggestions to our CA brothers on African and Gulf postings, on the basis of my own experience or the information collected from other friends :

1. Where to find the openings : All the leading job portals are full of overseas job openings. Just give the name of the desired country while making the search.

2. Compensation : It is the only motivational factor for leaving our home comfort. Your current Indian CTC should not be the basis while negotiating the overseas compensation. Our skills are like any other commodity and its price should be decided by the demand-supply gap in that particular market. So it  should be based on the compensations demanded by the while western professionals.

At least it should 3 times of you current Indian CTC. For the Gulf countries it should not be less then US$ 2000 p.m. in cash plus furnished family accommodation, joining and annual airfare for entire family, medical reimbursement and car etc. If it is all cash offer then it should not be less then US$ 3000 p.m.

For African countries you can demand more because of their past negative image and risk factor. Usually the African compensations are negotiated on the basis of net savings. Apart from this min. guaranteed saving the employers offer all the facilities and some extra salary in the local currency equivalent to US$ 500 to US$ 1000 to meet out food and other local expenses.

Besides that one month paid leave every year and some gratuity is also offered at the completion of the contract period (usually 2 years).

These compensation levels can be secured by the freshers or with 1-2 years post qualification experience. These with higher and similar industry experience can demand more.

Employers in some countries don’t understand the CTC concept. They just negotiate on the basic salary and provide you the other facilities like accommodation, car etc. depending on your grade, without reducing from your CTC.

3. Designation or Grade : Similar to the compensation, you should demand far more better grade or designation then you expect in India. You starting grade should not be less then Manager even if you are a fresher and people with 4-5 years’ post qualification experience can demand GM, Finance Controller or CFO position.

4. Food : Majority of Indian are pure vegetarian, which sounds like a extinct animal to any foreigner. We can’t live for single day without our daily dose of hot chapaties and  Dal-rice. Thanks to the enterprising Gujraties and south-Indians you can find affordable Indian food anywhere in the world. It always better to learn some cooking like Dal-rice, sandwich, Maggie etc.. You can easily find Indian groceries, ready meals and other packaged and frozen foods in any super market .

5. Safety : The biggest apprehension in any would be migrant is the political environment of the host country and his personal and family members’ safety. Some African countries like Uganda, Rwanda etc. are notorious for it due to their turbulent past. But fast economic growth is improving the political environment and crime rate. Any capital city or metro town in the world is more safer then Noida, Gurgaon, Gaziabad or Patna. But countries like Afghanistan,  Nigeria, Somalia should be avoided. The crime rate in the Gulf countries is almost zero.  When we are not on our home ground it is good be a little more cautions. Mostly the Indian expats prefer to live in the Indian localities. More information on the political environment and travel safety can be found on Wikipedia, CIA, travel portals and expat blog sites.

6. Social Life and Entertainment: Definitely you will miss your extended Indian family, friends and relatives, festivals etc. But you will find a lot of Indian everywhere to make new friends. In some countries all the Indian festivals all celebrated with great joy among the Indian expat community. In some lenient muslim countries like Oman also have Hindu temples and Gurudwaras. We Indians are not good tourist and prefer to remain indoor during weekends and holidays. So better to take your favorite bollywood DVDs and Indian DTH receivers with you. Internet is available everywhere and online chat is a great timepass.

7. Family Life : Your wife and children will miss India more then you. But you can afford a better file style and send expensive gifts to India. Luxury Cars and SUVs are cheaper then India. Due to less work related stress, your family life will be very relaxing and peaceful. All the necessary public amenities like electricity, traffic and road condition are good and efficient. Your wife can easily find a well paying job with only a graduation degree. Outside India, teachers, nurses, private tutors, chemists, secretaries and receptionists are paid more then the experienced CAs.

Indian schools following CBSE / ICSE curriculum are available in all the major towns. But for the cheap higher education and competitive environment India is the best option for your grown up children.

Due to heavy competition among the airlines, international fares in some routes are cheaper then the domestic airfares. So visiting home on frequently will not burn holes in your pockets.

These suggestions are based on own views and information. Any comment or input is welcome.