New York is the most popular destination for finance graduates looking to kick-start their career in international financial services, claims deVere Group.
That’s according to a poll conducted by the financial advisory organisation, which says more than a third (34%) of those graduating from its wealth advisory scheme picked the city as the place they want to take their first steps.
Home to some of the biggest financial institutions on the planet New York is one of the world’s most important hubs for financial services. Combine that with a relatively steady political and economic environment, the opportunity for a high standard of living and potential to make big financial gains and it’s not too surprising the city came out on top.
The next popular destination is Dubai, picked by 23% of respondents, then Hong Kong with 17%, Sydney with 13% and Abu Dhabi fifth with 7%.
While variables include different regulatory climates around financial services, common traits between the cities include widely spoken English, relative stability from a political and economic point of view and deep pools of high net worth individuals that are likely to require financial advisory services.
London doesn’t make the top five destinations interestingly, with the UK capital, Shanghai, Paris, Barcelona and Cape Town making up the remaining 6% of those surveyed.
“The order of the top five destinations changes with each group of grads we take on, but New York, Dubai, Hong Kong, Sydney and Abu Dhabi are typically in the top ten somewhere,” says deVere Group CEO and founder Nigel Green.
“This is because, quite understandably, these global hubs of finance and commerce represent centres of enormous possibilities for young, ambitious individuals about to embark on careers as international wealth-advisory professionals.”
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Today the bank of England announced it would base interest rates from 0.25% to 0.5%. We have collated some initial comments from the industry on how this will impact the markets:
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