John Hunter, Head of Banking and Fiduciaries, Isle of Man Department for Enterprise
There is no doubt that the global financial services sector has undergone a period of significant change, driven mainly by technology. The changes have created a unique set of challenges and opportunities, particularly for those looking to develop and grow their careers in the industry.
In this article, we look at the diverse career opportunities available in the Isle of Man for banking professionals, the benefits of living on the Island, and outlook for the future.
Career opportunities in the Isle of Man’s banking sector
Financial services is one of the largest sectors on the Isle of Man and a major contributor to the Island’s economy. Within financial services, the Island is also a well-established banking centre and home to some of the most well recognised names in the sector. From a career development perspective, banking / private banking offers a wide range of opportunities to professionals. In fact, there are over 100 vacancies in banking across a spectrum of businesses and sub-sectors.
The Isle of Man offers opportunities to permanent, contract and temporary professionals from graduates and junior level to mid-management and senior positions. These roles can be in corporate or private banking, savings, institutional business, trusts, funds or wealth management with many local and international finance institutions offering job opportunities.
The products and services offered by banks can vary greatly, depending on the customers they serve. Consequently, while some career opportunities are generic across the industry, others will only be available at specific banks.
The high-street bank is probably the most familiar as it provides essential services to the local community, whether individuals or businesses. But there are also private banks, which provide services to very wealthy individuals. In addition to the offering of deposit and loan facilities, they may well also provide investment, wealth planning and estate management service or work with a local fiduciary firm in this respect.
Other banks specialise in offering services, not to individuals directly, but to clients (usually companies) of the other parts of financial sector such as fund administration, investment, fiduciary (trust) and insurance. Indeed, these are often the largest banks on the Island in terms of the numbers of employees and there are currently several vacancies in these institutions.
Benefits of living in the Isle of Man
The Isle of Man offers an excellent quality of life. Residents enjoy relatively short commuting times, low personal taxes and one of the lowest crime rates in the British Isles making it ideal place for families and for those seeking a safe environment in which to live and work.
The Island prides itself on being a caring society and offers excellent standards in health care. Also, it has a well-regarded education system, with high standards of teaching and a strong appetite for sports and culture.
There are no restrictions on buying property in the Isle of Man. Property purchasers will find a comprehensive range of properties available on the Island including apartments, bungalows, traditional terraced, semi and detached houses as well as quaint country cottage retreats and many large premium country and coastal properties.
Furthermore, at the beginning of 2018, the Isle of Man Government made applying for a work permit even easier with a new online portal and a register of exempt persons. There are a range of careers that are exempt from requiring work permits, including certain ICT and e-Business workers, nurses, secondary school teachers and social workers.
Outlook for the future
Globally, there has never been a more interesting time to develop and grow a career in banking. We expect banks to continue looking for motivated and ambitious professionals to join their teams and advise clients and customers on navigating the financial landscape. Also, as online banking technology continues to expand, tech-savvy individuals will be in demand.
For talent to thrive in the future, it is imperative that institutions promote excellence, professionalism and networking opportunities. The Isle of Man Bankers Association is the trade association of the banking industry on the Island, and provides a forum to discuss issues affecting the industry and helps members arrive at effective solutions.
If you are working in this exciting sector and looking for an enriching lifestyle then look at the opportunities available in the Isle of Man! We are confident that the sector will continue to offer fulfilling opportunities to talented professionals, across all levels.