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Greece – a career hotspot? By Max Williamson

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29th May 2008
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Historically, very few finance professionals have considered Greece when looking at an overseas assignment. No doubt this is because the vast majority still consider Greece to be a holiday destination and have never taken the time to consider it as anything else, or heard from others about the opportunities it can offer.

In terms of business, most associate Greece with its shipping industry, but even then, few comprehend the level of Greece’s dominance in this sector. Although Greece has been a maritime nation for millennia, their dominance was secured in the late 1940s, when savvy Greeks such as Onassis purchased surplus war ships from America at heavily discounted prices. The growth of the shipping industry has continued to grow to the present day and is currently enjoying a golden period. Greece now owns more vessels than any other country and holds a significant percentage of the world’s fleet, usually estimated at around 20%.

Over the course of the last few years, many shippers, including Stelmar and Tsakos, have taken the step to list their companies on the New York stock exchange. As a result of this decision, the companies must now comply with additional regulations such as Sarbanes Oxley, which has in turn required them to strengthen their finance teams. This demand for finance professionals has outstripped supply and the kings of Piraeus are now competing aggressively for the best financial talent. As the industry is based offshore for tax purposes, the shipping companies are able to pay very strong salaries, and at levels you would usually associate with the CFOs of FTSE 100 companies. Entry level salaries for CFOs of shipping companies usually start around €200- 250k and are tax free.

Naturally, the salary levels paid by the shipping companies has had an effect on other industries within the country, and whilst few can compete directly, it has caused a sea change in terms of how companies a) recruit finance teams and b) how they set about retaining them. Historically, employers in Greece were able set the market and dictate salaries, but the huge growth across several sectors, not just the shipping market, has placed greater power in the hands of candidates. As a result, companies have increased investment in their employees, by providing access to better training and ensuring that the career development of their best talent is actively managed.

The current shortage of finance professionals in Greece has been created therefore by a flourishing shipping industry fighting for talent (and being able to pay good salaries), along with growth in several other industry sectors, all of which are also looking to recruit the same talent being recruited by the shippers.

One of the sectors also looking to recruit in this area is public practice and in particular the ‘Big 4’ firms. The ‘Big 4’ in Athens have been particularly successful in positioning themselves as the regional HQ for South East Europe, which would usually encompass Greece, Turkey and all of the countries in between. The firms are offering themselves as a gateway for any deals or assignments that are conducted within the region and have provided considerable consulting support to companies within the deregulated energy sector in this region. The ‘Big 4’ teams in Audit, Business Advisory and Corporate finance teams are competing against each other in what is a small talent pool and salaries in this traditionally conservative sector have risen sharply. Gentlemen’s agreements between heads of professional services firms are being torn up as companies actively poach each other’s staff in an attempt to fill the skills gap and secure vital human resources. For the first time in living memory, the ‘Big 4’ in Greece are reaching out for talent outside its borders as it seeks to import the type of specialist knowledge not widely available in Athens.

Another area adding its own pressure to the recruitment market is the growth of Greece’s own multinationals. Coca-Cola Hellenic, a company that bottles and distributes Coke products and many of its own across the central and eastern European region has experienced huge growth since its repatriation to Greece. Titan, the large supplier of concrete and building materials is also achieving good growth in those key South East European markets. Interestingly, Coca-Cola Hellenic has a non-Greek CFO and until recently, Titan’s CFO was a UK national. As financial controls and good investor relations become more important to Greek companies, this internationalisation of the Greek financial community is likely to continue and creates an opportunity for international finance professionals looking to develop their careers.

So for those who are thinking about gaining international experience or would like to work beyond the shores of recession-doomed UK, it’s worth remembering that Greece is undoubtedly one of the most interesting markets in Europe. The country has changed drastically over the last few years and has moved some distance from being an isolated, niche Mediterranean market.

Additionally, when compared with other growth markets such as Russia and the Ukraine, Greece also holds a firm advantage over its rivals in terms of standard of living. Moscow is incredibly expensive and retains issues regarding security and opportunities outside Moscow are likely you to see you working in a very unglamorous outpost in the middle of nowhere. In Greece, virtually all opportunities of note are in Athens, which whilst it lacks the cosmopolitan polish of London or Paris, offers a heady night life and access to numerous amazing islands for weekend retreats. Infrastructure and general living conditions in Greece have improved enormously since the Olympics and Greeks speak excellent English. Typically they are keen to use it, and social integration can be easier than it could ever be in France or Italy. Many recent expats report that the country still feels closer to an emerging market than a more established European market, but it is this ‘roughness’ which draws many to the country.

In general, a move to Greece would be particularly suitable for those with shipping experience or perhaps those working in the ‘Big 4’ who are looking for a less mature/ more interesting market and it’s worth bearing in mind that Greece will certainly do more for your career than a move to Australia or the majority of offshore markets. Opportunities for those with good financial reporting experience are particularly good and for the huge number of extremely talented, internationally-based Greeks, it’s a good time to consider returning.

Max Williamson is the director of CareersinAudit.com.

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