Go east, young accountant
Russia offers riches to Western expats who can take the hard-edged lifestyle. Paul Gosling looks at a great career option for the truly tough
Wednesday 24 April 1996
Russia today is a cross between Chicago in the gun-toting, liquor-running, roaring Twenties, and the frontier territories of the Wild West, with accountants in the thick of it, says Hugh Everard, director of Michael Page's Eastern Europe division. Those who flourishhave got their careers made. "They either crumple quickly, or they make it," says Mr Everard.
And making it in the context of Eastern Europe can mean a tax-free salary, courtesy of an offshore account, well in excess of US$150,000. Accommodation will be thrown in, along with a chauffeur, car and personal security. Large hardship allowances will be paid for those who end up in an obscure Siberian town.
For the Michael Page recruitment agency, the Eastern Europe division has become an important element of its operations. "A lot of Western investment is going in," says Mr Everard. "When corporations make that investment they want to know what is happening to their money. Often it is a joint venture, hoping to gain control."
It is not merely that Western businesses feel more at ease trusting Western accountants. Few accountants in Russia have GAAP (Generally Accepted Accounting Practice) reporting experience, or understand Western accounting practices. Lucien Bartram is group accountant for the Gunsbury pharmaceutical group, which is heavily involved in Russia, requiring Mr Bartram to visit Russia and the Ukraine almost monthly.
"The problems for accountants are focused on differences of reporting requirements," says Mr Bartram. "In Russia there is no requirement to produce consolidated accounts. A lot of normal expenses are disallowable, making the real tax rate a lot higher, at 30 to 35 per cent.
"The profit motive is a very new concept. Minds in the West are focused on short-termism, profits, return on capital, but the legislation in Russia still requires returns showing full employment. These were statistics that the former government used to throw out to the world as proof of their economic model. So there is a huge problem in bringing Russian companies into line with what the West expects," adds Mr Bartram.
Nor is this the least of the challenges an accountant may expect. Hays Executive has also been recruiting for posts in Eastern and Central Europe. "We had one person whose chauffeur was kidnapped twice," says Neil Holmes, business manager for Hays Executive. On the first occasion the ransom was for the car, and on the second it was for the chauffeur's life.
"He was based in Moscow, his employer was American and had a policy of employees integrating into the community," explains Mr Holmes. "Only he and his wife were placed in a housing estate and found it a very threatening environment. They ended up living in the compound of the company they worked for."
Problems are worst in Moscow, less severe in St Petersburg, and quite different in remote places such as Siberia. Despite the isolation of such communities, many executives enjoy themselves greatly if they can fit into small ex-pat communities, and develop a frontier spirit.
Attitude is the key to being successful in Eastern Europe, but knowledge of the region can be important in landing the jobs. "It is a bit of a catch-22," says Mr Holmes, "as many employers want previous Russian experience. The next best thing is fluency in Russian."
While speaking Russian is obviously a help in landing a job and coping with life when there, it is often not an essential job requirement. Russia's business lingua franca is English, and much investment comes from America. And, at least in Moscow, Westerners can become part of a large ex-pat community, with a vibrant social life.
Once the Navy told recruits they could see the world, gain new friends and find excitement. Now all that and more - a small fortune - is on offer to accountants.
Independent Partners; Do you need financial advice on your investments, pension or insurance? Book a free consultation with an independent Financial Adviser at VouchedFor.co.uk
The best deals on personal loans: Peer-to-peer providers are more competitive for smaller sums
China stock collapse: Five things you need to know about 'Black Monday'
Questions of Cash: 'Our dividends seem to have disappeared when TSB was bought and then born again'
My Tinder date asked for a refund when I declined a second meet up
The most expensive cities in the world 2015
- 2 Caitlyn Jenner car crash: Driver who died in collision sued by surviving passengers for $18.5m
- 3 Watch the Supermoon live: How to see the brightest Moon of the year tonight
- 4 Hulk Hogan wants to be Donald Trump's running mate in the US Presidential election
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
'Women only' train carriages: Jeremy Corbyn unveils radical move to tackle public harassment
Black holes are a passage to another universe, says Stephen Hawking
Iain Duncan Smith 'should resign over disability benefit death figures', says Jeremy Corbyn
Tony Blair attacks Jeremy Corbyn's 'Alice In Wonderland' politics
Theresa May says jobless migrants should be banned from entering the UK
iJobs Money & Business
£25000 - £30000 per annum: Recruitment Genius: From modest beginnings the comp...
£35000 - £40000 per annum: Recruitment Genius: From modest beginnings the comp...
£15000 - £65000 per annum: Recruitment Genius: This is an exciting opportunity...
£18000 - £20000 per annum: Recruitment Genius: This is a fantastic opportunity...
Day In a Page
In a sandbanks location, moments from the beach, this three-bedroom apartment has a large open-plan living area and a south-west facing balcony.
This four-bedroom home has an annexe accessed from the side of the house, with potential for improvement and conversion subject to the necessary permissions.
In the heart of the hamlet of Wardley, this five-bedroom period home offers countryside views and a stylish interior, with original features and open fireplaces.
Offering countryside views and landscaped gardens, this three-bedroom Grade II-listed lodge has a spacious conservatory and a large cellar that could serve as a workshop.
Set in approximately 1.5 acres, this four-bedroom home comes with a second, detached property that's currently used as an annexe.
In the hamlet of Newchurch, this former parish church is now a four-bedroom home complete with clock tower and eyrie.
Offering scenic views from a large balcony and sun terrace, this four-bedroom home has a wraparound garden and a heated swimming pool.
Offering views across the Humber and East Yorkshire Wolds from a glass panelled balcony, this four-bedroom barn-style home befits a life of leisure.
This four-bedroom home offers versatile accommodation with annexe potential; features include a hot tub, sauna and Norwegian BBQ hut.
Well-located for schools, colleges and the town centre, this contemporary thatched cottage offers flexible living space with six bedrooms.
Built in 1907, this four-bedroom Edwardian period home has been refurbished by the current owners, retaining many original period features.
Surrounded by landscaped gardens, this five-bedroom home offers living space across three floors.
This lovely country home in Burnham Market is currently run as a popular holiday cottage, with five en suite bedrooms and colourful gardens.
This three-bedroom 17th-century former village bakery is just a few miles from the East Sussex coast.
Set on a landscaped plot, this light and airy four-bedroom home comes with a log burner in the lounge, a fitted kitchen and an open-plan ground-floor layout.
Set sail for this four-bedroom farmhouse in Cowes. With five acres of land and an indoor pool, this home oozes character. There is even potential to let a one-bedroom annexe.
Built on a former chapel site, this impressive four-bedroom home boasts balconies, stunning views and contemporary modern living.
This three-bedroom house is situated in a quiet mews and set over three floors. Features include glazed staircases and high ceilings.
A period townhouse set over four floors, this five-bedroom home was built in the 18th Century and retains many original features.
With five bedrooms, this spacious home offers beautiful gardens and modern interiors - set within the popular market town of Bingley.
A few miles from the seaside at Perranporth, this four-bedroom farmhouse sits amongst nine acres of idyllic grounds - including a lake and two barns used as holiday lets.
In the pretty market town of Bungay, this grade II-listed Mill House is arranged over four floors, offering four bedrooms and three reception areas.
This first-floor flat comes with two bedrooms, an impressive open-plan reception room and two lovely roof terraces.
This five-bedroom home comes with a range of outbuildings including a large barn which could be converted into a self-contained granny-flat or rental.
Moored at Taggs Island and reached via a pretty garden, this two-bedroom houseboat has a vaulted reception room and skylit garden studio - currently a beauty salon.
On the edge of the city, this six-bedroom home comes with an outdoor swimming pool and a large garage block that has annexe potential.
A contemporary house spread over three storeys, this three-bedroom detached home has large sliding doors that open out to the River Quaggy.
Moored in Chelsea's Cheyne Walk, this houseboat offers two double bedrooms and a teak deck that's ideal for al-fresco dining.
This former village bakery, dating back to the 17th century, is now a three-bedroom detached home just a few miles from the East Sussex coast.
On the picturesque Isle of Man, this four-bedroom character home has a ground-floor shop that's currently run as a newsagents and a flat that would make an ideal holiday let.
In a new collection of flats, this first-floor two-bedroom apartment offers ample entertaining space and a prime view of Furze Green from a private balcony.
This three-bedroom stone-built cottage currently trades as the village store with a restaurant in the annexe and family accommodation on the upper floors.
Previously two semi-detached properties, this five-bedroom home is spread over three floors with a large breakfast kitchen, orangery, office and gym on the second floor.
This five-bedroom home enjoys countryside views over the Blyth estuary to Southwold, offering flexible living space with a ground-floor annexe - ideal for use as a holiday let.
Close to the market town of Eye, this four-bedroom detached home offers a double-height living room which takes the place of the original, 19th-century, chapel nave.
Dating back to the 19th century, this four-bedroom home needs modernising. Spanning three storeys, the red-brick house has a fireplace, a small terrace and a cellar.
Just outside of Cambridge, this single-storey home offers three double bedrooms, a living room with vaulted timber ceiling and ladder steps that lead to a mezzanine study area.
This six-bedroom Georgian home is on three floors with open fireplaces, a two oven Aga, an annexe, and cottage gardens with outbuildings and a car barn.
A former coach house, Glebe Farm Stable is now a three-bedroom cottage with a double car barn, an attached office, kennels and an outbuilding that's currently used as a gym.
Located beside an impressive Victorian viaduct, this four-bedroom home has an open-plan living area that is glazed on two sides, with skylights and high ceilings.
A former furniture workshop, this three-bedroom home has high ceilings and painted brick walls, in a village setting only fifteen miles from the coast.
This five-bedroom stone townhouse features a pine staircase and an Inglenuk fireplace, double doors from the lounge give access to an enclosed courtyard.
This five-bedroom, detached home blends traditional and modern design; the sleek kitchen features a gas hob and oven set within an exposed chimney breast.
Capitalise on the fabulous views of Trevone Bay by taking two homes and creating one spacious boutique B&B. Just a cliff-top walk from Padstow.
Surrounded by woodland, this five-bedroom manor house has plenty of outdoor storage space in the form of three converted loose boxes, two smaller outhouses and a woodstore.
This six-bedroom home is set amongst three acres of grounds. Currently a large family home, Clift Hill has potential to make a B&B or countryside retreat, subject to change of use permissions.
This Grade II-listed three-bedroom home is situated on a private road, just a short walk from the sandy beaches of Frinton-on-Sea.
Less than five miles from Malmesbury, this four-bedroom cottage comes with equestrian facilities and gardens that extend to approximately three acres.
Spanning three storeys, this late-Victorian five-bedroom farmhouse is a spacious family home with a modern interior and B&B potential.
With an original church arch, this triplex one-bedroom church conversion has a light, spacious, feel and comes with a secure off-street parking space.