Dubai has been picked out as the number one destination of choice for financial services graduates in an annual survey undertaken by global financial advisory firm deVere.
Those polled, who are part of the company’s own graduate programme, were asked which location within deVere’s worldwide network of over 70 offices they would prefer to begin their career in international financial services.
In 2018, Dubai came top of the list, with 28% of graduates surveyed. Barcelona came second (22%); Hong Kong third (17%); in fourth place was New York (14%); and Cape Town came in fifth (8%).
The other 11% compromised of destinations such as Shanghai, Sydney, Geneva, Paris, Bangkok and Abu Dhabi, deVere said in a statement announcing the results.
Dubai regulatory changes
Impending regulatory rule changes, particularly those that relate to how financial advisers are enumerated and can receive commission within the Dubai and Middle East regions has seen a number of financial advisory firms re-evaluate their positions within the region, which, perhaps, makes the results surprising.
The survey results also highlight the potential difficulties that London might face attracting young talent after Brexit, as it did not even feature ion the top ten cities selected. Other more renowned traditional financial hubs like New York and Hong Kong were also lower down the list than usual.
The deVere statement added that amongst the cities that ranked in the poll’s top five, there are some shared traits, such as language. English is commonly spoken in all these locations. In addition, they are all stable both financially and politically, and there are a large amount of high-net-worth-individuals.
However, despite these similar characteristics, the top five cities differ greatly in regard to lifestyle, as well as the potential client expectations and the financial and regulatory environment.