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http://online.wsj.com/article/SB122392295898129415.htmlMore Americans Vault Overseas to Search for Jobs
Asia, Europe attract financial pros as woes in the U.S. take a toll
By DANA MATTIOLI
The Wall Street meltdown has already left tens of thousands of American financial professionals unemployed, and thousands more may face the same fate. The crisis, a weak economy and increased competition for available jobs are sending some professionals running for the border.
Executive recruiters say more professionals, especially those in finance, have been inquiring about opportunities outside the U.S. in the past few months. Some undergraduate finance and M.B.A. students are refocusing their job searches from Wall Street to overseas. And it's not just the typical globetrotter -- the young and unattached -- looking for work outside the U.S. In a number of cases, people with families say they are willing to uproot the entire clan for the sake of job stability.
Recent surveys from executive-search firm Korn/Ferry International add to the idea. One found that 53% of 438 respondents believe the best job opportunities are in developing economies such as Brazil, Russia, India and China. Another showed 20% of 718 respondents said they would be more likely to accept an overseas work assignment now, in an economic downturn, than in a stable economy.
Although non-U.S. markets are suffering as a result of the spreading credit crisis, the financial job market elsewhere hasn't been damaged as severely as it has been in New York and other U.S. financial hubs. American employers cut 159,000 jobs in September alone, and that figure doesn't take into account the newest wave of job losses on Wall Street.
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