Million Dollar Run 2012

One of the things that the Cayman Islands should be known for (if it isn't already) is the almost ridiculous number of public holidays that we enjoy here. We get eleven bank holidays, no questions asked, but then last year we got a special extra day for the Royal Wedding, and this year we get a special extra day for the Queen's Diamond Jubilee AND another special extra day so that everyone can vote. Crazy! We love it. 

Anyway, every year on Easter Monday (a public holiday, of course), throngs of people come out to Seven Mile Beach to watch the Million Dollar Run (MDR): Basically, the biggest, fastest boats on the island racing each other.

Our friend MC (the same guy who hosts the Island Air Show) won the mid-sized boat category race last year,  so he of course entered the race again in 2012. Last year, MO was part of his "crew", and this year, RL and RG also got involved, complete with matching outfits and hats. Love it!

RL, MO, and RG wait for the race to begin.

I think the airline theme really worked! I mean, don't you think that if RL's accounting career goes bust, he could totally be a convincing pilot?

While the whole crew interviewed with the local news...

...I hung out with my fellow VIP.

Ahhh yes, it is so good to know "people". (Thanks MO!)

Having VIP passes meant having access to Royal Palm's upstairs porch area, which was key in the blazing heat.

RL checking out the playing field with RG.

And what an impressive playing field it was. Supposedly, the owner of one of the red boats below paid $100K just to get that boat to the island in time for the MDR (which doesn't include the boat's actual price tag). Now you can appreciate the name of this race.

I swear those red boats looked fast just sitting there!

The race took forever to start, but honestly, we had no place to be. So we chatted away with the crew.

I know I'm off-topic, but aren't these Melting Hearts sunglasses just amazing for reflections? With RG around, I always had an excuse to take another photo.

As the race began, Jerome of Cayman Island Helicopters maintained a bird's eye view. I'm sure photos from that vantage point would have been amazing!

Ultimately, MC took the lead in his category and never looked back. Soon enough, it was time for a victory lap, with the crew waving to the crowd.

Isn't this next photo hysterical? Some guy is just floating around, enjoying his day at the beach, practically getting run over by speed boats.  #problemsinparadise

During the large boat category race, we all crowded onto the front of MC's boat for a better view of the big boys. A huge thank you to MC for our prime time seats, and for entertaining us with your MDR efforts. Congrats on the win!

Although the super-nifty, Batman-worthy, red spacecraft monster shown above was specially ordered for the large boat event (and had only one competitor), technical difficulties prevented it from being raced. But this portion of the day was still my favorite, because being on a boat with friends, just enjoying the holiday together, is really the main thing I showed up for.

  photo credit: MO

RL, MC, and NS enjoy the post-race relaxation.

Shoot. Who doesn't love being on (someone else's) boat?

reader question: life after Cayman

In just a few weeks' time, some of our very best friends here in Grand Cayman will be moving again - some back to their home countries, and others launching into new adventures as expats elsewhere in the world. I'm sure there will be plenty of hugs and kisses and tears as they leave us, but this post is not to focus on the emotional wreck I could very well be as we say goodbye. Instead, I want to touch on the career outlook for accountants after moving on from Grand Cayman.

To do that, I first had to ask myself: Is there life after Cayman? Is it possible to move from paradise and find meaning again? I can only assume that for some, the answer is "Yes", and a reader recently emailed me a great question regarding what path an accounting career might take after a CPA spends time in Grand Cayman.

Reader query: "What do most members of Big4/Accounting firms tend to go work at after [their] usually 18-24 months stay at the Cayman when they go back to their respective countries? Based on your experience do most go back to become Managers back at [their] old firms etc or tend to go for some specific industry jobs? Generally [what] would you say are the key skills that you are gaining through your time at the Cayman Island?"

These are terrific questions, because I'd wager that most accountants that sign up for an initial two-year contract with a public accounting firm in Grand Cayman intend to make it just that: A two-year stint in public accounting in the Cayman Islands. For a CPA with a short-term experience in mind, these are questions that should be considered when deciding whether or not to make the initial move. So, after consulting with NS and a Senior Manager at my firm, here's my best attempt at answering these all-important career questions:

1. Where do CPAs work after their stay in Cayman?
All of the accounting firms on island (that I'm aware of) focus on the major professional industry here in the Cayman Islands, which is Financial Services ("FS"). For the most part, the firms hire audit seniors to work in one or more of three primary sub-industries within the FS field: Hedge funds, captive insurance, and (to a lesser degree) banking. While I contend that auditing is auditing wherever you are, there are nuances to these sub-industries that are very important to the success of the audits, and it is in learning these nuances that seniors with no former FS experience begin to become experts in the FS arena.  After a couple years (or more) of auditing hedge funds or captives, and that same audit senior can be quite employable in other jurisdictions that are FS havens.  If the auditor leaving Cayman wishes to abandon public accounting, a common job opportunity might be working for a fund administrator in one of many locations throughout the world. This industry job involves much of the "back office" accounting - producing regular NAV calculations for hedge funds, managing compliance and regulatory requirements for fund clients, and handling hedge fund financial reporting. A parallel job in the captive insurance industry is working for an insurance manager, which involves the regular accounting and reporting functions, as well facilitating new policies between the captive and the parent company. Both fund administration and insurance manager positions can be found in Grand Cayman, so it's not even necessary to leave the island if a break from public is all you're looking for.

2. Do most auditors become managers back at their old firms?
The answer to this question would change on a case-by-case basis, but I have definitely seen seniors move from Cayman back to their home countries and move right into manager positions. The question that firms might ask for these returning seniors is whether or not two years of FS experience is enough to warrant a management position. I maintain that the jump from senior to manager involves a whole lot more than just technical ability, as the required skill set should include leadership qualities, ongoing mentoring, superior client service and interaction, and an eye for additional business opportunities. That being said, auditing is quite a technical field, so time-in-service has a role to play in developing the ability to manage seniors and juniors on a technical audit engagement. So I've basically danced my way around the question of whether or not auditors become managers in order to say: It depends. I will say that there is merit to the idea of leveraging the FS experience gained in Cayman when applying for one's next job; however, an auditor can also successfully return to a non-FS audit role in a home country audit firm.

3. What are the key skills you are gaining in Cayman?
Firstly, I've been exposed to two broad accounting and auditing standards for the first time in my career. Whereas my experiences in the States involved only U.S. GAAP audits using U.S. GAAS auditing standards, I've performed far more audits under IFRS using International Standards on Auditing than anything else here in Cayman. As a matter of comparison, NS is currently working in the fund referred reporting department of his firm, which means that a member firm somewhere else in the international network has performed the audit (under IFRS, U.S. GAAP, or some other local GAAP), and his department is in charge of reviewing those statements under the applicable accounting and auditing standards to determine if the statements appear to be in compliance before the Cayman office can sign the audit opinion.  Working in this department has exposed NS to extensive range of hedge fund strategies under a variety of accounting and auditing standards, which has really expanded the width and breadth of his FS knowledge. In addition to the technical skills gained in Cayman, we've had the opportunity to network with a number of service providers on the island, as most hedge funds are run by an investment manager (usually off-island), but often utilize Cayman-based independent directors, financial institutions, attorneys, and fund administrators. Liaising with these service providers during the course of the audit can be the most rewarding part of the engagement, as each set of professionals focuses on providing high quality service to the client as well as to each other. These relationships go far beyond the audit as well, as casual networking opportunities can be found while on the basketball court, at the rugby pitch, on the water... virtually everywhere on this island. As in most fields, it's all about who you know, and building a professional network is as important as honing technical skills.

I hope that these responses shed a bit more light on the experiences that can be gained by working in the Cayman Islands.  We certainly feel that our careers are benefiting by working here, and if you have a financial services career in mind, this may be just the place to start it.

Besides, how many places can you spend a work day doing this with your firm?

A large portion of the office enjoying a day at the beach and on a boat, with a stop at Stingray City.

Please send your reader questions to us at offshorecpablog[at]gmail[dot]com. We'd love to help!

Eurotrip 2011: Berlin.2

We enjoyed spending time in Berlin during the tail end of a Eurotrip last September. But we went to lots of other cool places before that; better catch up (here)!

On Day 2 in Berlin, we decided to take an official break from touring and just do something casual yet entertaining by visiting the Berlin Zoo (or "Zoo Berlin"). Along with the fact that this German zoo is said to be one of the best in Europe, NS is an unashamed animal lover, and zoos bring back fond childhood memories for me, so both of us were looking forward to a day with the animal kingdom.

To start, here are some Berlin Zoo fun facts:

• The zoo is located in the "Tiergarten" in West Berlin and is the larger of two Berlin zoos 
• It was founded in 1844, and is one of the most visited zoos in the world
• The exhibits, designed to recreate the animals' natural habitats, include over 1,500 species of animals across 84 pristine acres
• Nearly all the displays are written in German, so I don't have any animal fun facts to share with you! (I'm not a big sign reader anyway. I'm too busy with the camera to bother with the kingdom-phylum-class-order-family-genus-species stuff. By the way: Dad, if you're reading, I wrote that last sentence from memory, thanks solely you. Best science teacher I ever had.)

And now: The Berlin Zoo and I present Show-And-Tell:

I really liked this house-turned-bird house near the zoo's entrance.
[FYI, I'm not barefoot; I'm wearing flip flops, which is probably no better.
At this point in the trip, any confining shoe was my arch nemesis.]

I'll start out with my favorites: Giraffes and elephants. Riding them always seems appealing to me.

Giraffes: Making clumsy look stately.

Just look at those eyes! As kind as a puppy dog!

I guess I'm just entertained by large animals. But what amounts of food it must take to keep them well-nourished!

NS, on the other hand, is wildly entertained by monkeys.

He's convinced himself that we need one. Personally, I'd rather own an elephant.

Okay, I'll admit that this baby orangutan is kind of cute.

The penguins also ranked high up on my list. They really are as endearing as Disney movies make them out to be. Honestly, if you have to waddle, be a penguin and look smart about it.

Other birds did not interest me as much, but the "natural habitat" they lived in was pretty. We found the majority of the animal enclosures to be clean, well-designed, and relatively "natural".

As we were walking across a bridge, we came across this long-legged, long-billed exotic bird. Don't ask me what it was; the German sign meant nothing to me. NS took the camera and wanted me to inch as close as possible, which was a completely unappealing idea to me.

I may be smiling now, but I'm seconds always from that bird snapping at me. I moved along.

Away from the birds, I was once again entertained by the large animals. This time, it was the lion habitat that kept my camera busy.

I like how this lioness just blends right into her sunny throne of rock.

What's funny about most animals is that they really do have no shame in going about their daily lives right out in the open. It doesn't matter if I'm standing there with a telephoto lens, snapping away; when the big guy needs some cuddle time, it's going down in front of a crowd.

To be fair, I think she gave him the cold shoulder. His approach was a bit too brazen.
There were a pair of hyenas, on the other hand, who were quite the exhibitionists. 
The photos have been withheld.

I'm not entirely sure what's going on in this next shot. I'll vote for "Group Spooning-Sunning Session".

Finally, we did catch a glimpse of a polar bear, but as you may know, it wasn't Berlin's famous Knut - the polar bear who was raised in captivity by zookeepers after being rejected by his mother - since he collapsed and died a year ago. 

And to wrap the day up, my animal-lover pal couldn't help himself but enter the petting zoo section, purchase some food pellets, and commit a few random acts of kindness.

He shamed me into participating as well, probably with the words, "You say you never get into any pictures. Now go feed the goats!"

On the left: Someone knows how to jump the line and go right to the source!

After spending the better part of our morning at the zoo, we decided to leave, get some lunch, and prepare for our final Eurotrip bike tour - an afternoon/evening bike trip around the famous Berlin landmarks. My last post will include photos from the tour, as well as a visit to the The Holocaust Memorial.

The end is in sight!

Eurotrip 2011: Berlin.1

This Eurotrip just will. not. end. Or so it would seem. This is the last city on our three-week trip through several European cities! Read all about our other stops here.

The final train ride in this whirlwind adventure transported us from Prague to Berlin. We were awake long before the sun to catch the first train of the day (just to be consistent with the rest of our trip. I pity the fool that thinks vacations are for sleeping. I also pity myself for thinking this trip was a vacation.) I think I napped for most of the ride, until a Russian couple joined us in the train car as the day began to burst forth in all its sunshine-y glory. There was a bit of language barrier between the two couples, but we were all able to share a giggle when a little old non-English-speaking German conductor came around to check our tickets and collect our responses to a customer survey. Twice. The second time he chuckled to himself, realizing our foreign faces looked a bit familiar.

Not long after pulling into Berlin on a gorgeous Sunday morning, we took the suburban train to Alexanderplatz, where we were greeted by our next set of couchsurfing hosts. This surprised us, since we had been given door-to-door directions to their place, but due to a marathon event in Berlin which rendered local bus services inoperative that day, they'd opted to ride their bicycles from their home in Senefelderstrasse to pick us up at the train station. One look at our burdensome backpacks (mainly mine, since I couldn't even stand up straight to shake their hands), and they decided to grab a taxi for the girls.

After a quick tour of their flat and a chance to freshen up, we piled in the car for a road trip to take part in a traditional pumpkin festival approximately 40 miles away. What a change from all the cityscapes our trip had allowed us to take in, as the Autobahn directed us away from central Berlin and into the wooded suburbs.

Let me tell you: Being surrounded by the likes of all this autumnal produce made me feel closer to home than ever!

And by "home", I of course mean my Pennsylvania home, which has plenty of farmland and heavy Dutch- and German-influenced roots.

Huge bins of apples reminded me that in many places in the world, September is known as "Fall", not "Hurricane Season".

Blue skies absolutely melt away any stress or weariness from my mind and body. Just look at this brilliant backdrop!

Along with the traditional harvested items on display, the festival boasted an entire smorgasbord of German food.  I was all too pleased to sample.

Farm-fresh blueberries.
Remember: If you start with dessert, you'll always have room.
(Thanks for teaching me what's really important in life, Dad.)

 Although we would learn over the next few days that Berlin is quite the multi-cultural, multi-lingual city, being on a farm just 40 miles outside the city meant speaking in German while ordering our meal was not an option; it was a requirement.

Schnitzel.
Can't turn down a piece of fried meat!

Personally, I prefer to use as many local words as possible when traveling (as long as I don't end up murdering the language in the process.) NS would tend to agree with me, as long as he can stick with words like the one on this sign:

"Exit" just doesn't have the same impact as "Ausfahrt", now does it?

Away from the food stalls, we found even further evidence that Germany reminds one of the Pennsylvania countryside:

This deer might not be of the White-tailed variety, but I did recognize this German cousin.

 The family-friendly atmosphere was quite a nice, gradual way to be introduced to Germany.

Back in the city, M&S introduced us to their local Berlin lifestyle, where many residents use public transportation or bicycles to move about the city on a daily basis. One evening, our hosts prepared a delicious Thai dinner, right after the four of us walked to the small, local grocery store to buy fresh ingredients for our meal.

Of all the cities that we visited on our trip, NS would say that Berlin was the most "livable".  Overall, we left with the feeling that the city was alive with business, culture, green spaces, and young people. In my next two Berlin posts, I'll show you around the Berlin Zoo and take you on yet another Fat Tire bike tour, wrapping up this series with photos of the most moving monument I've ever encountered.

Hang in there with me! It's almost over!

Island Air Show 2012

A few weeks ago, we were fortunate enough to be on the guest list for the always-exciting Island Air Show, hosted by our friend MC in the Island Air hanger. Believe it or not, we don't get many chances to dress up on this island, and while I appreciate the casual vibe that rules 99% of the time, I won't turn down a red carpet experience.

The Island Air Show is all about bringing out the big toys: convertibles, speed boats, and of course, private airplanes. Although we weren't in the market to make a purchase, we were as eager as anyone to be posing near all the boy toys.

Seeing all these charter and personal planes reminds me of the days, nearly thirty years ago, when Dad flew a Piper Archer around in his spare time.  Seems like a lifetime away. Okay, it was a lifetime away for me. I just like to imagine my parents jetsetting around.

All the planes were opened up, ready for camera-laden visitors like us. 

Let's see if this one is a fit...

Look at this guy's face. See, you don't have to own to enjoy! (That's been our renters' mindset for the past nine years.)

You can speculate that the smile above relates purely to sitting in luxury aircraft, and you might be right. But I'd also suggest it had something to do with the rows and rows of cupcakes available to the guests.

What a thing of beauty. Baked goods on Grand Cayman often come from Frosted Robin, Cayman Cupcakes, or Treats - all delicious sources!

In between our sweet bites (of which there were several), we sampled small plates from The Wharf and Lobster Pot. Isn't it fun when all your food is so small that you feel (almost) no guilt over anything?!

This face refuses to feel guilt. Until....

Oh dear! More sweets! I found these while lingering around the table hosted by The Cabana. Their baked goods were as unique as their merchandise.

A cake with intricate Lilly Pulitzer-inspired frosting? Brilliant!

Although the event itself was hosted in an airplane hanger, the decorations, music, and food absolutely transformed the venue.

This area felt like a cool lounge.

Lovely centerpieces, with very large boats in the blurry background.

Try telling me I'm in a hanger. I'm actually in an art gallery!

We had a fabulous time at the party (although I did end the night in Cinderella fashion with a broken shoe. Another item for the U.S. shopping list.)

A huge thank-you to MC, owner of Island Air, for hosting another incredible event.

  photo credit: The Hub Facebook page / MO

NS, MC, RL, me