Banking & Finance Jobs In Thailand

[r4iz0r]

Hi guys,

Just wondering if it is possible for a recent Accounting graduate to find a job in the Thailand banking industry, what sort of salary would I be looking at etc?

Finishing degree in Bachelor of Commerce majoring in Accounting and Finance. Really would love to live in Thailand and work! Any tips would be extremely helpful and appreciated. I am aware that Accounting is a profession reserved for Thai nationals is this correct?

Edited July 21, 2009 by r4iz0r

[Soutpeel]

Hi guys,

Just wondering if it is possible for a recent Accounting graduate to find a job in the Thailand banking industry, what sort of salary would I be looking at etc?

Finishing degree in Bachelor of Commerce majoring in Accounting and Finance. Really would love to live in Thailand and work! Any tips would be extremely helpful and appreciated. I am aware that Accounting is a profession reserved for Thai nationals is this correct?

To answer your questions as asked:

1. Very little chance

2. Salary if you where exceptionally luckly - 30-50k/month

3. Professional accountants ie what I know as a CA - reserved for Thai nationals only

If you want to come and live here, best bet is to become an English teacher and build up your contacts that way, you may or may not be able to get a job later in accounts

[jbaldwin]

How good are your Thai lanuage skills. If not flunent very little chance of work.

Also, I beleive that Thai banks recruit relative few individuals with Bachelor degrees. Most graduate recruitment requires masters degrees.

The salary estimate provided by Soutpeel is way off. As a new graduate without relevent work experience you you be looking at a maximum of 15,000 baht/month.

If you want to work in banking in Thailand, think about trying to get a job with HSBC or Standard Chartered in your home country, learn Thai, and then try to get transferred on an expat package.

You are correct that accounting is a occupation restricted for Thai. However, all this means is that the individual that is authorised to sign an audit report is Thai. There are many accounting jobs in Thailand that are not being carried out but accountants.

As an example of likely salaries. I am the Chairman of a Condo in Pattaya. We recruited someone with a Master degree in Accounting, two years accounting experience plus additional experience teaching accounting. We paid her 15,000 baht per month.

[CWMcMurray]

As an example of likely salaries. I am the Chairman of a Condo in Pattaya. We recruited someone with a Master degree in Accounting, two years accounting experience plus additional experience teaching accounting. We paid her 15,000 baht per month.

How long has she been with the company? Is she still working with you? (saw "paid" and assumed that she has left)

Most of the under grads I went to school with here in Thailand (all Thais) made much closer to what Soutpeel advised (the low end number) than what you advised once they graduated (none had any previous experience).

Edited July 22, 2009 by CWMcMurray

[Soutpeel]

How good are your Thai lanuage skills. If not flunent very little chance of work.

Also, I beleive that Thai banks recruit relative few individuals with Bachelor degrees. Most graduate recruitment requires masters degrees.

The salary estimate provided by Soutpeel is way off. As a new graduate without relevent work experience you you be looking at a maximum of 15,000 baht/month.

If you want to work in banking in Thailand, think about trying to get a job with HSBC or Standard Chartered in your home country, learn Thai, and then try to get transferred on an expat package.

You are correct that accounting is a occupation restricted for Thai. However, all this means is that the individual that is authorised to sign an audit report is Thai. There are many accounting jobs in Thailand that are not being carried out but accountants.

As an example of likely salaries. I am the Chairman of a Condo in Pattaya. We recruited someone with a Master degree in Accounting, two years accounting experience plus additional experience teaching accounting. We paid her 15,000 baht per month.

Another delusional farang, been too long in Thailand who has lost the plot....

I suspect the purpose of this post was for the poster to get across he is a "Chairman of a Condo" to try an put across an air of credability and make it appear he knows what he is talking about...if you are a chairman...seeing as I own my own home..I am king of the Castle them...

The banking sector is in the toilet, and you are suggesting learning thai and getting a transfer on a expat package...LOL....OP....Agreed...Go and start in your own country with one of the majors, and work for them for 10-15 years and then ask for a transfer....your thai should be good by then..

[MrHammer]

30K does not seem like the norm from what I know. If you check most large job sites in Thailand, a junior position seems to be something like 15K for Bachelor. I guess a Master can make up to 25-30K.

Salaries in Thailand are ridicously low. I see farangs here trying to recruit other farangs with degrees for 40,000 Baht a month. Who would want to work for that? If you have any skill you can make that freelancing a few hours a day.

Edited July 22, 2009 by MrHammer

[r4iz0r]

Dont know I guess I'm just looking ways to go there I absolutely love the country.. I dont know any Thai but I would be willing to learn .. as for a company that transfers thats an idea too.. are there a lot of freelance expat accountants that cater for expats over there? As greedy as I might sound.. I would really prefer not to be under 60K a month while im over there.. Freelance web designing, programming would be good if I knew how to do that kind of stuff..

[MrHammer]

Dont know I guess I'm just looking ways to go there I absolutely love the country.. I dont know any Thai but I would be willing to learn .. as for a company that transfers thats an idea too.. are there a lot of freelance expat accountants that cater for expats over there? As greedy as I might sound.. I would really prefer not to be under 60K a month while im over there.. Freelance web designing, programming would be good if I knew how to do that kind of stuff..

Here's an idea:

You're an accountant. Specialise in setting up offshore accounts and companies for farangs. I know a guy in Thailand who does just that and he is making good money.

[sanmiguellight]

^^^^^^

And offer tax and accountancy advice for many people who work offshore there. Do invoicing tax returns etc... for them for a decent fee. It can all be done online.

Edited July 23, 2009 by sanmiguellight

[r4iz0r]

^^^^^^

And offer tax and accountancy advice for many people who work offshore there. Do invoicing tax returns etc... for them for a decent fee. It can all be done online.

I actually really like that idea especially since tax/business consulting is one of the main areas I'm interested in at the moment.. I was worried that I can not do any sort of accountancy while I'm there but if I can get around that by doing what jbaldwin suggested then it could actually work quite well on top of being a dream line of work for me. So far I am only familiar with Australian taxation laws but I'm definitely interested in learning some international taxation (something that the course I'm in does not teach) once I start my career.

[Soutpeel]

So far I am only familiar with Australian taxation laws but I'm definitely interested in learning some international taxation (something that the course I'm in does not teach) once I start my career.

Well there is your gap...there are new Aussie Tax laws in the offing applying to Aussie expats working overseas, find effiicent tax stuctures for them and you will make money as a lot work in the Oil and Gas business and are not short of a bob or two, and a lot of them I know are now considering becoming Non-resident in Aussie to get around the new laws

[r4iz0r]

So far I am only familiar with Australian taxation laws but I'm definitely interested in learning some international taxation (something that the course I'm in does not teach) once I start my career.

Well there is your gap...there are new Aussie Tax laws in the offing applying to Aussie expats working overseas, find effiicent tax stuctures for them and you will make money as a lot work in the Oil and Gas business and are not short of a bob or two, and a lot of them I know are now considering becoming Non-resident in Aussie to get around the new laws

Hmmm.. Serious? Who in their right mind would give up an Australian residency? Really not a good idea .. unless you hold US or EU or Swiss passport I dont think thats move worth making for tax avoidance..on the other hand they could technically get it back at anytime if they were born there but someone such as myself who immigrated there I might have some issues

Edited July 26, 2009 by r4iz0r

[heykki]

I guess you could expect something in the range of 20-30k as an accounting officer or assistant manager. You can earn more in Phuket than Bangkok. They might be hesitant to hire you without any experience, though.

Edited November 9, 2009 by heykki

[fletchsmile]

Very unlikely as a fresh grad you'd get a job in banking directly in Thailand. Banks are restricted in terms of work permits for foreigners - they get 3 automatically, and after that need to apply case by case. Realistically you have nothing to add/justify in terms of justifying a bank applying to Bank of Thailand compared to a Thai graduate - no special skills or expertise. This regulatory BoT approval is needed in addition to the WP loops. It's also not really in the bank's interest to push your application, as number of foreigners and work permits are tracked/ monitored - so it might sound harsh but you'd be a waste of a work permit, that could likely be better used for someone with a useful/special skillset. Thai salaries in banks for fresh grads are therefore irrelevant to you.

Although direct application in Thailand is unlikely, it might be possible via other routes. About a decade back I had a German friend here on an internship, sent by his home country - he was early/mid twenties. Also had a good German friend of similar age doing same thing in a non-bank. A management trainee or international graduate program could be possible and another option - outside Thailand much more likely route again though - as the Thailand IGs and trainees would likely be Thai.

For a company outside banking your chances are slightly higher in say finance or accounting, but still slim - possible though if you're given a title like business planning manager. About 5 years ago a non-bank I worked for as CFO employed recent Thai accounting grads around 20k. Again though difficult to see what you would add as a foreigner, and if anything could be less effective than a Thai. 25k-30k up word be a reasonable starting point now for a Thai accountant in a company with some foreign connections either staff or business. Forget anything mainly Thai focused that has no foreign staff already.

Banking incidentally generally pays higher salaries than general accounting Finance.

Best suggestions trying to be constructive would largely centre on non-dierct approaches:

- Bank/non-bank company back home then seconded after learning your trade

- Singapore direct - much more open as a country - useful "Asia for beginners" experience too . Much better too build a career and profession here than Thailand, particularly in finance and banking. Your age and experience makes much more sense, and as a country has a lot of young bright enthusiastic expats.

- Internships

- Management trainee/ international grad programmes either back home or in Singapore with foreign banks or foreign non-bank companies

- Big Global accounting firms such as PwC, Deloitte's, KPMG. Start in a good country and learn your trade. To be honest a BA in accounting or even MA is not worth that much and just the first rung on a ladder. A CPA/ACA shows you have some experience plus tailored qualification - these firms give great training as well as experience

Edited November 10, 2009 by fletchsmile

[Time Traveller]

So far I am only familiar with Australian taxation laws but I'm definitely interested in learning some international taxation (something that the course I'm in does not teach) once I start my career.

Well there is your gap...there are new Aussie Tax laws in the offing applying to Aussie expats working overseas, find effiicent tax stuctures for them and you will make money as a lot work in the Oil and Gas business and are not short of a bob or two, and a lot of them I know are now considering becoming Non-resident in Aussie to get around the new laws

Hmmm.. Serious? Who in their right mind would give up an Australian residency? Really not a good idea .. unless you hold US or EU or Swiss passport I dont think thats move worth making for tax avoidance..on the other hand they could technically get it back at anytime if they were born there but someone such as myself who immigrated there I might have some issues

He means Non-resident for tax purposes. Previously Aust. tax residents could work offshore (a certain number of days each year) and have that income treated as if they were non-tax residents. That loophole has changed now so that they must declare in their aussie tax return.. Meaning those same offshore workers might want to spend more than 180 days outside of that country in the tax year so that they are not treated as tax residents