One of the most enjoyable elements of my work has always been advising and assisting young Caymanian talent. From providing advice on the basics, like CV writing and interview preparation, to taking a more holistic view on career paths, qualifications and long-term growth opportunities, these interactions are always the most fulfilling of my day.
Cayman being Cayman, and given that I look after Financial Services Recruitment, oftentimes these conversations will focus around accounting and accounting designations, trust and trust qualifications and compliance and compliance certifications. A road that has traditionally been less traveled in Cayman, but that should certainly not be ignored by new graduates evaluating potential career paths, is the role of Company Secretary and the ICSA designation.
Last year, we saw almost all clients who operate this service-line looking for additional staff, we also saw other clients launch this service-line and hire their first employees in the space. The market for qualified Company Secretaries is and will continue to grow in Cayman and local talent will always be the pick of the crop.
SO, what exactly is a Company Secretary?
Well, in Cayman terms, 9 times out of 10 a Company Secretary will be the employee of a Fiduciary Services firm providing outsourced Board Support services.
Reason being; Investors look to ensure that the companies they are invested in have a proper governance framework. An essential part of good corporate governance is the regular holding of formal board meetings and documenting the decisions made at those meetings.
The Company Secretary provides that governance support to the directors of a company. These services typically include: preparation of meeting agendas, preparation and distribution of meeting packs, physical attendance at the board (or shareholder) meetings, preparation of relevant minutes, maintenance of minutes and records and other miscellaneous secretarial services.
The qualification required for Company Secretary roles is the ICSA designation. There are 8 ICSA Exams (exemptions may be available dependent on undergraduate and post-graduate qualifications etc). Each exam is 3 hours and 15 minutes . Recommended study hours per exam are 150. Qualified Company Secretaries can expect to earn USD$70k+. Those in Team/Department Manager roles can expect to earn USD$100-130k+.
More information on the role of the Company Secretary and the road to Qualification available here; https://www.icsa.org.uk/
If you are a qualified Company Secretary with experience in funds, please get in touch.