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Any new entrepreneurial venture or tech start-up knows that the quality of their financial analysts - their accountants and their CFOs - can make or break their business. Getting the hiring mix right is vital for companies, regardless of the development stage of their business. Many time-poor creative entrepreneurs aren’t necessarily experts in finance, bookkeeping or even venture capital - this is why it's so important to find talented finance and corporate analysts to help with these critical business functions.  Many enlightened North American startups are looking to Latin America to find the best finance talent to bolster their businesses. Finding the right financial wizards to help your firm meet regulatory requirements (including tax compliance), manage your books or raise equity to grow your business will help you more effectively compete in rapidly-changing markets.  In this article, we look at three case studies of successful hires of remote financial experts and affiliates from Latin American countries.  Case Study 1 -  Dry Line Partners LLC - Private equity analyst from Argentina Our first case study concerns Dry Line Partners LLC who engaged Near to help them find a private equity analyst from Argentina. Dry Line Partners is a small (relatively new) private equity firm based in San Antonio, Texas. Their business strategy focuses on B2B recurring revenue technology industries. The three partners at DLP have a great track record on M&A and public and private investment. By way of background, Dry Line recently celebrated the successful acquisition by Jungle Disk (one of its affiliated businesses), of three growing SaaS companies operating in the cybersecurity field, for an undisclosed amount. Dry Line worked with its other affiliate company Porthcawl Holdings LLC to complete this deal. Porthcawl Partner, Bret Piatt , is also a Partner and co-founder of Dry Line as well as being CEO of Jungle Disk. Both Dry Line and Porthcawl focus on investing in technology businesses.  Dry Line Co-Founder and Partner, Michael Girdley said that this deal will make Jungle Disk “the second-biggest private technology company in San Antonio”. Jungle Disk now serves over 25,000 customers globally with data centers in both the United States and Europe - all working to protect their customers’ data and privacy.  Success like this doesn’t come easily for smaller startups and entrepreneurs. Dry Line could see that they needed to grow their firm with high quality finance and entrepreneurial talent. So they used  Near to find the best candidate to add to their team.  Dry Line’s job posting on Near attracted a talented private equity analyst from Argentina - Piero Manzone - who is now the newest addition to their team. Piero attended the Universidad de Buenos Aires where he was awarded a Magister of Finance (graduating in 2020) and he worked for Capital Market Investment Advisory in Argentina for five years. This talented candidate also had a stint at Banco de Inversion y Comercio Exterior (BICE) for three years as a Senior Finance Officer and Senior Analyst. Before that, he worked for Deloitte in Argentina .  With Near you can expect to receive a pretty seamless, user-friendly hiring experience which is ideal for time-poor entrepreneurs seeking to grow their startups quickly. Case Study 2 - Finalis - Research Analyst from Argentina Another tech investment banking platform based in San Francisco, Finalis , used Near to find a Research Analyst. Finalis is a white-labeled broker-dealer platform who advises on mergers and acquisitions and provides support to businesses with tech-enabled compliance support and research and analytics. Finalis wanted to grow their research team quickly and they posted job ads on LinkedIn but found they were not attracting high quality applications for their Research Analyst job. They decided to give Near a try. Within a month of posting their job ad on Near , they had received over 43 applications with five candidates selected for initial screening. Only a month after advertising, they found and hired the best candidate for their team - a former Assistant Professor of Statistics from Argentina who had worked as a private equity research analyst at CRISIL. Case Study 3 - Dura Software hired a Corp Dev Associate from Brazil The hyperniche B2B software company, Dura Software , is both a c-corp accumulator and operates a small software business with a permanent hold model. During their expansion phase, Dura decided they needed a skilled Corp Dev Associate to add to their team. They approached Near, after failing to attract suitable candidates using traditional hiring funnels, such as LinkedIn. Dura was keen to get someone from Mexico initially and they wanted an accountant who also had sales operations experience with an analytical mindset. After talking with Near, Dura management decided to expand their candidate search to all of Latin America. By the time that Dura posted their Corp Dev job ad on Near , they attracted over 50 qualified applicants. Within two weeks of the job posting, Dura engaged an awesome candidate from Brazil. These case studies show just how simple it can be for American firms and startups to source talented candidates across Latin America. Near will do most of the vetting process on your behalf and their team of experts are on hand to answer any questions you may have during the hiring process. Know your candidate Before developing your job posting, you need to understand your candidate’s educational and work qualifications. There are many excellent MBA programs offered across a range of Latin American Universities. FindMBA identified the following ten schools to be among the best in Latin America: EGADE Business School Santa Fe, Tecnológico de Monterrey - Mexico City - which has been operating since 1995 and it was voted the second-best MBA program in Latin America by América Economía (annual tuition fees are USD$20,000 - considerably cheaper than any US equivalent) but likely to deliver a high quality education nonetheless. IPADE Business School - also located in Mexico City and it’s alumni includes Mexican media baron, Emilio Azcarraga and telecommunications magnate Carlos Slim (CEO of Telmex, América Móvil, and Grupo Carso). INCAE Business School , Campus Alajuela, Costa Rica and it has been dubbed “Harvard of the South” and it offers a two-year MBA program (in Costa Rica) and a more intensive 15-month program from Nicaragua. Universidad Austral - IAE Business School , Buenos Aires. This school’s 11-month MBA program costs a total of US$38,000 and offers one of the best alumni networks with some of its graduates now located across 25 countries. Universidad de Chile, Santiago - is one of the oldest business schools in Latin America and has been operating for 150 years. This school has educated Chilean presidents and other prominent politicians and industry leaders. The school offers a 12-month MBA program which costs around US$25,000. ESAN Escuela de Administración de Negocios para Graduados Lima, Peru - a private university which is an accredited school. It’s MBA program is a joint venture with Stanford’s Graduate School of Business 1963 and it has shown good results with its graduates obtaining employment on average within three months following graduation. CENTRUM Católica, Business School, Pontificia Universidad Católica del Perú , Lima, Peru - it was awarded triple accreditation by AMBA, EQUIS and AACSB (key business school accreditation bodies in Latin America). Universidad Adolfo Ibanez , Santiago, Chile - offering various MBA programs for both local as well as international students. It offers a Multinational MBA program partnering with other educational institutions in Barcelona, Silicon Valley and Mexico City. América Economía ranks it as the best business school in Latin America. FIA Business School, São Paulo , Brazil - is also ranked highly by América Economía and also accredited by AMBA. Their MBA program is taught in English. Fundação Getulio Vargas (FGV-EAESP) , São Paulo, Brazil - which focuses on excellence in research as well as offering MBA programs. It has strong partnerships with educational institutions and industry around the world.  Of course, attendance at schools different from those listed above, need not be grounds to exclude an otherwise excellent candidate. The list above is used to demonstrate the quality of MBA education available in different parts of Latin America. When hiring, consider the nuances around subject areas and skill sets to find that person who is the right fit for your business. Skills transferability If you are after a banking analyst or expert, you can find Latin American candidates who have years of experience working in any number of multinational banking corporations. You may also want to find potential talent from Latin American millennials who have experience working in any one of the world’s Big 4 Accounting firms such as Deloitte, PricewaterhouseCoopers (PwC), Ernst & Young (EY), and Klynveld Peat Marwick Goerdeler (KPMG).  The work experience that your potential candidates possess should be the equivalent of whatever you can expect to find from North American candidates working in similar business environments. You can easily find experts in corporate finance, auditing, software, B2B and SaaS experts from any number of Latin American countries who can work remotely for your businesses. Salaries The 2021 Mexico Salary Guide can give you an idea of what you would expect to pay for a finance expert from that country. The graph below shows what types of salaries finance professionals in Mexico can expect to earn (expressed in US dollars). Image source Image alt text: Salary range for finance experts in Mexico For more information about salary ranges across Latin American countries consider looking at data from the Inter-American Development Bank . Find your best finance experts at Near  Near is your one-stop shop to help you attract the best finance experts across Latin America. Our curated easy to use job platform will help you find the best pre-vetted candidates from all over Latin America for full-time remote roles. You should think of a successful hire as an investment in your company’s longer term success. Our team can help you navigate the hiring process seamlessly. If you haven’t successfully hired your candidate within 60 days of your job post, we promise to refund 100% of your job posting fee.  
 The four most compelling reasons American firms choose to source skilled staff remotely from Latin American companies are lower salary costs, minimal language barriers, cultural similarities and similar time zones. These factors combine to make sourcing from Latin American countries very appealing for North American companies. American firms and startups wanting to grow their companies quickly with experienced and talented staff can benefit from sourcing skilled candidates from Latin American locations - all prepared to work remotely. Latin America has lower labor costs compared with European countries and the United States. These lower labor costs however do not necessarily translate into a lower quality of worker. Quite the opposite in fact. The CEO and Founder of BairesDev & BDev Ventures, Nacho De Marco remarked that: “The United States and Europe are recognizing the talent of the software engineers in Latin America and acknowledging them as peers. I’ve already seen the start of a technological revolution across Buenos Aires, Santiago and Mexico City, and I have faith this will not only revitalize our industries and set a higher bar for our new generations, but also show the world what Latin America can do and what talent and hard work can achieve.” In this article, we will walk you through some of the basics to get you started nearshoring from Latin America. Which countries are part of Latin America? Latin America refers to a grouping of countries in the Americas where a romance language (which is derived from Latin) is spoken. This includes countries speaking Spanish, Portuguese, French or a creole version of any of these. Latin American countries therefore include Mexico, most of Central and South America and countries in the Caribbean - such as Cuba and the Dominican Republic. Puerto Rico - even though it is an American territory is also traditionally included.  Generally speaking, Latin America includes countries which were once part of the Americas colonized by the Spanish, Portuguese or the French.  For the purposes of this article we consider the following countries to be included as part of Latin America: Argentina Bolivia, Brazil Chile, Colombia, Costa Rica & Cuba Dominican Republic Ecuador & El Salvador French Guiana Guadeloupe & Guatemala Haiti & Honduras Martinique Mexico Nicaragua Panama, Paraguay, Peru & Puerto Rico Saint Barthelemy & Saint Martin Uruguay Venezuela When you choose to nearshore in a Latin American location you can be assured of a comparable infrastructure (particularly digitally), a convenient time zone and cost-effective pricing structures. You will also find awesome workers with a North American work ethic who are keen to jump onboard American entrepreneurial ventures. The youthful demographic in most of these countries also means you can tap into some of the best talent to help grow your business. Many of these countries also are relatively politically stable which makes succession planning and change management easier to balance. What kinds of salaries should I be expected to pay my remote Latin American staff? Companies seeking to nearshore from Latin American countries will first want to understand what the salary expectations of their remote staff will be. The following graph shows minimum monthly salaries paid to a range of different Latin American countries - with the values expressed in US dollars. Image source Image alt text: Minimum monthly wage in selected Latin American countries in 2021 in U.S. dollars) You can see from the graph above that hiring remote staff from Chile will cost more than say Brazil or Mexico. Chile is the Latin American country with the highest minimum monthly wage of this grouping of countries. Venezuela has one of the lowest wages and this may be linked to the ongoing economic woes of that country which suffered hyperinflation over the past few years. Despite this, your hiring decisions should never be based purely on the cost of hiring. Rather you should be focused on getting the best candidate for your business. Almost every Latin American country has minimum wage provisions in their constitutions and while these vary considerably - as an employer you should match or better those rates. In addition, while many US firms can pay lower than they would in the US job market, it’s considered good practice to offer candidates higher salaries than in the local Latin American markets to attract and retain talented staff longer term. Many employers advertising on Near are also offering salaries comparable to those found in the North American market ranging from $50K a year to more than $150K - which is significantly more than the monthly figures shown in the graph above.  If you want to understand more about how to effectively hire using Near - check out our short video explaining how to get started. At Near , we can help you find skilled professionals across the following categories: Software engineering Finance and accounting Sales and marketing Design Data Product and project management Account management; and Customer success Image source Image alt text: Skyline of Bogota, Colombia Hiring from Latin America means less of a language barrier Another compelling reason American companies decide to find talented remote workers in Latin American countries is because many of the available candidates already have a good working knowledge of English. Most young Latin Americans learn English at school and countries like Peru, Chile, Ecuador, Mexico and Brazil have all surpassed countries like China and India in English language proficiency. Also many American companies have staff fluent in Spanish because of the proximity to Mexico and the fact that Spanish is almost considered a second language in North America. Spanish is the most commonly spoken language in Latin America, closely followed by Portuguese (which has similarities to Spanish). Latin American countries (there are 26) are those where languages spoken are derived from Latin and most commonly include Spanish, French or Portuguese. Young millennials and skilled professionals in these countries will have intermediate to advanced English language skills as well. Over the past decade, dramatic educational improvements across Latin America have produced a generation of highly educated and tech-savvy professionals. The cultural similarities between North America and Latin America also make professional relationships much easier than dealing with remote workers in countries like China or India where the language and cultural barriers - not to mention the time zones - can complicate the working relationships. Making the most of time zones by nearshoring in Latin America American firms wanting to nearshore in Latin America can enjoy comparable time zones. What this means essentially is that if your DevOps software engineer needs to be contacted to fix a major bug in your system - you won’t be pestering your staff in the middle of the night to remedy the problem. In the US there are nine standard time zones across the 50 states which are defined by their relationship to Coordinated Universal Time (or UTC). This is the primary global time standard which replaces the old standard of Greenwich Mean Time (GMT). The nine standard time zones in the USA (measured from east to west) are: Atlantic Standard Time (AST) Eastern Standard Time (EST) Central Standard Time (CST) Mountain Standard Time (MST) Pacific Standard Time (PST) Alaskan Standard Time (AKST) Hawaiian-Aleutian Standard Time (HST) Samoan Standard Time (UTC-11) Chamorro Standard Time (UTC+10). Pictorially it looks like this: Image source Image alt text: US time zone map By comparison South America uses five standard time zones which are (from west to east): UTC - 5 (Brazil, Colombia, Ecuador and Peru) UTC - 4 UTC - 4.30 UTC - 3 UTC - 2 Large countries like Brazil use 4 time zones but most of Brazil follows Brasilia (Brazil’s capital) official time which is UTC-3.  The South America time zone map looks like this: Image source Image alt text: Time zone map for South American countries Of the Latin American countries, Mexico is in the closest proximity to the United States, and it has four time zones - one of which is the equivalent of US Eastern Standard Time (the state of Quintana Roo). Mexico’s four time zones are: Zone Sureste (Southeast Zone) - which covers the state of Quintana Roo (UTC-5.00) - same as US EST. Zona Centro (Central Zone) which captures the eastern three-fourths of Mexico (including Mexico City, Guadalaja and Monterrey) - and for most of the year is the same as US Central Time. Zona Pacifico (Pacific Zone) covering the states of Baja California Sur, Chihuahua, Nayarit, Sinaloa, and Sonora. And for most of the year, this matches U.S. Mountain Time. (Note that the state or Sonora like the US state of Arizona doesn’t observe Daylight Savings Time (DST)). Zona Noroeste (Northwest Zone) covering Baja California observes US Pacific Time (including daylight savings). So if you’re hiring from Mexico from most parts of the United States, you won’t be facing significant time zone differences. There are considerable advantages in doing business with your close neighbors - and sourcing from Latin American countries on your doorstep - means you can get work done where there are negligible time differences. This makes it easier to manage workflows and get quicker response times from your remote staff to hit those important deadlines. A June 2020 study (in Spanish) found that Latin American countries most likely to expand remote work were Brazil, Chile and Uruguay. Another study found that Latin American countries are well-prepared for remote work transitions - with data showing that a quarter of all jobs were being done remotely already. There are also skilled expats from the United States, United Kingdom and Europe choosing to live and work remotely in Latin American countries providing additional staffing resources for American employers seeking to nearshore in that region. Change the way you look at hiring Nearshoring from Latin America means you can bring new people into your organization who may have different perspectives but who share cultural values and a North American work ethic. Agile employers are changing the way they evaluate potential talent. Sourcing remotely closer to home can help firms create better business outcomes at lower costs while driving a better employee experience. Minimal language barriers and similar time zones help to deliver a more effective working relationship. Near is a curated job board for US companies hiring pre-vetted , English-speaking talent from Latin America for remote, US time zone, full-time jobs.  We can help you find the best staff for your business with salaries which are up to 70% less than it costs you to hire locally. We have more than 5,000 active candidates available to work immediately across various parts of Latin America. All our candidates are vetted. We allow US, Canadian and European companies to post jobs on Near. This ensures that all our candidates will be paid in US dollars providing great opportunities for young skilled professionals wanting to expand into overseas markets.  
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