While macroeconomic changes across Europe may have an impact on the job market for the years to come, there has been increasing requirements for ‘high demand’ skills in Ireland’s ‘International Financial Services’ (IFS) sector.
Since inception in 1987, Ireland’s IFS sector has shown continued growth and even despite a global (and local) downturn from 2009-12 the sector experienced 20% growth in Ireland. While the Government’s IFS2020 strategy of 10,000 new jobs was conceived in 2015, it didn’t encounter that Britain would exit the single European market.
2015 research listed the following trends in IFS as driving change and growth:
- Regulatory Changes
- Technology Advancements
- ‘Big Data’.
While Dublin has traditionally been known as a ‘back office’ location for the global giants in Investment Banking such as Citi, State Street, Deutsche Bank, BNY Mellon amongst others, the functions of existing and new banks have grown in recent years.
With Ireland’s ability to attract and retain exceptional technology talent, global banks appear to have taken note and asked the question ‘what else…’ when considering building out teams. Most notable to date has been Credit Suisse who announced last year of a significant number of new jobs in their Prime Brokerage team in Dublin.
Where will the talent come from?
Traditionally in Ireland, candidates who were keen to work in Front or Middle office roles were often enticed to the City and Canary Wharf in London often through attractive Graduate programmes. A walk through either location and there is no shortage of successful Irish graduates and many have achieved great success to lead significant organisations and divisions. While London is often a very attractive location in the Investment Banking sector for a candidate in their 20’s or 30’s, priorities often change when starting a family and we would receive frequent approaches from Bankers who have been in the City for ten years and enquiring about the local market and possibly returning home.
So while demand will remain high for Accounting, Legal, Regulation, Compliance, Digital (Software programming and Marketing), Data Analytics, Project Managers and Change Management, will the coming years see some of Ireland’s top graduates staying put? Only time will tell – immediate signs are that it may take a few years to evolve but that Ireland may well benefit from a wider range of Financial Services jobs.
Our view would be that this can only be a good thing – the primary reason why Google, Facebook, Apple, LinkedIn (and countless others) have grown their teams here at such a significant rate is the critical mass of talent that exists in their areas of growth. Ireland has proven itself as a suitable location for attracting a variety of functions across Sales/Marketing/Technology/Operations of some of the World’s greatest brands.
Will the Investment Banking sector be next?
For a confidential discussion about Financial jobs in Ireland, please speak to us at Engage People
Paul McClatchie, Director
+353 87 656 8710