Still Opportunities in Finance Jobs

Salaries frozen, bonuses slashed, a whole industry in turmoil. But banking, and the wider world of financial services, is still one of the most attractive careers for graduates. writes Dave Boland
F inancial services provide employment for about 150,000 people in Ireland, with about 11,000 working in Dublin's IFSC alone. The establishment of the IFSC in the late 1980s, and Dublin's rebirth as an international hub for back-end financial service work, transformed the entirety of the labour market, offering high-paid opportunities to highly skilled graduates who would have had to emigrate in the past to achieve the sorts of levels of employment that were now available. And, thanks to the Dublin's pre-eminence in the sector, financial services are still creating jobs in spite of the tribulations currently being experienced throughout the industry.




"The roles are definitely still there," said Lisa Maher, recruitment consultant for banking and financial services at Sigmar Recruitment. "There are still companies acquiring talent, and still companies that are growing, especially in the funds industry. So I would say that the whole sector is still strong in terms of recruitment."




What is certainly true is that the merry-go-round has slowed, and people are more reluctant to move these days than they would have been maybe a year ago. But the industry is expected to find its feet again within 12 to 18 months, and with a steady stream of new entrants to the market, there are still ample opportunities for graduates, even relatively inexperienced ones, with the right qualifications and qualities.




The greatest number of openings in financial services is in the funds arena, with roles in fund accountancy, shareholder services, fund administration and trustee services. Entry level roles, which had been advertised extensively until a short time ago, have largely dried up – but mid-level to senior level roles are still relatively plentiful.




For somebody who has already started their career in funds, this is good news. They may have entered the industry on a modest enough salary (maybe €25,000 or €26,000), but a new job with just a year's experience could net them in the region of €30,000 or more.




But it's the extras that used to form such a significant part of a financial service professional's salary that are still somewhat up in the air. Bonuses, even in back office, support-type roles, used to be one of the key attractions of a job in the industry, but bonuses are rarely guaranteed, and tend to be related to the overall performance of the company. With the whole industry suffering, bonuses may be considerably down this year (unless there is a major pick-up in the next couple of months, which is unlikely).




But the industry is making up for the disappointing bonuses in other ways.




"Salaries are still strong," said Maher. "And benefits are still very strong. A lot of companies are upping their benefits packages, with mortgage subsidies or rental allowances being introduced to encourage people to work for them."




Not that properly qualified people should need many inducements to work in the industry. Even with the current tribulations, financial services should remain one of the most significant employers on the market for many years to come. And, with the industry experiencing a bit of a wobble at the moment, the only way is up, isn't it