Ireland’s Funds Sector Outlook a Bright Note Amid the Gloom

Despite the Irish banking sectors poor outlook, the banks are only part of the story when it comes to the country’s financial services sector. There will be many opportunities over the coming year for those wishing to pursue a career in financial services. There will be growth in many areas, but one area that is set to continue to thrive is the funds industry.

 

According to figures from the Irish funds industry the proportion of the world’s hedge funds domiciled in Ireland doubled to 7.4% by the end of the third quarter of 2010 from the end of 2009, firmly establishing Ireland as the European domicile of choice. For example, one of the world’s leading investment banks, Citibank, has announced recently they are creating 250 new roles in Dublin this year. Funds companies are drawn to Ireland because of the existence of a highly competitive marketplace for providing services and the fact that Ireland is the first international jurisdiction to provide regulation within the industry.

 

Gary Palmer Chief Executive Officer of the Irish Funds Industry Association, explained: “Being the first international jurisdiction to provide a regulated hedge fund product, together with the experience of the largest hedge fund administration centre and the facilitative legal framework to effect funds re-domiciling – Ireland’s excellence, innovation and international reach has been able to support the international industry develop its business.”

 

-Fionnuala Campbell, Sigmar Banking and Financial Services. For opportunities in the funds industry please email your CV to fcampbell@sigmar.ie

Getting a job in Financial Services

The Banking and Financial market has seen cautious but steady growth over the past 12 months which is set to continue. Compliance and Risk are the leading growth areas within the industry at the moment.  Candidates most sought after are graduates with further Compliance Training such as the Professional Diploma in Compliance with the Institute of Bankers.

In other good news, we have seen new business with International Funds companies being administered in Dublin which in turn is creating new opportunities for graduates and experienced candidates alike.  In these roles there has been an increase in shift work to take into account global transactions across different time zones however this has been balanced with shift allowances in wages.

 

WHO IS HIRING?

Top Banking and Financial Recruitment areas for 2011:

• Risk and Compliance
• Fund Services
• Collections and Arrears Management
• Project Management
• Credit Risk/Management
• Treasury Operations
• Product Development with Insurance, Asset Management and Treasury
• Bank and Middle Office

INCREASE YOUR JOB PROSPECTS

There is still very high competition for roles in Financial Services at the moment.  It is imperative when applying to roles that   candidates tailor their CV’s to the role and company they are applying to.  Formatting and content have never been more important.  There are lots of free CV examples/templates to be found on the internet so there is no excuse for badly structured CV’s at present.  Candidates are being rejected from Financial Services roles for not being prepared enough for interview.  The key areas we have identified are not having enough information on the company, not selling themselves, not knowing about the role, not being specific enough in interviews and not knowing the limitations of the role (overselling yourself).  It is important to ensure you partner with a market leader within the recruitment industry who can give you advice, interview information and industry knowledge specific to the company you are applying to help increase your chances of being successful.