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Future Jobs For Irish Youths

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While the future is uncertain, what is certain is that by 2025, Irish workers and enterprises will be operating in a completely changed economy. Technology continues to herald new ways of doing business and new economic opportunities. This will present us with challenges, but also new possibilities. Lots of job roles will disappear or be redefined and emerging job roles will require new and different skillsets.

In this blog we look at the sectors that hold the best chances for economic and job growth in the near future. Broadly the global economic performance and Ireland’s position are positive for the foreseeable future. With unemployment now at 4.8% and decreasing quarterly, all signals point towards continued, sustainable improvement.

 

ICT Sector

Ireland has become the global technology hub of choice when it comes to attracting the strategic business activities of ICT companies. This has earned Ireland the reputation for being the heart of ICT in Europe. The industry employs over 37,000 people and generates €35 billion in exports annually.

With Ireland being the second largest exporter of computer and IT services in the world. With a highly creative and talented workforce, an open economy and a competitive corporate tax environment, Ireland has successfully attracted eight of the top 10 global information technology companies to establish a significant presence here.

Some facts about the ICT sector:

  • Ireland is the second largest exporter of computer and IT services in the world.
  • Global leaders such as Intel, HP, IBM, Microsoft and Apple have long-established operations in Ireland.
  • They have been joined by newer leading-edge giants such as Google, Facebook, LinkedIn, Amazon, PayPal, eBay and Twitter.
  • Dublin is Europe's leading hub of innovative games companies with Big Fish, EA, Havok, DemonWare, PopCap, Zynga, Riot Games and Jolt all having a significant presence here.

 

Pharmaceutical and Biotechnology Industry

“Ireland is now operating in the same ballpark as major science-funding countries around the world” - Professor Mark Ferguson, SFI Director

Already one of Ireland’s best performing industries, the pharmaceutical and biotechnology industry is set to grow even further in the future.  With a growing and ageing population worldwide, the number and degree of health-related issues is continuously on the rise.  People will always need medical care ensuring a continued demand for research, development and production of new drugs.  There are now over 30,000 people employed in the industry. This trend looks set to continue into 2020 with major expansions of many of the big pharma players across the country. The IDA reports the biopharmaceutical industry has made a capital investment of approximately €10 billion in new facilities in Ireland, in the last 10 years. This represents one of the largest investments in new biotech facilities anywhere in the world.

 

As a result of the growth in pharmaceuticals, biotechnology and medical device industries in Ireland, it is very likely that a student about to graduate with a third level qualification in science will find interesting employment in one of the following areas; research, manufacturing, regulation or sales and marketing.

Some relevant facts about pharmaceutical and biotechnology sector:

  • No. 10 of the top 10 world's pharmaceutical companies
  • 7th largest exporter of medical and pharmaceutical products in the world in 2014
  • €39 billion in annual exports of pharma, bio and chemistry produce
  • 75 pharmaceutical companies operate in Ireland
  • 40 FDA approved pharma and biopharma plants

 

Financial Sector

The financial services jobs market for accountancy and finance professionals continued its upwards growth trend last year. Even without the added benefit of companies relocating to Ireland post Brexit, the confidence of both employer and employee alike has produced a healthy landscape with more opportunity for those who wish to change jobs.

There is no doubt Brexit has been a major contributor to the growth in the financial services jobs market. We have seen major international companies relocate operations to Dublin and others who already have a presence here have laid out plans to significantly increase their headcount.

This is all positive news for students studying in this area. Not only does this create opportunities that would not have existed without Brexit, it also increases churn in the market involving more established financial services companies in Ireland who subsequently end up with more vacancies themselves.

Particularly for accountants, regulatory reporting accountants and in funds if you specialised in fund accounting, risk & control, depository, compliance and AML you will find interesting and worthwhile employment when you graduate.

  • 42,000 people employed in the Financial Services Sector in Ireland
  • 4th Largest Exporter of Financial Services in EU
  • No. 1 location worldwide for Alternative Investment Funds
 
All stats referneced from Future Jobs Ireland2019 Goverenment Doc and IDA.ie