Future-Proofing Your Career: In-Demand Skills & Salary Trends in the Irish Financial Sector

5 Mins

The financial services sector in Ireland has seen a mixed picture in 2023. While overall emp...

The financial services sector in Ireland has seen a mixed picture in 2023. While overall employment growth had slowed compared to 2022, there have been pockets of strong demand for certain skills and roles.​Key TrendsSkills Shortage: There is a shortage of skilled talent across the market, particularly at the supervisor, assistant manager, and manager levels. This has led to companies moving quickly to secure top talent and has increased the prevalence of counteroffers.Central Bank Guidelines: The Central Bank's new guidelines have increased demand for candidates with experience in compliance and risk. There is a particular demand for candidates at a more senior level in PCF-approved positions.Sought-After Talent: The most sought-after talent in 2023 has been in the following areas:Private equityDepositaryCompliance & riskPension administratorsFinancial advisorsSustainability/ESGInsurance Market Growth: The insurance market has continued to grow in 2023, with a number of institutions setting up new functions or growing existing ones in Ireland. This has led to a high demand for candidates in areas such as claims, commercial account executives, underwriting, and loss adjusting.Legal Market Strength: The legal industry remains strong, with a demand for skilled legal professionals across a range of sectors. The most in-demand legal roles include legal counsel, corporate lawyers, company secretaries, funds lawyers, and DPOs.​Salary TrendsIncreasing Salaries: The increase in demand for candidates and the shortage of skills have led to rising salaries across the financial services sector. Counteroffers are also becoming more common as companies compete to retain their staff.Faster Hiring Processes: The time it takes to hire a qualified candidate has shortened as candidates have more opportunities available to them. Companies that can move quickly through the hiring process are more likely to secure top talent.Shift Back to In-Person Interviews: There has been a shift back to in-person interviews, which can provide a better candidate experience and increase buy-in from candidates.​Advice for JobseekersStay up-to-date on the latest skills and trends: The financial services sector is constantly evolving, so it is important for jobseekers to stay up-to-date on the latest skills and trends. This can be done by attending industry events, reading industry publications, and taking online courses.Network with people in the industry: Networking is essential for jobseekers in the financial services sector. Attend industry events, join professional organizations, and connect with people on LinkedIn.Be prepared to negotiate your salary: With the increase in demand for candidates, jobseekers are in a stronger position to negotiate their salaries. Be prepared to do your research and understand your worth in the market.