Why Fund Services?
16 Sep 2016
The funds sector continues to be a rapidly growing industry within financial services. Currently over 35,500 people work in financial services sector in the IFSC with industry trends pointing to even more positive growth. Dublin has positioned itself as a global hub in the funds industry with many of the largest firms such as Bank of America Merrill Lynch, Citi, Credit Suisse, State Street and Blackrock operating within the capital. At Brightwater we’re seeing hiring and salary growth across all funds companies and the career development opportunities are higher than ever before.
You don’t necessarily have to be an accountant or have a degree relating to accountancy or finance to work in fund services, although it helps! Usually career progression begins at graduate or administrator level, followed by promotion to senior administration. Most people are typically promoted to a supervisor or assistant manager level and eventually move up to manager level and finally in some cases, vice president positions. Employees gain about 2 years’ experience at each lower/middle level position and a minimum of 5 years at a more senior level.
In terms of pay scales graduate and junior level salaries usually range from €22,000 to €28,000, however this grows year on year depending on experience. Mid-level salaries range from €40,000 to €70,000, depending on sector, length of service and the firm itself. Senior positions command salaries of over €100,000 plus bonus and benefits. Dublin based fund accountants tend to earn more than those based regionally.
It is not just the basic salaries that make fund accounting attractive, many firms have invested in employee retention plans with perks and benefits such as gym memberships, health insurance, dental insurance, medicals as well as emphasis on work life balance. Salaries also look set to increase with steady growth between 5% - 20% over the last number of years. Career progression too tends to be quite rapid in this sector for those who shine. It’s also an international career with many fund accountants easily able to move and gain experience overseas. However with the abundant opportunities that are available in Ireland right now, we are seeing many Irish people return home from overseas in order to develop their career in funds.
Current industry trends indicate that Dublin is maintaining its place as a global hub for fund services. Fund management value in Ireland has grown from €1.4 trillion to €1.9 trillion since 2010, and is expected to reach €2.6 trillion by 2020. This hugely positive development has also affected the funds job market in Ireland, with forecasts signalling an additional 1000 jobs by 2020. Further progress within the sector is expected as a result of Brexit, with many international firms based in London considering a move to Dublin. Ireland’s English speaking workforce, legal and tax system and most importantly membership of the EU have made it an attractive place for many firms to base their international operations.
Brightwater’s Fund Services division has a variety of fund services positions at a number of levels. To discuss these roles or to discuss your employment options within fund services please contact:
Eimear Walsh [email protected]