| Majority of staff are graduates, but on-the-job training is also a way into industry |
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| While a degree is not essential to pursue a career in funds, the majority of people (83p.c.) working in the Irish industry do. The other route into the industry is to get on-the-job training at entry-level, says Deirdre Norris. |
As of January 2005, there were over 8,500 people employed in the international funds industry in Ireland, and this figure is expected to grow by a further 15 per cent by year end. Dublin/Ireland continues to be one of the fastest growing investment fund centres in the world, with the majority of those working in the funds industry graduates (over 83 per cent), with degrees in business, finance, commerce and economics.
However it is not essential to have a business/finance based degree to work in the industry as many employees receive training on the job and at entry level to bring them up to speed with core role requirements. The main job types in the industry include: fund accounting/fund administration, transfer agency, custody and trustee, client relationship management and other functions such financial control, compliance, risk management, human resources, marketing and IT.
One of the key challenges facing the industry is the continued supply of suitable employees and it is essential that the universities and colleges of Ireland are able to tailor courses and degrees relevant to industry needs. On that basis, the Dublin Funds Industry Association (DFIA) in conjunction with the Institute of Bankers, designed and developed two industry specific courses - the Certificate in Mutual Funds and the Diploma in Mutual Funds. Both courses are run annually and have attracted huge interest to date with almost xx amount having graduated.
To further supplement the industry’s training needs, the DFIA organise training courses twice a year in the spring and autumn. Training programmes range from introductory courses to investment funds and the fund industry, transfer agency, alternative investment funds, foreign exchange products and risk to compliance issues and fund administration and forward rate agreements and interest rate swaps. (Full details of the DFIA Autumn training schedule can be found on www.dfia.ie/events). |
Deirdre Norris is director of marketing and communications at the DFIA.
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| Article appeared in the September 2005 issue.
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