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Sunday, 14th April 2024
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Credit/lending professionals are most difficult to find in tight Irish labour market Back  
Professionals with credit and lending experience are the most difficult candidates to recruit, according to financial services recruiters.

The boom in property development and growth in lending, low interest rates and demographics, are fueling this demand for credit professionals. Structured finance, corporate finance, venture capital and wealth management all show a continuing demand for high calibre candidates which far outstrips current supply.
The tight Irish labour market is causing firms to re-locate certain functions outside of the capital, and other cities and towns, such as Cork, Waterford and Galway are reaping the benefits of this. While it is now difficult to recruit for professionals in almost all sectors, some professions are more difficult than others.

Recruiters speaking to FINANCE magazine, say that credit/lending professionals are the most difficult to find. According to Letrecia Tippett, divisional director with Premier Recruitment, the boom in property development and growth in lending, which is being driven by immigrant population, low interest rates and demographics, are fueling the demand for credit professionals.

Nicola Flavin, manager of Accreate’s banking division, also points to strong demand in the areas of property lending, and adds that, ‘structured finance, corporate finance, venture capital and wealth management shows no signs of abating with demand for high calibre candidates far outstripping supply’.

With regards to the funds industry, Tippett says that the more senior the position, the more difficult to supply, particularly at hedge funds management level. Flavin adds that the lack of suitable candidates is ongoing, ‘unfortunately with very little sign of an improvement’.

The growth in compliance and corporate governance requirements in Ireland, driven by regulations at both EU and local level, such as Sarbanes-Oxley and the Companies Act, is leading to an increased demand for compliance professionals. However, those with three to four years experience are in short supply, says Tippett.

She cites lawyers as being in short supply also, as ‘increased investment in Ireland has led to a much higher demand in legal services across the board’. The most keenly felt areas are in funds and structured finance, says Tippett, where there is an extreme shortage of experienced lawyers she says. In other areas of practice it is equally difficult to source lawyers between three and six years PQE, she adds, in particular, corporate, commercial, commercial property and commercial lending.

Professions that aren’t suffering from a lack of suitable candidates include FX traders, as, according to Tippett, ‘this area of banking is sought after by a number of banking professionals’.

Premier currently has around 350 job openings in the banking sector, says Tippett, which incorporates credit and funds. This is considerably up on previous years she says, adding that post September 11th, the jobs market was much quieter.

The growth in demand is leading to a corresponding increase in salaries, and firms are advertising for Irish based jobs all over the world. In Premier’s case they use their UK and Australia offices to source candidates. The tight labour market is also leading to fussier candidates, and they are now more informed about their choices.

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