The report outlined the importance of the financial services sector to Ireland’s economy as it accounts for 6.3pc of the nation’s GDP.
A new report published today (3 May) predicts that the financial services sector will need to recruit between 6,000 and 9,000 professionals by 2027 to meet growing industry demand.
The report, titled Skills for International Financial Services, was put together by the Expert Group on Future Skills Needs (EGFSN). The financial services sector has grown over the past 30 years to an estimated €30bn worth of exports, which is equivalent to 6.3pc of GDP.
Currently more than 53,000 people are employed in the sector, with the report indicating a potential skills gap of more than 4,000 people if the stronger growth scenario is realised.
Seven key sub-sectors were identified as the areas in which mass growth is expected. They were fintech and payments, asset management, investment funds and securities services, insurance and reinsurance, international banking, wholesale capital markets and aircraft leasing and finance.
A key recommendation of the report is the need to establish a skills framework for the sector. “This project should bring significant clarity to the detailed skills requirements across the sub-sectors as well as to the career development options available to the existing workforce and potential new entrants,” explained Tony Donohoe, chair of the EGFSN.
Commenting on the launch of the report, Minister for Enterprise, Trade and Employment Peter Burke, TD, said welcomed the report. “Implementing the recommendations in this report will help the sector maximise its potential over the next five years,” Burke said.
Minister of State for Financial Services, Credit Unions and Insurance Neale Richmond, TD, said the report will underpin the Government’s work on making certain that “the sector has the skills it needs to succeed”.
“We need to ensure that not only do we have enough skilled workers to meet the needs of the sector, but also that there are skills, qualifications, education and training programmes in place to ensure that we have a pipeline of talent that can allow the sector to thrive not only now, but into the future,” he said.
Patricia Callan, director of financial services Ireland, has welcomed the report, stating, “This is a significant concern for the industry and our members. It is vital that we address the factors influencing this in the short term, so that growth opportunities can be realised.
“Early talent coming from our third-level institutions will continue to be the foundation of the industry, and we particularly welcome the recommendation in the report which calls for the development of a world-class skills framework for the Irish financial services industry.”
Updated 18:04pm, 3 May 2024: This article was updated to add a quote from director of financial services Ireland, Patricia Callan.
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