Careers rarely develop the way we plan them. Our career path often takes many twists and turns, with particular events, choices and people influencing our direction.

We asked Alan O'Neill from Bord Iascaigh Mhara to give some advice for people considering this job:

Alan O'Neill

Fisherman

Bord Iascaigh Mhara

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Alan O'Neill
Some may think that you can go untrained into fishing. The best advice I would give people considering fishing as a profession is to get training. Fishing is an all encompassing career - when you need to go fishing, the rest of your life goes on hold unfortunately. It is very unpredictabe because you could be fishing non stop for three weeks and tied up for two.
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Enterprising people like situations that involve using resources for personal or corporate economic gain. Such people may have an opportunistic frame of mind, and like commerce, trade and making deals. Some are drawn to sales and marketing occupations. Many will eventually end up owning their own business, or managing a section in larger organisations. They tend to be very goal-oriented, and work best when focused on a target. Some have an entrepreneurial inclination.
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Business & Financial Occupations

Key points for selected business and financial occupations

  • In 2016, approximately 169,000 persons were employed in the selected business and financial occupations, representing 8.4% of Ireland’s workforce
  • Almost 60% of overall employment was concentrated in two sectors: financial, insurance and real estate activities (35%), and professional, scientific and technical activities (21%)
  • Administrative occupations (mostly bookkeepers, payroll managers and wages clerks; bank and post office clerks) accounted for almost one third of overall employment; an additional one third was at professional level (mostly accountants and tax experts), while one quarter was at associate professional level with the remainder at managerial level 
  • Between 2011 and 2016, the magnitude of change in the overall employment in business and financial occupations was similar to the national average (1.2% compared to 1.8% increase on average annually); however, strong growth rates were observed for other business associate professionals (9.9% on average annually) and management consultants, business analysts and project managers (9.8%); in contrast, negative growth rates were observed for financial administrative occupations (3.4% on average annually), brokers and insurance underwriters (2.6% on average annually) and financial accounting technicians (1.8% on average annually)
  • Between 2015 and 2016, overall employment reduced by 0.6% (a net 1,100 jobs); the largest employment increases were observed for financial accounts managers (24.9%); in contrast, the largest decline was observed for other business associate professionals (25.9%)
  • Over four fifths of persons employed in business and financial occupations were aged 25-54 years, with 13% employed aged 55 or older; actuaries, economists and statisticians had the highest share in the 55+ age cohort at 25% 
  • Almost 95% of those employed at professional level and approximately 80% at associate professional level and in management were third level graduates; the share was 56% for those employed in administrative occupations
  • Approximately three quarters of those employed in financial administrative occupations as well as HR and industrial officers and HR managers were female – the highest share of females among the selected occupations; those employed in the former two occupations had the highest propensity to work part-time
  • In quarter 4 2016, at 2.5%, the overall unemployment rate (15-74 year olds) for the selected occupations was below the national rate (6.7%).

Shortage Indicators

The future demand for business and financial skills is likely to be particularly affected by the impact of Brexit. On the one hand, numerous financial institutions are expanding their business or setting up in Ireland, including JP Morgan, Bank of America and Goldman Sachs, with IDA announcing in July 2017 that they have secured deals with more than a dozen London-based banks and finance houses to move some of their operations to Dublin in preparation for Brexit42. On the other hand, a report by the Department of Finance (2016) states that insurance/financial services are one of the three services sectors considered to be the most exposed in terms of exports to the UK. As such, the overall impact on skills requirements in the financial sector is yet unclear.

Employment growth for the selected occupations in the most recent five-years was below the national average, although this is primarily due to a continued fall in the numbers employed in financial administrative occupations. There were a relatively high number of movements between employers in 2016, particularly for business analysts, accountants and financial administration. Vacancy notifications were also occurring frequently in 2016, for roles such as financial project managers, compliance/regulatory reporting and financial analysts. Despite the lack of employment growth, there were over 22,000 recent job hires in 2016, half of which related to accountants and financial administrative occupations; three quarters of those recently hired held third level qualifications.

While demand for general accounting skills is in decline with many tasks now being automated, there are increasing requirements in specific areas of accountancy and for those with crossover skills such as corporate resource managers. In terms of financial administrative occupations, current indicators point to an easing of shortages with little sign of employment growth. Although some employers have reported difficulty in sourcing suitable candidates for these roles, turnover appears to be a greater issue. However, financial administrators with multilingual skills appear to be still in demand. The demand for HR officers also appears to be easing with very little evidence of growth in employment numbers despite a high volume of vacancy notifications, suggesting that most vacancies are arising due to replacement, such as maternity cover.

There were 814 new employment permits issued to non-EEA nationals for work in the selected financial occupations (primarily in roles as business analysts/project managers and accountants) in 2016. The supply of skills from the education and training system is significant: in 2016, there were almost 22,000 further and higher education graduates from business and administrative courses, of which more than 12,000 were at NFQ level 8 or above. In addition, there are a number of new apprenticeships including insurance practitioner, accounting technician and international financial services associate spanning levels 6-8 on the NFQ, with a further three financial-related apprenticeships in development. Approximately 1,400 persons previously employed in financial administrative occupations were job ready job seekers in April 2017; a further 1,900 financial professionals and technicians job seekers were on the Live Register, although only 670 held NFQ level 8 qualifications or higher.

Shortages have been identified in the following areas:

  • accounting: financial and management accountants with expertise in solvency, taxation, IFSR43 relevant skills and regulatory compliance; accountants for roles in industry with ERP system and reporting tools, as well as language skills; actuaries
  • business intelligence and risk analysis: financial systems analysts; entry level and experienced revenue managers (specific sectors, e.g. hospitality)
  • data analytics: experienced (5 years+) statisticians; economists and data scientists (big data, data visualisations and quantitative modelling)
  • FinTech: business and financial professionals with skills in specific software packages and experience (including international)
  • financial management/financial analysis: trustee managers; deposit managers; payroll managers
  • multilingual financial clerks: credit controllers; accounts payable/receivable; payroll specialists; fund accounting and transfer pricing specialists.

Labour Market Research 24

These links are to well established sources of information used to review, evaluate and predict changes in our labour market.

Vacancy Overview 2016 - EGFSN 
Detailed analysis of labour market indicators, vacancy trends and difficult to fill vacancies from the Expert Group on Future Skills Needs (May 2017)
Addressing the Demand for Skills in the Freight Transport, Distribution and Logistics Sector in Ireland 2015 2020 
February 2015 EGFSN report assessing the skills and competency requirements for the Freight Transport, Distribution and Logistics sector in Ireland up to 2020
Vacancy Overview 2014 - EFGSN 
The Vacancy Overview 2014 produced May 2015 by the Skills and Labour Market Research Unit in SOLAS on behalf of the EGFSN, draws on data from newly advertised job vacancies in the following sources: DSP Jobs Ireland and IrishJobs.ie. The analysis focuses
Monitoring Ireland's Skills Supply 
July 2015 report on those entering and leaving the Irish education system (primary, post-primary,further education and training, and higher education) spanning the ten levels of the National Framework of Qualifications (NFQ)
Regional Labour Markets Bulletin 2015 
Annual report produced by the EGFSN which identifies variations in skills supply and demand across 8 regions (Border, Dublin, Mid East, Mid-West, Midland, South East, South West and West).
Assessment of Future Skills Requirements in the Hospitality Sector in Ireland 2015-2020 
Report from the EGFSN assessing the skills demand within the Hospitality sector in Ireland to 2020 to ensure the right supply of skills to help drive domestic hospitality sector business and employment growth.
Vacancy Overview 2015 - EGFSN May 2016 
A report produced by the Skills and Labour Market Research Unit (SLMRU) in SOLAS for the Expert Group on Future Skills Needs contextualising 2015 vacancy data with what is occurring in the Irish labour market
Future Skills Needs of the Biopharma Industry in Ireland August 2016 
This report reviews the supply of, and demand for, skills within the Biopharma Industry in Ireland up to 2020, with a specific focus on Biologics manufacturing as a growing sub-sector within the industry. It is estimated that 8,400 potential job openings
Regional Labour Markets Bulletin October 2016 
A Report prepared by the Skills and Labour Market Research Unit in SOLAS.
Trends in Education and Training Outputs 
Monitoring Ireland's Skills Supply - A report by the Skills and Labour Market Research Unit (SLMRU) in SOLAS for the Expert Group on Future Skills Needs November 2016
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Current Labour Market Info 4

These sites provide news of current events that relate to our evolving labour market.

IBEC Quarterly Economic Trends 
Download publication in PDF format.
SCSI Employment Opportunities & Skills Requirements for Construction and Property Surveying 2014-18 
New report April 2014 from SCSI outlining the Employment Opportunities and Skills Requirements for Construction and Property Surveying projected from 2014-2018
Shortage of craft/entry level staff in the Hotel Sector 
Hotels and guesthouses are experiencing serious difficulties recruiting suitably qualified craft/entry level staff - IHF Annual Conference 24/2/14
National Skills Bulletin 2015 
The National Skills Bulletin 2015 provides an overview of the Irish labour market at occupational level, drawing on a variety of data sets, which have been systematically gathered in the National Skills Database (NSD) since 2003.


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