Dublin fund administration salaries stagnate

Thought your pay was rising? Think again.

Ireland's fund administrators can comfort themselves with the thought that they are still ahead of their counterparts in Glasgow and Edinburgh when it comes to salaries. But with pay levels static on last year, and the gap with Scotland rapidly closing, it's about the only good news they have.

According to a survey by recruitment firm Robert Walters, Dublin fund administration salaries remained rigidly immobile over the past 12 months as firms made the most of uncertainty borne of the credit crunch and the less secure jobs market.

Dublin fund administrators with five years' or more experience are now earning between €50k and €80k - precisely the same as last year.

Nor are things much better for Ireland's new starters. Fund admin professionals with one to two years' experience, who were commanding €27k last year, can now expect €28k.

With salaries flat, fund admin firms are instead sweetening the pill by promoting more benefits such as flexi-time and free fitness club membership.

"The focus for the past 12 to 14 months has been much more on benefit packages - things like providing flexible working, or social benefits such as subsidised or free gym membership, or access to further education," says James Hayes, manager banking and financial services at Robert Walters in Dublin.

"There has not been so much movement of fund administrators between institutions as 12 months ago. People are waiting to see what is happening," he adds.

Nevertheless, Dublin administrators can draw comfort from the fact their salaries still remain higher (just) than their counterparts across the water.

According to Robert Walters, an Irish fund accountant with two years' experience is likely to command a salary of around €33k, while his counterpart in Edinburgh will be on between €30k and €31k.

After five years, the gap is just as wide, with an Irish fund accountant on about between €52k and €55k, against €45k to €50k in Scotland.