Sky-high salaries for aviation financing jobs

Aviation financing is clearly an area to earn (ahem) sky-high salaries. Over 1,000 people working in the industry in Ireland now take home an average of €110k. And recruitment is tipped to continue.

A survey of the industry carried out by KPMG, on behalf of the Federation of Aerospace Enterprises of Ireland (FAEI), shows some impressive figures. The aviation leasing firms in Ireland manage €83bn in assets - or 3,400 aircraft - and over 60% of employees earn over €100k.

Last year was a bumper one for recruitment in the industry with key players like Volito Aviation and Genesis Lease Limited upping their teams. Respondents to the survey tipped recruitment to rise by 45% over the next three years - as long as corporation tax remains low.

James Cottle, chairman of the FAEI and managing director of Airbus Financial Services in Ireland, says: "There are now over 30 companies creating high value jobs and pointing the way to Ireland's future in traded services."

But Estelle Davis, senior consultant financial services at recruiters Brightwater, says the massive recruitment levels of 2007 have slowed this year.

"There was huge growth last year, with two or three main players bumping up their teams very aggressively. It's still a growing area and they're still recruiting, but that sudden upsurge of 2007 has slowed down a bit."

Ireland's 12.5% corporation tax is a key attraction to the aviation financing firms, and this is considered essential for future growth.

Damon D'Agostino, senior vice president of CIT Aerospace, says: "With other nations competing for a share of this industry, it is more important than ever for Ireland to retain its pro-business tax environment and bilateral treaties."