Do you need a degree to work in fund administration?

High turnover in the fund administration space might suggest it's not the most interesting sector for graduates to enter. Now, however, the sector is becoming increasingly open to taking on people without a university education.

Graduates still make up the bulk of the 10,500 people currently working in Ireland's funds industry, but that balance is shifting.

The Irish Funds Industry Association (IFIA) now runs a certificate and a diploma evening course in investment funds, which has an intake of around 400 annually. It covers areas like custody, funds and the legal aspect, and can equip school-leavers with all they need to enter fund administration.

Andrew Blair, chairman of the IFIA HR and training committee and director of HR for Bank of Ireland Fund Services, says: "There is no rule that says you have to have a degree. A number of our managers have actually worked through the system."

He adds that they have excellent people skills and are also very good technically in spite of lacking a university education.

Paul Cotter, director of recruiters Cotter Personnel, believes there's been a shift in mentality in the industry: fund admin houses are starting to realise that the restrictive nature of the job often makes it hard to hold on to top graduates.

"Seven or eight years ago, fund administration would have been seen as one of the best jobs available in Ireland and the majority of firms demanded a degree. The reality is that pure fund admin doesn't require a degree and the career path often fails to meet graduate expectations," he says.

Blair adds that an increasing number of graduates with mathematical or actuarial degrees are entering the fund servicing industry, in specialist areas such as derivatives or hedge funds.