More fund administration jobs, but expect a pay cut

The Irish financial services jobs market has exhibited few signs of recovery throughout the year. Although it looks better now than at the end of Q1 2009, new opportunities are still few and far between and jobseekers are warned they could face a pay cut should they secure a new position.

Summer, such as it was, has failed to thaw the recruitment freeze in most areas, but the coming months could offer more hope.

Premier Group's Irish employment monitor (shown the chart below) demonstrates a negligible uptick in August, and job numbers are still 72% down year-on-year.

But Brian Murphy, managing director of the firm, says: "There are several critical legislative changes on the horizon in September and October which could significantly affect the hiring market in Ireland, for example, the Lisbon referendum and the proposed NAMA legislation."

Within the financial sector, Andrea Clarkson, manager of Premier's financial services business, says there's been a "noticeable improvement" in the volumes of jobs available in the funds industry, and more junior and mid-level hires are coming on to the market.

But, should you be lucky enough to land one of these new posts, you're likely to face a pay cut.

Clarkson says: "It's important that candidates are realistic about their salary expectations. In the current market, employers are unlikely to offer above average salaries so the focus should be on the role and the long-term opportunity."

The Q3 sentiment survey by the Irish Business and Employers Confederation (IBEC) revealed that 59% of firms have put pay freezes in place this year.

Source: Premier Group