This year has been a tumultuous one for most people working in the financial services industry globally, but those employed in the Irish market are arguably more accustomed to the tough times. In fact, many suggest that 2011 was a vast improvement on the previous 18 months.

However, which sectors or jobs roles benefited from this resurgence and which remained in the doldrums? Here is our considered opinion.

2011 was a good year for:

1) Hedge fund accounting positions

After a brief period of retraction, this year has been one of resurgence for Ireland's funds industry. Last year, 500 new jobs were created in the sector, and a survey of international fund houses by the IFIA in May suggested that around 700 roles would be filled in the industry throughout 2011.

Central to this is the roles being created around hedge fund administration. Deutsche Bank unveiled plans to hire up to 100 people for its new European hedge fund administration operation in Dublin, HedgeServ has said that its created 300 new jobs in the Irish capital, while Apex Fund Services opened a second local office this year.

Whereas last year, it was the proliferation of new UCITS compliant funds that was spurring job creation, in 2011 the Alternative Investment Fund Managers Directive (AIFMD) was credited with driving new business.

2) Loan workout specialists

Another year, another notch up the desirability scale for those employed within Irish banks to help maximise the returns from toxic property loans.

Workout specialises have, of course, been in demand for some time now, but 2011 has really cemented their new-found status. Firstly, there's the difficulty faced by banks finding people to hire at a manager level, which resulted in AIB supposedly offer 30% pay rises to 20 people working at Anglo Irish Bank.

Then there's the fact that demand had picked up for this skill-set to such an extent that pay has generally increased by 20% over the last 12 months.

3) Transfer agents

The role of the transfer agent has been evolving this year, to the point where the function is now at the "front line" dealing with asset managers' clients. Ireland's funds companies have been aggressively hiring in this area throughout 2011, with larger players having to fend off competition for staff from new entrants and more boutique operations.

The result is that pay has generally increased, and some firms have been counter-offering their employees with pay rises of 10-15%.

And 2011 was a bad year for…:

1) Insurance

Throughout the (first) global financial crisis, insurance was oft cited as a beacon of hope in the Irish financial services recruitment market. There are still reasons for optimism: international insurers and reinsurers are still attracted to Ireland by its low-tax regime and Solvency II is ensuring a spike in demand, particularly for actuaries.

Generally, though, this year has been a difficult one for the Irish insurance industry. This is largely because of the decision by Aviva to cut 900 Irish jobs (from its headcount of 1,770) with a further 300 earmarked for possible outsourcing.

And, more recently, a number of Irish insurance firms – including Aviva, Irish Public Bodies Mutual Insurance and RSA Insurance Ireland – were put on negative watch by ratings agency Standard & Poor's because of concerns over the eurozone debt crisis.

2) Capital markets professionals

Those in AIB Capital Markets would have begun 2011 still smarting from the fact that the bank was forced to retract bonuses deferred from 2008. For most working in the domestic banks, it didn't get much better this year.

For a start, there was the revelation that instead of bonuses, it was merely over-time payment that was on the table. Generally, the new domestic focus of both Bank of Ireland and AIB means that the internationally-minded capital markets divisions have been less relevant.

AIB rebranded its capital markets division as Corporate & Institutional Banking as part of its shake-up unveiled in May, amid rumours of discontent within the division. BoI's capital markets arm remained the most profitable, yet more people had departed from this division than any from other by Q3.

Faced with an ongoing squeeze locally, many front office staff searched from more lucrative opportunities in the City of London earlier this year; a move which since looks ill-timed.

3) Morale at AIB

AIB first mooted the prospect of 2,000 job cuts in April. Obviously the move wasn't welcomed, but after months of terrible rumours about the depths of the cuts needed at the large Irish banks, it did, in theory, draw a line under matters.

Unfortunately, at the time of writing, it's still not clear when or where these cuts will actually take place. AIB staff, along with employees in other Irish banks, have been denied both pay rises and promotions for some time now. Add in the fact that the axe has been dangling precariously over AIB employees for eight months and you can understand why morale is at something of a low ebb.

Progress is being made – we're told that promotions have been given to those employees who have taken on extra responsibility and the appointment of David Duffy as its new chief executive after a prolonged search will speed things up.