A change is underway in Irish financial services recruitment. As of last month, the Central Bank of Ireland has begun implementing new fitness and probity regulations that will affect the way firms hire staff. The regulations won’t be fully implemented until December 2012, but with 11 months to go, it’s worth preparing for their arrival.

Under the new rules, qualifications are about to become to necessity, not a nice to have. From now on, "service providers" must be satisfied that candidates are qualified appropriately for regulated roles.

Up until a few months ago, “professional qualifications were seen as desirable,” says to Elaine Liston of Hudson Recruitment. Ever since the new regulations were announced they have become “essential”. Unfinished qualifications are unacceptable.

Not only is being qualified more important, there is now more “focus on the right qualification for the job” Elaine continues. You need to have “the right skill set level”

Employers will have greater expectations

Another change (although possibly one that’s been driven by market conditions as much as the new regulations) is recruiters are now “more results-driven” according to Eimear Walsh at Brightwater recruitment.

“Graduates' CV’s are being looked at more closely for consistent levels of achievement throughout their degree. Grades are more important, and only the higher achievers will be called for interview,” she says.

Equally, professional qualifications are becoming a more important part of juniors’ CV. Employers want to know that recent graduates have continued pushing themselves and studying post-graduation, says Walsh.

Which qualifications will you need?

Qualifications vary by profession. If you want to work in asset management, equity research, or even equity sales, you might want to take a CFA. If you want to work in asset accounting, you might want an ACCA or CIMA.

However, Elaine Liston cautions that there will inevitably be more changes in recruitment processes and, quite possibly, exam requirements, as the deadline for implementation of the regulations looms . “No one is sure quite what changes yet, as it isn’t clear, but recruitment is getting tighter”.

One thing is certain: financial services employees will have to choose what area they want to work in much more carefully. Kevin O’Doherty, of Compliance Ireland, points out that as a result of the regulation changes, “it will be harder to move jobs and switch areas. There will be less flexibility”. This is because employees qualifications (and to a certain extent experience) will no longer be portable.