The Qualified Financial Adviser (QFA) designation has always been a valuable piece or armoury for financial services professionals in customer-facing roles in Ireland, but recently imposed professional standards from the Central Bank have led to more employers demanding the qualification.

Last September, the Central Bank of Ireland issued its revised Minimum Competency Code for all people providing consumers with professional advice. This was originally conceived in 2007, but in the wake of the financial crisis, the regulator has really started clamping down and introduced new requirements for professional standards – along with its new Fitness and Probity standards – in December.

This means that people working in various roles within financial services have to prove they are competent enough to perform the job – usually by possessing relevant qualification – as well as providing evidence that they're undertaking continuing professional development.

The result, suggest recruiters, is that the QFA has suddenly become the must-have qualification for a number of different roles.

The QFA is a joint venture between the Insurance Institute of Ireland and the Institute of Bankers in Ireland, so the reality is that if you've got all six modules under your belt, you're qualified for a whole range of roles in pensions, investments and banking.

But for which roles, in the current climate, will possessing the QFA designation actively boost your employability? We've spoken to various recruitment professionals and come up with the top five.

1) Pensions administrator

The pensions market in Ireland can hardly be described as booming. The Pension Levy tax introduced in the middle of last year has so-far cost €457m, according to the Irish Association of Pension Funds, and life and pensions providers have seen enthusiasm for private sector pensions wane.

Nonetheless, one of the consequences of this has been an ongoing demand for pensions administrators to field queries on behalf of both employees and clients. Usually, for senior positions at least, 4-5 post-QFA qualification experience is required, suggests Paul Cotter, director of insurance-focused recruiters Cotter Personnel.

2) Mortgage and property arrears

It's a sad reality in the current economic climate that a large proportion of roles within banks are around chasing up property arrears from customers who are either struggling to pay, or at risk of defaulting.

These roles are currently voluminous, difficult to recruit for and – at around €25-40k – not amazingly well paid. The QFA is, however, usually required.

"These roles are still an advisory support to customers, and therefore candidates need to be 'qualified' to give financial advice in any capacity," says Aileen Kelly, senior consultant, financial services and banking at Careers Register.

3) Junior wealth management roles

Wealth managers are, of course, in the habit of offering financial advice, and therefore the QFA is generally something of a prerequisite. As we've mentioned previously, a number of wealth managers are hiring in Ireland again.

"The QFA is usually something most wealth managers would expect from their junior recruits," says Eimear Walsh, manager of the financial services division at recruiters Brightwater. "However, most go on to take their Chartered Financial Analyst (CFA) qualification as they progress through their career."

4) Financial Planning Advisor

In the current climate, people in Ireland are, of course, a little more cautious with their money and therefore the role of the financial planning advisor has had to evolve. Firms are recruiting people with a broad range of knowledge across investment, life insurance and pensions with more of a sales focus, and these roles need a full QFA qualification.

The biggest demand currently is for people with more than four years' experience, says Kelly.

"There is a stronger emphasis back on sales/financial advisor roles within the financial services industry," she says. "On one hand, the banks are recouping as much loss as possible and on the other they are targeting new business to drive them forward."

5) Anti-money laundering

Firstly, it should be pointed out that a QFA alone is not going to allow you to walk into an anti-money laundering (AML) role, but it certainly will help your application.

Banks across Europe have been focusing more on AML, and Ireland enacted new legislation last year to ensure its practices were in line with the EU Third AML Directive.

The result has been an increased focus on recruiting compliance staff in this area. As we said, the QFA is helpful, but most banks are hiring at the senior end, and asking for anything between 10-15 years' compliance or regulatory experience and a deep understanding of EU AML legislation.