Three qualifications that will help you get a financial services job in Ireland

Bank of Ireland, AIB, National Irish and Northern Bank may all be making redundancies, but that doesn't mean there's not hiring in Ireland's financial services industry. As Hays noted today, some areas of Irish financial services are hot, and hiring.

However, it's also worth noting that Ireland's financial services employers are also putting more stock by qualifications. The Central Bank issued its new Minimum Competency Code (MCC) in September 2011, laying down new professional expectations from Financial Services employees. Recruiters say this is affecting all sectors of the industry, and what employers are looking for from candidates.

If you want to improve your employability, this is what recruiters suggest you start studying for.

The Professional Diploma in Financial Advice (QFA)

Elaine Liston, from Hudson Recruitment says “The Qualified Financial Adviser (QFA) has always been a valuable qualification for financial services professionals in customer-facing roles, but the recently imposed professional standards from the Central Bank have led to more employers demanding the qualification”.

Liston is seeing “a high percentage of hiring for credit analysts and collections professionals, across all mid to senior level roles. For these positions clients that are seeking the QFA qualification will consider candidates who have completed at least the loans plus regulation exam and who are in progress towards completing the full QFA qualification”.

Mark Middleton, from Executive Connections Ltd, explains that “The Professional Diploma in Financial Advice is the recognised benchmark qualification for all those who work in the banking and insurance sectors, and is a Level 7 qualification on the National Framework of Qualifications”.

He adds that the QFA covers a wide range of subjects. It “meets the Minimum Competency Code (MCC), specified by the Central Bank, for advising on and selling five categories of retail financial products: Life Assurance, Pensions, Savings and Investment, Housing Loans, Home Reversion Agreements and Associated Insurances, Consumer Credit and Associated Insurances”.

The Professional Certificate and Professional Diploma in Compliance

“This is designed to be the benchmark qualification for Compliance Professionals in all sectors of the financial services industry inIreland”, says Middleton. “The Certificate and Diploma have also increased in demand due to the fact that they are designed to provide candidates with an understanding of a number of areas, as specified in the MCC”.

“The areas are”, continues Middleton “The theory and practice of regulation, The role and management of the compliance function, Fiduciary and ethical issues, The legal and regulatory environment (national and international), and Compliance practice and corporate governance. It also enhances your skills, judgement and ability to deal with practical issues in the management and practice of compliance in the financial services industry.

The ACCA and CIMA Professional Accountancy Qualifications

Hays said there's strong demand for newly qualified ACAs in Ireland's financial services sector. Liston said the ACCA and CIMA qualifications will also stand you in good stead if you want a finance job in Ireland's banks.