The report recommends that employers should go beyond traditional skill-building when training employees. Employers should focus on instilling qualities such as leadership development and cultural intelligence, while also integrating new technologies into the workplace and keeping pace with global business trends. Paramount to protecting business interests is understanding, staying well-informed about and complying with policy changes in the sector.

Garrett O’Rourke, training and development manager of Cork Chamber Skillnet, says that the beauty of the IFS sector is that it is constantly evolving. 

“There was a big demand for sustainability previously, and then diversity, equality and inclusion were big. There’s now a big demand for AI, and we are at the infancy stage. What we see now is that AI is a space for a lot of companies where they know they have to upskill to make sure employees know how to use it, but they're not sure where they need to upskill just yet,” he explains.

Cork has fast become a hub for the IFS sector due to the ready-made and available workforce graduating from University College Cork and Munster Technological University. 

Several bachelor’s degrees and master’s programmes are on offer from both universities, which are tailored to the meet the needs of IFS employers in Cork. Students can expect to study topics like tax planning, FinTech, international finance, risk management and financial economics. There are also upskilling and other financial services courses available through Skillnet Ireland and other external providers, while apprenticeships offer people an alternative path that prepares them to work in the sector.

O’Rourke says that the IFS sector is becoming increasingly competitive because of the high level of education in Ireland. “You see it more and more that a master’s degree is now almost the level everyone has when coming out of college and as a result people are constantly looking to upskill,” he explains.

“People might want to do a certificate in leadership, or they might do something like management development. Or they could focus on improving their soft skills like critical thinking, problem-solving, decision making, or their growth mindset.” 

People in Ireland now want more from their careers, and they want to make a contribution to the company hiring them.

 “Employees want to know more about the organisation of the company and training developments are becoming a lot more relevant and more topical in the interview stages,” O’Rourke says. “People want to know what their career path could look like, and whether there are any potential training and development initiatives, be it internally or with an external organisation, and if they could provide opportunities for themselves. Some people want to continuously evolve.  

“In UCC’s Commerce course alone, there are around 400 people. And they always want to make sure that they know what they will get into when they when they begin working.  

“Not only that, but Dublin is now the largest English-speaking city in the EU and Cork is the second biggest. One of the findings of our report was to increase employer proactivity towards employee upskill in Ireland to ensure we keep a competitive edge within Europe.” 

Cork Chamber’s Skillnet found that 90 percent of in the IFS sector in Cork prioritise internal training programmes to equip employees with the necessary skills to do their jobs. Some employers also collaborate with external organisations to provide training opportunities to employees.

“Internal programmes would have the culture and DNA of the organisation and would be more company specific,” O’Rourke explains, “But the external ones, they tend to be more market specific, or they might be sometimes more relevant to a particular sector. The external training providers tend to just bring a different, more rounded approach.” 

David O'Shea, senior associate at William Fry LLP, studied Law and European Studies at the University of Limerick. He graduated in 2006 and after spending several years abroad, he returned to Cork in Ireland with his family.

 With an interest in the intersection of investments and environmental sustainability, he completed an MSc in Environmental Technology at Imperial College London, along with diplomas in Investment Funds and ESG Investments.

Currently a senior associate solicitor in the Banking and Finance team at William Fry's Cork office, O’Shea says that one of the most exciting aspects of the IFS sector is the global exposure it offers and the career opportunities that go along with that. 

“Our Financial Services practice is a leader in the Irish market, offering top-tier legal, regulatory, and tax advice to both domestic and international financial institutions,” he tells the Irish Examiner.

“I specialise in advising funds, financial institutions, and corporate borrowers on debt transactions, both domestically and internationally. Working in this sector provides opportunities to collaborate with clients and colleagues from around the world. To add to that, the sector is known for its dynamic and fast-paced environment, which keeps it both challenging and rewarding.

 “Working in the IFS sector allows you to be part of significant financial transactions and projects. These can sometimes be across different time zones, requiring the management of international teams. The sector is known for its high pressure, which can be both exciting and exhausting. There's a buzz that comes from completing fast-paced, complex transactions,” he continues.

The IFS sector is ever-evolving, and O’Shea says that while the regulatory landscape can be demanding, it also keeps the work interesting. “The IFS sector is at the forefront of fintech and innovation, with new tools and solutions constantly being developed. For example, Revolut has become a household name, showcasing the sector's ability to transform everyday financial services.

“I have always been a strong advocate of continued learning and development. It helps you stay current in your field, adapt to new challenges, and remain curious and engaged. All-in-all, it makes your professional journey more dynamic and fulfilling,” he says.

O’Shea believes that it is important for people wishing to work in the IFS sector to adopt a global perspective and to network as much as possible. “Adopting a global perspective is crucial for anyone pursuing a career in IFS, and building relationships with professionals in the field is equally important,” he explains.

“If someone wants to pursue a career, they should attend industry events, join relevant associations, and connect with peers and mentors. For example, I am an active member of the Cork Financial Services Forum and currently the Chair of the Emerging Leaders Taskforce. This forum is a perfect example of a platform for networking, collaborating, and professional development. Given the fast-paced nature of the sector, it's also essential to be flexible and open to change, whether due to economic shifts or technological advancements.”