In recent years, the accounting profession in Ireland has witnessed significant growth and transformation, driven by economic expansion, regulatory changes, and technological advancements.
Halfway into 2023, the demand for accountants in Ireland is projected to remain robust, offering numerous opportunities for professionals in this field. Areas range from recent newly qualified accountants to individuals with 4-5 years PQE. Furthermore, there is a rising demand for senior-level professionals, particularly in the aircraft leasing domain.
It is not surprising or unexpected that the aircraft leasing industry is currently witnessing a substantial recovery. But it has come as a surprise how quickly the demand for accountants has increased in this industry. There has been significant market consolidation during the previous 18 months to 2 years. However, organizations face a major shortage of accountants since they need highly skilled and knowledgeable professionals to help them with their integration programs and regular BAU operations.
Technical accountants have consistently been needed in all sections of the insurance industry. The majority of large businesses are reorganizing, and they are looking for accountants who are particularly skilled in IFRS 17 reporting. Those having Solvency II experience are at a distinct advantage because their knowledge can be somewhat transferred to IFRS 17 functions. The main idea is that organizations will be successful in putting the new standard criteria into practice.
There has been a continual need for qualified accountants in the asset and wealth management industry. Additionally, a lot of Dublin-based fund servicing businesses created a number of new mandates in Q1. As a result, the demand for qualified accountants in the private equity and private debt sectors has increased. For these industries right now, private equity reporting accountants are especially important. Private equity has seen a slight movement in funding away from traditional institutional investors, which has raised the demand for qualified accountants in this area.
Finally, the banking industry is stable. Several Irish banks have hired quickly in their risk and internal audit departments as a result of the Central Bank’s regulation mandating an increase in headcounts within corporate governance operations. Because there are so many unfilled positions at these institutions, there is a huge demand on the market for internal auditors at all levels. Due to the departure of KBC Bank later this year and Ulster Bank’s sale of its portfolio, the workload for other Irish banks will increase, creating a greater need for accountants.
Key areas of growth and the skills required to excel in this dynamic industry.
Financial Analysis and Planning
One of the primary areas where accountants will continue to be in high demand is financial analysis and planning. As businesses strive to make data-driven decisions, the ability to analyze financial information, conduct forecasting, and develop strategic financial plans will be crucial. Accountants skilled in interpreting complex financial data and providing actionable insights to support decision-making will be highly sought after by organizations across various sectors.
II. Risk Management
The ever-evolving business landscape in Ireland necessitates robust risk management practices. Accountants with expertise in risk assessment, internal controls, compliance, and cybersecurity will be in great demand. As regulatory requirements become more stringent, businesses will rely on accountants to ensure adherence to regulations and mitigate potential risks effectively. Professionals with a strong understanding of risk management frameworks and the ability to develop and implement risk management strategies will be highly valued.
III. Technology and Data Analytics
The integration of technology and data analytics into accounting practices is transforming the industry. In 2023, accountants who possess strong technological skills will be in high demand. Proficiency in financial software, data analysis tools, and emerging technologies such as artificial intelligence and blockchain will set professionals apart. Accountants who can leverage technology to automate processes, improve efficiency, and provide valuable insights from data will be highly sought after by employers.
IV. Taxation and Regulatory Compliance
Taxation is a complex area that continues to evolve, and Irish businesses require accountants with up-to-date knowledge and expertise in this field. Accountants who can navigate through intricate tax laws, provide strategic tax planning advice, and ensure compliance with regulatory frameworks will be in demand. Additionally, with the globalization of businesses, professionals who possess an understanding of international tax regulations will be particularly valuable.
V. Sustainability and ESG Reporting
The importance of environmental, social, and governance (ESG) considerations in the business world is rapidly growing. In 2023, companies in Ireland will seek accountants who can assist in assessing, reporting, and improving their sustainability performance. Professionals with knowledge of sustainability reporting frameworks, ESG metrics, and the ability to integrate ESG considerations into financial decision-making will be highly sought after.
VI. Financial Technology (Fintech)
The rise of financial technology (fintech) has disrupted traditional financial services, creating demand for accountants who can navigate this changing landscape. In 2023, professionals who possess a blend of finance and technology skills will be in high demand. Understanding fintech trends, digital banking, payment systems, and blockchain technology will be advantageous for accountants working in this field. Adaptability to emerging technologies and the ability to identify opportunities for process improvement through fintech will be highly valued.
VII. International Finance
Ireland’s position as a global hub for multinational companies has increased the demand for professionals with expertise in international finance. Accountants who possess knowledge of foreign exchange, cross-border transactions, international taxation, and global financial markets will be highly sought after. As businesses expand their operations globally, the ability to navigate international finance regulations and provide strategic financial guidance will be crucial.
VIII. Ethical and Responsible Finance
The increasing focus on corporate governance and ethical practices necessitates accountants who can ensure transparency, accountability, and responsible financial management within organizations. Professionals who possess a strong ethical framework and can incorporate it.
The future of accounting in Ireland holds immense potential for growth and innovation. With ongoing advancements in technology and evolving business landscapes, the role of accountants is poised to expand beyond traditional financial reporting and compliance. Accountants will become strategic advisors, leveraging their financial expertise and analytical skills to guide organizations through complex decision-making processes.
The rise of automation and artificial intelligence will streamline routine accounting tasks, allowing accountants to focus on higher-value activities such as data analysis, strategic planning, and risk management. Furthermore, the emphasis on sustainability and ESG practices will drive the integration of environmental and social considerations into accounting frameworks, creating opportunities for accountants to contribute to sustainable business practices.
By embracing emerging technologies, upskilling in new areas, and adopting a proactive mindset, accountants in Ireland can shape a dynamic future for the profession, becoming invaluable partners in driving financial success and ethical business practices.
Martina Quinn Finance Recruitment specialises in the placement of qualified accountants up to executive level nationwide, Our teams have extensive experience (67 years combined) recruiting in the Irish Market. Reach out to the team here in Martina Quinn Finance Recruitment for the best advice and support in building your finance teams contact us today.