A candidate's market

2016 will see a plentiful supply of attractive jobs offering exciting, long-term futures for emigrants returning to Ireland, writes Niall O’Kelly.

The accountancy and financial recruitment market has been on an upward trajectory over the last six months and there are strong indications that this will continue throughout 2016. The level of recruitment activity by accountancy firms is an excellent barometer of economic activity and the Big 4, Top 10 and smaller firms are exceptionally busy across all business lines. Indeed, there has been a noticeable pick-up in areas such as transaction services, corporate finance, financial accounting advisory, regulatory, risk and compliance, business consultancy, cyber security and tax.

There are numerous opportunities across financial and management reporting, corporate finance, private equity and treasury. There has also been a considerable increase in demand for Chartered Accountants from blue chip firms including leading Irish and international PLCs, global multinationals, and Big 4 and Top 20 practices. The number of Irish start-ups and international companies relocating to Ireland has picked up significantly in the second half of 2015, which is a welcome addition.

There has been a further increase in the volume of available executive roles in recent months. People tend to believe that there has to be some movement for roles to open up at this level, but this is not currently the case.

Given the limited supply of suitably-qualified Chartered Accountants in the Irish market, the accountancy firms and other employers including PLCs, small and medium sized enterprises (SMEs) and large multinationals have sought to attract the last wave of Chartered Accountants to emigrate between 2008-2012.

Irish Chartered Accountants are generally acknowledged as being amongst the best-trained and best-qualified in the world. Their services are particularly sought after in the UK, Australia, USA, Canada, New Zealand, Isle of Man, and the Middle East.

Many who left Ireland in the early 1990s rapidly rose to the top of their professions as CEOs, CFOs and moved into other leadership roles. Those who came home brought valuable skills and a deep understanding of how to do business in and with other cultures. Many who did not return home helped direct business and/or foreign subsidiaries into Ireland. For example, board members of international companies with subsidiaries in Ireland often contain surnames such as O’Connor, Murphy or Lynch.

Candidates who emigrated from 2008-2012 will have been submerged into different cultures, be it professionally or socially, and will have picked up additional skills while working outside their traditional comfort zones. This experience will have further developed their skillsets and given new perspectives when approaching everyday tasks.

While it may not have seemed apparent at the time, the black clouds faced by Chartered Accountants who emigrated during the downturn has a silver lining, as their skills are now in strong demand by employers and recruitment firms alike.

Looking ahead, we expect the flow of candidates returning to Ireland to remain strong. The landscape has changed and there is now a plentiful supply of attractive jobs offering exciting, long-term careers.

Niall O’Kelly is Director of Financial Search & Selection at FK International.