With the aviation industry in Ireland in such a strong position, it stands to reason that it’s a sector that people may be interested in moving into. For those interested in segueing into a new industry – or starting from scratch, there are many paths to take.
Capital spending
At its essence aviation finance is about providing financial solutions for aviation-related capital spending, including aircraft, engines, and infrastructure, says Dr Thomas Conlon, associate professor of banking and finance at the UCD School of Business and director, UCD MSc Aviation Finance. “It requires a broad-ranging set of skills, from an understanding of the metal (aircraft), to law, accounting, economics and negotiation skills. This is alongside a deep understanding of how financial markets function and how credit quality is assessed.
“Roles in the industry are very varied, but a new entrant into the industry would often begin their career in pricing, credit assessment, strategic analysis or in a treasury function. This might be followed by a move into a more customer-centric front office role such as marketing.”
Aviation finance has become almost synonymous with aircraft finance, ie financing for the purchase, lease and operation of aircraft, says Marina Efthymiou, associate professor in aviation management and programme director for postgraduate aviation programmes at DCU. “This is a complex process that requires various competencies and skills. Therefore, the leasing industry employs various people. There will be contract managers that will manage the portfolio of aircraft and build strong customer relationships. There will be marketing operations analysts, corporate planners, strategy analysts and business risk executives.”
A look ahead to 2023
Linda Barron, chief executive at ICBE and Aviation Skillnet director says reaching the next generation is critical in building and maintaining the success we experience today. “Never before have I seen so much joined-up thinking and collaboration amongst companies in Ireland to meet the future challenges. If we continue to build on knowledge sharing and joined-up thinking for solution-based problems, I see no reason why Ireland will not remain the centre of excellence for aviation well into the future.”
Entering the market
Aviation finance is a reasonably small industry in terms of staff numbers, but provides high value to the Irish economy. It is a competitive market for talent and the aviation finance industry wants to hire the best, says Conlon. “The background of people entering the industry can be very varied, mirroring the range of roles available. In the MSc Aviation Finance at UCD, we have had successful graduates who came from business and commerce, law, engineering, natural sciences and management backgrounds, among others. We have even had a bona fide rocket scientist who undertook the programme to move into aviation finance.
Considering the rising importance of sustainability and the pressure for aviation to decarbonise, the leasing industry needs to upskill and develop critical thinking
— Marina Efthymiou, DCU
“An interest in aviation, well-rounded interpersonal skills and strong numeracy are some of the important characteristics looked for in the aviation finance industry. You can move into the sector directly from a specialised taught programme such as the MSc Aviation Finance in UCD.”
Aviation Skillnet is focused on the upskilling of aviation professionals and the development of new programmes focused on the challenges faced by the industry, such as data analytics, sustainability, digitalisation and blockchain, says Barron. “Aviation Skillnet provides significant funding to companies located in Ireland, training is available from technical to level 9, we support the development of new programmes unique to aviation such as data analytics, sustainability, and with the speed of advancement in new technologies, additional upskilling will be required.”
Educating the (potential) masses
For those interested in going down the academic route there are a number of third-level courses on offer. Typically, entrants to the industry will have a university degree and often have completed a specialist MSc, says Conlon. “The UCD MSc in Aviation Finance is the only programme of its kind in Europe. The MSc was initiated by leading Aviation Finance companies, including Aercap, Avolon, KPMG, SAFRAN and SMBC Aviation Capital, who felt that the industry needed new entrants with the specific skills required by the industry.
“Since its launch in 2016 over 200 graduates have entered the industry, building the foundation of a strong and sustainable future for Ireland’s leading financial services companies.”
Degrees such as the DCU BSc Aviation Management develop candidates with the competencies required for those roles, says Efthymiou. “Then there will be roles in middle management and C-suite, where a degree like the DCU MSc Aviation Leadership supports the development of leadership competencies. Considering the rising importance of sustainability and the pressure for aviation to decarbonise, the leasing industry needs to upskill and develop critical thinking around the various decarbonisation measures, sustainability regulations and policies, including Environmental Social Governance (ESG), and therefore specialised courses are needed for leasing professionals.
“With support from Aviation Skillnet, DCU has developed an accredited executive course that addresses exactly this. While there is the conception that certain competencies can be learned on the job, doing a course and getting an accredited qualification can speed up the learning and more importantly, ensure that it is correct and of a high standard and therefore provide extra credibility to the leasing professionals.”
