When most people think about funds, traders in front of big screens, shouting at one another to “buy buy buy” or “sell sell sell”, jumps to mind.
But the industry is much more diverse than this and, with more than 17,000 people employed by the industry in Ireland alone, it’s one that requires a wide range of talent from various different backgrounds. So, for someone with an eye to working in the Irish funds industry, what education and training will they need?
Eve Finn is managing director of LGIM Ireland, one of the largest asset management firms in Europe.
“If you just take asset management as an example, one may have needed a maths or finance background,” she says. “Now, however, the sector is looking across the skills base to get a diversity of thought, and the roles within it are broad including lawyers, marketing professionals, people from science or tech backgrounds and data scientists. And there are lots of roles in compliance.”
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Donna Noonan, IFS Skillnet Network manager, says that the more traditional and familiar roles of fund administration and investment management sit alongside roles in the areas of fintech, with audit, consulting services, legal, trustee and custodian services, fund accountants, financial reporting, investment analyst, compliance experts, marketing, HR, cybersecurity, IT and more.
“As highlighted in the (IFS Skillnet produced) Financial Services — Skills of the Future report, skills needs in the sector include front-line asset management skills, digital skills, crypto and blockchain, risk and compliance and green finance. Individuals with those skills transitioning from other sectors would be in demand.
“Employers have often hired from a variety of other backgrounds such as engineering and maths and also students coming from the arts and social sciences. There are many graduate training schemes which lead to a career in the funds industry which may be an attractive option.”
IFS Skillnet, co-funded by Skillnet Ireland and member companies, aims to support the Irish financial services sector in maintaining Ireland’s position as a top international financial services centre, says Noonan, and they work with the industry to provide learning solutions and continuous professional development, including subsidised postgraduate programmes (see panel: A selection of courses to progress your funds’ career).
Finn says that, while business and finance courses are more familiar backgrounds for many people working in funds, there are many conversion courses that can provide a leg-up.
“Here at LGIM, we support all our teams to develop themselves professionally, with courses including the investment management certificate, courses at the Institute of Bankers and many courses offered internally or through on-the-job learning.
“This is a sector that changes regularly, so people have to keep on top of learning, and that means that most, if not all, firms will provide in-house support and plenty of professional development opportunities.”
Noonan points out that many employers will cover some or all of the costs of further training, and that many IFS Skillnet member companies can avail of funding for training and upskilling.
Short and flexible
Any course requires some time commitment, and Noonan says the amount of learning hours will vary from course to course, but that many will be short and flexible.
“Continuous professional development can be in the form of webinars, online courses, podcasts, online articles, learning at work, face-to-face courses, committees/panels/discussion groups, undertaking research, additional qualifications, coaching and mentoring, networking, publications and technical articles. As the industry evolves, CPD evolves with it and delves into topics including upcoming new regulations, cryptocurrencies, ESG (environmental, social and governance) etc.
“As well as CPD, short courses are a great way to extend your knowledge on a particular topic. For example, we run a number of short courses with PAT Fintech in several topics such as RegTech (regulatory technology) solutions, fintech innovation & AML (anti-money laundering) compliance and regulatory risks in the fintech ecosystem. These are six weeks in duration, part-time and online,” Noonan says.
Regarding postgraduate courses, it’s all about considering the area you might want to work in. From professional certificates and diplomas to master programmes, data analytics, risk and compliance, sustainable finance and fintech are among the areas that should help most people secure a job in the funds industry, Noonan says, adding that people with alternative investments and international investment are also in demand.
Finn and Noonan both point out that, as well as these courses providing crucial professional skills, all learning will help people to develop so-called “softer” skills such as communication, critical thinking, presentation, research, analysis, collaboration and teamwork.
The people you meet on any course you take will also help to develop your network.
“As you move through your career, this network can be really beneficial.” says Finn. “The network is valuable for guidance or even to get a feel for how their career is progressing compared to yours.”
Panel: A selection of courses to progress your funds’ career
- IFS apprenticeship programme, National College of Ireland: An appealing undergraduate option, leading to a qualification that can help you enter the financial services and funds industry. The course leads to a level six higher certificate in international financial services or a level eight higher diploma in financial services analytics. Like all apprenticeships, there’s a combination of on-the-job — and, crucially, paid — learning combined with academic study, which is delivered at NCI.
IFS Skillnet subsidises the following courses
- Professional Certificate in International Investment Fund Services (Institute of Banking): This course should be of interest to those working in, or seeking to work in, the investment funds industry and to newly-practising professionals in the asset management and investment funds area of the legal and auditing advisory firms
- Graduate Certificate in Financial Intelligence and Technology (DCU): this course is designed for people who want to add modern financial techniques and financial intelligence expertise to their existing finance experience, says Donna Noonan of IFS Skillnet. Professional Diploma in Applied Alternative Investments (Institute of Banking): Helping professionals working in the funds industry who want to develop expertise in alternative investments.
- Professional Diploma in Applied Alternative Investments (Institute of Banking): Helping professionals working in the funds industry who want to develop expertise in alternative investments.