The international financial services sector here could be short between 800 and 4,300 suitably qualified graduates a year by 2027, a new report has found.
The study also identified a raft of skill and occupational needs in particular sub sectors that it warns may not be directly addressed by the current education and training system.
Gaps in skills and competencies most highlighted by firms across the high potential financial services sub-sectors examined included ESG and sustainable finance, IT, digital and data analytics skills, including in crypto and blockchain, as well as cybersecurity and AI.
Risk and compliance, regulatory and associated legal skills, soft 'human experience' skills and anti-money laundering knowledge and skills are also pinpointed.
Particular professional occupational skills gaps were also identified, including accountants and tax experts, actuaries, economists and statisticians, financial accounts managers and financial analysts.
Legal professionals, IT professionals, senior asset/portfolio management and investment professionals and anti-money laundering professionals are also in demand, the report found.
The Assessment of Future Skills Requirements in High Potential Sub-sectors of Ireland’s International Financial Services Sector to 2027 was carried out by Indecon Consultants for the Expert Group on Future Skills Needs (EGFSN).
"The sector is of considerable importance for Ireland and it is essential that we ensure that the necessary skills are developed to support the sector’s future growth," said Tony Donohoe, Chair of the EGFSN.
The report recommends that a skills framework be developed for the sector and that an effective supply-side response to the skills needs be co-ordinated.
Provision and promotion of upskilling and reskilling opportunities in the sector also should be enhanced, it suggests, and initiatives to promote diversity and inclusion need to be developed.
The report also recommends the development and promotion of apprenticeships as a career pathway.
It also suggests more skilled people from outside the country should be attracted in.
According to the analysis, the international financial services sector here currently has 430 companies, around 300 of which are multinationals.
It produces exports worth over €11bn a year and accounts for 6.3% of GDP, employing 56,000 people in 2022, up 60% on 2014.
The seven sub-sectors examined by the researchers employ 53,200 people and are expected to employ between 5,900 and 9,300 more workers by 2027.
"Implementing the recommendations in this report will help the sector maximise its potential over the next five years," said Minister for Enterprise, Trade and Employment, Peter Burke.
"I would like to offer my support to the Implementation Group that is currently being set up to drive these actions forward, following the launch of the report today."
Patricia Callan, Director of Financial Services Ireland, welcomed the report.
But she said the report outlines that the success of the sector cannot be taken for granted and predicted shortfalls in talent are a significant concern for the industry.
"It is vital that we address the factors influencing this in the short term, so that growth opportunities can be realized," she said.
"This early talent coming from our third level institutions will continue to be the foundation of the industry, and we particularly welcome the recommendation in the report which calls for the development of a world class Skills Framework for the Irish financial services industry."
