Bankers in Ireland are increasingly leaving the security of their full-time position for a long-term contract role in a bid to secure the pay rise and promotion that is proving so illusive in their current post.

The ongoing permanent recruitment freeze within Irish banks means that the majority of jobs on offer are on 12-18 month contracts. Rather than shielding themselves in the security of their current position, bankers are instead taking the plunge and accepting contract roles in order to get better pay and a more senior position.

“It’s circa 18 months since many of the Irish banks froze salaries and offered very little in the way of promotion prospects,” says Andrea Clarkson, manager, financial services at recruiters Premier Group. “As a result some candidates in permanent jobs are seeing opportunities in 12-18 month contract roles that can offer salary and career progression. They hope to then be able to negotiate a permanent post.”

The roles on offer within the large Irish banks include managing commercial property portfolio loan transfers across to NAMA, credit risk roles and workout specialists, as well as roles around securitisation, says Clarkson.

Premier has just released its employment monitor for May, which paints a more positive picture of the professional recruitment landscape. According to the recruiter, the number of jobs on offer is up 15% month-on-month and 33% for the comparable period in 2009.

The financial services sector has not been excluded from this uplift and demand for insurance professionals and qualified accountants has been particularly good in May

“The real areas of demand currently and going forward are credit risk and compliance, particularly at present we have strong demand for stress testing and restructuring professionals,” says Clarkson. “Banks will be battling with a more hardline regulatory environment, which will also include regular checks on the standard of risk managers within the institution. Firms want to make sure they have the very best people onboard”