Immigration caps in the UK, combined with skills-shortages in certain areas within the City, means that recruiters are increasingly trying to lure Irish accountants to more lucrative jobs in London and Europe.

The fact that Ireland’s accountants are being recruited for roles in the UK is nothing new. But, as the City struggles with both immigration caps and talent shortages within areas like product control, finance accounting and regulatory accounting, this has been stepped up of late.

“Irish accountants are highly regarded within both investment banks and retail banks in the UK,” says Simon Lindrea, director at Michael Page in London. “In Ireland there’s a healthy supply of available talent that isn’t being readily utilised by the local market.”

It is, of course, easy to suggest that an exodus of accountants is on the cards. Certainly, the overall prognosis is pretty bleak – 65,000 people have left the country this year, and the Economic and Social Research Institute is predicting 120,000 people will emigrate in 2011.

So, is there an element of easy pickings for UK firms among the Irish accounting fraternity? Not necessarily.

Lindrea himself has made the hop across the Irish Sea twice this year – once in May and another time last month. While local candidates are still keen to explore the breadth of opportunities in the UK, he says there are fewer candidates willing to make the move now than four months ago.

UK-based recruitment firms are now making the trip across to Ireland in a bid to persuade accountants across to these roles. But local recruiters are also being utilised by firms elsewhere in Europe to recruit Irish accountants.

Ken Harbourne, director of recruiters Wallace Myers International, says: “We’re working with Big Four accountancy firms in the UK that are crying out for people in financial services audit. These roles would have typically been filled by accountants from Pakistan or the Middle East, but a number of firms are facing visa issues with these candidates. This makes Irish accountants very attractive.”

He adds that Irish accountants are also being recruited by firms in offshore islands like Jersey and Guernsey (as well as Caribbean locations), which offer competitive income tax rates.

There’s also a financial motivation for moving to the UK. Within a banking and financial services role in London, a financial accountant with 3-5 years’ experience can expect 65-80k (€75-92.5k) versus €50-60k in Ireland, according to figures from Robert Walters.

Still, firms should assume there are rich pickings locally simply because of grim over-riding economic conditions in Ireland, suggests Harbourne.

“This time last year there were hundreds of immediately available people on the market,” he says. “Now, it’s tough to recruit as many have found employment again – the vast majority locally.”