As investment banks commit to expanding their operations in Ireland, pay for employees is on the rise, especially for back office derivatives roles.

“There is a lot of demand in Ireland as half of the top thirty investment banks have operations here, with many of them concentrated on the operational back office functions,” says Andrew Crawford, manager of financial services recruitment at Cox Fitzsimons & Wilkes. “As a result things in Ireland are booming at the moment.”

Currently recruiting ISDA documentation specialists for a US investment bank with a remit to expand their Dublin operation, Crawford says, “There is an ongoing need for investment professionals from mainland Europe, with good investment banking experience, from operational or accounting and finance backgrounds. At the moment banks are looking for people with between one and four years’ experience.”

And pay? Up to €60,000.

Having relocated to Ireland after a career as a financial markets dealer in London, Crawford says that Ireland is a great alternative to the City for many banking professionals, and a very real option too, as he says the financial services in Ireland are very much linked to the London and New York markets.

“For many banks, and the people who work for them, Ireland is attractive because it is cheaper to set up operations here, there is a higher quality of life, and also a high quality workforce,” Crawford says. “Of course the trade-off is less pay, but this is changing.”

With hiring managers forced to increase salaries for the scarce skills of documentation specialists in London, Ireland may be set to become a more cost effective option for investment banks in the near future.

Crawford says, “There is more demand than supply in the indigenous market for experienced professionals. This is something that is set to continue.”