If you work in risk or compliance you’ve got a better chance than most Irish financial services workers of getting a new job this year. However, if you’re in corporate banking or operations, you’ll be facing the recession with less cash in your pocket.

The latest salary survey by recruiters Robert Walters paints a predictably bleak picture of Ireland’s financial services industry. Pay has largely remained static, due to the twin influences of salary freezes and candidates’ reluctance to move jobs.

Some have not even been that lucky. A senior relationship manager in corporate banking could expect to earn €80-115k in 2007 – this shrunk to a maximum of €103k last year. Corporate banking managers, meanwhile, saw their maximum salary shrink by €10k.

Operations and settlements specialists also fell victim to a reduction in pay, says Robert Walters.

Firms are still recruiting at the senior level though, says James Hayes, manager banking and financial services, at Robert Walters.

“Under current market conditions employers are able to attract experienced candidates with more reasonable salary expectations than they would have had just 12 months ago, he says. “Secondly, employers are choosing candidates with the experience and track record to work through volatile market conditions.”

The bulk of hiring this year is likely to come from risk, as organisations re-focus their efforts in this area, but only those with a good track record in either credit or operational risk need apply.

The recruitment firm does, however, predict a good 2009 for contractors (in spite of recent cuts in temporary staff at domestic banks). Once the hiring freeze warms up a bit, contractors will be in demand, although sign on and completion bonuses look unlikely.

As if to confirm that pay freezes are very much the order of the day, both Irish Life and Permanent and National Irish Bank have confirmed there will be no salary increases in 2009.

The full Robert Walters 2009 salary survey is available here