Bloomberg has a depressing story today, suggesting that Ireland’s children are being urged to quit the country and move to Australia.
Irish unemployment is set to hit 14.6% this year, it points out, and emigration is soaring, In the 12 months to April 2010, emigration hit 76,400 – its highest level since the 19th century. The EU has dispatched a task force to Ireland to deal with youth unemployment, now put at 30%.
Bloomberg has spoken to one father who’s urging his son to move to Australia. Admittedly, his son doesn’t work in financial services, but still – it seems unnecessarily far away.
What you need to know about the Australian financial services market
If you’re determined to build your financial services career outside Ireland, Australia may not be the best place to do it.
Anecdotally, the Australian market is parochial and favours individuals with local experience (as the comments on this article make clear). It’s not unusual for individuals to move to Australia and find their CVs overlooked if they don’t have Aussie experience. Australian banks are also making a few redundancies of their own.
Try the Grand Duchy!
If you’re set on getting out of Ireland, the better bet is probably going to be Luxembourg. As this Luxembourg-migrant explains, the standard of living there is good and the country is reliant on an inflow of skilled labour from elsewhere to fill all its financial services vacancies.
Luxembourg is also more akin to Ireland in the sense that it too is a major fund administration centre. Start your career in the Grand Duchy, and you’ll find it easier to move back home later.