Cloud of recession has a silver lining

THERE ARE some bright patches in the economic gloom, a new salary report reveals, but recent graduates are finding the going …

THERE ARE some bright patches in the economic gloom, a new salary report reveals, but recent graduates are finding the going particularly tough.

Amid the well-documented job losses across the economy, Irish wages in many sectors are holding steady and some areas are even experiencing growth - in both job numbers and wages - according to recruitment firm Premier Group's 2009 salary guide.

While the financial crisis has cast a pall generally, some sectors are growing precisely because of the carnage.

In the financial services sector, "not altogether surprisingly, there has been a steady demand for experienced professionals across compliance, risk and regulation", say the guide's authors.

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Mostly, though, jobs are harder to find, particularly for new graduates. However, the guide suggests there has been no obvious crash in wages - particularly at the top, with salary levels across most sectors similar to previous years.

A Dublin bank branch manager can expect to earn between €50,000 and €85,000, while a financial director of a large company in the capital should earn between €120,000 and €170,000.

In what may be something of an understatement, the funds administration sector is described as "challenging", with fund administration managers in the capital undoubtedly earning every cent of their package between €60,000 and €90,000, with a similar job in the regions earning about 50 per cent of that figure.

A hedge fund accountant in Cork could expect to take home between €35,000 and €55,000 and, in financial control and accounting, "there is still movement in the market", although few staff are jumping ship before they have a rock-solid guarantee of a safe landing.

"Both employers and employees are being more cautious before they hire or make that all-important move," the guide says.

Actuaries, temps and contract workers are in demand, although graduates without experience will have to work harder than in previous years to find a job.

"Graduates are encouraged to offer a flexible approach in this marketplace in order to begin their careers as demand for staff without experience is very limited," the guide says.

Brian Murphy, managing director of Premier Group Ireland, sees some positive recent trends.

"Much of the heat has been taken out of salary demands and many candidates are taking a more reasoned approach towards their career moves.

"Candidates now need to adopt an innovative approach to their career management and increase their flexibility as well as gain relevant qualifications coupled with solid experience."

In the legal sector, it hardly needs to be said that conveyancing work has ground to a halt. The situation is not good for newly qualified solicitors, either, but the guide says there are still jobs for experienced lawyers in corporate finance, funds, pensions and litigation.

A private practice solicitor with seven years' experience could earn up to €100,000, while a newly qualified solicitor lucky enough to find work would earn between €40,000 and €55,000, with salaries in the regions estimated at about €10,000 lower. A temporary legal secretary commands between €25 and €29 an hour.

Temporary office support staff are in demand, although there are few full-time office support jobs available. The public service is providing many of these temporary jobs, according to the report.

"Many areas require project accountants and business analysts," the guide says. A project accountant could earn between €25,000 and €34,000 in the capital.

Life sciences, particularly pharmaceuticals, are reasonably buoyant - although, as with every other sector, experience is everything. And there is plenty of highly specialised IT jobs out there, says the report.

In the insurance sector, claims investigators are in particular demand, with claims managers in Dublin earning between €50,000 and €70,000.

There is little hiring in the mortgage market, with a head of risk earning not just a front-row view of the unfolding economic crisis, but also a Dublin salary between €75,000 and €110,000.

The state of the construction industry is no secret and the report offers few comments about this sector, although the salary guide shows a big range in the pay cheques of some professions, perhaps reflecting the value placed on experience. Architects earn between €43,000 and €120,000, landscape architects from €31,000 to €66,000, and site managers between €62,000 and €98,000.