Give it a go

Trying out a career helps you discover if it's for you. This week: funds management

The Beatles may have sung that money can't buy you love, but they never wrote a follow-up tune about how it can certainly make life easier. With all the cash rattling around the country at the moment it is little wonder that financial industries are growing like never before. More and more people are earning that bit of extra money that they then want to invest so that it will grow. It's a way of making your money work for you rather than the other way around.

The funds industry comes about when people pool their money into an investment fund. This has a number of benefits for clients. A larger amount of money means that you can invest in a wider range of companies, and the risk involved is shared and spread among everyone. Experts are consulted for advice, and specialists manage the money, to give investors the best chance of a good return.

Gary Palmer, chief executive of the Dublin Funds Industry Association, is enthusiastic about the current situation. "It's one of the fastest-growing, but it's also one of the youngest, industries in the country," he says.

So what do people do? In the investment-funds industry there are three kinds of jobs: the fund promoter markets and sells the investment opportunity to potential clients, the fund manager makes the investment decisions and tries to make the value of the fund grow, and the fund administrator has to make sure the fund is managed properly. The main focus of the Irish industry is the administration of funds, although the other jobs do exist. The industry has been growing at a huge rate, and at the moment the investment-funds industry employs more than 4,000 people, a number that is set to double in the next few years.

Although you might think that all sorts of degrees would be required for a career in international finance, Palmer says: "There are opportunities for individuals with all types of education levels. Some people are taken straight from school. They might be supported to pursue further education by their companies. Of course a business degree in finance or economics would be viewed in a very positive light."

The key in such a youthful industry is innovation, according to Palmer, and this is something to remember when approaching a company for work experience. "E-mail with a CV," he advises. "The phone can be put down, but a mail will always be received. Give reasons as to why you want to do this. Something different or slightly quirky will be appreciated."

Communication skills, organisation, team work and accuracy will all benefit someone working in the funds industry. Palmer believes that it is the kind of area where innovation and talent will be recognised and rewarded far quicker than in other areas. "Promotional opportunities are excellent, and there are great chances for further training. It's a global industry, so travel is always a possibility."

For further information about financial careers see www.careersworld.com. It has a comprehensive industry guide for those interested in finance.

To learn more about the funds- management industry see www.dfia.ie.