New Research from Cork Chamber Skillnet Identifies County Cork’s Potential as ‘Leading International Financial Services Destination’

The Skillful Futures: Strengthening Cork’s Role as a Leading IFS Destination report was officially launched at the Cork Financial Services Forum’s annual Financial Services Summit. The event, co-hosted by Cork Chamber, was attended by over 180 financial services sector leaders, government officials, and academic experts from across Ireland. The summit focused on enhancing the talent pipeline for a thriving financial services sector and the future direction of asset management. The research revealed that Cork’s IFS sector is poised for growth and resilience, provided stakeholders take proactive measures to address current challenges, invest in upskilling and capitalise on future opportunities. 

Key findings from the report include: 

• 78% of IFS employers in Cork are prioritising technology skills in hiring strategies 
• Strong talent diversity exists, with added potential to tap Into ICT expertise 
• 91% of IFS employers in the region reported growth over last 3 years  
• 100% of employers predict growth over the next 3 years 
• Strong sectoral employment growth, led by fund administration 

Delivering the keynote address at the summit, Michael McGrath, EU Commissioner-designate for Justice, praised Cork’s financial services sector for its resilience and adaptability in an evolving global market. Speaking at the event, Mr McGrath emphasised the importance of continuing to foster innovation and investing in the talent and skills required to drive growth in the coming years. 

“Ireland is recognised internationally as a hub for financial services, and the sector has become a key contributor to the Irish economy. The financial services sector continues to thrive which makes today’s event particularly important and relevant,” said Mr McGrath. “Cork benefits from a strong talent pipeline and the launch of the Cork Chamber Skillnet report today points to the importance of that talent and skills development in supporting continued growth across the sector in Cork.” 

Rob Horgan, President of Cork Chamber remarked, “There are over 52,800 people working in the sector across Ireland with almost 40% of all roles outside of the Dublin region. Cork is now the second largest financial services centre in Ireland and a growing European hub for IFS activity. By focusing on talent development and emerging industry trends, Cork can continue compete as a location for IFS. This research found that in the last three years, 91% of IFS employers in the region reported growth. 100% of respondents have predicted growth over next two to three years. Cork’s position as a leading financial services centre is underpinned by the strength of our international financial services sector and the exceptional talent that drives it. We are proud of our achievements and remain dedicated to fostering an environment where businesses can thrive, and individuals can excel. I want to thank Skillnet Ireland for their valuable contribution in keeping Irish business competitive through their innovative and future focused talent development initiatives.”   

Tracey Donnery, Policy and Communications Director at Skillnet Ireland said, “As the national talent development agency of Ireland, at Skillnet Ireland we are acutely aware of the key role that learning and development play in supporting the growth of our economy. This pioneering research report, examines the international financial services sector in Cork and its current and future skills needs. The impactful report identifies key trends and opportunities for the continued growth of the IFS sector in the region and the importance of employers upskilling their teams to develop new skills, increase talent retention and to remain competitive in a rapidly changing and technology-driven era.” 

Karen Conboy, Chair of Cork Financial Services Forum said, “The Cork Financial Services Summit has provided a valuable opportunity for leaders and pioneers from across the FS sector in Ireland to gather to exchange ideas, share insights, and identify opportunities that lie ahead. The recommendations outlined in this report highlight the importance of including strategic collaboration with Dublin and London, and diversifying IFS offerings. The insights are crucial in guiding the future direction of our efforts to ensure that Cork’s IFS sector is poised for growth, and that the sector remains proactive addressing current challenges and capitalising on emerging opportunities.” 

View or download the Skillful Futures: Strengthening Cork’s Role as a Leading IFS Destination report, here.