The landscape for accountants in the banking and financial services (FS) sector is evolving rapidly. As traditional banking models give way to new, technology-driven entrants, accountants must adapt by acquiring new skills and staying abreast of regulatory changes. Here are key considerations and advice for accountants pursuing careers in banking:

Changing Banking and Financial Services Landscape

1. Industry Shifts:

  • Bank Exits: The recent departures of Ulster Bank and KBC highlight the fluidity of the banking sector.
  • New Entrants: Non-bank lenders like Finance Ireland and fintech companies such as Revolut are disrupting traditional banking.

2. Global and European Integration:

  • Ireland remains a prime location for the European headquarters of international financial institutions.
  • Dublin is a hub for banking services, housing numerous businesses providing essential accounting, treasury, and shared services.

3. Technological and Regulatory Impact:

  • Banks are navigating increased regulation, digital transformation, the rise of Generative AI, sustainability demands, data analytics, and evolving customer expectations.

Advice for Aspiring Banking Accountants

1. Choosing the Right Qualification:

  • Select an accounting qualification that aligns with your strengths and logistical needs, especially if studying part-time. Consider ACA, ACCA, ACMA, or IATI.
  • Many programs now include modules on ESG (Environmental, Social, and Governance), AI, and Data Analytics, providing a solid foundation for further specialisation.

2. Lifelong Learning and Development:

  • Banks and financial institutions often support further training in areas that enhance your potential, such as regulatory reporting and data analytics.
  • Many of these courses are available online or in person, providing flexibility for continuous learning.

3. Geographical Considerations:

  • Many accounting roles in banking are based in Dublin. If you live outside Dublin, be prepared for a possible commute of about two days per week.

4. Language Skills and European Opportunities:

  • Proficiency in languages such as German, French, or Spanish can open up opportunities across Europe, especially if working in banks regulated by the Central Bank of Ireland (CBI) or the European Central Bank (ECB).

Embracing the Journey

Despite the uncertainties and changes in the banking sector, there are numerous exciting opportunities for accountants. Embrace the dynamic landscape by:

  • Continuously updating your skills in emerging areas like AI, data analytics, and ESG.
  • Taking advantage of employer-sponsored training and development programs.
  • Considering the broader European market, especially if you have language skills.

In summary, a career in banking as an accountant offers diverse and promising paths. By staying adaptable, proactive in your learning, and open to geographic mobility, you can navigate the evolving landscape successfully. Your future in banking looks bright – enjoy the journey!