Salaries for Irish finance graduates lag those in UK and France

Graduate salaries in the finance industry are now lower in Ireland than in France, the UK and Poland despite the high cost of living and soaring rents here.

pan-European survey found that the average starting salary for a graduate role in finance is €30,000 in Ireland.

According to the report from CMC Markets, the average starting pay for graduates in the UK was €36,675, with this rising to €39,171 in France.

Graduate salaries for finance roles in Poland stood at €30,561, while the reported pay for graduate positions in Germany was €40,000, according to the analysis.

The highest salaries for graduates working in the sector were in Switzerland, with an average salary of €70,942 on offer.

While salaries for graduates in Ireland are lower than some of their European counterparts, rent prices here remain persistently higher than other countries in Europe as demand outstrips supply.

According to EU statistics agency, Eurostat, Dublin is now the third most expensive city in Europe to rent a one-bedroom apartment.

According to the report published earlier this month, average rent for this type of dwelling here stood at €1,800 in 2022.

Geneva claimed the top spot in the ranking, with an average rent of €3,000.

The Swiss city was followed by London with monthly rent of €2,700 for a one-bedroom flat.

Rent here for a one-bedroom apartment also rose from €1,600 in 2021 when Dublin placed fifth overall in the Eurostat data.

The salary gap compared to other European nations also comes as the industry in Ireland grapples with challenges, such as a skills shortage and the exodus of qualified candidates overseas.

According to the Hays Salary and Recruitment Guide published late last year, the average salary for accountancy and finance jobs rose by 4.3pc in 2022.

It said newly qualified workers typically received multiple offers or opted to move abroad.

In the banking and financial services sector, the report said there is “overwhelming demand” for staff, particularly at the skilled and qualified entry level staff.

While the majority of salary increases that have been seen in the past year in this area of the industry have been directed towards these entry- to mid-level candidates, that represents an average increase of 1.6pc, according to the Hays report.

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