Talent shortage in Ireland is Real: UHY Ireland’s MD & Audit Director reveal career opportunities for expats

TFS: You qualified as a CA in 1987 and started your firm two years later. Fast forward to 2023, UHY FDW is one of the top firms in Ireland. Why did you decide to start your own firm? When did you see your practice pick up pace? 

Alan: From a young age, I had a keen interest in finance and accounting. I even pursued accounting as an optional subject when I was in school.

By 1987 I qualified as a Certified Public Accountant (CPA) and had almost 7 years of experience working in two firms.

I began to think about setting up my own practice as working for someone else meant hiding behind their brand, culture, and values.

During this time Ireland was going through a recession, but despite the economic conditions my late colleague Kevin Dawe and I saw an opportunity to establish a high-quality firm.

We imported two laptops from the UK (since sourcing them locally was challenging) and in December 1989 we established our Practice Farrelly Dawe & Associates in Dundalk. 

Since day one our focus has been on serving clients, helping them grow, and providing them with valuable management information. This helped us build a solid client base and we decided to expand our business.

In the late 1990s and early 2000s, we acquired two other practices, which allowed us to expand into new markets such as Balbriggan and Dublin. 

Acquiring other firms helped us gain additional talent with different skill sets. However, the biggest challenge was integrating their culture with our existing team members.

We made a few mistakes along the way but we understand integration better now.

In 1998 we went for ISO 9000; getting the quality mark was a big step for us and this added to our growth in the 2000s.

In 2008, an opportunity arose to become a part of UHY’s network. Headquartered in London, UHY is a massive corporation with over 350 offices across 100 countries and 10,000 staff members.

We realized that becoming a part of UHY would transform our local firm into an international one. We went for it. In 2011 our firm incorporated to become UHY Farrelly Dawe White (UHY FDW). 

Although we are a part of UHY International, we operate as an independent firm with a team of approximately 75 people. We offer a range of advisory services, with a strong focus on audit, tax, and corporate compliance.

Martina: Similar to Alan, I always had a genuine interest in accounting and business.

I graduated with a Bachelor of Applied Science degree in Accounting, which allowed me to delve deeper into the field. During this time, I was exposed to audit, which truly captivated me.

This led me to join a prestigious Big 4 firm in Ireland, in their audit department.

I realized that obtaining a globally recognized professional qualification. In 2010, I qualified as a Chartered Accountant.

Since I was working in a Big 4 firm in Ireland I was presented with an opportunity in their New Zealand office. 

After working abroad for five years, I returned to Ireland and briefly ventured into the industry sector to gain insights from the other side.

However, I found myself missing the practice element of a firm and decided to join the Audit department of UHY Farrelly Dawe White.

I gradually progressed to the position of Director, responsible for signing off on audits.

Audit as a career has a bit of a bad reputation, being perceived as unattractive, but I believe it is really rewarding. It allows you to work with diverse individuals and clients, gaining a deep understanding of their businesses.

TFS: The Irish government has assigned Accounting as a critical skill. What “top factors” are driving an increase in demand for Finance and Accounting talent, in your opinion?

Alan: Let me first share a few developments about the Irish economy.

Economic growth:

• The Irish economy exhibited robust strength and reported impressive GDP growth in 2022.
• Although there has been a slight decline in GDP in 2023, Ireland has experienced substantial economic progress and is expected to report one of the highest growth rates among EU countries.

Favorable Corporate Tax Rate:

• UK’s exit from the EU has led to several companies relocating and setting their business outside of the UK, and Ireland has presented them with perfect opportunities.
• We are the only English-speaking country in the European Union post-Brexit. We also have a 12.5% Corporate Tax rate, the lowest in Europe.
• This has attracted the top 10 tech companies like Apple, Microsoft, Intel, Meta, and LinkedIn, the top 8 global gaming companies, and top biotech and pharmaceutical companies like Pfizer, Roche, and Abbott to establish their European headquarters in Ireland.
• These organizations contribute a substantial amount in taxes, which creates a demand for accounting, auditing, payroll, and tax services.

Double taxation agreement:

• Ireland has signed double taxation agreements with 74 countries worldwide. It has been a successful strategy and has contributed to Ireland’s attractiveness for building businesses.

Brexit:

• Post Brexit I believe Ireland has got closer to the EU and luckily enough we’ve kept a good relationship with the UK from a business perspective.
• That also means opportunities for Ireland, both north and south.

All of this has had a positive impact, however, Irish businesses struggle to access talent, especially in the finance and accounting space.

Here are the factors that have contributed to the talent shortage:

The decline in student enrollment in Accounting courses

• The COVID-19 pandemic has not been favorable to the Accounting profession.
• Many students do not consider accounting to be a cutting-edge course compared to other courses.

New Legislation making it difficult for audit firms 

• In the past two years, there has been a decrease of around 30% in auditing practices in Ireland and the UK. Why? They cannot comply with the new legislation and regulations.
• This has caused a huge change in the marketplace. Many auditors have moved to non-auditing roles which has created a demand for auditors.
• Even the big-sized firms such as the Big 4 do not have the manpower to deliver work, causing a huge demand.

Accountants moving to non-accounting roles: 

• With the world becoming a global marketplace for talent, there has been an increase in competition for accounting talent, in non-accounting roles.

In Ireland, we currently have around 25,000 qualified accountants. If you ask me whether we could use an additional 5,000 qualified professionals from outside Ireland, I would say “absolutely”.

Martina: As the economy continues to grow, more companies are going to get established in Ireland. However, this growth has also resulted in a scarcity of talent.

We witness this demand firsthand when interacting with our clients, as their primary concern is often finding the right talent for their needs.

Alan: Ireland’s talent crunch has impacted the areas of accounting, auditing, tax, corporate finance, and even cybersecurity.

The demand is evident at all levels, especially Graduates, and entry-level positions are challenging to fill.

UHY USA is also facing a challenge to fill 170 vacancies, particularly in the area of audit and tax. Numerous vacancies exist across the UHY offices in the EU and UK also.

Larger firms often have the advantage of being the first choice for recruitment at top universities. Consequently, for smaller firms like ours, it may prove more challenging to attract and retain staff.

Our firm UHY FDW has been specifically considering candidates from South Africa, Malaysia, and India due to the existing transitional arrangements.

Martina: To address this shortage, many businesses are either outsourcing work to other countries or recruiting individuals from overseas.

Alan: While the requirements vary from firm to firm, here are the general qualifications and skills that one needs to obtain, to build a successful career in Ireland.

Local qualification:

• It’s important to demonstrate your commitment to Ireland. And the best way to do that is by acquiring a local qualification like CPA Ireland.

Adapting to the Irish regulation system

• Gain a thorough understanding of Irish tax, company law, and auditing, which is part of the CPA Ireland syllabus. This would make you more desirable to Irish employers. If you’re interested in making the move, I recommend contacting the Institute of CPA Ireland as soon as possible.
• Approach the Institute of Taxation in Ireland if you want to pursue a Tax qualification.

Perfect your CV:

• Make sure your CV is coherent, has a good flow, effectively tells your story, and shows your progressive journey.
• Don’t hide any past challenges or mistakes in your CV.

Experience:

• Somebody with three and a half years of experience can easily grab a position in the industry or a good-sized accounting firm.
• It’s even better if you’ve got 15-20 years of experience. More years of experience would be very attractive to any potential employer.

Martina: I believe a lot of firms in Ireland would hire someone with a minimum of three to four years of experience.

Martina: You have to secure a job in Ireland first to get a visa.

• After you have landed a job, a work permit is required, which can also be applied online.
• It is essential to carefully review the workplace, visa, and work permit requirements and make all necessary arrangements well in advance, preferably at least three months ahead.

Alan:  The standard salary for an Indian CA working in Ireland depends on various factors such as the size of the firm and the location.

Larger firms and companies:

• Generally, in the Big 4 in Dublin, you could expect a starting salary of €35,000, going up to €100,000, with around four years of post-qualification experience.
• Outside of Dublin, the equivalent salary would likely be around €70,000 Euros.
• There is an annual salary survey available online for reference.

Smaller firms:

• If you join a smaller firm 50 miles north of Dublin, the salary may be slightly lower but the cost of living is definitely less.

Martina: You should also remember that for the critical skills permit, the minimum salary requirement is €30,000.

TFS: What advice would you give to those looking to transition smoothly into the Irish work environment?

Alan:  Ireland is an open economy and has great infrastructure.

Nevertheless, it is essential to consider the personal aspects alongside the professional ones. 

• Ask yourself whether you are prepared to move away from your family and home country.
• The current housing market is limited, so do your research in advance.
• If you have kids then enrolling them in school and getting them integrated into the system may pose challenges.
• It’s a bit cold and wet in Ireland which can be an issue for some people.
• Adapting to the environment in Ireland is certainly something to consider. However, the good news is that Irish people are friendly and caring.

Last but not least, leverage LinkedIn and reach out to people who already live and work in Ireland, before making the move, you will not be disappointed.