Growing Tech Talent in the Irish Funds and Asset Management Industry - Fastrack into Information Technology

This article provides an overview of FIT, a non-profit organization dedicated to developing tech talent in Ireland, specifically for the Irish Funds sector. It emphasizes FIT's multi-faceted approach to talent development, which includes creating in-demand skills programs, collaborating with education providers, and assisting with job placement. The article spotlights FIT's Tech Apprenticeship Program, a successful initiative that combines college-based learning with work-based training, leading to a nationally recognised qualification.

In September 2022, the Irish Funds collaborated with sector leaders to provide insight into the current and future tech skills requirements of the sector.  Driven by FITs skills needs analysis model, the Irish Funds Sector Technology Skills Needs Analysis report was published highlighting the various technology skills needed to support the Irish Funds Sector over the next 10 years.  

The overriding insight from this report is the need for “nurturing a multi-faceted approach to growing tech talent is critical. Necessitating the reskilling and upskilling of existing employees, the attraction of new entrants and professions, alongside the embracement of diversity into the sector so that technological competencies to realise digital transformation can be achieved."

The Irish Funds Emerging Technology and Innovation Working Group have taken on-board the challenge of “nurturing a multi-faceted approach to growing tech talent” as a key cornerstone for the Irish Funds and represents one of the key pillars for this Working Group.   Further events exploring how FIT can support your multi-faceted approach to growing talent are planned through 2025.

Who are FIT?

FIT (Fastrack into Information Technology) is a not-for-profit, industry led organisation. Its core mission is to promote an inclusive Smart Economy by creating routes to marketable technical skills for people who are underemployed or at risk in Ireland’s labour market.  It has pioneered it s own methodology for working with employers to understand their talent requirements through granular analysis of the skills, knowledge and competencies required in tech sector occupations.

FIT researches and designs in-demand skills technology programmes that enable people to acquire the identified competencies and collaborates with further education and training (FET) providers across the island of Ireland in their delivery while assisting those who complete them secure quality employment in technology driven sectors. Since its commencement in 1999 over 250,000 job seekers have completed FIT digital skills development programmes of which more than 120,000 have progressed into tech sector employment.

Tech Apprenticeship Programme

In 2018 with its extensive knowledge and expertise in digital technologies and programme development and working in partnership with industry leaders, FIT developed and pioneered the introduction of a new national Tech Apprenticeship programme.  This is underpinned by a commitment to widen access and achieve diversity while creating a new talent pipeline for Irelands thriving tech sector.  

These two-year ‘Earn and Learn’ programmes in Cyber Security, Software Development and Computer Networking combine college-based learning with work-based training which culminate in the attainment of Level 6 National Award.

Widely endorsed by industry, the Tech Apprenticeship programme is gaining rapid traction amongst leading employers in the public and private sector and is well on the way to fundamentally changing the tech skills landscape in Ireland, with a goal of scaling to an intake of 5,000 Tech Apprentices by 2030.

FIT and Financial Services

To date, over 12% of the Tech Apprentice intake are from the Irish Financial sector.  Companies associated with the Irish Funds sector who availed of the Tech Apprenticeship programme to develop talent include Accenture, Amundi, Bank of America, BDO, Deloitte, Ernst Young, Expleo, Fidelity Investments, and Northern Trust.

Other financial institutions who have employed Tech Apprenticeship include AIB, AQMETRICS, Bank of Ireland, Bonkers.ie, Davy and FinReg.   

With additional apprenticeship programmes in Data Analytics and AI in development, that percentage is likely to increase exponentially over the next 18 months.

In order to fully appreciate the digital skills ecosystem FIT have also pioneered a series of ground-breaking emerging digital skills research methodologies, culminating  in the publication of several Tech Sector Skills Audits which have been referenced in leading publications and by policy makers as giving direction in addressing the tech skills challenge.

The overall picture that continues to emerge since the publication of this report is of an increasingly digitally enabled financial sector in need of substantial numbers of competent ICT practitioners & this is where FIT can provide significant impact to employers looking for new ways to source diverse tech talent.

Are you looking to develop a a multi-faceted approach to growing tech talent?

If you are an employer and wish to join your other colleagues who are already participating in the apprenticeship contact the FIT team today at:

E: info@fit.ie W: www.fit.ie

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