“Aircraft leasing supports 5,000 direct and indirect jobs and also contributes €550 million per year to the Irish economy” (The ALI – Aircraft Leasing Ireland, 2020).
Recently, the aviation industry has strongly proved to be one of Ireland’s biggest successes and one of the most rapidly expanding industries. David Swan (Chair of the ALI) recently quoted that Ireland is now the ‘global hub’ for aircraft leasing, with a study from Deloitte also highlighting that approximately 50% of the world’s leased aircraft are now managed in Ireland alone.
The forefront of Ireland’s success within the aviation industry dates back to the 1970s when the foundation of Guinness Peat Aviation by Tony Ryan occurred. Ryan then advanced his career and became the Co-Founder of Ryanair which the IATA confirms is ‘Europe’s favourite airline’. Ireland has since undoubtably made a significant impact on the finance/accounting industry and economy which ultimately comes down to its legacy experience.
One of the biggest benefits the leasing industry has brought to Ireland are those on the economy. The IDA have recognised the significant investment that has come to Ireland, whether it be the citing of the attractiveness of our corporate tax and VAT regime, or the availability of double taxation agreements. One of the biggest advantages appears to be the creation of jobs within accounting and finance.
A report by PwC in 2018 stated that there had been 5,000 jobs created, and it has only increased significantly since this.
When people typically think of a career in the aviation industry, they often assume it involves a uniform or otherwise a lot of time spent in the sky! Having said that, the industry now provides a range of jobs in accounting, pricing, credit analysis and technical management – as stated by an aviation partner in Arthur Cox.
The aviation industry has now become an exciting, rapidly growing and well-paid market, which is significantly boosting Ireland’s economy. One of the most appealing factors when considering a career in the leasing industry is the opportunity to earn a higher starting basic salary at the early stages of your career. Figures from the Central Statistics Office (CSO, 2019) stated that the average annual pay of an employee in this industry had jumped from 104,000 to 165,000 between 2007 to 2016.
While aircraft leasing is a growing trend within the Irish economy, we also have to consider the sustainable factors of this industry as our global carbon footprint expands. An article from The Guardian confirmed that flying will become “net-zero” by 2050 according to the UK aviation sector, regardless of the increase in air passengers every year. By phasing out Boeing 747 jumbo planes, this will reduce carbon emissions by 30%, the article claims. This will therefore encourage companies to become more sustainable and monitor their carbon footprint more carefully.
Here at Broadgate Search, we’re also striving to reduce our carbon footprint. CSR is hugely important to us, which is why we implement various strategies to tackle this. We have improved efficiency with a 33% decrease in our CO2 intensity-based figure against our 2018 baseline year. As in previous years, commuting remains the largest contributor to our carbon footprint, accounting for 65% of our carbon footprint. We address this with our work from home days, cycle to work schemes and strive to keep our air miles below 2,000 miles per person per year. Our ongoing mission is to protect our planet and operate sustainably as a business as we grow globally, as well as benefitting the economy.
Reach out to our career experts for more information, or if you just want a friendly chat with our Accounting and Finance specialist about potential jobs in the financial landscape contact: