Never slow to realise an opportunity when it comes knocking, the financial services sector (led by the main retail banks) has responded by providing ample opportunity for private banking, or "wealth management", as is the accepted nomenclature since the mid-1990s (coincidentally, the same period when wealth began to be a feature of the Irish economy). At last count, we had more than 30,000 millionaires (only around 320 of whom have made their money through the Lotto). The advent of a significant wealth management sector has been a major boon for the newlyrich Irish population, in that it allowed seasoned financial professionals to take much of the decision-making process out of the hands of potentially naive investors. But it also created a vibrant sector for financial employment, synthesising the skills required to be a top investment banker with the more interpersonal skills of a relationship manager.

"Generally speaking, wealth management providers employ people with a financial services background, " said David Hannon, manager of the Executive Selection division at Deloitte. "They need to have a good understanding of customer relationship management (CRM) and portfolio management, because they are in the business of giving direct advice to high net worth individuals (HNWI)."

That a good wealth management professional needs to display skills in both portfolio management and CRM is one of the main reasons why those at the top of the game are substantially rewarded.

Indeed, a senior relationship manager should be pulling in between 100,000 and 200,000 in basic salary, in addition to a similar bonus figure. But, even in the rarefied world of wealth management, entry level is still entry level, and not as glamorous as some graduates might think.

"You might start as a portfolio assistant, " said Hannon.

"This might mean that you are sending out brochures or updating existing clients on new opportunities. But the more experienced you get, you will be assigned clients, advising HNWI on the best strategies for their money, how to get the most out of their investments while paying as little tax as possible."

Perhaps because of the taxation element inherent in wealth management, it is widely accepted that an accountancy background is no hindrance to a career in private banking. But there is little point in entering wealth management as a good accountant if you have what might be described as a traditional accountant's personality . . . you really need to be a good accountant with a personality that is geared towards networking.

Nor is it enough to be skilled in only one area of investments, despite the preponderance of property in many existing portfolios.

"There is no point in being expert in one area, such as property, " said Hannon. "Your client might tell you that he has seen that gold is rising every month, and ask you for your advice on that. So, as a good wealth management professional, you will need an interest in financial services, markets, commodities, equities and property - not to mention the ability to deal in a client-facing industry."

Of course, modern accountants, particularly Chartered and Certified Chartered Accountants, will be trained to have a good grasp of CRM, which is why many of those who opt for the financial services route post-qualification will end up in private banking.

"The industry tends to select its people from Chartered Accountants, " said Ronan Colleran, managing director of Accreate, a leading search and selection firm which specialises in such areas as accountancy and financial services. "An accountancy qualification is a good starting point for understanding numbers . . . and private banking will take those who have a strong commercial sense with interpersonal skills. Of course, relationship management could be described as someone who tells me good jokes, but the serious point is that a good wealth management professional will have a personality, but will also be able to run numbers."

According to Colleran, the CAs in wealth management come primarily through the Big 4 route . . . although much of the practical learning required to succeed in private banking is actually done on-the-job.

"People may have had credit lending roles in banks, or they may have been understudy to senior relationship managers, " he said. "But, even at a junior level, you will sit in on client meetings, and look after the more mundane of clients' needs. But, eventually over time, your role will become more senior, and you will be expected to generate your own contacts."

It is this necessity to generate contacts that has made wealth management something of an old boy's (and girl's) network. But while there is still an element of needing to be "connected", the reality is that the spread of wealth in modern Ireland has shaken the market up considerably.

"Traditionally, institutions have tended to go for people whose families have had considerable wealth . . . often with an assumption that the family will eventually become a client, " said Colleran. "But the amount of money that Irish people have means that there is now so much that needs to be managed."

Thus, wealth management has become somewhat more democratic, and institutions are certainly widening their net when it comes to new blood for their industry. There is also the factor of more and more international (particularly UK) institutions looking to take advantage of the situation in Ireland by establishing a wealth management arm here. Similarly, the employment market is made more competitive by the numbers of ex-pats and non-nationals who are looking to Ireland for some solid employment.

"Thanks to the credit crunch in the UK, the city is expecting a dip, " explained Colleran. "So it has become a sensible time for people to make the decision to return.

There is a feeling in the UK that bonuses won't be as good this year as might have been expected, and because of this, not only are UK companies looking to explore the market here, but UK-based professionals are looking to explore the possibilities of employment here."

Even with this influx of new blood, the fact remains that it is becoming increasingly difficult to source the right people for wealth management, especially for the senior roles.

This has led to the creation of a candidate's market for properly qualified, and property connected, people.

"Obviously, it depends on the level that people are going in at, but the biggest issues are financial ones, " said Carl Brogan, director of Paragon Search and Selection, a specialist boutique selection firm operating across the financial services industry (including wealth management).

"Thanks to the entrepreneurial flair in Dublin, the trend over the last year or two has been for boutique companies to open which are looking for private bankers and wealth managers. Pay in these boutiques tends to be lower, but bonuses tend to be better, although candidates will be expected to be able to raise capital for smaller companies."

Indeed, however attractive working in a specialist wealth management boutique may be, the reality is that these companies are looking not only for people with skills, but also with contacts.

"Companies want candidates to bring with them a Rolodex of clients, " said Brogan. "Because of this, they are willing to pay a premium for experienced clients and people with institutional backgrounds; because senior fund managers or senior directors will have huge numbers of contacts. The opening of the market has meant that there is a real fight for the best candidates, and the best people are being headhunted . . . you rarely see people with experience in wealth management looking for a job."