Aviation leasing is essentially a combination of minds and money. It may deal in assets individually worth tens and hundreds of millions of euro but the industry itself is based on the know-how and expertise of its people and the availability of vast amounts of capital.
However, the industry is facing an imminent talent shortage as it continues to grow and evolve, says Marina Efthymiou, professor of aviation management at Dublin City University.
“With new regulatory frameworks, sustainability imperatives and a pressing need for greater diversity, addressing this talent gap has become more critical than ever,” she explains.
While the industry demands a unique blend of aviation technical expertise, financial acumen and legal knowledge, training programmes tailored to these needs remain limited, with only a handful of institutions offering courses specifically designed for the sector.
“This lack of specialised education is exacerbated by a generational transition as a significant proportion of industry leaders and experts approach retirement, creating a widening gap in institutional knowledge and experience,” says Efthymiou.
Compounding this challenge is increased competition for talent from high-growth sectors such as fintech, green finance, and technology.
“These industries are attracting top-tier professionals with expertise in data analytics, risk management and sustainability – skills that are equally essential for the future of aviation leasing,” Efthymiou adds.
She also notes that, traditionally, the leasing sector has been dominated by a narrow demographic that doesn’t necessarily reflect the global nature of its clientele and operating environment.
“To remain competitive, companies must cultivate teams with diverse cultural and linguistic skills to navigate international markets and negotiations effectively,” she says.
To close the talent gap, Efthymiou says the industry must take proactive steps. These include expanding education and training by collaborating with institutions such as DCU and key academics to develop and deliver industry-specific programmes that address gaps in technical, financial and regulatory expertise.
Promoting executive training is also key, and Efthymiou says investment in upskilling and reskilling initiatives, particularly in areas such as sustainability and ESG reporting, will prepare existing professionals for emerging challenges.
“They should also implement targeted mentorship programmes, flexible work policies and leadership development initiatives to attract and retain diverse talent,” she adds.
Thomas Conlon is professor of finance in the UCD School of Business. UCD offers an MSc in aviation finance, which was launched in 2016. To date, there have been about 300 graduates of the programme, most of whom have gone on to work in the aviation leasing industry.
“This programme was established alongside the leasing community who felt that they had spent too long trying to find appropriately qualified graduates for the industry and that people weren’t necessarily coming through with the skill set that they needed,” explains Conlon. “The MSc was tailored specifically to the industry, with the topics selected specifically to enable people to land on their feet once they entered the industry.”
While the course incorporates modules on traditional finance, it also focuses on aviation economics, credit risk and aviation law. “If you are dealing with assets that are worth anywhere up to a quarter of a billion dollars you need to know exactly who owns that asset and when they own it,” Conlon says. Candidates also study the assets themselves, understanding the nature of aircraft.
Fifty per cent of all leased aircraft are leased from Dublin, Conlon says. “If we want to remain in a leadership position within this industry, it is critical that we focus on building the talent pipeline in this space. People might say we have this industry because of taxation but in my view, we have this industry because of people, qualified skilled people in this space.”
UCD is also launching a diploma in aviation finance for experienced hires in 2025. “This is for people who are trying to make the switch into the aviation finance industry or who already work in the space but are trying to upskill. That is where the gaps are,” says Conlon.
Garret Kearney is managing director of GKR Search & Selection, a boutique global aviation recruitment firm. He says there is strong competition among leasing companies for talent.
“People typically join the sector and stay there – it is unusual for someone to go into another sector, like pharma, for example,” says Kearney. “Credit risk is a really important area so people with strong risk experience are very much in demand and people who market aircraft and find sale and leaseback opportunities are also in high demand.”
Kearney has been working in this area for more than 22 years and says demand for talent continues to grow.
“Most of the recruitment we do is at a more senior level but certainly the graduates of courses in third level institutes are in demand for the graduate programmes offered by leasing companies.”
