The UCD School of Business is set to take radical steps to become one of the world's top 25 business school by 2016, according to a new strategic plan to be unveiled by the school this week. Professor Tom Begley, dean of the school, will also announce this week the creation of ten professorial positions.

The 10 new professorial positions will focus on broadening the school's access to specialist knowledge, Prof Begley told The Irish Times.

"Over the next five years we will focus our efforts on building capabilities and asserting our strengths to external constituencies," Prof Begley said yesterday.

The fields of global finance, technology and innovation, and work and organisations have been chosen as the three areas of strategic priority. Thereafter the strategic focus will be on joining the "elite of global business education", he added

A global finance academy will be established, targeting staffing needs at the IFSC.

"We would like to help companies at the IFSC and elsewhere develop the skills to manage funds as well as process transactions and to make trades as well as track them, competing with London and New York in niche areas," he said.

The school also plans to expand its National Institute for Technology Management to strengthen links between science and industry, while a new centre will be established to study workplace practices, innovation and organisational productivity issues.

"We have the expertise to help scientists and engineers shift their work from the research lab to commercial markets. Another essential need is work and organisations, especially in a country where skills shortages and employee retention are growing problems," Prof Begley said.

As well as 10 new professorship positions, due for announcement next Friday, the school expects to complete the hiring of a director of executive education who will oversee a new centre of executive education.

"Senior executives currently leave Ireland to experience this level of education - we intend to bring Irish executives back into Ireland, along with international executives," Prof Begley said.

The new recruitment campaign comes a week after UCD president Dr Hugh Brady endorsed an agreement between UCD and six other university presidents designed to prevent poaching of staff.