Ilaskivi held the position of docent of economics at the University of Helsinki from 1959 to 1979 acting as a senior lecturer.
He was the managing director of the Finnish Banker's Association, the Industrial Bank of Finland, and the Helsinki Stock Exchange.
Between 1999–2009 Ilaskivi was Chancellor of the Ordo Sancti Constantini Magni and afterwards he has served as Deputy Master.
He has received multiple high awards and decorations both from Finland and foreign countries.
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