Financial Services

Banking, insurance, superannuation, financial markets and financial advice are activities that are undertaken by the financial services industry. An extensive range of individuals and organisations operate in this industry with most Australians relying on such services to manage their wealth and financial security.

It is important to note that this industry does support qualifications to become an accounts clerk or bookkeeper but not a financial planner. There are several roles that require qualifications at various levels, including Certificate IV, Diploma, or Bachelor degree.

What does this industry cover?

PwC’s report on The Future of Banking in Australia suggests that we need to take advantage of the Asian market, so being familiar with Asian language, currencies and culture can increase your employability.

The financial services industry is no stranger to emerging technologies: FinTech is the all-inclusive term used to describe these financial technologies, and is changing the way the industry delivers its services.

Changes due to FinTech include mobile phone banking, tax self-management software, and all-in-one money management tools which utilise the Internet of Things (IoT). This technology provides the customer with complete overview of their services, and enables them with more control when it comes to their finances.

FinTech offers employees the opportunities to upskill or reskill into new roles, taking advantage of these new technologies.

Sub-sectors in the financial industry include Banking, mortgage broking, financial markets, financial planning and advice, insurance, superannuation, accounting and bookkeeping, mercantile agents, and trust administration.

Job hunting information

VET qualifications or skill sets are often used to obtain a licence or meet certain regulatory requirements, although legislation passed in 2017 require Financial Advisors to hold a bachelor level degree or higher.

An aging population is driving growth in the Superannuation sector with assets to reach over $4 trillion by 2030.

Compliance and risk management, ethics and conduct are a skills priority for the financial sector, not only as it is a highly regulated industry but as a result of the royal commission into banking.

Strong communication skills along with skills in data analytics has an increased demand and employers are seeking those that can customise financial products to better meet their clients' needs.

 

Information for further research

Industry information is published by peak level associations, government and major employers.  Accessing industry association sites, including member lists, is a good way of building up an understanding of an industry.  Visiting employer websites and looking for careers or employment menus helps identify how employers recruit and the skills they are recruiting.

Employment and wage data for this industry

Apprenticeships Employment Size

This is a medium industry for Australian Apprenticeship commencements. In the year to June 2019, commencements were: 1817

Source: VOCSTATS, extracted on 17/12/2019AATIS analysis.

Commencements Change

Commencements in the year to June 2019 in this industry have decreased, compared with the previous year.

Source: VOCSTATS, extracted on 17/12/2019AATIS analysis.

Apprentice Employment Outcomes

For Australian Apprentice graduates from this industry, employment outcomes are medium to high.

Source: NCVER National Student Outcomes Survey, 2017, unpublished. AATIS analysis.

Industry Employment Size

This is a medium to large sized industry compared with other Australian industries.

Source: Department of Education, Skills and Employment, 2019. AATIS analysis.

Industry Employment Change

Over the past 5 years, change in employment in this industry has remained stable.

Source: Department of Education, Skills and Employment, 2019. AATIS analysis.

Industry Wage

The average wage of all employees in this industry is medium.

Source: Department of Education, Skills and Employment, 2019. AATIS analysis.

Hear about the Financial Services Industry

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