Banking, Insurance & Finance

What You Could Do

Job roles in the banking, finance and investment sector sit under four main areas:

1. Banking
2. Investments
3. Financial Services
4. Accounting

Here’s a few examples of the types of roles you could pursue:

Banking:

• Banking Trader: Traders provide a variety of financial services to individual clients, companies, or organisations. They often provide advice concerning investments, as well as assistance in financial asset portfolio management.
• Bank Manager: Bank managers are responsible for the operational tasks of bank branches or similar financial institutions that sit under a banking organisation. They oversee operational functions and provide solutions to challenges and customer service, staff training, and promotional support of the bank in general.
• Mortgage Advisor: Some Mortgage Advisors work directly for specific lenders – such as banks – and advise potential clients and customers on their options available with that lender.

Investments:

• Investment Banker: Investment Bankers advise, buy and sell assets on the financial markets to raise money for their organisation. It’s one of the highest-paid jobs in the financial sector and is a highly competitive field.
• Investment Advisor: Investment Advisors are subject matter experts – helping clients and businesses understand their options and providing guidance on best-case success so they can maximise their investment opportunities.
• Hedge Fund Manager: A hedge fund manager is responsible for managing an investor’s capital, running the fund’s daily affairs, and managing ongoing investment decisions regarding ensuring the best financial outcomes for their client.

Financial Services:

• Financial Analyst: From banks, insurance providers, and stockbrokers, to retailers and the public sector, financial analysts look at investment markets, stocks, bonds, and hedge funds to help their organisation with financial planning. Their goal is to help the organisation make well-informed decisions that make the best use of resources to achieve company goals.
• Insurance Broker: Insurance Brokers work with clients to help them understand and purchase the insurance they need. Unlike Insurance Agents, who work for insurance companies, Insurance Brokers work solely for individual clients, with their specific needs and interests in mind.
• Financial Auditor: Financial auditors identify and assess any risks which could have a significant impact on the financial performance of the organisation and make recommendations on the measures needed to mitigate those risks.

Accounting:

• Accountant: Accountants are directly responsible for the financial affairs of their employers. Accounting covers a broad portfolio of financial work within a company, and there are different roles: from payroll and tax to accounts management.
• Forensic Accounting: Forensic accounting looks at issues resulting from actual or anticipated disputes. Forensic accountants often have to give expert evidence at a trial. Many large accounting firms have specialist forensic accounting departments.
• Investment Accounting: Investment accounting, portfolio accounting or securities accounting – all describe the process of accounting for a portfolio of investments such as securities, commodities and/or real estate held in an investment fund such as a mutual fund or hedge fund.

These job roles are just a taste of what’s on offer. Each segment of the industry will also include lots of other functions that support the sector in significant ways, including:

• IT and Digital Support
• Customer Service
• Administration
• Human Resources
• Marketing

And many more!

Graduate Employment and Gender Split

Although a degree is not always essential for every career pathway in banking, finance and investment, it’s worth knowing what graduate employment looks like to help set your expectations and make further decisions.

The Good Universities Guides tracks graduate employment across different industry sectors by university. On average:

• Graduates in full-time employment four months after graduating: 73-78%

Keep in mind this doesn’t advise whether graduates are working in finance, just that they’re employed. But this is an excellent figure for graduates with these qualifications!

*Figures from 2020 survey rankings.

Gender Split

The gender split across the industry is pretty even, with only a slightly higher percentage of males. Reports indicate that the average division is:

• Males: 58%
• Females: 42%

Industry Growth

With over 800,000 people employed in financial roles, the industry accounts for around 6% of employment across the Australian economy.

The industry has remained relatively stable during the COVID-19 pandemic, but it is anticipated there will be disruptions in coming years as economies handle the financial challenges of the global impact of the pandemic.

The Financial Services IRC’s 2019 Skills Forecast has identified the top priority future skills for the industry as health and safety skills, teamwork and communication, and problem-solving skills. According to job vacancy data, employers most frequently cited communication skills and building effective relationships as the top skills they look for in financial employees. The most advertised occupations were Information Officers followed by Accountants, and the two top employers were Westpac Banking Corporation and Commonwealth Bank of Australia. Both of these organisations have strong early career and graduate entry pathways and have invested a lot into attracting young candidates that they can develop to work for them.

The financial and banking sector has also been identified as being most likely to be impacted by emerging technology – often referred to as FinTech. According to the Oxford Economics report Technology and the Future of Australian Jobs: What Will Be the Impact of AI on Workers in Every Sector? financial and banking organisations are placing greater emphasis on improving customer service, and will invest more in automation, analytics and customer interaction technology to empower employees to continue to deliver in their roles and grow professionally.

As the industry grows, so will the technological advances, and new professionals will need to be prepared to keep up to date with the latest technology skills.

Average Salary

Current surveys in the sector indicate the median salaries for full-time financial roles as:

• Entry-level roles: $45-54,000
• Graduate roles: $50-58,000
• Mid-level roles: $75-84,000
• Senior Roles: $86-117,000

Salaries can be pretty varied and determined by several factors, including:

• The segment of the industry you work within.
• Your job title and seniority.
• The amount of experience you have.
• Where you work, for example, not-for-profit organisations tend to have lower salaries than for-profit or larger organisations.

Your location, for example, companies in large cities tend to pay more than those in rural areas.

Industry Growth

With over 800,000 people employed in financial roles, the industry accounts for around 6% of employment across the Australian economy.

The industry has remained relatively stable during the COVID-19 pandemic, but it is anticipated there will be disruptions in coming years as economies handle the financial challenges of the global impact of the pandemic.

The Financial Services IRC’s 2019 Skills Forecast has identified the top priority future skills for the industry as health and safety skills, teamwork and communication, and problem-solving skills. According to job vacancy data, employers most frequently cited communication skills and building effective relationships as the top skills they look for in financial employees. The most advertised occupations were Information Officers followed by Accountants, and the two top employers were Westpac Banking Corporation and Commonwealth Bank of Australia. Both of these organisations have strong early career and graduate entry pathways and have invested a lot into attracting young candidates that they can develop to work for them.

The financial and banking sector has also been identified as being most likely to be impacted by emerging technology – often referred to as FinTech. According to the Oxford Economics report Technology and the Future of Australian Jobs: What Will Be the Impact of AI on Workers in Every Sector? financial and banking organisations are placing greater emphasis on improving customer service, and will invest more in automation, analytics and customer interaction technology to empower employees to continue to deliver in their roles and grow professionally.

As the industry grows, so will the technological advances, and new professionals will need to be prepared to keep up to date with the latest technology skills.

Qualifications and Entry Pathways

One of the best things about a career in finance is that there are heaps of different ways to get onto the path that’s right for you, whether as a school leaver or a graduate.

You can start your career in finance through:

• Pursuing a degree: To start a degree in finance, commerce or accounting, you’ll need to complete Y12 and achieve an ATAR score of at least 75 (some universities require different scores, so check entry requirements when researching which university is best for you).
• Scoring an apprenticeship or traineeship: You can start a school-based apprenticeship or traineeship from Yr9 and work to gain industry-specific qualifications alongside your certificate of education and work experience.
• Work experience once you leave school: If you leave school at 16, you can apply for work experience and school-leaver programs with financial or banking organisations and work your way up over time. Many of these organisations will also support you to gain further professional qualifications. You’ll need a strong skill set and good grades in Maths and English as a minimum.

Requirements will depend on the type of role you want and the company – so make sure you do some research.

Entry-level qualifications you could pursue include:

• Certificate III in Financial Services
• Certificate IV in Accounting and Bookkeeping
• Undergraduate Certificate in Financial Accounting Theory and Audit
• Diploma of Accounting
• Undergraduate Certificate in Finance and Investment
• Certificate IV in Finance and Mortgage Broking

Whatever your circumstances, grades or preferred way forward – there’s a career path into finance that will work for you.

Best Places to Study

Where you choose to study will be dependent on a range of factors, but some top institutions in Australia to study include:

• The University of Melbourne.
• The University of Queensland.
• University of New South Wales (UNSW)
• Monash University.
• Australian National University.
• University of Sydney.
• Griffith University.

Queensland University of Technology (QUT)

Where to Learn More

You can find out more about different banking, finance, and investment industries through professional bodies and organisations that advocate for careers in the sector.

Some good places to start include:

• Australian Bankers Association
• Australian Financial Markets Association
• Mortgage & Finance Association of Australia
• Accounting and Finance Association of Australia and New Zealand
• Financial Planning Association of Australia
• Finsia – Financial Services Institute of Australasia
• Association of Accounting Technicians Australia

And many more! Each state will also have several professional organisations that can help you learn more about the industry, network, and develop your career.