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Financial Services

Overview

This page provides high level information and data on the Financial Services industry, which comprises the following sectors:

  • Accounting and Bookkeeping
  • Banking and General Financial Services
  • Financial Markets and Planning
  • Insurance and Superannuation
  • Mortgage and Financial Broking
  • Specialised Financial Services.

For more information on any of the above sectors, please visit the respective sector page.

All data sources are available at the end of the page.

IRC and Skills Forecast

Industry cluster snapshot

Employment and training snapshot

Employment in the Financial Services industry has fluctuated between 2000 and 2017, but remained on an overall upwards trend. The year 2016 represented the highest employment level in this industry during this period, with growth predicted for between 2017 and 2022.

Program enrolments and subject-only enrolments in the Financial Services training package saw an increase in 2015 from the previous year, with the increase much larger in the case of subject-only enrolments. Program completions have remained relatively stable during the 2014-16 period. Enrolments in the Financial Services training package were mostly at the certificate IV level or higher, with few enrolments below the certificate III level.

Industry insights on skills needs

Priority skills infographic<br />
Infographic title: Priority skills: 2017 skills forecast,,<br />
Infographic data,,<br />
Title: Top priority skills,, Compliance and risk management, Ethics and conduct, Customer engagment, Adaptability, Self-leadership,,<br />
Title: Top generic skills,, Design mindset / Thinking critically / System thinking / Solving problems, Learning agility / Information literacy / Intellectual autonomy and self management, Customer service / marketing, Financial, Data analysis,,<br />
Infographic title: Skills and occupations in demand: job vacancies,,<br />
Title: Top generic skills in demand,, Communication Skills, Building effective relationships, Organisational skills, Writing, Detail-oriented<br />
Title: Top 5 occupations in demand,, Financial Investment Advisers and Managers, Information Officers, Sales Representatives, Accountants, Bank Workers,,<br />
Title: Top 5 locations,, New South Wales, Victoria, Queensland, Western Australia, South Australia,,<br />
Title: Top employers,, Commonwealth Bank of Australia, Westpac Banking Corporation, National Australia Bank, Australia and New Zealand Banking Group Limited, Bendigo & Adelaide Bank Limited,,<br />
Infographic source, Priority skills source: Financial Services IRC Skills Forecast and Schedule of Work 2017, Job vacancy occupations in demand source: Burning Glass Technologies’ Labor Insight Real Time Labor Market Information tool<br />

According to the Financial Services IRC Skills Forecast and Proposed Schedule of Work top 5 key skills for the Financial Services industry are:

  • Compliance and risk management
  • Ethics and conduct
  • Customer engagement
  • Adaptability
  • Self-leadership.

Job vacancy data suggests the key skills in demand from employers in the Financial Services industry are:

  • Communication skills
  • Building effective relationships
  • Organisational skills
  • Writing
  • Detail oriented.

The above IRC Skills Forecast mentions a range of forthcoming issues for the Financial Services industry. These include the impact of advancing financial technology, increasing regulation in the industry, demographic changes in the consumers of financial services and increased demand for university-level qualifications in the Financial Services industry.

The Workforce Development Strategy for the Financial Services Industry by Innovation and Business Skills Australia identifies many of the same issues, adding a focus on the increasing globalisation of the Financial Services market and the responsiveness of certain areas of this industry to relevant government policy. For example, Superannuation is one area in which government policy can have significant impacts on market trends. In addition to the changing customer demographics noted by the Skills Forecast above, the Workforce Development Strategy reports customers are more demanding and have great power to compare Financial Services products. This means companies are attempting to provide a more seamless and customer driven service in order to retain market share.

For more detailed analysis of industry skills needs, see Financial Services sector pages.

Links and resources

Below is a list of industry-relevant organisations and associations. Hyperlinks have been included where available.

Industry associations and advisory bodies

Association of Accounting Technicians

Association of Certified Anti-Money Laundering Specialists

Association of Financial Advisers

Association of Superannuation Funds of Australia

Association of Taxation and Management Accountants

Australasian Institute of Charted Loss Adjusters

Australia and New Zealand Institute of Insurance and Finance

Australian Bankers Association

Australian Bookkeepers Association

Australian Financial Markets Association

Australian Institute of Superannuation Trustees

Australian Retail Credit Association

CPA Australia

Customer Owned Banking Association

Finance Brokers Association of Australia

Financial Planning Association of Australia

Financial Services Council

Financial Services Institute of Australasia

Independent Financial Advisers Association of Australia

Institute of Certified Bookkeepers

Institute of Mercantile Agents

Institute of Public Accountants

Insurance Australia Group

Insurance Council of Australia

Mortgage and Finance Association of Australia

National Insurance Brokers Association

Risk Management Association Australia

Self Managed Super Fund Association

Stockbrokers and Financial Advisers Association

 

Government bodies

Australian Securities & Investments Commission

Australian Prudential Regulatory Authority

The Reserve Bank of Australia

 

Employee associations

Finance Sector Union

 

Relevant research

Workforce Development Strategy for the Financial Services Industry – Innovation and Business Skills Australia

Financial Services IRC Skills Forecast and Proposed Schedule of Work – Financial Services IRC

Data sources and notes

Department of Employment, 2017, Employment Projections, available from the Labour Market Information Portal:

  • by ANZSIC 1 digit Financial and Insurance Services Industry, employment projections to May 2022.

Australian Bureau of Statistics 2017, Employed persons by industry group of main job (ANZSIC), sex, state and territory, November 1984 onwards, 6291.0.55.003 - EQ06, viewed 1 September 2017 <http://www.abs.gov.au/AUSSTATS/abs@.nsf/DetailsPage/6291.0.55.003May%202017?OpenDocument>

  • Employed total by ANZSIC 1 digit Financial and Insurance Services Industry, 2000 to 2017, May Quarter.

Training data has been extracted from the National VET Provider Collection, Total VET Student and Courses, 2016 Program Enrolments by Financial Services Training Package.                                                                          

Data covers a range of selected student and training characteristics in the following categories and years:

  • 2014, 2015, 2016 program enrolments
  • 2014, 2015, 2016 subject enrolments
  • 2014, 2015, 2016 program completions.

Total VET students and courses data is reported for the calendar year. Program enrolments are the qualifications, courses and skill sets in which students are enrolled in a given period. For students enrolled in multiple programs, all programs are counted. Program completion indicates that a student has completed a structured and integrated program of education or training. Location data uses student residence.  Subject enrolment is registration of a student at a training delivery location for the purpose of undertaking a module, unit of competency or subject. For more information on the terms and definitions please refer to the Total VET students and courses: terms and definitions document. 

Low counts (less than 5) are not reported to protect client confidentiality. 

Printing and Graphic Arts Training Package apprentice and trainee data has been extracted from the National Apprentice and Trainee collection, including:

  • 2010 to 2016 commencements
  • 2010 to 2016 completions 
  • 2016 apprentices and trainees in-training October to December 2016 collection, by qualification and state and territory.

Priority skills data have been extracted from the Financial Services Industry Reference Committee’s 2017 IRC Skills Forecast and Proposed Work Schedule.

Burning Glass Technologies: Labor Insight – real-time labor market information tool http://burning-glass.com 2017.

  • Job advertisements from all of Australia from January 2014 to August 2017 are included in the analysis. Data shown is the top five advertised VET-related occupations (1-6 digit level) in the Financial and Insurance Services industry and the top five locations and employers according to job advertisements.

Skills data has also been extracted from the Burning Glass Labor Insights tool. Data shown is the proportion of job advertisements which request generic skills for VET-related occupations in the industry and occupations listed above.

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