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Banking and General Financial Services

Overview

This page provides information and data on the Banking and General Financial Services sector, which is one component of the Financial Services industry, and includes banking services, financial intermediary services and workers in a diverse range of financial roles.

The Banking and General Financial Services sector is integral to the whole Australian economy, covering services such as general banking, home and business loans and a range of financial products.

Vocational education and training qualifications most often lead to frontline services roles such as bank workers and tellers.

Nationally recognised training for Banking and General Financial Services is delivered under the FNS – Financial Services Training Package.

Information sourced from the Financial Services IRC’s 2019 Skills Forecast.

For information on other financial services, see the Financial Services cluster page.

For information on business-related services, see the Business Services cluster page.

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

IRC and skills forecasts

Employment trends

Employment snapshot

Workers in the Banking and General Financial Services sector are involved in a range of industries; presented here are those most core to the sector. The Finance industry reported variable levels of employment between 2000 and 2019, peaking in 2013 at 222,000. In 2019 there were 187,700 workers in the industry, which is projected to increase to 192,400 by 2024. The largest VET-related proportion of the Finance industry is the occupation of Bank Workers (24%). This occupation has a projected employment decline of 6% between 2019 and 2024. The other VET-related finance occupations have positive projected employment growth to 2024.

The Auxiliary Finance and Investment Services industry has also shown a record of variable employment. In 2019 employment was at its highest level in the time period shown, with 139,000 workers, which is projected to increase to 148,400 by 2024. Financial Investment Advisers and Managers represent the largest proportion of VET-related occupations in the Auxiliary Finance and Investment Services industry at 17%, followed by Financial Brokers with 15%. All identified occupations in the Auxiliary Finance and Investment Services industry have positive projected employment growth to 2024. Financial Investment Advisers and Managers has a projected employment increase of 7% between 2019 and 2024, Financial Brokers are projected to increase by 9% and Finance Managers by 9%.

Training trends

Training snapshot

Program enrolments in Banking and General Financial Services-related qualifications rose between 2015 and 2016 before falling slightly in 2017 and falling again in 2018. Program completions were fairly stable between 2015 and 2017 before falling in 2018. The largest number of program enrolments in 2018 was at the certificate III level, followed by certificate I, then certificate IV. The majority of Banking and General Financial Services-related qualifications in 2018 were in the area of Financial Services and Practice Support. Most students in this sector had an intended occupation of Financial and Insurance Clerk.

In 2018, Banking and General Financial Services-related qualifications were delivered by a range of training providers. The largest proportion was delivered by private training providers at 56%, with enterprise training providers delivering 21% and TAFE institutions 18%. The majority of Banking and General Financial Services-related subjects are funded through domestic fee for service arrangements, though the funding proportions vary largely between provider types. New South Wales and Queensland have the highest proportion of students enrolled in Banking and General Financial Services-related qualifications at 30% and 23% respectively. More than half of the training was delivered in New South Wales (52%), followed by 29% in Queensland.

Apprentice and trainee commencements and completions fell overall between 2010 and 2018, with a small rise in 2013 and 2014 respectively. Most apprentices and trainees in the Banking and General Financial Services sector have an intended occupation of Financial and Insurance Clerk. In 2018, New South Wales reported the largest proportion of Banking and General Financial Services apprentices and trainees, with 39%, followed by Queensland with 29%, and Victoria with 14%.

For more data specific to your occupation, industry or training package, visit NCVER’s VET students by industry. If you are prompted to log in, select cancel and you will continue to be directed to the program.

For more data specific to your region visit NCVER’s Atlas of Total VET.

If you are interested in extracting NCVER data to construct tables with data relevant to you, sign up for a VOCSTATS account.

Industry insights

Industry insights on skills needs

The Financial Services IRC’s 2019 Skills Forecast suggests the top priority skills for the Banking and General Financial Services sector include health and safety skills, teamwork and communication, and problem solving skills. This is in addition to sector specific technical and multi-disciplinary skills. The top three generic skills focus primarily on soft skills including customer service, critical thinking, and learning agility. Data analysis is rated as the fourth most important generic skill for the sector.

According to the job vacancy data, the top generic skills requested by employers in the Banking and General Financial Services sector were communication skills and building effective relationships. The most advertised occupations were Information Officers followed by Accountants. The top employers were the Commonwealth Bank of Australia and the Westpac Banking Corporation.

According to the above Skills Forecast, as with many sectors across the economy, emerging technologies are significant in shaping the future of the Banking and General Financial Services sector. FinTech innovations are changing the services provided by the sector, as well as leading to the automation of many process-oriented roles and enabling more financial services in the gig and shared economies.

Many technological advancements in the Banking and General Financial Services sector are aimed at giving the consumer more knowledge and control of transactions and services, and the ability to conduct services for themselves. These technologies include:

  • Internet and mobile banking allowing customers to manage their funds without going to a branch, with the majority of Australians now making a purchase or banking transaction on their mobile.
  • Peer-to-peer lending, as a method of debt financing that enables individuals to borrow and lend money without an official institution.

According to the Skills Forecast, workers in the Banking and General Financial Services sector will need the following skills:

  • Core financial multi-disciplinary skills, which are the financial literacy, capacity and industry knowledge skills that underpin all roles in the Financial Services industry.
  • Enterprise skills, such as teamwork, communication, problem solving, and work health and safety skills that are about 'how' a worker operates in the workplace.
  • Flexibility and resilience skills, which will continue to be extremely important for workers adapting to technological change.
  • Communication and other skills where humans generally have a competitive advantage over machines.

In a world where technology is rapidly changing the banking experience, making it more convenient, more mobile and more transparent than ever before, strong, ethical banks remain critical to customer trust and confidence. In June 2019, the Australian Banking Association released the Banking Code of Practice: Setting the Standards of Practice for Banks, Their Staff and Their Representatives which sets a new standard of customer service for Australia's banks. The new Code is part of a significant reform agenda to improve banking services to better meet community standards and expectations.

Links and resources

Data sources and notes

Department of Employment, 2018, Employment Projections, available from the Labour Market Information Portal

  • by ANZSIC 2 & 3 digit Finance Industry and Auxiliary Finance and Investment Services Industry, employment projections to May 2023
  • by ANZSCO, selected occupations, employment projections to May 2023
    • Accountants
    • Bank Workers
    • Credit and Loans Officers
    • Finance Managers
    • Financial Brokers
    • Financial Dealers
    • Financial Investment Advisers and Managers
    • General Clerks
    • Other Hospitality, Retail and Service Managers.

Australian Bureau of Statistics 2018, Employed persons by Industry group of main job (ANZSIC), Sex, State and Territory, November 1984 onwards, 6291.0.55.003 - EQ06, viewed 1 November 2018 http://www.abs.gov.au/AUSSTATS/abs@.nsf/DetailsPage/6291.0.55.003May%202018?OpenDocument

  • Employed total by ANZSIC 2 & 3 digit Finance Industry and Auxiliary Finance and Investment Services Industry, 2000 to 2018, May Quarter.

Australian Bureau of Statistics 2017, 2016 Census – employment, income and unpaid work, TableBuilder. Findings based on use of ABS TableBuilder data.

  • Employment level by 2 & 3 digit Finance Industry and Auxiliary Finance and Investment Services Industry, and 4 digit level occupations to identify the relevant VET-related occupations in the industry as a proportion of the total workforce.

Training data has been extracted from the National VET Provider Collection, Total VET Students and Courses from the following training packages or qualifications:

  • FNS and FNB – Financial Services Training Packages
  • Banking Services and Management
    • FNS41010 - Certificate IV in Banking Services
    • FNS41011 - Certificate IV in Banking Services
    • FNS41211 - Certificate IV in Mobile Banking
    • FNS42015 - Certificate IV in Banking Services
    • FNS50910 - Diploma of Banking Services Management
    • FNS50915 - Diploma of Banking Services Management
    • FNS51204 - Diploma of Financial Services (Banking)
    • FNS60610 - Advanced Diploma of Banking Services Management
    • FNS60615 - Advanced Diploma of Banking Services Management
  • Conveyancing
    • FNS50410 - Diploma of Conveyancing
    • FNS50411 - Diploma of Conveyancing
    • FNS50604 - Diploma of Financial Services (Conveyancing)
    • FNS60304 - Advanced Diploma of Financial Services (Conveyancing)
    • FNS60310 - Advanced Diploma of Conveyancing
    • FNS60311 - Advanced Diploma of Conveyancing
  • Credit Management
    • FNS40110 - Certificate IV in Credit Management
    • FNS40111 - Certificate IV in Credit Management
    • FNS40115 - Certificate IV in Credit Management
    • FNS51511 - Diploma of Credit Management
    • FNS51515 - Diploma of Credit Management
  • Financial Services and Practice Support
    • FNB50199 - Diploma of Financial Services
    • FNS10110 - Certificate I in Financial Services
    • FNS10115 - Certificate I in Financial Services
    • FNS20104 - Certificate II in Financial Services
    • FNS20110 - Certificate II in Financial Services
    • FNS20111 - Certificate II in Financial Services
    • FNS20115 - Certificate II in Financial Services
    • FNS30104 - Certificate III in Financial Services
    • FNS30107 - Certificate III in Financial Services
    • FNS30110 - Certificate III in Financial Services
    • FNS30111 - Certificate III in Financial Services
    • FNS30115 - Certificate III in Financial Services
    • FNS40107 - Certificate IV in Financial Services
    • FNS40710 - Certificate IV in Financial Practice Support
    • FNS40715 - Certificate IV in Financial Practice Support
    • FNS41811 - Certificate IV in Financial Services
    • FNS41815 - Certificate IV in Financial Services
    • FNS50104 - Diploma of Financial Services
    • FNS50107 - Diploma of Financial Services
    • FNS51811 - Diploma of Financial Services
    • FNS51815 - Diploma of Financial Services
    • FNS60104 - Advanced Diploma of Financial Services.

This includes superseded qualifications and training packages.

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

  • 2015, 2016, 2017, 2018 program enrolments
  • 2015, 2016, 2017, 2018 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.

Percentages are rounded to one decimal place. This can lead to situations where the total sum of proportions in a chart may not add up to exactly 100%.

FNS and FNB – Financial Services Training Packages apprentice and trainee data has been extracted from the National Apprentice and Trainee Collection, including:

  • 2010 to 2018 commencements
  • 2010 to 2018 completions
  • 2018 apprentices and trainees in-training October to December 2018 collection, by qualification and state and territory of data submitter.

Priority skills data have been extracted from the Financial Services IRC’s 2019 Skills Forecast.

Job vacancy data have been extracted from Burning Glass Technologies 2019, Labor Insight Real-time Labor Market Information Tool, Burning Glass Technologies, Boston, viewed July 2019, https://www.burning-glass.com.

Data shown represent most requested generic skills, occupations and employers according to internet job postings in Australia between July 2016 and June 2019 filtered by ANZSIC and ANZSCO classification levels listed below.

  • Generic skills/Occupations
    • 62 Finance
    • 641 Auxiliary Finance and Investment Services
  • Employers
    • 5412 Information Officers
    • 2211 Accountants
    • 5521 Bank Workers
    • 2223 Financial Investment Advisers and Managers
    • 2247 Management and Organisation Analysts
    • 62 Finance
    • 641 Auxiliary Finance and Investment Services.
Updated: 31 Mar 2020
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