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Specialised Financial Services

Overview

This page provides information and data on the Specialised Financial Services sector, which is one component of the Financial Services industry, and includes mercantile agency, personal trust administration, risk management, anti-money laundering and counter terrorism financing management.

The Specialised Financial Services sector includes a range of technical financial services with a number of different applications. Mercantile agents complement the Banking and Insurance sectors, providing debt collection and investigation services following missed payments or claims. Trust administration is the management of a trust property for the benefit of beneficiaries after the settlor's death. Given the increase in growth in the ageing population and the volume of advice related to estate planning and self-managed superannuation funds (SMSFs), jobs in this sector are likely to grow.

Information sourced from the Financial Services IRC's 2018 Skills Forecast.

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

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

IRC and skills forecasts

Employment trends

For information on employment trends, see the Financial Services cluster page.

Training trends

Training snapshot

Program enrolments in Specialised Financial Services-related qualifications rose between 2014 and 2016 before falling in 2017. Program completions in these qualifications peaked in 2015 and fell in the following years. Qualifications in this sector tend to occur at the certificate III or diploma or higher levels. In 2017, the area of mercantile agents had the most program enrolments within this sector followed by anti-money laundering and counter terrorism financing. Due to the varied nature of this sector, there are a range of intended occupations for these qualifications.

For enrolments in 2017, all training in this sector was delivered by private training providers. The vast majority of subjects were funded through domestic fee for service arrangements. More than 70% of all students in this sector’s qualifications were from New South Wales.

There are relatively few apprentices and trainees in this sector. Apprentice and trainee commencements have been declining since 2014 and there were no commencements in 2017. Completions rose overall between 2010 and 2015 before falling in 2016.

For more data specific to your occupation, industry or training package, visit NCVER’s VET Students by Industry.

For more data specific to your region visit NCVER’s Atlas of total VET. If you are prompted to log in, select cancel and you will continue to be directed to the program.

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

Industry insights

For an analysis of skills needs and workforce demand, see the Financial Services cluster page.

For analysis of industry insights, see the Financial Services cluster page.

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 Certified Anti-Money Laundering Specialists (ACAMS)

Institute of Mercantile Agents (IMA)

Risk Management Association (RMA) Australia

Employee associations

Finance Sector Union (FSU)

Data sources and notes

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

  • FNS Financial Services Training Package
  • Anti-Money Laundering and Counter Terrorism Financing
    • FNS51710 - Diploma of Applied Anti-Money Laundering and Counter Terrorism Financing Management
    • FNS51715 - Diploma of Applied Anti-Money Laundering and Counter Terrorism Financing Management
    • FNS80115 - Graduate Diploma of Anti-Money Laundering and Counter Terrorism Financing
  • Mercantile Agents
    • FNS30410 - Certificate III in Mercantile Agents
    • FNS30415 - Certificate III in Mercantile Agents
  • Personal Trusts
    • FNS41311 - Certificate IV in Personal Trust Administration
    • FNS41315 - Certificate IV in Personal Trust Administration
    • FNS42215 - Certificate IV in Personal Trust Administration
    • FNS52015 - Diploma of Personal Trusts
  • Risk Management
    • FNS50811 - Diploma of Integrated Risk Management
    • FNS50815 - Diploma of Integrated Risk Management
    • FNS60811 - Advanced Diploma of Integrated Risk Management
    • FNS60815 - Advanced Diploma of Integrated Risk Management.

This includes superseded qualifications and training packages.

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

  • 2014, 2015, 2016, 2017 program enrolments
  • 2014, 2015, 2016, 2017 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 Financial Services Training Package apprentice and trainee data has been extracted from the National Apprentice and Trainee Collection, including:

  • 2010 to 2017 commencements
  • 2010 to 2017 completions
  • 2017 apprentices and trainees in-training October to December 2017 collection, by qualification and state and territory of data submitter.
Updated: 31 Oct 2018
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