“Well-remunerated with average employee salary just over $87 000 per annum (compared to Australian average annual salary being $58 390.80)”
The financial services industry is the largest sector of the Australian economy, accounting for nearly 9% of GDP annually. It has taken over both the mining and the manufacturing industries and is continuing to grow. Its relative global strength has been underpinned by a resilient economy, sophisticated, deep and liquid financial markets, a world-leading regulatory system, compulsory superannuation savings, a highly skilled workforce and strong business infrastructure.
The role of the financial services sector is to facilitate the productive flow of funds between sectors, companies and people. Broadly speaking, the sector can be broken down into the following categories:
- Corporate finance and wholesale banking (the ‘deal makers’).
- Financial markets (the ‘traders’).
- Managed funds and superannuation (the ‘asset managers’).
- Retail banking and private wealth management (the financial advisors).
The strength of the financial services industry makes it a leading employer in Australia, employing over 400 000 people – approximately representing 4% of the total workforce. Currently, this industry is ranked as the 5th highest employer of university graduates.
Key employers include a variety of financial institutions, international and national investment banks, asset and fund managers and regional banks. There are also opportunities in specialist divisions in retail banking, financial markets, financial planning and other financial solutions providers.
With more than 70% of its people younger than 45 and 53% represented by women, the diversity of the financial services industry, the size and the complexity of many of its institutions means there is an extraordinarily varied range of career paths available to graduates entering this industry. The global nature of financial services also means there is significant potential for overseas work or secondment offshore.
For more details, go to www.finsia.com/yfp
(Data is based on “The FSC-UBS State of the Industry Report 2014”)
What you need
- Typical degree qualifications include: business, commerce, finance, economics, accounting and actuarial
- Combined courses such as Bachelor of Engineering/Bachelor of Commerce and Bachelor of Economics/Bachelor of Law may also be taken
- Applied mathematics, engineering, information technology and law degrees increasingly lead to a career within the industry
By becoming a Finsia member, you will be equipped with the information and resources you need to begin your career. Read more here.
This snapshot has been sponsored by: