Employment in the Financial and Insurance Services industry includes banking, insurance and superannuation funds, as well as financial brokering services. Employment is concentrated primarily in capital cities, particularly along Australia’s east coast, with nearly half the workforce located in New South Wales.
Top Employing Occupations
|Financial Investment Advisers and Managers|
|Insurance, Money Market and Statistical Clerks|
|Credit and Loans Officers|
|Software and Applications Programmers|
|Advertising, Public Relations and Sales Managers|
|Other Hospitality, Retail and Service Managers|
|Auditors, Company Secretaries and Corporate Treasurers|
|Management and Organisation Analysts|
|Database and Systems Administrators, and ICT Security Specialists|
|ICT Business and Systems Analysts|
This workforce is highly qualified, with 80% holding post-school qualifications (compared with 68% across all industries). Almost all jobs are for Professionals, Clerical and Administrative Workers and Managers.
Reflecting the time it takes to attain the required qualifications, a small share of this workforce is aged 15 to 24 years old (just 6%). That said, Bank Workers is the largest employing occupation within Financial and Insurance Services and this role generally does not require post-school qualifications and can provide a pathway into the industry.
Sources: ABS, Labour Force (seasonally adjusted and annual averages of original data); ABS, Characteristics of Employment; ABS, Education and Work.