Finance has long been seen as a good career choice. Consider the range of sectors and occupations that open to you with a financial services qualification.
Size and Composition of the Financial Services Sector
The financial services sector is made up of a wide range of different organizations offering a wide range of products and services.
Finance and Insurance are now a major contributor to Australia’s strong economy, representing the third largest discrete sector generating in excess of 10% of Gross Domestic Product (GDP); a larger contribution than mining! In dollar terms that's $130 billion (yes billion) in GDP from financial services.
And the sector generates $18 billion towards the government in taxation raised.
Employment in Financial Services Sector
Financial services have become a major contributor to employment in the Australian economy.
The financial services sector is one of the most well remunerated, well-educated and diverse sectors in the Australian economy.
The industry already employs some 400,000 Australians; with more than half of that number women, and two thirds under the age of 45.
Retail Banking Financial Services Sector: Banks, Building Societies, Mutuals
The most significant retail financial institutions in Australia are the banking institutions. Banks, building societies and mutuals usually accept the funds of small savers as deposits and make funds available to investors by providing loans for housing, personal loans or business ventures. Retail banking financial institutions have extended their services to financial investment, travel, insurance and many other ancillary areas such as credit cards.
Retail banks essentially provide 4 key roles in the Australian economy:
- they participate in the country’s payment system and facilitate transactions;
- they have a unique ability to create credit;
- they provide security for savers’ deposits;
- they provide support to the rest of the financial system and to the economy as a whole.
Superannuation Sector - The Fourth Largest in the World
The value of cash and assets held in superannuation in Australia is significant or in dollar terms $1.85 trillion (yes that's right - trillion is a real number, and its big!). The sector is made up of
- Retail Superannuation Funds – open to the general public, with the Superannuation Company operating as a profit making entity;
- Industry Funds – open only to people working in that industry (but there is a growing trend to open them to the general public), with the Superannuation Company operating on a not for profit basis; and
- Self Managed Funds – with people taking the option to mange their own superannuation portfolio with or without advice eg accountants, planners and brokers, to minimize fees otherwise paid to superannuation companies.
Superannuation companies typically employ people to administer the contribution and paperwork requirements, while having a separate section that decides the investment decisions or strategies.
Small Financial Services Providers and General Office Positions
On top of these large sector groups, the industry also has a large number of financial services providers that are small and medium size enterprises. This could include service providers like accounting firms and brokers. These employers also offer a range of job opportunities as finance clerks, finance officers and assistants.
Learn More in our Online Financial Services Course
There are great reasons to consider a career in financial services.
FNS30115 Certificate III in Financial Services will give you the hands on skills needed to move into this reputable and growing industry.
Benefit from studying online, but in a supported environment. Enrol now or give us a call to talk about your career goals.