Due to a number of high-profile mergers and acquisition and an increase in domestic competition, there has been a spurt in finance jobs in Australia. Major transformation took place after the release of the Campbell Inquiry Final Report in 1981. Career options in the country’s financial sector have surged owing to the globalization of financial markets and technological developments.
Legislation, market size, awareness and public disclosure are some of the challenges being faced by Australia’s financial sector. However, in the fourth quarter of 2007, the Manpower Employment Outlook Survey (MEOS), which assimilated information from 2,597 employers in Australia, arrived at the conclusion that there had been a 34% increase in the demand for financial professionals.
Australia Finance Jobs: Options
Careers options in Australia’s financial sector are:
- Audit
- Chartered Accounting
- Financial Analysis
- Risk Management
- Credit Control
- Business Development
- Management Accounting
- Credit Management
- Insurance Underwriter
- Payroll
- Systems Accounting
Australia Finance Jobs: Main Financial Institutions
Australian financial institutions fall under one of the three main categories. These are:
- Authorised Deposit-taking Institutions (ADIs): These include banks, building societies and credit unions that are supervised by APRA (Australian Prudential Regulation Authority).
- Non-ADI Financial Institutions: These include money market corporations and finance companies that are supervised by ASIC (Australian Securities and Investments Commission). Securitisers also come into this category.
- Insurers and Funds Managers: This category includes life insurance companies, general insurance companies, friendly societies and superannuation and approved deposit funds that are supervised by APRA. Public unit trusts and cash management trusts also belong to this category. Common funds are regulated by State and territory authorities.
Australia Finance Jobs: Important Statistics
Following are some stats aboutAustralia finance jobs:
· About 4% (above 397,000) of the workforce in Australia is engaged in the financial sector.
· Women make 53% of the total workforce in this sector.
· According to Graduate Careers Australia, around 23% employers (facing problems in the recruitment of graduates) laid stress on recruiting finance and accounting graduates as mentioned in the Graduate Outlook Survey 2007.
· More than 80% of the financial jobs are concentrated in Melbourne and Sydney.