The financial services industry is the fourth largest sector of the Australian economy, accounting for more than 8 per cent of GDP. 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 nearly 400,000 people. Key employers include 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.
The diversity of the financial services industry and the size and complexity of many of its institutions mean that 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.
Kickstarting your financial services career
To give your financial services career a competitive edge, it’s important to start building your industry networks and knowledge as soon as possible. By becoming a member of a professional industry body like Finsia (the Financial Services Institute of Australasia) you’ll have immediate and privileged access to valuable member resources, career advice and mentoring services, powerful industry networks and thought-leading programs.
For more details, go to www.finsia.com.