Excerpted from the Austraila Career Guide
Weighed down by the weak global economy, Australia’s finance sector faces uncertain times. Conditions in the world’s financial markets are spoiling what was a prosperous year for Australia last year. The bad news from afar has “undermined Australian business and consumer confidence, and this has fed into a number of key economic outcomes, such as unemployment, credit demand and house prices,” according to IBISWorld. Australian finance sector revenue is expected to grow by only 1.2 percent this year.
The country’s large, diverse and mature finance industry offers a wide range of financial services and investment products. Many financial institutions are increasing their range of services. And the largest banks are increasing their market share in commercial banking operations, financial advice, funds management, investment banking and broking activities.
Areas of Job Promise
Organizations are seeking candidates with greater financial and budgetary awareness; often there is a shortage of local candidates with these skills, according to specialist recruiter Hays. The shortage of accountants and other financial professions is becoming more pronounced, according to KPMG. Candidates with accounting and finance skills are among those most sought from overseas, particularly by employers in New South Wales.
Hays reports demand will grow for candidates with strengths in management information systems (MIS) or business intelligence (BI) tools, as the use of technology increases. Employers who are filling these roles are considering candidates with overseas experience or those from other industrial sectors. Vacancies for senior accountants, analysts and auditors through to junior managers are likely. And qualified accountants trained in a top four or second-tier chartered firm, with one to five years of qualified experience are in demand, according to Hays.
Organizations and Trade Associations
Financial Services Institute of Australasia (FINSIA)
FINSIA is the peak professional body for general financial services. It was formed in 2005 when members of Securities Institute of Australia (SIA) and the Australasian Institute of Banking and Finance (AIBF) voted in favor of merging into one organization. With more than 17,000 members, the association represents the entire spectrum of financial services including the wealth management, banking and finance, and capital markets sectors.
PO Box H99, Australia Square
Sydney NSW 1215 Australia
Location: Level 16, One Margaret Street
Sydney NSW 2000
Tel: +61 (2) 9275 7900
Fax: +61 (2) 9275 7999
The Institute of Public Accountants (IPA)
The IPA is a professional organization for accountants, formerly known as NIA. Through membership, accountants can get IPA accreditation. Approximately 20,000 IPA members are working in industry, commerce, government, academia and private practice. The IPA website provides industry news and information, online learning, online registration for continuing professional development and publications.
NIA Mail: GPO Box 1637
Melbourne VIC 3001, Australia
Location: Level 6, 555 Lonsdale Street
Melbourne VIC 3000
Tel: +61 (3) 8665 3100
Fax: +61 (3) 8665 3130
Finance Sector Union (FSU)
The FSU represents workers in the financial services sector. It provides industry information, wage standards and publications, including a weekly newsletter for trade unionists in the finance sector called ‘FSU Online.’
Mail: GPO Box 2829AA
Melbourne, Victoria 3001
Location: 341 Queen Street
Melbourne, Victoria 3000
Tel: 1 300 366 378
This is just a short sample of what you’ll find in over 100 pages of information in the Australia Guide.