Financial and Insurance Services Industry Overview

The Financial and Insurance Services Industry as we know was born in 1817 when the Australia’s first bank was established in Sydney — the Bank of New South Wales. From this small start 200 years ago an industry that is currently the fourth largest sector of Australia’s economy has emerged generating $85 billion plus annually. New South Wales has maintained its position as the major employer in the Industry, with Sydney recognised throughout the world as a major financial centre.

A strong Financial and Insurance Industry is critical in assisting the growth of other sectors such as communications, property (both commercial and domestic) and business services.

All of this now means that Australia has significant financial capability and a highly skilled and experienced workforce underpinned by the growth of its superannuation investment funds sector.

There is a current workforce of 425,000 people and this is forecast to grow significantly.

Deciding which employment or career path to follow requires evaluation of as much current information as possible.

Below is a list of critical factors that will assist in deciding which path is right for you.

• How many people are in the industry in NSW?
• What is the average weekly wage?
• What are the main jobs?
• Which locations in NSW have the largest numbers of workers?
• What’s the latest unemployment rate?
• What proportion of males and females work in the industry?
• What does the crystal ball tell us about future employment?
• How many people does the industry employ in Australia?

 

Where do I find a list of occupations?

Some of the employment and career opportunities include:

• Accounts Administration
• Accounting
• Banking Services
• Financial Planning
• General Insurance
• Insurance Broking
• Mobile Banking
• Personal Injury Management
• Superannuation
• Credit Management
• Finance and Mortgage Broking

There are many more possibilities for you to explore. For a full list of occupations associated with the Financial and Insurance Services Industry click here.

Once you have selected a job you’re interested in, click on Occupation for a full report on job prospects, weekly earnings and occupation size.

Or

Go to Reports and Links and click on Occupation Bulletin to obtain a summary of occupation that should prove very helpful.

What qualifications will I need?

Once you’ve chosen one or more occupations as potential employment/career targets the next step is to find out what qualifications you will need to reach your goal. To get the full picture click here and follow the steps.

Choose Qualifications from Training Package. Scroll down the list and enter FNS10. Then click View Report.

 

Can the skills I already have be recognised?

Recognition of Prior Learning (RPL) involves the assessment of previously unrecognised skills and knowledge an individual has achieved outside the formal education and training system.

The processes used to assess RPL applications may take several (not mutually exclusive) forms, for example:

• participation in exactly the same or modified versions of the assessment the student would be required to complete as part of the full course
• assessment based on a portfolio of evidence
• direct observation of demonstration of skill or competence
• reflective papers, journals or portfolios that relate past learning to the learning or competency outcomes of the current course or qualification
• provision of examples of the student's work drawn from the workplace, social, community or other setting in which the student applies their learning, skill or competence;
• testimonials of learning, skill or competence; or
• combinations of any of the above.

 

Can a course I've already completed be credited towards another course of study?

Credit transfer involves assessing a previously completed course or subject to see if it provides equivalent learning or competency outcomes to those required within a current course of study.  It is used when a someone seeks credit for a course or subject they have already completed. It is based on agreements between institutions or organisations as to the credit value to be given for specific units of competency and learning outcomes within a course or qualification. Formal documentation of equivalence (for example a mapping guide) is required.

What is national recognition?

National recognition is unique to the vocational education and training system. It means that a student automatically has credit for units of competency that they have completed at another registered training organisation (RTO).  A statement of attainment from another RTO that contributes to a qualification is reported as a form of credit transfer.

Are my overseas qualifications valid in Australia?

There are several options available to individuals who hold overseas qualifications, but wish to commence a career in Australia. Comparisons between overseas qualifications and Australian qualifications (except for school-level qualifications) may be established through the National Office of Overseas Skills Recognition (NOOSR) — a Commonwealth government agency. Individuals seeking formal recognition of their qualifications should contact NOOSR.

While formal recognition of overseas qualification is possible through NOOSR, ASIC has specific obligations for Australia and it will almost certainly be necessary to undertake some additional training (or assessment) to meet Australian regulatory requirements, particularly in relation to the distinct characteristics and products of the Australian environment.

 

WHAT DOES IT MEAN?