Financial and Insurance Services

This image shows that there were 448,800 people employed in Financial and Insurance Services as at November 2018, up 7.9% since November 2013. Employment is projected to grow by 3.2% over the five years to May 2023.
15% of jobs are regional. 7% of workers are aged 15 to 24 years. 11% of workers are self-employed. 50% of workers hold a bachelor degree or higher. 24% of workers hold a certificate 3 or higher qualification. 3% of workers hold an other qualification. 23% of workers do not hold a post-school qualification.

Financial and Insurance Services employs 448,800 people across Australia. Employment is concentrated primarily in the capital cities and in Australia’s eastern states. Nearly half the workers in this industry are employed in New South Wales.

This workforce is highly qualified, with 77% holding post-school qualifications (compared with 68% across all industries). Almost all jobs are for Professionals, Clerical and Administrative Workers and Managers.

Reflecting the time it takes to attain the required qualifications, just 7% of this workforce is aged 15 to 24 years old.

Financial and Insurance Services employment is projected to increase by 3.2% over the five years to 2023 (well below the 7.1% projected across all industries).

Financial and Insurance Services, Annual employment growth (%)

Financial and Insurance Services

Financial and Insurance Services
Top employing occupations This industry All industries
Bank Workers 45,900 53,500
Financial Investment Advisers and Managers 37,100 44,600
Financial Brokers 27,100 30,600
Credit and Loans Officers 26,500 30,000
Insurance, Money Market and Statistical Clerks 22,000 27,600
Other Hospitality, Retail and Service Managers 18,900 71,100
Accountants 17,500 188,400
Financial Dealers 16,400 18,800
Finance Managers 15,500 57,700
Software and Applications Programmers 14,200 123,200
General Clerks 12,400 281,800
Advertising, Public Relations and Sales Managers 10,200 141,200
Management and Organisation Analysts 9,500 70,500
Insurance Agents 9,300 9,700
Accounting Clerks 9,300 131,700
Call or Contact Centre Workers 7,700 33,300
Contract, Program and Project Administrators 6,700 131,100
Information Officers 5,600 86,900
ICT Business and Systems Analysts 5,400 30,900
Insurance Investigators, Loss Adjusters and Risk Surveyors 5,300 5,600

Sources: ABS, Labour Force (trend and annual averages of original data); ABS, Education and Work; Department of Jobs and Small Business, Industry Employment Projections

For more information see lmip.gov.au