Financial and Insurance Services

This image shows that there were 440,200 people employed in the Financial and Insurance industry at November 2015, up 8.6% since 2014 and up 12.6% since 2010. 14% of jobs were regional. Employment in the Financial and Insurance industry is projected to grow by 8.5% over the next 5 years.
440,200
EMPLOYED
November 2015
Regional
8.6 since 2014
12.6 since 2010
Projected to increase by 8.5% over the next 5 years

Top 5 Financial and Insurance Services Occupations

Top 5 Occupations
Top 5 Occupations This Industry All Industries
Bank Workers 53,800 60,200
Financial Investment Advisers and Managers 38,500 51,800
Insurance, Money Market and Statistical Clerks 23,800 29,900
 Financial Brokers 22,300 25,400
Credit and Loan Officers 22,300 31,100

Financial and Insurance Services employs 440,200 Australians, or 4% of the workforce.

Employment growth was strong over the five years to November 2015 (up by 12.6% or 49,400). Slightly weaker, albeit around average, employment growth is expected over the five years to November 2020 (up by 8.5% or 37,400).

New South Wales has 42% of this industry’s jobs. Just 14% of employment is in regional Australia, the lowest of any industry.

Workers in Financial and Insurance Services are highly qualified, with the university sector playing an important role in the provision of skills. Half the workers hold a bachelor degree or higher qualification and an additional 21% have a certificate III or higher vocational education and training (VET) qualification.

Consistent with the need for post-school qualifications for the vast majority of jobs in this industry, relatively few workers are young  (7% are aged between 15 and 24 years, compared with the national average of 16%).

Women have a large share of employment (51% compared with the all industries average of 46%).

Educational attainment, Financial and Insurance Services (% of industry total)

Shows the educational attainment profile of the Financial and Insurance workforce.  Bachelor degree or higher 50%. Certificate III or higher VET qualification 21%. No post-school qualification 25%. Other qualification 4%.

Age profile, Financial and Insurance Services (% of industry total)

Shows age profile of the workforce in the Financial and Insurance industry.  15-24 years 7%. 25-34 years 32%. 35-44 years 28%. 45-54 years 21%. Aged 55 years and over 12%. All industries average: 15-24 years 16%. 25-34 years 23%. 35-44 years 22%. 45-54 years 21%. Aged 55 years and over 18%.

Employment projections by region, Financial and Insurance Services, five years to November 2020 (% change)

Employment projections by region, Financial and Insurance Services, five years to November 2020 (% change)

Download the data file

For more information see lmip.gov.au

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