Employment Outlook
Banking and Finance
Average wage for
Employment Levels
There are currently 47 500 people employed in Banking and Finance in Australia. According to the Department of Employment over the next 5 years (up until the year 2018) there will be more than 5 000 additional job openings within this profession.
Employment by State
The majority of people working in Banking and Finance are employed within NSW. There are a higher proportion of working in Banking and Finance in VIC and QLD than the average for all occupations, while the population in WA, SA, TAS, NT and ACT is close to the national average.
Gender Split
This is a male dominated industry. 32% of Banking and Finance Clerks are female and 32% are male.
Age Brackets
The median age for people working in banking and finance is 36 years. People working in banking and finance are 4 years younger than the average age for all occupations.
Hours Worked
People who work in Banking and Finance work an average of 38.6 hours a week. This is 1.5 hours less per week than the average for all occupations.
Education Level
The majority of workers employed in this profession have at least a Year 12 qualification. 42.9% of Banking and Finance professionals have a qualification that is Certificate III or higher while 42.3% have a qualification that is Year 12 or lower.
Banking and Finance Duties & Tasks
- Greeting customers, identifying their needs and answering customer inquiries
- Ensuring customers' forms are filled in correctly and checking customers' identification
- Accepting cash and cheques deposited by customers, verifying records and receipts, and crediting customers' accounts
- Paying money to customers according to advice slips, cheques and negotiable documents, and debiting customers' accounts
- Providing change, cashing cheques and recording transactions
- Opening and closing accounts for customers
- Balancing cash and advising supervisors of cash position and discrepancies
- Explaining and promoting bank services to customers and referring them to appropriate financial services
Professional Associations & Groups
Australian Financial Markets Association
Australian Institute of Credit Management
The Institute of Chartered Accountants in Australia
Australian Securities and Investments Commission
Chartered Financial Analyst Society
Financial Planning Association of Australia
Financial Services Institute of Australasia
The Economic Society of Australia
Institute of Public Accountants
Accounting and Finance Association of Australia and New Zealand
*The information provided on this page is from the Department of Employment’s Job Outlook website. All salary ranges are from Payscale. Where jobs are not exact matches, job areas have been used. This information is to be used as a guide only.
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