Financial and Insurance Services
Overview
Snapshot
Summary
Around 3.8% of workers have their main job in the Financial and Insurance Services industry.
Businesses in this industry are mainly involved in activities like:
- Banking and other financial services
- Life, health and other insurance cover
- Superannuation funds
- Other auxiliary finance and insurance services
A large share of the workforce work in cities.
Around 46% of workers have a university qualification and 24% have a VET qualification, although 30% do not have post school qualifications.
Most people with their main job in this industry work full-time.
Average earnings are $1,700 per week, higher the all industries average of $1,250.
Employment
Employment in the Financial and Insurance Services industry grew over the 20 years to February 2023.
The number of workers:
- fell by 31,900 (or 5.7%) over the last quarter
- fell by 16,900 (or 3.1%) over the last year.
Quarterly employment update, Financial and Insurance Services
Source: ABS, Labour Force Survey, Detailed, February 2023, seasonally adjusted.
Outlook
Employment in Financial and Insurance Services is projected to grow by 33,200 (or 6.3%) over the five years to November 2026.
Employment levels, past and projected, Financial and Insurance Services
Source: ABS, Labour Force Survey, Detailed, November 2021, seasonally adjusted and Jobs and Skills Australia, 2021 Employment projections for the five years to 2026.
Sectors
Depository Financial Intermediation is the largest sector in the Financial and Insurance Services industry, employing 37.4% of workers.
Employment by sector, Financial and Insurance Services
Source: ABS, Labour Force Survey, Detailed, F, seasonally adjusted.
Occupations
Largest employing occupations
Financial Investment Advisers and Managers is the largest employing occupation in the Financial and Insurance Services industry.
The 10 largest employing occupations are shown below. The table shows:
- the number employed in all industries
- the number employed in this industry
- the proportion employed in this industry.
Some occupations are common across a number of industries.
Largest employing occupations, Financial and Insurance Services industry
ANZSCO Code | Occupation title |
Employment |
Employment (this industry) |
Proportion employed in this industry |
2223 | Financial Investment Advisers and Managers | 50,500 | 39,800 | 79% |
5521 | Bank Workers | 37,800 | 36,700 | 97% |
2221 | Financial Brokers | 38,000 | 34,200 | 90% |
5523 | Insurance, Money Market and Statistical Clerks | 37,800 | 32,900 | 87% |
5522 | Credit and Loans Officers | 34,700 | 30,400 | 88% |
2211 | Accountants | 200,200 | 20,600 | 10% |
2613 | Software and Applications Programmers | 150,400 | 17,000 | 11% |
2222 | Financial Dealers | 18,700 | 16,800 | 90% |
1311 | Advertising, Public Relations and Sales Manager | 163,800 | 15,300 | 9% |
1499 | Other Hospitality, Retail and Service Managers | 78,900 | 14,200 | 18% |
Source: ABS Labour Force Survey, four quarter average, 2021.
Related occupations
The Financial and Insurance Services industry employs workers in a range of occupations.
The table below shows related occupations by ANZSCO Skill Level (Skill Level 1 is the highest skill level). This includes occupations that:
- contribute a large share of industry employment (account for at least 3% of industry employment)
- have a large share of workers in this industry (at least 5% of workers in an occupation).
These thresholds were used as a guide only and a number refinements were made to the list of occupations included.
The table shows the total number of people employed in each occupation as well as the number and proportion employed in this industry at the time of the 2016 ABS Census.
- In most cases, 6-digit ANZSCO occupations are shown. This is the most detailed level of ANZSCO.
- 4-digit occupations are shown where the ANZSCO classification system only has one valid 6-digit occupation.
- The 4-digit employment figures will differ from the figures shown in the Largest employment occupations table above because the figures have come from different data sources.
Expand or collapse each Skill Level button to view related occupations.
Occupations related to Financial and Insurance Services industry, by skill level
ANZSCO code | Occupation title | Employment (all industries) |
Employed (this industry) |
Proportion employed in this industry |
222311 | Financial Investment Adviser | 23,958 | 20,741 | 87% |
221111 | Accountant (General) | 126,046 | 11,866 | 9% |
1322 | Finance Manager | 45,349 | 8,765 | 19% |
224711 | Management Consultant | 53,306 | 8,760 | 16% |
222299 | Financial Dealers nec | 10,286 | 8,680 | 84% |
131112 | Sales and Marketing Manager | 93,896 | 7,635 | 8% |
222312 | Financial Investment Manager | 6,891 | 4,964 | 72% |
222213 | Stockbroking Dealer | 4,140 | 3,996 | 97% |
225113 | Marketing Specialist | 47,537 | 3,981 | 8% |
135112 | ICT Project Manager | 36,965 | 3,907 | 11% |
139999 | Specialist Managers nec | 25,668 | 3,718 | 14% |
261312 | Developer Programmer | 33,248 | 3,480 | 10% |
1323 | Human Resource Manager | 43,993 | 3,078 | 7% |
111211 | Corporate General Manager | 47,951 | 3,050 | 6% |
261313 | Software Engineer | 29,656 | 2,980 | 10% |
1111 | Chief Executive or Managing Director | 52,650 | 2,813 | 5% |
261111 | ICT Business Analyst | 13,219 | 1,974 | 15% |
1324 | Policy and Planning Manager | 21,038 | 1,970 | 9% |
2713 | Solicitor | 54,500 | 1,921 | 4% |
221212 | Corporate Treasurer | 2,724 | 1,824 | 67% |
223111 | Human Resource Adviser | 24,183 | 1,520 | 6% |
224111 | Actuary | 1,744 | 1,473 | 84% |
261112 | Systems Analyst | 8,243 | 1,414 | 17% |
2233 | Training and Development Professional | 17,799 | 1,393 | 8% |
261311 | Analyst Programmer | 5,998 | 1,392 | 23% |
224712 | Organisation and Methods Analyst | 6,889 | 1,352 | 20% |
221214 | Internal Auditor | 4,112 | 1,234 | 30% |
261314 | Software Tester | 6,670 | 1,198 | 18% |
222211 | Financial Market Dealer | 1,274 | 1,151 | 90% |
139914 | Quality Assurance Manager | 13,525 | 1,019 | 8% |
221213 | External Auditor | 9,747 | 904 | 9% |
263111 | Computer Network and Systems Engineer | 12,691 | 888 | 7% |
262113 | Systems Administrator | 12,654 | 854 | 7% |
224999 | Information and Organisation Professionals nec | 10,784 | 827 | 8% |
262112 | ICT Security Specialist | 3,967 | 667 | 17% |
262111 | Database Administrator | 6,117 | 644 | 11% |
263212 | ICT Support Engineer | 6,405 | 618 | 10% |
135199 | ICT Managers nec | 5,490 | 606 | 11% |
1325 | Research and Development Manager | 10,607 | 583 | 5% |
131114 | Public Relations Manager | 6,214 | 555 | 9% |
271299 | Judicial and Other Legal Professionals nec | 6,516 | 521 | 8% |
221113 | Taxation Accountant | 10,886 | 503 | 5% |
221112 | Management Accountant | 5,039 | 500 | 10% |
135111 | Chief Information Officer | 3,605 | 470 | 13% |
1321 | Corporate Services Manager | 6,982 | 426 | 6% |
2243 | Economist | 2,833 | 401 | 14% |
261212 | Web Developer | 8,297 | 363 | 4% |
263213 | ICT Systems Test Engineer | 1,445 | 275 | 19% |
263112 | Network Administrator | 5,575 | 262 | 5% |
225112 | Market Research Analyst | 2,969 | 249 | 8% |
224512 | Valuer | 5,078 | 232 | 5% |
272114 | Rehabilitation Counsellor | 1,585 | 195 | 12% |
224411 | Intelligence Officer | 2,798 | 182 | 7% |
224112 | Mathematician | 535 | 181 | 34% |
263299 | ICT Support and Test Engineers nec | 1,227 | 159 | 13% |
224113 | Statistician | 3,226 | 153 | 5% |
263113 | Network Analyst | 1,633 | 139 | 9% |
221211 | Company Secretary | 783 | 136 | 17% |
222212 | Futures Trader | 142 | 129 | 91% |
263211 | ICT Quality Assurance Engineer | 637 | 75 | 12% |
Source: Based on ABS Census 2016, Customised Report.
ANZSCO code | Occupation title | Employment (all industries) |
Employed (this industry) |
Proportion employed in this industry |
222112 | Finance Broker | 12,563 | 11,957 | 95% |
149914 | Financial Institution Branch Manager | 10,432 | 9,981 | 96% |
222113 | Insurance Broker | 9,118 | 8,479 | 93% |
511112 | Program or Project Administrator | 85,106 | 6,274 | 7% |
5211 | Personal Assistant | 50,760 | 5,487 | 11% |
149212 | Customer Service Manager | 32,559 | 3,085 | 9% |
313112 | ICT Customer Support Officer | 36,021 | 1,973 | 5% |
149211 | Call or Contact Centre Manager | 2,965 | 497 | 17% |
599613 | Insurance Risk Surveyor | 617 | 491 | 80% |
512299 | Practice Managers nec | 3,490 | 339 | 10% |
599112 | Legal Executive | 6,199 | 168 | 3% |
599111 | Conveyancer | 6,431 | 156 | 2% |
222199 | Financial Brokers nec | 374 | 76 | 20% |
Source: Based on ABS Census 2016, Customised Report.
ANZSCO code | Occupation title | Employment (all industries) |
Employed (this industry) |
Proportion employed in this industry |
5521 | Bank Worker | 47,789 | 46,708 | 98% |
5522 | Credit or Loans Officer | 25,516 | 21,872 | 86% |
6112 | Insurance Agent | 10,598 | 9,998 | 94% |
599612 | Insurance Loss Adjuster | 3,239 | 2,901 | 90% |
541111 | Call or Contact Centre Team Leader | 2,228 | 555 | 25% |
599215 | Trust Officer | 1,066 | 472 | 44% |
599611 | Insurance Investigator | 407 | 297 | 73% |
442216 | Security Consultant | 1,062 | 108 | 10% |
Source: Based on ABS Census 2016, Customised Report.
ANZSCO code | Occupation title | Employment (all industries) |
Employed (this industry) |
Proportion employed in this industry |
552312 | Insurance Consultant | 23,709 | 20,641 | 87% |
5311 | General Clerk | 208,596 | 11,869 | 6% |
541112 | Call or Contact Centre Operator | 28,112 | 5,560 | 20% |
551111 | Accounts Clerk | 88,499 | 5,114 | 6% |
5412 | Information Officer | 53,555 | 3,653 | 7% |
532111 | Data Entry Operator | 37,405 | 2,798 | 7% |
5993 | Debt Collector | 7,275 | 1,752 | 24% |
552313 | Money Market Clerk | 1,122 | 858 | 76% |
5994 | Human Resources Clerk | 10,349 | 416 | 4% |
442214 | Private Investigator | 670 | 113 | 17% |
Source: Based on ABS Census 2016, Customised Report.
ANZSCO code | Occupation title | Employment (all industries) |
Employed (this industry) |
Proportion employed in this industry |
6393 | Telemarketer | 6,404 | 704 | 11% |
561411 | Mail Clerk | 2,837 | 194 | 7% |
5616 | Switchboard Operator | 3,117 | 188 | 6% |
Source: Based on ABS Census 2016, Customised Report.
Data Downloads
Industry profile data
This file contains data for all 19 industries to make comparing industry data easy. Information available includes:
- Industry snapshot data
- Industry employment (20-year time series)
- Industry employment projections
- Industry sector employment
- Top employing occupations by industry
Occupations related to each Industry, by Skill Level
This spreadsheet lists occupations that are related to each industry by ANZSCO Skill Level.
Occupation (ANZSCO) to industry (ANZSIC) correspondence
This file maps occupations to industries using the Australian and New Zealand Standard Classification of Occupations (ANZSCO) and Australian and New Zealand Standard Industrial Classification (ANZSIC).
Data are sourced from the Australian Bureau of Statistics, 2016 Census.
The purposes of the correspondence are to:
- Identify occupations that contribute a large share of employment to each industry.
- Identify occupations that have a strong association with each industry, even if they do not contribute a large share of employment to the industry.
Useful links
Australian and New Zealand Standard Industrial Classification (ANZSIC)
The ANZSIC provides a basis for the standardised collection, analysis and dissemination of economic data on an industry basis for Australia and New Zealand. The ANZSIC is a hierarchical industry classification with four levels, namely Divisions (the broadest level), Subdivisions, Groups and Classes (the finest level).
There are 19 Division level industries, most industry data on LMI are displayed at this level. Division level industries provide a broad overall picture of the economy and this level is most suitable for the publication of summary tables in official statistics.
The Subdivision, Group and Class levels provide increasingly detailed dissections of these categories for the compilation of more specific and detailed statistics. The sector data on LMI is at the Group level.
For more information on the ANZSIC visit the ABS website.
Industry links
- Accommodation and Food Services
- Administrative and Support Services
- Agriculture, Forestry and Fishing
- Arts and Recreation Services
- Construction
- Education and Training
- Electricity, Gas, Water and Waste Services
- Financial and Insurance Services
- Health Care and Social Assistance
- Information Media and Telecommunications
- Manufacturing
- Mining
- Other Services
- Professional, Scientific and Technical Services
- Public Administration and Safety
- Rental, Hiring and Real Estate Services
- Retail Trade
- Transport, Postal and Warehousing
- Wholesale Trade