Financial and Insurance Services

Overview

Snapshot

Employed
537,700
Past Growth
28.5%
Future Growth
5.9%
Weekly Earnings
$1,687
Workforce Share
3.9%
Full-Time Share
82.9%
Female Share
50.2%
Average Age
40

Summary

Around 3.9% 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 $1,687 per week, higher the all industries average of $1,200.

Employment

Employment in the Financial and Insurance Services industry grew over the 20 years to August 2022.

The number of workers:

  • fell by 30,200 (or 5.3%) over the last quarter
  • grew by 18,100 (or 3.5%) over the last year.

Quarterly employment update, Financial and Insurance Services

Source: ABS, Labour Force Survey, Detailed, A2022, 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 36% of workers.

Employment by sector, Financial and Insurance Services

Source: ABS, Labour Force Survey, Detailed, August 2022, 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
(all industries)

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
Excel document
Industry Profile Data August 2022

(95 Kb)

Occupations related to each Industry, by Skill Level

This spreadsheet lists occupations that are related to each industry by ANZSCO Skill Level.

Excel document
Related Occupations By Skill Level

(300 Kb)

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

INDUSTRY QUICK LINKS
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