Financial and Insurance Services

This image shows that there were 420,700 people employed in Financial and Insurance Services as at November 2017, down 3.5% since November 2016 and up 1.0% since November 2012. Employment is projected to grow by 5.6% over the five years to May 2022.
16% of jobs are regional (down 1 percentage point over 5 years).
49% of workers are female (down 2 percentage points over 5 years).
75% of workers hold post-school qualifications (up 6 percentage points over 5 years).
17% of jobs are part-time (no change over 5 years).
The median age is 39 years (up 1 year over 5 years).

Top 5 Occupations

Top 5 Occupations
Occupation This Industry All Industries
Bank Workers 52,500 53,200
Financial Investment Advisers and Managers 41,000 50,300
Financial Brokers 29,800 34,400
Credit and Loan Officers 24,000 27,500
Insurance, Money Market and Statistical Clerks 23,700 29,400

Employment, Financial and Insurance Services (‘000)

This line chart shows the number of people employed in the Financial and Insurance Services industry over the period from November 1997 to November 2017. The chart shows employment increased steadily over most of this period but has fallen over the last 2 years to 420,700 in November 2017.

Quick fact
More than one in four Financial and Insurance Services employees travel to work by train

Financial and Insurance Services employs 420,700 people. New South Wales has the largest share of this workforce (42%) and jobs are concentrated in capital cities. Employment growth was subdued over the past five years.

Workers in this industry are generally highly qualified. Almost all jobs are for Professionals, Clerical and Administrative Workers and Managers. A small share of this workforce is aged 15 to 24 years, reflecting the time it takes to attain the qualification often required for work in this industry.

Financial and Insurance Services employment is projected to rise by 5.6% over the five years to May 2022.

Educational attainment, Financial and Insurance Services (%)

Shows the educational attainment profile of the Financial and Insurance Services industry's workforce.  Bachelor degree or higher 46%. Certificate III or higher VET qualification 24%. Other qualification 5%. No post-school qualification 25%.

Age profile, Financial and Insurance Services (%)

Shows the age profile of the Financial and Insurance Services workforce. 7% aged 15 to 24 years. 29% aged 25 to 34 years. 29% aged 35 to 44 years. 21% aged 45 to 54 years. 14% aged 55 years or older.

Sources: ABS, Labour Force (trend and annual averages of original data); ABS, Census of Population and Housing; Department of Jobs and Small Business, Industry Employment Projections; Department of Education and Training, Higher Education Statistics; NCVER, Total VET Students and Courses

For more information see lmip.gov.au