- Date:
- 19 Aug 2026
1 Industry snapshot
Financial and insurance services skills and workforce snapshot
Workforce overview
Victoria’s tenth largest employing industry:
- 160,000 people employed
- 4.2% of the Victorian workforce.
Top employing jobs in the industry:
- Bank workers
- Credit and loans officers.
Workforce profile
- Predominantly higher‑education qualified and culturally diverse workforce
- 44% of the people employed in the industry work in the finance sub-sector
- Higher proportion of the workforce is aged 25 to 64 (70% compared to 57% statewide)
- Most workers hold a higher-education qualification (62% compared to 41% statewide).
Projections
Strong employment growth projected:
- 17,500 new workers expected by 2028
- Growing at a rate of 2.0% per year to 2028, higher than the state average.
Top growing jobs in the industry are:
- Credit and loans officers, +1,800 new workers by 2028
- Financial investment advisers and managers, +1,400 by 2028.
Regional outlook
Regions expecting the highest share of new workers:
- Melbourne: Inner metropolitan Melbourne, +11,500 new workers by 2028
- Regional Victoria: Barwon, +560 new workers by 2028.
Skills demand
The top growing jobs in the industry range in skill level requirements:
- Higher skilled jobs in the industry command higher wages and have higher retention rates.
Most in-demand industry specific skills:
- General finance
- Agile software development.
Skills supply
Popular vocational education and training courses:
- Diploma of Finance and Mortgage Broking Management
- Certificate IV in Finance and Mortgage Broking.
Popular university study areas:
- Business management
- Management and commerce.
2 Introduction
About the financial and insurance services industry
About these reports
These reports provide a point in time, data-driven overview of the workforce and skills for each industry.
The report does not provide a complete view of workforce dynamics within the industry. Its purpose is to support ongoing efforts to address workforce and skilling demands and to identify opportunities within the financial and insurance services industry.
Report coverage
This report focuses on the financial and insurance services industry and the occupations relevant to the industry, categorised using the Australian Bureau of Statistics (ABS) classification of industries (ANZSIC) and occupations (ANZSCO).
Coverage in this report is limited to employment in the industry and sectors as defined by the ABS, noting some occupations are almost exclusively associated with an industry, such as surgeons in the health services sector, while others, such as accountants, are associated with many industries.
Furthermore, industry classifications rarely encompass the full nature of the work (and therefore skills) associated with a given industry. Therefore, ABS definitions of industries or sectors may not align with the definitions used by an industry association.
Key sectors of the industry
The financial and insurance services industry manages money, risk, credit and investment flows for individuals and businesses.
The key sectors within the financial and insurance services industry are:
- Monetary intermediation – includes banking, credit unions, mortgage providers and savings institutions
- Insurance and superannuation – includes life, health, general insurance and superannuation fund management
- Financial services – includes investment advice, stockbroking, fund management and credit reporting.
3 Workforce profile
The financial and insurance services industry has a predominantly higher‑education qualified and culturally diverse workforce.
Employment
Employment by industry in 2025
- 160,000 employed1
- 4.2% Victorian employment share
- 10th share rank.
Employment by industry subdivision in 2025
Industry subdivision | Number of workers |
|---|---|
Finance | 71,000 |
Auxiliary finance and insurance services | 51,000 |
Insurance and superannuation funds | 38,100 |
Workforce profile
Note: Percentages may not add up to exactly 100% due to rounding.
Age distribution in 2021
Age profile – industry
Age | Percentage of workers |
|---|---|
15 to 24 years | 6% |
25 to 49 years | 70% |
50 years and over | 24% |
Age profile – all industries
Age | Percentage of workers |
|---|---|
15 to 24 years | 14% |
25 to 49 years | 57% |
50 years and over | 29% |
Sex distribution² in 2021
Sex distribution – industry
Sex | Percentage of workers |
|---|---|
Female | 48% |
Male | 52% |
Sex distribution – all industries
Sex | Percentage of workers |
|---|---|
Female | 49% |
Male | 51% |
Highest level of education in 2021
Highest level of education – industry
Education | Percentage of workers |
|---|---|
VET | 19% |
Higher education | 62% |
No post-school qualifications | 19% |
Highest level of education – all industries
Education | Percentage of workers |
|---|---|
VET | 30% |
Higher education | 41% |
No post-school qualifications | 29% |
Workforce diversity
First Nations employment in 2021
Group | Percentage identifying as First Nations |
|---|---|
Industry | 0.4% |
All industries | 0.7% |
Working age population | 0.9% |
Speaks a language other than English³ in 2021
Group | Percentage speaking a language other than English at home |
|---|---|
Industry | 33.4% |
All industries | 27.4% |
Working age population | 34.4% |
Needs assistance with core activities⁴ in 2021
Group | Percentage needing assistance with core activities |
|---|---|
Industry | 0.6% |
All industries | 0.9% |
Working age population | 3.2% |
4 Top employing occupations
Bank workers is the top employing occupation in the industry, with a mostly female, full-time employed, higher-education qualified workforce.
Largest employing occupations within the industry by sex, employed part-time and highest education attainment
Note: Percentages may not add up to exactly 100% due to rounding.
Number employed by sex², ABS Census 2021
Occupation | Number of workers | Percentage male | Percentage female |
|---|---|---|---|
Bank workers | 12,300 | 38% | 62% |
Credit and loans officers | 8,100 | 49% | 51% |
Financial investment advisers and managers | 7,800 | 71% | 29% |
Financial brokers | 7,600 | 67% | 33% |
Insurance, money market and statistical clerks | 6,600 | 36% | 64% |
Software and applications programmers | 5,600 | 76% | 24% |
Management and organisation analysts | 4,100 | 52% | 48% |
Financial dealers | 4,100 | 69% | 31% |
Accountants | 4,000 | 51% | 49% |
General clerks | 3,600 | 27% | 73% |
Percentage working part-time in 2021
Occupation | Percentage working part-time |
|---|---|
Bank workers | 27% |
Credit and loans officers | 13% |
Financial investment advisers and managers | 14% |
Financial brokers | 18% |
Insurance, money market and statistical clerks | 21% |
Software and applications programmers | 6% |
Management and organisation analysts | 11% |
Financial dealers | 11% |
Accountants | 13% |
General clerks | 38% |
Highest educational attainment in 2021
Occupation | Percentage VET | Percentage higher education | Percentage no post-school qualification |
|---|---|---|---|
Bank workers | 19% | 47% | 34% |
Credit and loans officers | 21% | 55% | 24% |
Financial investment advisers and managers | 17% | 75% | 8% |
Financial brokers | 41% | 46% | 13% |
Insurance, money market and statistical clerks | 29% | 41% | 30% |
Software and applications programmers | 4% | 90% | 6% |
Management and organisation analysts | 11% | 78% | 11% |
Financial dealers | 12% | 75% | 13% |
Accountants | 5% | 90% | 5% |
General clerks | 26% | 42% | 32% |
5 Workforce projections
The financial and insurance services industry is projected to have 17,500 new workers enter the workforce by 2028.
Workforce projections: 3-year and 10-year outlook
Workforce projections – industry
Time period | Employment growth | Retirements | New workers expected5 | ||
|---|---|---|---|---|---|
No. | Share | No. | Share | ||
2025 to 2028 | 9,700 | 56% | 7,800 | 44% | 17,500 |
2025 to 2035 | 32,200 | 54% | 27,600 | 46% | 60,000 |
Workforce projections – Victoria
Time period | Employment growth | Retirements | New workers expected5 | ||
|---|---|---|---|---|---|
No. | Share | No. | Share | ||
2025 to 2028 | 143,000 | 38% | 230,000 | 62% | 373,000 |
2025 to 2035 | 650,000 | 45% | 804,000 | 55% | 1,454,000 |
Note: Totals may not sum exactly due to rounding.
New workers expected⁵ by industry subdivision from 2025 to 2028
Industry subdivision | Number of workers | VET | Higher education | No post-school qualifications |
|---|---|---|---|---|
Finance | 7,400 | 16% | 64% | 20% |
Auxiliary finance and | 6,800 | 22% | 63% | 15% |
Insurance and superannuation | 3,200 | 24% | 55% | 21% |
Occupations with high new workers expected⁵ with direct TAFE study pathways⁶ from 2025 to 2028
Occupation | New workers expected5 | TAFE pathways into occupation6 | Available under Free TAFE7 |
|---|---|---|---|
Credit and loans officers | 1,840 | Certificate IV in Finance and Mortgage Broking | - |
Financial investment advisers and managers | 1,400 | Higher education qualification required | - |
Bank workers | 1,100 | Certificate IV in Finance and Mortgage Broking | - |
Financial brokers | 1,100 | Diploma of Finance and Mortgage Broking Management | - |
Certificate IV in Finance and Mortgage Broking | - | ||
Insurance, money market and statistical clerks | 740 | Higher education qualification required | - |
Inner metropolitan (within metropolitan Melbourne) and Barwon (within regional Victoria) are expecting the highest share of new workers
New workers expected⁵ for financial and insurance services, by region⁸, from 2025 to 2028
New workers expected – industry
| Employment growth | Retirements | New workers expected 2028 | Share of total new workers expected |
|---|---|---|---|---|
Industry | 9,700 | 7,800 | 17,500 | 5% |
New workers expected – Metropolitan Melbourne
| Employment growth | Retirements | New workers expected 2028 | Share of total new workers expected |
|---|---|---|---|---|
Metropolitan Melbourne | 9,100 | 7,000 | 16,200 | 92% |
Inner metropolitan | 6,600 | 4,900 | 11,500 | 71% |
Eastern metropolitan | 530 | 550 | 1,100 | 7% |
Western metropolitan | 670 | 350 | 1,000 | 6% |
Inner south-east metropolitan | 460 | 530 | 990 | 6% |
Southern metropolitan | 400 | 400 | 800 | 5% |
Northern metropolitan | 430 | 300 | 730 | 5% |
New workers expected – Regional Victoria
| Employment growth | Retirements | New workers expected 2028 | Share of total new workers expected |
|---|---|---|---|---|
Regional Victoria | 610 | 750 | 1,400 | 8% |
Barwon | 310 | 240 | 560 | 41% |
Gippsland | 120 | 100 | 220 | 17% |
Loddon Campaspe | 60 | 160 | 220 | 16% |
Central Highlands | 70 | 70 | 140 | 10% |
Ovens Murray | 70 | 40 | 100 | 8% |
Goulburn | 10 | 40 | 50 | 4% |
Great South Coast | -10 | 40 | 30 | 2% |
Mallee | -10 | 40 | 30 | 2% |
Wimmera Southern Mallee | 0 | 20 | 10 | 1% |
Note: Totals may not sum exactly due to rounding.
- 92 per cent of new workers expected for the industry will be located within metropolitan Melbourne, with inner metropolitan and Eastern metropolitan with the highest share of new workers
- 8 per cent of new workers expected for the industry will be located within regional Victoria, with Barwon and Gippsland with the highest share of new workers.
6 Top growing occupations
The top growing jobs in the industry vary in skill level requirements and have high retention rates.
Occupations with the highest new workers expected within the financial and insurance services industry
Occupations with highest new workers expected5 | New workers expected5 | Skill level9 | Annual median earnings10 | Retention rate11 |
|---|---|---|---|---|
Credit and loans officers | 1,800 | 3 | $77,870 | 85.0% |
Financial investment advisers and managers | 1,400 | 1 | $122,834 | 88.4% |
Financial brokers | 1,100 | 2 | $84,999 | 85.6% |
Bank workers | 1,100 | 3 | $70,013 | 85.5% |
General clerks | 1,000 | 4 | $67,860 | 79.1% |
Software and applications programmers | 980 | 1 | $130,000 | 89.9% |
Insurance, money market and statistical clerks | 740 | 4 | $75,488 | 85.1% |
Finance managers | 530 | 1 | $165,636 | 86.3% |
Advertising, public relations and sales managers | 480 | 1 | $120,838 | 86.1% |
Accounting clerks | 430 | 4 | $71,833 | 84.2% |
7 Skills needs
General finance is the most in-demand industry-specific skill, while risk management is the top growing in terms of skills mentions.
Industry-specific skill demand
The most in-demand skills are general finance, agile software development and investment management. Communication, initiative and leadership, and personal attributes (e.g. right attitude/mindset) are also important, with over 80 per cent of job advertisements within the industry mentioning one or more of these skills.
Most mentioned industry-specific skills in 2024 as a share of job advertisements
Industry-specific skill | Share of job ads |
|---|---|
General finance | 31.6% |
Agile software | 10.5% |
Investment management | 9.4% |
Banking services | 9.3% |
General lending | 7.5% |
Scripting languages | 6.2% |
Financial analysis | 5.9% |
Web design and | 5.6% |
Financial trading | 5.2% |
Query languages | 5.1% |
Growing skills mentions within industry
Skills increasingly being mentioned in job advertisements within the financial and insurance services industry are risk management, business strategy and process improvement and optimisation.
Note: these exclude industry-specific skills already identified as being in high demand.
Growing skills as a percentage point difference in job advertisement mentions from 2019 to 2024
Industry-specific skill | Percentage of job ad mentions in 2019 | Percentage of job ad mentions in 2024 | Difference |
|---|---|---|---|
Risk management | 16.5% | 22.2% | 5.7% |
Business strategy | 18.0% | 22.4% | 4.4% |
Process improvement and optimisation | 13.0% | 17.0% | 4.0% |
Market analysis | 3.8% | 7.4% | 3.6% |
General accounting | 12.4% | 16.0% | 3.6% |
Project management | 21.6% | 24.5% | 2.9% |
Business analysis | 16.1% | 18.9% | 2.8% |
Underwriting | 1.8% | 4.6% | 2.7% |
Business operations | 8.8% | 11.5% | 2.6% |
Employee training | 1.0% | 3.6% | 2.6% |
8 Training activity
Popular courses and study areas linked to this industry include the Diploma of Finance and Mortgage Broking Management (VET) and Business management (HE).
Government-funded VET courses⁶
The Diploma of Finance and Mortgage Broking Management, Certificate IV in Finance and Mortgage Broking and Diploma of Financial Counselling are among the most popular VET courses in the industry.
Course code | Course name | Available under Free TAFE7 |
|---|---|---|
FNS50322 | Diploma of Finance and Mortgage Broking Management | - |
FNS40821 | Certificate IV in Finance and Mortgage Broking | - |
CHC51122 | - | |
FNS60622 | Advanced Diploma of Banking Services Management | - |
FNS60722 | Advanced Diploma of Financial Licensing Management | - |
FNS60822 | Advanced Diploma of Integrated Risk Management | - |
FNS60920 | Advanced Diploma of Paraplanning | - |
FNS20120 | Certificate II in Financial Services | - |
FNS30122 | Certificate III in Financial Services | - |
FNS30420 | Certificate III in Mercantile Agents | - |
Clicking the link will take you to the Victorian Skills Gateway(opens in a new window), where you can find further information about the course, entry requirements, training providers and financial supports available
University study areas
Popular university study areas aligned with this industry include business management, business and management, not elsewhere classified (n.e.c.) and management and commerce.
Field of education (FoE) | FoE |
|---|---|
080301 | Business management |
080399 | Business and management, n.e.c. |
080000 | Management and commerce |
081101 | Banking and finance |
080311 | International business |
020113 | Networks and communications |
081199 | Banking, finance and related fields, n.e.c. |
081105 | Investment and securities |
020303 | Database management |
080317 | Quality management |
9 Appendix 1: Data notes
1. Employed: Refers to the estimated number of workers in the industry (working one or more paid hours per week) at the close of the financial year. The estimate is derived using the average of past observations.
2. Sex distribution: In the 2021 Census, respondents could select 1 of 3 options for the sex question: male, female or non-binary sex. Census data is only available for responses recorded as male or female.
3. Speaks a language other than English: Refers to individuals who use a non-English language in their household. The ABS collects this data through the Census.
4. Workers who need assistance with core activities: Are workers with a profound or severe core activity limitation in one or more areas of self-care, mobility and communication.
5. New workers expected: Refers to the estimated number of people needed to enter the workforce in each industry, occupation or region over a specified timeframe. It combines 2 elements:
- Employment growth – new jobs created as businesses and services expand
- Retirements – workers aged over 50 who are expected to permanently leave the workforce, based on patterns observed in tax and census data.
This figure shows how many new workers may be needed to both fill new roles and replace people exiting due to retirement. These are projections – informed estimates based on past trends, government policy and population forecasts.
6. TAFE study pathways: Refers to government-funded Vocational Education and Training (VET) courses that upon completion, provide a pathway into occupations.These pathways include courses at the same or lower skill level than the related ANZSCO 4-digit occupation or courses at a higher skill level with no barriers to entry such as prior qualifications or prerequisites. VET course pathways reflect funding as of November 2025 and the courses included in the 2026 Training Needs List. Funding for VET courses is regularly updated and is subject to change.
7. Free TAFE: Refers to Vocational Education and Training (VET) courses for which the Victorian Government provides free tuition for eligible students. The Free TAFE list reflects funding as of November 2025 and courses included in the 2026 Training Needs List. Funding for VET courses is regularly updated and is subject to change.
8. Regions: Are groupings of local government areas (LGAs) that align to the Victorian Government’s regional partnerships and former metropolitan partnerships.
9. Skill level: Reflects the level of educational attainment, training or experience needed to perform an occupation’s tasks. Skill levels:
- Skill level 1: Occupations typically require a bachelor’s degree or higher
- Skill level 2: Occupations typically require an associate degree, Advanced Diploma or Diploma
- Skill level 3: Occupations typically require a Certificate III (including apprenticeship) or a Certificate IV
- Skill level 4: Occupations typically require a Certificate III (non-apprenticeship pathway) or a Certificate II
- Skill level 5: Occupations typically require a Certificate I or compulsory secondary education.
10. Median earnings: Is the estimated annual median earnings of full-time non-managerial employees in a selected occupation across Australia, based on ABS data from May 2023.
11. Retention rate: Measures the proportion of workers who remain in the same occupation from one financial year to the next, based on ATO data from 2021-22.
9 Appendix 2: Data sources
Industry snapshot
Workforce overview
Victorian Skills Authority, Total new workers expected modelling, based on DJSIR employment projections, 2025.
Workforce profile
- Victorian Skills Authority, Total new workers expected modelling, based on DJSIR employment projections, 2025
- ABS, Census, Age in five-year groups by sex, ANZSIC1, 2021
- ABS, Census, Level of highest educational attainment, ANZSIC1, 2021.
Projections
Victorian Skills Authority, Total new workers expected modelling, based on DJSIR employment projections, 2025.
Regional outlook
Victorian Skills Authority, Total new workers expected modelling, based on DJSIR employment projections, 2025.
Skills demand
Lightcast, ANZ Postings, Victorian Skills Authority's analysis, 2024.
Skills supply
- NCVER, Total VET Activity (TVA) program enrolments, government-funded courses in Victoria, 2015 to 2023, VOCSTATS
- Australian Government Department of Education, higher education student enrolment by 6-digit ASCED Field of Education, 2024.
Workforce profile
Employment
Victorian Skills Authority, Total new workers expected modelling, based on DJSIR employment projections, 2025.
Workforce profile
- ABS, Census, Age in five-year groups by sex, ANZSIC1, 2021
- ABS, Census, Level of highest educational attainment, ANZSIC1, 2021.
Workforce diversity
- ABS, Census, Indigenous status ANZSIC1, 2021
- ABS, Census, Language used at home, ANZSIC1, 2021
- ABS, Census, Indigenous status ANZSIC1, 2021.
Top employing occupations
- ABS, Census, Age in five-year groups by sex, ANZSIC1, 2021
- ABS, Census, Industry of employment and labour force status by state, ANZSIC1, ANZSCO4, 2021
- ABS, Census, Level of highest educational attainment, ANZSIC1, 2021.
Workforce projections
- Victorian Skills Authority, Total new workers expected modelling, based on DJSIR employment projections, 2025.
Top growing occupations
Employment
Victorian Skills Authority, Total new workers expected modelling, based on DJSIR employment projections, 2025.
Skill level
ABS, Census, Occupation skill level (OCSKP), ANZSCO4, 2021.
Annual median earnings
ABS, Survey of employee earnings and hours, May 2023.
Retention rate
Australian Taxation Office, Occupation transition 2010 to 2011 to 2021 to 2022 income years.
Skills needs
- Lightcast, ANZ Postings, Victorian Skills Authority's analysis, 2024 and 2019 to 2024.
Training activity
- NCVER, Total VET Activity (TVA) program enrolments, government-funded courses in Victoria, 2015 to 2023, VOCSTATS
- Australian Government Department of Education, higher education student enrolment by 6-digit ASCED Field of Education, 2024.