The A to Z of jobs in financial services
Find out direct from our members about what a day in the life of their job is like.
Job profiles
Find out more about the variety of roles in the industry with our "A to Z of jobs in financial services". Please note, the following job profiles are not an exhaustive list, but provide an indication of the diversity of jobs available.
Corporate finance and corporate advisory professionals
Corporate finance and corporate advisory professionals assist companies with reorganisation and expansion, either through mergers and acquisitions, restructuring their finances, and/or capital raisings.
Corporate finance and corporate advisory professionals need highly developed financial and analytical skills and a deep understanding of accounting, taxation, regulation and capital markets. They need to be innovative and able to structure solutions that meet the precise needs of their clients. The ability to work under pressure to tight deal deadlines is crucial.
Dealers
Dealers buy and sell securities on behalf of their clients or employer. Dealers trade a variety of assets:
Money market dealers
Money market dealers deal in short-term securities including cash, repurchase agreements, bank bills and commercial paper.
Foreign exchange dealers
Foreign exchange dealers trade currencies via spot or swap deals or through longer-term transactions such as forward agreements.
Derivatives dealers
Derivatives dealers deal in interest rate futures, equity futures, options and warrants.
Stockbrokers
Stockbrokers buy and sell equities in the secondary market.
Dealers need a high level of numeracy and the ability to handle pressure as well as a keen sense of the economic and other factors that influence their market. Dealers who work directly with clients need well-developed sales and relationship skills.
Financial advisers
Financial advisers and financial planners
Financial advisers and financial planners help clients implement strategies aimed at achieving their financial goals and objectives. Their advice may cover areas such as wealth creation, retirement planning, asset allocation, estate planning and insurance. A key part of the planners’ role is ensuring all decisions are taken within a risk framework that meets clients’ needs.
Paraplanners
Paraplanners assist financial planners by reviewing and analysing clients’ financial information and preparing recommendation documentation. They play a crucial role in administering and implementing the decisions agreed on by the planner and client.
Private client stockbrokers
Private client stockbrokers typically advise on equities and listed products such as listed property trusts and warrants. They may also offer access to shares in an initial public offering (IPO).
Client service officers
A role of a client service officer (CSO) is a common entry point into the financial services industry as it provides a deep understanding both of the technical issues in the industry and a great exposure to clients. The key responsibility of this role is to support the financial planner or funds management provider.
In Australia, individuals who provide financial product advice to retail clients are required to meet the minimum educational standards outlined in ASIC Policy Statement 146 (PS 146).
Planners must understand investment theory, economics and tax and superannuation strategies so that they can construct sophisticated financial plans. Those working as paraplanners or CSOs typically need strong organisational, administrative and customer service skills.
Fund managers and investment managers
Fund managers and investment managers are responsible for investment decisions. Working within an individual asset class – or across a range of asset classes – they seek to choose securities that ensure the portfolio achieves the maximum return within its risk levels and mandate.
Fund managers must be highly numerate and have strong investigative and analytical skills. They need a deep understanding of economics and of business, or the global and local financial services industry and of investment products.
Investment analysts, research analysts and economists
Analysts
Analysts typically work within a wholesale or retail stockbroking team, with a fund manager or a bank. They analyse and value companies and make recommendations on the company’s investment appeal.
Economists
Economists seek to identify trends in areas such as interest rates, exchange rates, economic growth, inflation, housing and retail and international trade and analyse how these trends will affect companies, industries and the economy. Economists are employed by banks, fund managers and large stockbroking firms, as well as the media. Senior economists often have input into or make asset allocation recommendations for fund management operations.
Analysts and economists must be highly numerate, with a deep understanding of economic issues and the economic environment. A background in accounting, commerce and economics is essential. Highly developed verbal and report writing skills may also be necessary.
Investment bankers
Investment banks profit from companies and governments by raising money through issuing and selling securities in the capital markets (both equity and bond), as well as providing advice on transactions such as mergers and acquisitions.
Investment bankers arrange and negotiate large financial transactions, acting as advisers to client companies and initiating moneymaking ventures for their own firms. They are also employed by large commercial banks. An investment banker's work may include negotiating and structuring mergers or acquisitions and providing strategic and investment advice to their clients. Investment bankers may also assist companies by arranging or underwriting capital raisings.
Mortgage brokers
Mortgage brokers assess a wide range of mortgage products and recommend an appropriate loan that best meets their client’s needs. They need good financial and numerical skills and the interpersonal and sales skills to help the client make an appropriate decision.
Private equity manager
Private equity deals involve companies exchanging part ownership of the business for capital. Private equity managers intermediate this transaction. They may be involved in managing the business toward further growth or an eventual sale. They may also work in private equity funds that package a portfolio of deals for sale to investors who want a diversified private equity asset.
Private banker
Private banking is a term for banking, investment and other financial services provided by banks to private individuals investing sizable assets. The term "private" refers to the customer service being rendered on a more personal basis than in mass-market retail banking. It should not be confused with a private bank, which is simply a non-incorporated banking institution.
Private bankers typically work with high-net-worth clients, building a relationship based on a thorough understanding of their financial requirements. Their role is to recommend and implement the use of strategies and products that meet these requirements.
Retail banking
Retail banking involves banking institutions executing transactions directly with consumers, rather than corporations or other banks. Services offered include savings and checking accounts, mortgages, personal loans, debit cards and credit cards, amongst many others.
Retail banking managers
Retail banking managers and branch managers are responsible for the operational and sales activities of a branch, including staff management, cash handling and meeting budgets. They need to build business with existing customers and attract new customers by promoting the bank’s brand, products and services.
Business banking specialists
Business-banking specialists manage the specialist needs of businesses in areas including transactional banking, business lending and trade finance, card services, superannuation and payroll.
Customer relationship managers
Customer relationship managers provide individualised customer service and sales in areas such as lending, investments and insurance.
Call centre operators and call centre managers
Call centre operators and call centre managers manage call centre operations that handle customer requests and complaints or market products via telemarketing. Managers need to be experts at staffing and understand the factors that drive successful telephone service and sales.
Telephone and internet banking salespeople
Telephone and internet banking salespeople provide non-face-to-face banking services for the achievement of sales targets.
Lending managers
Lending managers assess and sell loans to the bank’s customers.
All of these roles require superior customer service skills, product knowledge and sales abilities.
Risk managers, credit analysts and credit managers
Compliance managers
Compliance managers are responsible for ensuring companies’ day-to-day compliance with regulatory policies issued by organisations such as ASIC, the RBA and others. Compliance managers must have a strong understanding of the Corporations Act and other legislation relating to the financial services industry. Sound judgement, attention to detail, a proactive approach and problem solving skills are vital.
Risk managers, credit analysts and credit managers
Risk managers measure and monitor risk exposures for banks and other financial institutions. Credit analysts are employed by banks and rating agencies to examine the creditworthiness of new credit exposures. Credit managers are typically responsible for credit policy and management. Their role may include managing credit analysts and managing credit applications. They may also be involved in sales or customer service.
Risk managers and credit analysts need to be highly numerate and have a sound understanding of financial markets and the concepts and market realities of business risk. Financial analysis, research, proposal writing and spreadsheet skills are required and communication skills are important when dealing with decision-makers.
Settlement, clearing and custodian officers
Settlement and clearing officers work in the ‘back office’ managing and processing transactions executed on exchanges such as the ASX. Custodians hold the assets of superannuation and investment funds. Typically they work in the ‘back offices’ of managed fund providers.
In order to work effectively in settlements, clearing or as a custodian, good numerical and computer literacy skills and an eye for detail are essential. These roles often provide an entry point into the financial markets.
Regulatory authorities
Regulatory authorities are responsible for maintaining integrity and public confidence in Australia's financial services industry.
In Australia, this responsibility lies with the Australian Securities and Investments Commission (ASIC), the Australian Prudential Regulation Authority (APRA) and the Australian Consumer and Competition Commission (ACCC). In addition to its monetary policy role, the Reserve Bank of Australia (RBA) is tasked with maintaining financial
system stability and promoting the safety and efficiency of the payments system. Other important agencies include the Commonwealth and state treasury departments and the Australian Transaction Reports and Analysis Centre (AUSTRAC), as well as exchanges and industry bodies that develop and enforce standards for industry practice and market conduct.
In New Zealand, registered banks are the dominant financial institutions in the financial system and are subject to a licensing and supervision framework. Under the Reserve Bank of New Zealand Act 1989, the Reserve Bank has responsibility for the registration and supervision of banks.
Other industry-associated roles
Accountants
Accountants undertake a wide variety of roles within financial services:
-
Financial analysis and reporting
-
Tax management, assessment and compliance
-
Running bookkeeping, payroll, operational and accounting systems
-
Valuation of assets and businesses
-
Forecasting and budgeting
-
Preparing balance sheets, profit and loss statements and other financial data
-
Advising business management on a whole range of business and financial issues
-
Specialisations in this field can include:
Auditor
An auditor ensures that financial statements and other financial documentation are accurate. In government, auditors often examine the records of government departments and authorities to monitor efficiency and service levels
In the private sector auditors carry out similar roles and are tasked with ensuring accounting documentation and reports have been verified. They often spend time at their client's premises to carry out their investigations.
Finance manager
A finance manager prepares reports for management, summarising the business's financial position in areas of income, expenses, capital usage and cash flows, and assists with the preparation of strategic plans, budgets and financial forecasts.
Treasurer
A treasurer plans short and long-term finance for organisations and advises on financial consequences of management decisions.
Taxation consultant/agent
A taxation consultant or taxation agent prepares taxation returns and reports, provides advice on tax issues and handles disputes with taxation authorities.
Lawyer – banking and finance
Banking and finance lawyers advise clients on all levels of financing, including securitisation and corporate banking. Clients range from major financial and government institutions, investment banks, financial advisors and regulators to industry groups, financiers and corporations.
Lawyers in the financial services industry typically need commercial experience, client management and communication skills, excellent drafting and analytical abilities and an understanding of financial services issues.
Business analyst – finance
A business analyst often assists in financial analysis, corporate planning and project management. They evaluate strategic, tactical and operational issues and make recommendations to help a company reach their objectives.
Professionals supporting the financial services industry
The financial services sector also draws on a wide range of professional support roles where the expertise lies outside the traditional financial arena. These areas include human resources, information technology, marketing, business development, administration, legal and compliance.